MICHAEL WILLIAM TRYON is currently employed as a Broker and/or Investment Adviser at CABIN SECURITIES, INC. located at 745 COMMUNITY DRIVE, SUITE E, NORTH LIBERTY, IA, 52317.
MICHAEL WILLIAM TRYON has worked at CABIN SECURITIES, INC. since January 04, 2018
MICHAEL WILLIAM TRYON has 1 Disclosure Event(s).
Date: March 02, 2015 Category: Customer Dispute Allegations: CLIENT ALLEGES MR. TRYON LIQUIDATED A VARIABLE ANNUITY WITHOUT CLIENT'S KNOWLEDGE WHICH CREATED A LARGE TAX LIABILITY DUE TO THE CAPITAL GAIN. CLIENT ALSO CLAIMS MR. TRYON DID NOT PERFORM IN AN ACTIVE MANAGING ROLE AS PROMISED AND NEVER ALTERED THEIR INVESTMENT STRATEGY TO KEEP UP WITH CHANGING MARKET CONDITIONS. Damage Amount Requested: $30,000.00 Broker Comment: AT THE FIRST MEETING WITH THE CLIENT I WENT OVER OUR FIRM'S PHILOSOPHIES INCLUDING BUT NOT LIMITED TO OUR INTEGRITY, FIDUCIARY DUTY, AND USING THIRD PARTY PROFESSIONAL MONEY MANAGERS. THE CLIENT DESIRED TO USE A PORTFOLIO REVIEW PROCESS OF OUR THIRD PARTY MONEY MANAGER AND PROVIDED HIS OBJECTIVES AND RISK TOLERANCE. WE MET WITH THE CLIENT AGAIN TO DISCUSS THE ANALYSIS AND MADE OUR RECOMMENDATIONS TO MOVE THE CLIENT FROM HIS PREVIOUS INVESTMENTS TO A PORTFOLIO MANAGED BY OUR THIRD PARTY MONEY MANAGER. THE CLIENT AGREED WITH THE RECOMMENDATIONS AND WE MOVED FORWARD. ONE OF THE RECOMMENDATIONS WAS TO LIQUIDATE A VARIABLE ANNUITY WHICH, DUE TO A CAPITAL GAIN, CREATED A TAX LIABILITY. MY BUSINESS PHILOSOPHY HAS ALWAYS BEEN ON A CLEAR FOUNDATION, WHICH IS OVERLY COMMUNICATED TO EVERY PROSPECTIVE CLIENT: "NO PRESSURE, AND NO OBLIGATION TO EVER BECOME A CLIENT". OUR INTENT IS ALWAYS TO HELP THE CLIENT ACHIEVE THEIR STATED GOALS, FOLLOW THE BEST PATH WITHIN THEIR STATED RISK TOLERANCE, AND MANAGE THIS WITHIN THEIR DESIRED TIME LINE. "RELENTING" TO COVER THE SURRENDER PENALTY ON THE ANNUITY IS INACCURATE - I WAS WILLING TO LOWER MY FEES TO HELP THE CLIENT, BUT I NEEDED TO HAVE THE THIRD PARTY MONEY MANAGER BLESS THIS REQUEST ON THEIR FEE (WHICH, THEY DID WITHOUT HESITATION). THROUGHOUT THE 1-YEAR RELATIONSHIP, I COMMUNICATED WITH [CUSTOMER] MORE THAN ANY OTHER CLIENT (RECEIVED/REPLIED TO OVER 300 EMAILS, SEVERAL TELEPHONE CONVERSATIONS, AND FORMAL 1-ON-1 REVIEWS). [CUSTOMER] WAS VERY INTENSE AT HIS RESEARCH; FROM DUE DILIGENCE BEFORE EVERY MEETING WITH US, TO EXHAUSTIVE RESEARCH ON HIS HARTFORD ANNUITY, AND COUNTLESS EMAIL DIALOGS ON NUMEROUS INVESTMENT/MARKET RELATED TOPICS. HE PRIDED HIMSELF ON HIS RESEARCH, INVESTMENT KNOWLEDGE, AND HAD QUESTIONS ON ANYTHING/EVERYTHING WITHIN HIS PORTFOLIO STRATEGY. [CUSTOMER] EVEN COMMUNICATED MORE WITH THE THIRD PARTY MONEY MANAGER AS THE RELATIONSHIP MATURED.
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