MARVIN ELMER WITT is currently employed as a Broker and/or Investment Adviser at AMERIPRISE FINANCIAL SERVICES, INC. located at 108 8TH AVE SE, WATERTOWN, SD, 57201.
MARVIN ELMER WITT has worked at AMERIPRISE FINANCIAL SERVICES, INC. since December 20, 1988
Disclosure History
MARVIN ELMER WITT has 2 Disclosure Event(s).
Date: January 18, 2006 Category: Customer Dispute Allegations: THE CLIENT ALLEGED I TOLD HER SHE WOULD NEVER HAVE TO WORRY ABOUT PENALTY CHARGES FOR EARLY WITHDRAWL AND THAT I WOULD BE PLACING HER MONEY IN SECURE INVESTMENTS. THE CLIENT ALSO ALLEGED I DID NOT PROCESS REDEMPTIONS REQUESTED IN JANUARY 2006. THE CLIENT ALLEGED A LOSS OF $32,000.00 Damage Amount Requested: $32,000.00 Broker Comment: THE FIRM FOUND I DISCLOSED THE SURRENDER CHARGES TO THE CLIENT PRIOR TO AND FOLLOWING THE PURCHASES AND THE PORTFOLIO INVESTMENTS WERE SUITABLE IN MEETING THE CLIENT'S INVESTOR PROFILE. THE FIRM FOUND THE CLIENT DID NOT PROVIDE REQUIRED INFORMATION NECESSARY TO PROCESS THE JANUARY 2006 SURRENDER. THE FIRM FOUND NO JUSTIFICATION FOR SETTLEMENT WITH THE CLIENT.
Date: February 03, 2003 Category: Customer Dispute Allegations: THE CLIENT ALLEGED I PLACED HER IN FUNDS THAT WERE UNSUITABLE FOR HER AGE. SHE STATED A LOSS IN HER ACCOUNTS DUE TO MY DELAY IN GETTING BACK TO HER AFTER A NOVEMBER 19, 2001 MEETING UNTIL HER ACCOUNTS WERE REPOSITIONED AFTER OCTOBER 2002. Damage Amount Requested: $13,742.37 Broker Comment: THE FIRM FOUND THE ADVISOR'S INVESTMENT RECOMMENDAITONS TO BE SUITABLE BASED ON THE CLIENT'S STATED AND UNCHANGED INVESTMENT TIME FRAME AND INVESTMENT OBJECTIVE TO FUND FOR RETIREMENT. THE ADVISOR DISCUSSED A MORE CONSERVATIVE APPROACH, HOWEVER THE CLIENT CHOSE A MORE GROWTH ORIENTED INVESTMENT STRATEGY TO OBTAIN HER STATED RETIREMENT GOAL. OUR RECORDS SHOW THE ADVISOR MET WITH THE CLIENT DURING THE TIME FRAME INDICATED AND THE CLIENT CHOSE TO KEEP HER PORTFOLIO AS INVESTED UNTIL SEPTEMBER 30, 2002. THE CLIENT'S PORTFOLIO LOSS IN VALUE WAS DUE TO POOR MARKET PERFORMANCE.
More Information
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