KYLE DANIEL WILDFEUER is currently employed as a Broker and/or Investment Adviser at WELLS FARGO CLEARING SERVICES, LLC located at 317 E 4TH ST, [GM-RBO], DELL RAPIDS, SD, 57022.
KYLE DANIEL WILDFEUER has worked at WELLS FARGO CLEARING SERVICES, LLC since January 03, 2011
Disclosure History
KYLE DANIEL WILDFEUER has 2 Disclosure Event(s).
Date: March 20, 2012 Category: Customer Dispute Allegations: THE COMPLAINANT ALLEGES HIS MOTHER, THE POLICY OWNER, PURCHASED A UNIVERSAL LIFE INSURANCE POLICY IN 1993, WHICH WAS MISREPRESENTED BY THE FINANCIAL ADVISOR. WHILE THE ADVISOR EXPLAINED THAT THE POLICY MAY REQUIRE ADDITIONAL FUNDING IN THE FUTURE, THE COMPLAINANT INDICATES IT WAS NEVER MENTIONED THAT AT MATURITY THE POLICY VALUE OF $250,000 WOULD NOT BE PAID. THE COMPLAINANT INDICATES HIS MOTHER WAS TOLD $250,000 WOULD BE PAID AT POLICY MATURITY OR AT HER DEATH, AND THAT THEY ONLY BECAME AWARE THAT THE POLICY WOULD MATURE WORTHLESS IN FALL 2011 AFTER CONTACTING THE INSURER. HE INDICATES HE HAS A LETTER FROM AN AGENT FOR THE INSURER INDICATING THIS POLICY WAS NOT A GOOD FIT FOR HIS MOTHER AT THE TIME OF ISSUE, AND OTHER SERVICING AGENTS AGREED THIS WAS NOT A GOOD POLICY, BUT THE INSURER ISSUED ANYWAY. THE COMPLAINANT STATES WHEN THE ADVISOR ABANDONED THE POLICY IN 1997, THEY WERE ASSIGNED A FIRM AGENT THAT THEY WERE UNABLE TO REACH BY PHONE. THE ONLY CORRESPONDENCE RECEIVED WAS PREMIUM DUE NOTICES. AFTER PAYING $202,000 IN PREMIUMS FOR A POLICY THAT WAS SOLD TO PROTECT HER ESTATE, THE COMPLAINANT STATES ALL IT DID WAS REDUCE IT. THE CONTRACT MATURED WORTHLESS, WHILE HIS MOTHER IS NOW IN HOSPICE. HE ALSO STATES THE ADVISOR "CHURNED" TWO OTHER POLICIES TO BUY THIS POLICY, ONE OF WHICH HAD BEEN SOLD BY THE SAME ADVISOR ONLY TWO YEARS PRIOR. THE COMPLAINANT DID NOT LEARN OF THIS ACTIVITY UNTIL ONE YEAR AFTER THE 1993 POLICY WAS ISSUED, AND DID NOT RECEIVE A COPY OF THE CONTRACT UNTIL 1997. Damage Amount Requested: $250,000.00 Broker Comment: BASED ON THE RESULTS OF OUR (EDWARD JONES) INVESTIGATION, THE COMPLAINT HAS BEEN DENIED. IN 1992, THE CLIENT, HER SON AND THE FINANCIAL ADVISOR REVIEWED EXISTING INSURANCE COVERAGE. THE WHOLESALER FOR THE ISSUER PROVIDED THREE ILLUSTRATIONS AND A WRITTEN SUMMARY OF HIS RECOMMENDATIONS BASED ON HIS KNOWLEDGE OF THE CLIENT'S GOALS AND FINANCIAL SITUATION. TWO EXISTING LIFE INSURANCE POLICIES WERE REPLACED BY THE NEW POLICY, ONE OF WHICH WAS SOLD BY THE ADVISOR THREE YEARS PRIOR, AFTER THE DEATH OF HER HUSBAND. THE REPLACEMENT RESULTED IN AN APPROXIMATE $100,000 DEATH BENEFIT INCREASE. THE ADVISOR INDICATES HE EXPLAINED THE POLICY WOULD PAY $250,000 AT THE INSURED'S DEATH, IF PRIOR TO POLICY MATURITY. AT THAT TIME, THE CLIENT FELT COVERAGE UNTIL AGE 95 SUFFICIENT. BOTH THE CLIENT AND HER SON UNDERSTOOD THAT IF THE CLIENT LIVED BEYOND MATURITY, THE POLICY VALUE WOULD BE PAID. LESS THAN 12 MONTHS AFTER ISSUE, THE OWNERSHIP WAS CHANGED TO THE CLIENT'S THREE CHILDREN FOR ESTATE PURPOSES. THE ADVISOR HAD A PHONE CONVERSATION WITH THE COMPLAINANT AT THAT TIME TO REVIEW THE POLICY IN DETAIL. WHEN THE ADVISOR LEFT THE FIRM DUE TO RELOCATION, THE COMPLAINANT TRANSFERRED THE ACCOUNTS TO ANOTHER FIRM. WE ARE AWARE THAT IN 2001 HE REQUESTED THE NEW ADVISOR BE ADDED TO THE POLICY AS A THIRD PARTY, AND AS INDICATED, REVIEWED THE POLICY WITH THE NEW ADVISOR OVER THE YEARS. THE POLICY, RECEIVED IN 1997 BY THE COMPLAINANT, DOCUMENTS THE POLICY VALUE IS PAYABLE ON THE MATURITY DATE AND INSURANCE PAYABLE UPON DEATH, IN MULTIPLE PLACES. IT IS ALSO DOCUMENTED IN DOLLAR AMOUNTS ON THE ANNUAL STATEMENTS AS 'CURRENT DEATH BENEFIT' AND 'POLICY VALUE'. WHILE THE ANNUAL STATEMENTS REFLECTED THE ORIGINAL ADVISOR AS AGENT OF RECORD ON THE POLICY, THE COVER LETTER PROVIDED THE ISSUER'S CUSTOMER SERVICE NUMBER. IN OUR REVIEW WITH THE ISSUER, WE ARE AWARE VARIOUS CONTACTS WERE MADE REGARDING THE POLICY OVER THE YEARS.
Date: August 10, 2007 Category: Customer Dispute Allegations: CLIENT ALLEGES UPON REPRESENTATIVE'S DIRECTION, SHE SURRENDER NON-QUALIFIED ANNUITY AND THAT HE DEPOSITED PROCEEDS IN IRA IN OCT OF 2006. AS A RESULT OF HIS ACTIONS, SHE INCURRED TAXES AND PENALTIES. Damage Amount Requested: $25,000.00 Settlement Amount: $7,500.00 Broker Comment: CLIENT WANTED TO MOVE SOME OF HER ASSETS AND PROVIDED ME WITH A STATEMENT. THE INFORMATION PROVIDED BY THE CLIENT REFLECTED HER SUN LIFE ACCOUNT AS AN IRA RATHER THAN A NON-QUALIFIED VARIABLE ANNUITY. THE TRANSFER WAS EXECUTED AS AN IRA TRANSFER BASED UPON THIS INFORMATION, WITH THE CLIENT'S APPROVAL. AS A RESULT, THE ASSETS WERE TRANSFERRED INCORRECTLY AND THE TRANSACTION RESULTED IN A TAX CONSEQUENCE TO THE CLIENT.
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