JAMES MICHAEL MRDJENOVICH

JAMES MICHAEL MRDJENOVICH is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 1273 WASHINGTON PIKE STE 128, SUITE 112, BRIDGEVILLE, PA, 15017.

JAMES MICHAEL MRDJENOVICH has worked at LPL FINANCIAL LLC since June 26, 2014

Disclosure History

JAMES MICHAEL MRDJENOVICH has 1 Disclosure Event(s).

Date: May 10, 2012
Category: Customer Dispute
Allegations: CLIENT CLAIMED HE DID NOT WANT TO BE IN THE MARKETPLACE BUT THE REPRESENTATIVE PUT HIM IN A MUTUAL FUND AND VARIABLE ANNUITY ANYWAY.
Damage Amount Requested: $22,500.00
Broker Comment: MR. SALVI WAS AN EXISTING TRUST CLIENT THAT I INHERITED FROM A PREVIOUS ADVISOR. HIS PORTFOLIO WAS POSITIONED IN AN INCOME AND GROWTH ALLOCATION MODEL THAT WAS INVESTED IN A MIX OF STOCK AND BOND MUTUAL FUNDS CONSISTING OF 34% EQUITIES. MR. SALVI EXPRESSED CONCERNED WITH THE VOLATILITY OF THE TRUST ACCOUNT, BOTH ON THE HIGH AND LOW SIDE. AFTER EXTENSIVE PROFILING, MR. SALVI DECIDED TO PURCHASE A VARIABLE ANNUITY WITH A GUARANTEED DEATH BENEFIT ROLLUP OF 5%. MR. SALVI PURCHASED THIS POLICY, AND THE BENEFITS IT PROVIDES, BECAUSE HE SAID THAT HE WILL MOST LIKELY NEVER NEED THIS MONEY, HE HAS $160,000 OUTSIDE OF THE STOCK AND BOND MARKETS, AND WANTED TO GUARANTEE GROWTH ON THE ACCOUNT TO PASS TO HIS WIFE. THE REMAINING PROCEEDS OF THE TRUST ACCOUNT, AS WELL AS ADDITIONAL PROCEEDS HE WANTED TO INVEST TOTALING $45,000, WAS INVESTED ACCORDING TO AN INVESTMENT POLICY STATEMENT WE DEVELOPED TOGETHER IN A CONSERVATIVE ASSET ALLOCATION MODEL.MR. SALVI WAS WELL AWARE OF THE LEVEL OF RISK AND POTENTIAL REWARDS OF THE ACCOUNTS WE OPENED. WE HAD SEVERAL DISCUSSIONS AT THE CLIENT'S HOME, AND IN THE BANKING OFFICES, DISCUSSING THE DIFFERENT INVESTMENT OPPORTUNITIES AND SHARE CLASSES AVAILABLE TO INVEST IN. HE STATED THAT HIS TIME HORIZON WAS GREATER THAN 5 YEARS AND HE ELECTED THE A SHARE OPTION ON THE MUTUAL FUNDS BECAUSE OF THIS TIME FRAME. AGAIN, MR. SALVI WAS WELL INFORMED REGARDING THE DECISIONS THAT HE MADE.

More Information

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