DAVID PATRICK ANDERSON is currently employed as a Broker and/or Investment Adviser at J.J.B. HILLIARD, W.L. LYONS, LLC located at 4835 TOWNE CENTER-SUITE 103, SAGINAW, MI, 48604.
DAVID PATRICK ANDERSON has worked at J.J.B. HILLIARD, W.L. LYONS, LLC since September 19, 2012
Disclosure History
DAVID PATRICK ANDERSON has 1 Disclosure Event(s).
Date: March 16, 2016 Category: Customer Dispute Allegations: Client is upset with the decline in value in his accounts since the FC reallocated the assets within them. Damage Amount Requested: $23,000.00 Broker Comment: The representative met with the client to review his accounts. Upon completion of the review, the client asked for recommendations to address concerns identified during the review. Given the client's prerequisites, both agreed to utilize a Unit Investment Trust strategy with the intention to minimize costs, add an additional layer of screening, maintain control/transparency, and incorporate a blend of active & passive management. The client also wished to limit contact with the rep, which the strategy took into consideration. The client later complained that he was unsatisfied with the performance in his accounts and that the purpose of the aforementioned recommendations were to generate commissions. In actuality, the rep did not charge any commissions on the sell transactions and the fees charged on the buy transactions are built into the price of the UIT securities. The decline in value was due to market performance and if the recommendations had not been executed, the client would've seen a greater loss in value based on the performance of the securities which were sold.
More Information
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