KENNETH JURGEN WEISE is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 6020 Commerce Blvd., Suite 127, Rohnert Park, CA, 94928.
KENNETH JURGEN WEISE has worked at LPL FINANCIAL LLC since December 19, 2012
KENNETH JURGEN WEISE has 1 Disclosure Event(s).
Date: June 25, 2010 Category: Customer Dispute Allegations: 1/08-6/10; CLIENT CLAIMS WHEN SHE FIRST ESTABLISHED HER ACCOUNT IN 2004 A STRATEGY WAS SET UP TO DIVERSIFY THE ASSETS INTO FIVE DIFFERENT FUNDS FOR GROWTH AND INCOME. CLIENT CLAIMS FA STRESSED AT THE TIME IF THE ECONOMY SHOWED SIGNS OF WORSENING HE WOULD SWIFTLY MOVE ASSETS FROM EQUITY FUNDS INTO A SAFER HAVEN OF GOVERNMENT SECURITIES. CLIENT CLAIMS ALL WAS GOING WELL UNTIL THE MARKET BEGAN TO DECLINE IN JAN. 2008 AND FURTHER IN SEPT. 2008. CLIENT CLAIMS DURING THAT TIME THE ACCOUNT LOST VALUE STEADILY. CLIENT CLAIMS NO CHANGES WERE SUGGESTED AND WANTS TO KNOW WHY THE FA DID NOT FOLLOW HIS OWN FINANCIAL STRATEGY ESTABLISHED WHEN THE ACCOUNT WAS OPENED. CLIENT CLAIMS HE HAD NO CALLS FROM THE FA AND WHEN DID FINALLY SPEAK WITH FA IN EARLY NOVEMBER CLIENT WAS TOLD TO "JUST WAIT AND SEE". CLIENT CLAIMS FINALLY MADE CHANGES IN LATE NOVEMBER. CLIENT IS ALSO QUESTIONING THE ADVICE OF FA REGARDING GRANDDAUGHTER'S COLLEGE FUND. CLAIM EXCEEDS $5,000 Damage Amount Requested: $72,041.65 Broker Comment: ACCT WAS ESTABLISHED AUG 2004. CLIENT WOULD HAVE RECEIVED TRADE CONFIRMATIONS REFLECTING PURCHASES AS WELL AS FUND PROSPECTUSES. IT IS MY UNDERSTANDING CLIENT'S INVESTMENT NEEDS, INVESTMENT OBJECTIVES AND RISK TOLERANCES WERE DISCUSSED. CLIENT WAS TAKING SUBSTANTIAL WITHDRAWALS AND CLIENT WAS CAUTIONED AS TO HOW THIS COULD AFFECT THE ACCOUNT. WHEN MARKET BECAME MORE VOLATILE IN 2008, IT WAS SUGGESTED CLIENT REMAIN INVESTED; HOWEVER, CLIENT INSTRUCTED FA TO EXCHANGE THE MUTUAL FUNDS. EXCHANGES WERE DONE AS REQUESTED & ACTIVITY WAS REFLECTED ON ACCT STATEMENTS & TRADE CONFIRMATIONS WOULD HAVE BEEN PROVIDED. CLIENT AGAIN EXCHANGED MUTUAL FUNDS IN JULY 2009 TO MOVE MORE ASSETS BACK INTO MARKET. WE UNDERSTAND CLIENT CONTINUED TO WATCH ACCOUNT CLOSELY & BEGAN TO ATTEMPT TO TIME CHANGES IN ACCT BY GIVING INSTRUCTIONS TO FA IN MORNING ONLY TO CANCEL INSTRUCTIONS IN AFTERNOON AS MARKET IMPROVED. FA STATED WAS AT NO TIME DISRESPECTFUL OR UNPROFESSIONAL. REGARDING 529 PLAN, OUR RECORDS REFLECT IT TOO WAS ESTABLISHED IN 2004 & INVESTED IN CAPITAL WORLD GROWTH & INC FD. THIS PARTICULAR FUND WAS ONE CLIENT LIKED & FELT VERY STRONGLY ABOUT. FUNDS WERE INVESTED AT TIME WITH A LONG-TERM APPROACH & CLIENT WAS AGAIN MADE AWARE OF RISKS. IT DOES APPEAR ACTIVITY IN ACCT WAS RESULT OF DISCUSSIONS WITH FA & ALL ACTIVITY WAS DONE WITH CLIENT'S AUTH. WHILE WE UNDERSTAND DISAPPOINTMENT WITH PERFORMANCE OF ACCT, RESULT OF MARKET VOLATILITY & WITHDRAWALS TAKEN FROM ACCT. EDWARD JONES DOES NOT ALLOW DISCRETION OF ANY TYPE IN A CLIENT'S ACCT. AS SUCH, FA WOULD NOT HAVE BEEN ABLE TO MAKE CHANGES IN ACCT WITHOUT SPEAKING WITH CLIENT & OBTAINING AUTHORIZATION. OUR INVESTIGATION DOES NOT REFLECT ANY GUARANTEES WERE PROVIDED TO CLIENT WITH REGARD TO PERFORMANCE OF ACCT & SHE WAS AWARE OF RISKS ASSOCIATED WITH INVESTMENTS TO INCLUDE THE 529 PLAN. CLAIM DENIED.
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