HENRY MCNAUGHTON FYFE is currently employed as a Broker and/or Investment Adviser at DUNCAN-WILLIAMS, INC. located at 6750 POPLAR AVE. SUITE 300, MEMPHIS, TN, 38138.
HENRY MCNAUGHTON FYFE has worked at DUNCAN-WILLIAMS, INC. since August 01, 1996
HENRY MCNAUGHTON FYFE has 1 Disclosure Event(s).
Date: March 21, 2014 Category: Customer Dispute Allegations: CLIENT ALLEGED SHE WAS ERRONEOUSLY CHARGED $13,000 IN UP-FRONT SALES CHARGES ON A SHARE MUTUAL FUNDS IN JULY 2013. SPECIFICALLY, SHE STATES SHE WAS INFORMED OF THE ABILITY TO EXCHANGE WITHIN FUND FAMILIES TO AVOID PAYING A NEW UP-FRONT SALES CHARGE. SHE FURTHER STATES REALLOCATING HER PORTFOLIO COULD HAVE BEEN ACCOMPLISHED IN A MORE COST EFFECTIVE WAY BY UTILIZING BREAKPOINTS. CLIENT STATES THE SALES CHARGES WERE NOT FULLY EXPLAINED WHEN THE PORTFOLIO WAS REALLOCATED. CLIENT IS REQUESTING THE UP-FRONT SALES CHARGES IN THE AMOUNT OF $13,000 BE REFUNDED. RESOLUTION IS PENDING. Damage Amount Requested: $13,000.00 Broker Comment: AFTER COMPLETING AN INVESTIGATION INTO THE ALLEGATIONS, THE FIRM BELIEVES ALL FACTS AND CIRCUMSTANCES CONCERNING THE USE OF BREAKPOINTS, AND SALES CHARGES RELATED TO THE REALLOCATION OF THE CLIENTS PORTFOLIO WERE PROPERLY DISCLOSED AT THE TIME OF THE TRANSACTIONS. NO SALES PRACTICE VIOLATIONS WERE FOUND. THE COMPLAINT WAS DENIED AND THE MATTER WAS CLOSED ON APRIL 28, 2014. UPON REVIEW, THE FIRM IDENTIFIED AND CORRECTED AN OPERATIONAL ERROR IN WHICH THE REDEMPTION AND PURCHASE OF A MUTUAL FUND WITHIN THE SAME FUND FAMILY SHOULD HAVE BEEN EXECUTED AS A PARTIAL EXCHANGE AT NAV.
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