GEOFFREY D MCCARTHY is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 1400 LOWELL ROAD, CONCORD, MA, 01742.
GEOFFREY D MCCARTHY has worked at LPL FINANCIAL LLC since September 30, 2011
GEOFFREY D MCCARTHY has 1 Disclosure Event(s).
Date: March 31, 2009 Category: Customer Dispute Allegations: WITH REGARD TO THE PURCHASE OF A VARIABLE ANNUITY IN OR AROUND DECEMBER OF 2006, THE CUSTOMER ALLEGES THAT THE AGENT NEVER ADVISED HIM OF THE SURRENDER CHARGES INVOLVED AND WAS NOT ADVISED OF THE LIMITATIONS OF THE POLICY. Damage Amount Requested: $12,149.08 Settlement Amount: $14,116.18 Broker Comment: I DENY THE ALLEGATIONS MADE AGAINST ME. THE CLIENTS AND I HAD A NUMBER OF SEPERATE MEETINGS OVER THE COURSE OF SEVERAL WEEKS TOWARDS THE END OF 2007. OUR CONVERSATIONS BEGAN WITH RETIREMENT/INCOME PLANNING WHICH BY NATURE LED US TO ANALYZE THEIR INVESTMENT ALLOCATIONS. THEY WERE IN PRETTY GOOD SHAPE ASIDE FROM THE GREAT AMOUNT OF RISK THAT WAS BEING TAKEN IN THE 401K ACCOUNT AND DID NOT MATCH UP WITH HER INVESTOR PROFILE. AFTER GOING THROUGH THEIR OPTIONS WITH THEM, WE ALL AGREED THAT THE VARIABLE ANNUITY WAS THE BEST FIT. THE CLIENT'S HUSBAND WAS VERY INVOLVED IN THE DECISION MAKING AS HE DID CORPORATE AND PERSONAL ACCOUNTING AND HELD HIMSELF OUT AS BEING INVESTMENTS SAVVY. THE REASON I AM POSITIVE WE DISCUSSED THE SURRENDER CHARGES OF THIS CONTRACT IS BECAUSE WE SPENT CONSIDERABLE TIME DISCUSSING THE FACT THAT THE 10% SURRENDER FREE WITHDRAWEL WINDOW WOULD PROVIDE MORE FUNDS THAN NEEDED GIVEN THEIR ASSETS AND INCOME. THIS COMPLAINT IS VERY DISAPPOINTING. THE CLIENT'S AND I WOREKED TOGETHER TO PUT A PLAN IN PLACE THAT LEFT THEM IN A BETTER FINANCIAL POSITION THAN THEY WERE IN WHEN WE STARTED. WE DISCUSSED ALL THE FEATURES, BENEFITS AND CONSTRAINTS OF THE NY LIFE VARIABLE ANNUITY. NOT ONLY DID WE DISCUSS THSES MATTERS, BUT THE CLIENT ALSO SIGNED SEVERAL FORMS THAT VERY CLEARLY LAID OUT THE SURRENDER CHARGES.
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