KAREN SUE BURKE is currently employed as a Broker and/or Investment Adviser at FSC SECURITIES CORPORATION located at 11936 S.W. 97TH STREET, MIAMI, FL, 33186.
KAREN SUE BURKE has worked at FSC SECURITIES CORPORATION since July 24, 1995
KAREN SUE BURKE has 1 Disclosure Event(s).
Date: August 23, 2011 Category: Customer Dispute Allegations: THE CUSTOMER ALLEGES THE REPRESENTATIVE DID NOT TELL HER ABOUT TWO RIDERS SHE COULD HAVE INCLUDED WITH HER ANNUITY. THE CUSTOMER STATED IF SHE COULD NOT ADD THE RIDERS, SHE WANTS THE FREE LOOK. Broker Comment: REP STATES THE CUSTOMER'S OBJECTIVES WERE VERY CONSERVATIVE WITH PRINCIPAL CONSERVATION & LOW FEES. THE FEE SHEET WAS DISCUSSED & CUSTOMER SIGNED ACKNOWLEDGING SHE UNDERSTOOD FEE STRUCTURE & RIDERS. A YEAR LATER, THE CUSTOMER COMPLAINS & ASKS FOR A FREE LOOK. CUSTOMER HAS MONTHLY INCOME OF OVER $10,000. THE 6% ROLLUP DEATH BENEFIT RIDER HAS .80% BASIS PTS ANNUAL FEE & LIFEGUARD FREEDOM 6 HAS 1.05% BASIS PTS ANNUAL FEE. CUSTOMER'S CURRENT ANNUITY COST IS ZERO PERCENT IN A FIXED ACCT. IF THE CONTRACT VALUE WENT TO ZERO, THE DEATH BENEFIT RIDER WOULD BE LOST, AS WELL AS PRINCIPAL LESS WITHDRAWAL. THE REP FEARS FOR THE CUSTOMERS POTENTIAL EXCESSIVE HEALTHCARE WITHDRAWALS. IF MORE IS WITHDRAWN THAN THE GUARANTEE PERMITS, THE GUARANTEED VALUE COULD BE RESET, CHANGE THE CONTRACT GUARANTEES & REDUCE THE DEATH BENEFIT. THESE RIDERS CARRY RISKS SUCH AS HIGH COSTS, MARKET RISK & INSURANCE COMPANY CHANGES. THE CUSTOMER DOES NOT UNDERSTAND THE ANNUAL INCOME IS GUARANTEED, NOT THE ACCT BALANCE IN THE V.A. IF THE CUSTOMER SURRENDERED THE ANNUITY SHE WOULD BE PAID THE MARKET VALUE OF THE ACCT, NOT THE PRINCIPAL VALUE. THE REP FEELS THIS COMPLAINT IS ABSURB.
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