JAL R. DENNIS is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 601 COMMERCE ST, WYLIE, TX, 75098.
JAL R. DENNIS has worked at LPL FINANCIAL LLC since May 30, 2008
JAL R. DENNIS has 1 Disclosure Event(s).
Date: August 02, 2007 Category: Customer Dispute Allegations: CLIENT STATES HE INVESTED $300,000 IN A IMMEDIATE ANNUITY THAT WILL PAY $3151.41 A MONTH FOR LIFE. CLIENT STATES HE HAS LEARNED THAT HE CANNOT LEAVE THE REMAINDER OF HIS MONIES TO AN HEIR AND DOESN'T BELIEVE HE WILL LIVE LONG ENOUGH TO BENEFIT FROM THE INVESTMENT. Damage Amount Requested: $5,000.00 Broker Comment: FA HAS STATED THE CLIENT CAME TO HIM AND WANTED TO INVEST $500,000 THAT WOULD PROVIDE ALL THE INCOME CHE CLIENT COULD GET FOR TRAVEL PURPOSES. IT IS OUR UNDERSTANDING THE FA RECOMMENDED INVESTING $300,000 IN AN IMMEDIATE ANNUITY THAT WOULD PROVIDE THE CLIENT WITH $3,151.41 IN MONTHLY INCOME, BUT CONTENDS ON MORE THAN ONE OCCASION THAT HE EXPLAINED THAT NO BENEFICIARY COULD BE NAMED AND THAT ALL THE MONEY WOULD BE GONE WHEN THE CLIENT PASSED AWAY. AT THE TIME OF THE DELIVERY OF THE POLICY TO THE CLIENT IN MARCH 2007, THE FA HAS STATED HE THEN AGAIN WENT OVER THE DETAILS OF THE POLICY AND THE FACT THAT THE POLICY COULD NOT BE CHANGED. IN CLOSING, IT IS OUR BELIEF THAT THE FA EXPLAINED THE DETAILS OF THE POLICY. ADDITIONALLY, WHEN THE CLIENT SIGNED THE DELIVERY RECEIPT ON MARCH 22, 2007, THE CLIENT WOULD HAVE HAD A 20 DAY FREE LOOK PERIOD IN WHICH THE CLIENT COULD HAVE CANCELLED THE CONTRACT IF THE INVESTMENT WAS NOT WHAT THE CLIENT WANTED.
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