Guy William Steele is currently employed as a Broker and/or Investment Adviser at EDWARD JONES located at 970 NORTH KALAHEO AVENUE SUITE A-103, KAILUA, HI, 96734-1872.
Guy William Steele has worked at EDWARD JONES since February 14, 1989
Disclosure History
Guy William Steele has 1 Disclosure Event(s).
Date: October 16, 2009 Category: Customer Dispute Allegations: 10/27/08; CUSTOMER CLAIMS IN OCTOBER OF 2008 SHE STARTED CALLING THE FA CONCERNED WITH THE MARKET AND THE LOSSES IN HER ACCOUNT. CLIENT INDICATED THAT SHE REQUESTED HER ASSETS BE MOVED TO A CD AND THE FA TALKED HER OUT OF THAT UNTIL LATE OCTOBER AND THEN HE MOVED HER IRA TO CD(S). THE CLIENT CLAIMS HE FA DID NOT ADVISE HER PROPERLY CAUSING HER TO LOSE $136,040 AND WANTS TO BE REIMBURSED THAT AMOUNT. LOSSES EXCEED $5000.00 Damage Amount Requested: $136,040.00 Broker Comment: ACCORDING TO THE FA ON OCTOBER 17, 2008, THE CLIENT WANTED TO LIQUIDATE ALL HER ASSETS IN BOTH ACCOUNTS AND MOVE TO CDS. THE FA INDICATED THAT THIS WAS NOT IN HER BEST INTEREST & CONTRADICTED HER BUY & HOLD FOR THE LONG TERM PHILOSOPHY. THE FA RECOMMENDED SHE PURCHASE THE AMERICAN LEGACY VARIABLE ANNUITY. HE INDICATED HE DISCUSSED IN DETAIL THE ANNUITY, THE PROTECTION OF INCOME, DEATH BENEFIT, SALES CHARGE AND VARIOUS BREAKPOINTS, WHILE STILL BEING ABLE TO PARTICIPATE IN ANY MARKET RECOVERY. ACCORDING TO THE FA, THE CLIENT AGREED TO HIS RECOMMENDATION AND PURCHASED $136,800 IN HER TRUST ACCOUNT ON OCTOBER 27, 2008. THE CLIENT SIGNED THE REPOSITIONING OF ASSET LETTER, WHICH SPECIFICALLY DISCLOSED THE COMMISSION. ON JANUARY 12, 2009 THE CLIENT MET WITH THE FA AND EXPRESSED NO CONCERNS ABOUT HER PORTFOLIO OR DISPLEASURE WITH HER ANNUITY. AT THAT TIME, OUR RECORDS SHOWED THAT THE CLIENT HAD A CD MATURING AND FA STATES HE RECOMMENDED THE AMERICAN LEGACY FOR THOSE PROCEEDS IN HER IRA ACCOUNT. OUR RECORDS SHOW THE PROCEEDS WERE PLACED IN THE CASH MANAGEMENT ACCOUNT, AND THE CLIENT SIGNED THE APPROPRIATE DOCUMENTS TO PURCHASE THE ANNUITY. BASED ON OUR REVIEW OF THIS MATTER IT IS OUR OPINION THAT MR. STEELE HANDLED THE ACCOUNT BOTH APPROPRIATELY AND PROFESSIONALLY. IN ADDITION, SHE RECEIVED THE APPROPRIATE INFORMATION TO MAKE AN INFORMED DECISION REGARDING YOUR ANNUITY INVESTMENT. IN LIGHT OF THIS, REQUEST FOR REIMBURSEMENT IS RESPECTFULLY DENIED.
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