JAMES EDWARD SCHULTZ is currently employed as a Broker and/or Investment Adviser at WELLS FARGO CLEARING SERVICES, LLC located at 1010 STONY HILL RD STE 100, YARDLEY, PA, 19067.
JAMES EDWARD SCHULTZ has worked at WELLS FARGO CLEARING SERVICES, LLC since October 01, 1999
Disclosure History
JAMES EDWARD SCHULTZ has 2 Disclosure Event(s).
Date: June 12, 2008 Category: Customer Dispute Allegations: ATTORNEY, ON BEHALF OF THE NEW JERSEY CLIENTS, ASSERTED THAT CHANGES WERE MADE TO THE CLIENTS' INVESTMENT SELECTIONS AT THE END OF 2007 WITHOUT PROPERLY ADVISING THE CLIENTS AS TO THE EFFECTS OF MAKING SUCH CHANGES. THE CLIENTS FURTHER CLAIM THAT THE TAX CONSEQUENCES OF THE CHANGE, THE DIFFERENT FEE ARRANGEMENT AND SEVERAL OTHER ITEMS WERE NOT MADE CLEAR TO THEM. THE CLIENTS SIGNED PAPERWORK TO CONVERT THEIR JOINT ACCOUNT TO A FUNDSOURCE ACCOUNT IN SEPTEMBER 2007. PER THE FUNDSOURCE PROGRAM, THE SECURITIES THAT WERE HELD IN THE ACCOUNT WERE LIQUIDATED IN OCTOBER 2007 SO THAT THE OPTIMAL BLEND MODERATE GROWTH MUTUAL FUND PORTFOLIO THAT THEY HAD SELECTED COULD BE IMPLEMENTED FOR THEIR JOINT ACCOUNT. FUNDSOURCE IS A DISCRETIONARY MUTUAL FUND WRAP FEE PROGRAM PROVIDING THE CLIENTS WITH ACCESS TO OVER 25 OPTIMAL BLEND FUND PORTFOLIOS THAT ARE ACTIVELY MANAGED BY THE FIRM'S MANAGER STRATEGY GROUP. NO DAMAGES WERE SPECIFIED BUT DAMAGES ARE REASONABLY BELIEVED TO BE IN EXCESS OF $5,000. Damage Amount Requested: $5,001.00 Broker Comment: THE FIRM DENIED THE COMPLAINT ON JUNE 18, 2008 VIA A LETTER TO THE CLIENTS' ATTORNEY. THE FA DISCUSSED THE FUNDSOURCE PROGRAM WITH THE CLIENT AND HE PROVIDED INFORMATION TO THE CLIENT ABOUT HOW THE PROGRAM WORKED, THE FEE STRUCTURE, ETC. THE FEE ARRANGEMENT WAS SET-FORTH ON THE FUNDSOURCE AGREEMENT THAT THE CLIENT HAD SIGNED TO OPEN HER FUNDSOURCE ACCOUNT. THE FA INFORMED THE CLIENT THAT HER EXISTING PORTFOLIO WOULD BE LIQUIDATED. THE FA DISCUSSED ALL TAX CONSEQUENCES WITH THE CLIENT AND A DETERMINATION WAS MADE TO KEEP AT LEAST $4,000 IN A MONEY MARKET FUND TO ASSIST IN PAYING THE ESTIMATED CAPITAL GAINS TAXES WHEN DUE IN 2008. THE OPTIMAL BLEND MODERATE GROWTH MUTUAL FUND PORTFOLIO SELECTED BY THE CLIENT WAS CONSISTENT WITH HER INVESTMENT OBJECTIVE AND RISK TOLERANCE.
Date: March 20, 2007 Category: Customer Dispute Allegations: NEW JERSEY RESIDENT WRITES THAT HIS FUNDSOURCE ACCOUNTS DID NOT HAVE THE APPROPRIATE ASSET ALLOCATION BASED ON HIS AGE AND RISK TOLERANCE. CLIENT IS REQUESTING A REFUND OF $24,000 FOR THE FEES THAT HE PAID TO WACHOVIA SECURITIES. THE CLIENT WROTE THAT THE ACTIVITY COMPLAINED ABOUT OCCURRED BETWEEN 1/18/2006 AND 1/19/2007. Damage Amount Requested: $24,000.00 Broker Comment: DENIED BY FIRM. CLIENT DID NOT PAY $24,000 IN FEES FOR FUNDSOURCE PROGRAM; HE PAID APPROXIMATELY $12,190.57 IN FEES FOR FUNDSOURCE. THE CLIENT'S ASSET ALLOCATION FOR HIS PORTFOLIOS WAS CONSISTENT WITH HIS STATED INVESTMENT OBJECTIVES FOR EACH PORTFOLIO AND THE SIGNED CLIENT PROFILE/INVESTMENT FORMS. OVERALL, THE CLIENT HAD NET GAINS IN ALL OF HIS ACCOUNTS.
More Information
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BrokerCheck is the source of the data included in this Report. The data was compiled on June 29, 2018.
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