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Larry WAYNE Hamre

Larry WAYNE Hamre is currently employed as a Broker and/or Investment Adviser at MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED located at 110 S PHILLIPS AVE, SIOUX FALLS, SD, 57104.

Larry WAYNE Hamre has worked at MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED since December 13, 2010

Disclosure History

Larry WAYNE Hamre has 1 Disclosure Event(s).

Date: January 28, 2009
Category: Customer Dispute
Allegations: CUSTOMER'S SON WRITES ON BEHALF OF HIS MOTHER. HE STATES HER FC RECOMMENDED INVESTMENTS THAT WERE UNSUITABLE FOR HIS MOTHER AND HAS RESULTED IN LARGE LOSSES TO HER. HE REQUESTS REIMBURSEMENT FOR THESE LOSSES (JANUARY 2008 TO PRESENT).
Damage Amount Requested: $110,000.00
Broker Comment: I HAVE KNOWN AND ASSISTED [CUSTOMER] WITH THEIR INVESTMENT PORTFOLIO SINCE MARCH 9, 1998. I HAVE ALWAYS HAD A GOOD RELATIONSHIP WITH [CUSTOMER] AND HAVE NOT HAD ANY COMPLAINTS, VERBAL OR WRITTEN. HER SON, [FAMILY MEMBER] FILED A COMPLAINT. [CUSTOMER] HAS UTILIZED PREFERRED STOCK IN HER PORTFOLIO AS EARLY AS MAY OF 1999. OVER THE PAST 8 YEARS, THE PREFERRED STOCK HAS ALSO PROVIDED [CUSTOMER] A GOOD ANNUAL INCOME STREAM AND STABILITY. OVER THE PAST 1 1/2 YEARS, WITH DECLINING INTEREST RATES, [CUSTOMER] PURCHASED ADDITIONAL PREFERRED STOCKS WITH VERY HIGH RATINGS TO LOCK IN HIGHER INCOME YIELDS. WITH HER LONG TERM POSITIVE HISTORY WITH PREFERRED STOCKS AND THEIR QUARTERLY DIVIDENDS, THE PREFERRED STOCK RATES WERE MUCH MORE ATTRACTIVE TO HER THAN THE LOWER CD RATES. [CUSTOMER] WAS ALWAYS PLEASED WITH THE HISTORICAL PERFORMANCE OF THE PREFERRED STOCKS. IT WAS THE UNFORSEEABLE EVENTS OF THE FINANCIAL MARKETS MELTDOWN IN LATE 2008 THAT CAUSED VALUATIONS TO FLUCTUATE IMMENSELY. I EXPLAINED TO HER SON THAT THE INCOME STREAM IS STILL INTACT ON THE PREFERRED STOCKS AND GIVEN TIME, I BELIEVE THE FINANCIAL MARKETS WOULD HEAL AND SHARE PRICES HAVE THE POTENTIAL TO RECOVER. IT IS HER SON'S CONTENTION THAT HIS MOTHER WOULD HAVE BEEN BETTER SERVED IN A DIVERSIFIED MUTUAL FUND PORTFOLIO. EARLIER, I HAD RECOMMENDED TO [CUSTOMER] OVER THE COURSE OF 2005 AND 2006 TO REDUCE HER EXPOSURE TO THE EQUITY MARKETS. INCOME WAS MORE IMPORTANT TO [CUSTOMER] AT THIS STAGE OF HER LIFE (AGE 71). DURING THAT TIME, SHE LIQUIDATED $109,000 OUT OF STOCK MUTUAL FUNDS AND REINVESTED IN FIXED INCOME INCLUDING PREFERRED STOCKS. WHILE I CAN SYMPATHIZE WITH [CUSTOMER] AND HER SON THAT HER ACCOUNT HAS DROPPED IN VALUE, I BELIEVE THAT THE RECOMMENDATIONS I HAVE MADE WERE VERY SUITABLE BASED ON HER GOALS AND OBJECTIVES. I SHOULD ALSO NOTE THAT I HAVE NOT HAD ANY VERBAL OR WRITTEN COMPLAINTS DIRECTLY FROM MY CLIENT, [CUSTOMER].

More Information

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A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.

BrokerCheck is the source of the data included in this Report. The data was compiled on June 29, 2018.

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