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Gary Michael Kramer

Gary Michael Kramer is currently employed as a Broker and/or Investment Adviser at EDWARD JONES located at 2200 FOOTHILLS BLVD SUITE D, GILLETTE, WY, 82716.

Gary Michael Kramer has worked at EDWARD JONES since October 12, 1999

Disclosure History

Gary Michael Kramer has 1 Disclosure Event(s).

Date: February 03, 2005
Category: Customer Dispute
Allegations: CLIENT'S BUSINESS TRANSFERRED THEIR 401K FROM SAFECO TO HARTFORD. CLIENT ALLEGES HE, AS WELL AS HIS EMPLOYEES, WERE INFORMED (BY THE IR) THERE WOULD BE NO COSTS FOR TRANSFERRING THE PLAN. CLIENT LATER DISCOVERED THEY INCURRED CHARGES OF APPROXIMATELY $5,000.00 FOR TRANSFERRING THE PLAN. CLIENT STATES, WHEN THE IR WAS QUESTIONED REGARDING THE CHARGES, HE DENIED TELLING THE PARTICIPANTS THERE WOULD BE NO COSTS AND INFORMED THE CLIENT IT WAS HIS RESPONSIBILITY TO DETERMINE THE COSTS. CLIENT CLAIMS THE IR INFORMED HIM HE WOULD PAY THE CHARGES OUT OF HIS COMMISSION. FILING REQUIRED.
Damage Amount Requested: $5,000.00
Broker Comment: IT DOES APPEAR HARTFORD HAS OFFERED TO ASSIST THE CLIENT IN RESOLVING THIS MATTER, BUT THERE SEEMS TO BE SOME CONFUSION REGARDING THE SPECIFICS OF WHAT THEY ARE SUGGESTING AS A RESOLUTION. AS THE CLIENT IS AWARE, THERE WAS A 1% CHARGE ASSOCIATED WITH TRANSFERRING THE PLAN TO HARTFORD. THE 1.25% SEPARATE ACCOUNT FEE WAS DISCLOSED IN THE PLAN SPONSOR SUBMISSION INFORMATION (PART A) THAT WAS COMPLETED WHEN THE PLAN WAS ESTABLISHED. HARTFORD'S PROPOSAL FOR RESOLUTION DOES NOT CHANGE (RAISE OR LOWER) THIS FEE. HOWEVER, THEIR PROPOSAL DOES CHANGE HOW THE FEE IS DISTRIBUTED. HARTFORD PROPOSES REIMBURSING THE PLAN FOR THE 1% CHARGE UP FRONT AND IMPOSING A FIVE-YEAR CONTINGENT DEFERRED SALES CHARGE (CDSC) WHICH WILL BEGIN AT 1% AND WILL BE LOWERED EACH YEAR UNTIL THE FIVE YEARS ARE UP. THE CDSC WOULD APPLY ONLY TO FUNDS REMOVED FROM THE PLAN. IN ADDITION, THE IR'S COMPENSATION WOULD BE REDUCED FOR THE FIVE YEAR CDSC PERIOD. WHEN THE FIVE-YEAR PERIOD IS UP, HIS COMPENSATION WOULD BE ADJUSTED TO A NORMAL LEVEL, BUT THE SEPARATE ACCOUNT FEE (1.25%) WOULD NOT CHANGE. BASED ON OUR REVIEW, IT APPEARS HARTFORD HAS MADE A GOOD FAITH EFFORT TO RESOLVE THIS SITUATION. SUGGESTED IF THE CLIENT OR HIS ATTORNEY HAVE SPECIFIC QUESTIONS RELATED TO THE PROPOSED RESOLUTION, THEY SHOULD CONSIDER CONTACTING HARTFORD DIRECTLY.

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