Neal Franklin Haworth is currently employed as a Broker and/or Investment Adviser at EDWARD JONES located at 111 SOUTH THIRD STREET, SMITHFIELD, NC, 27577.
Neal Franklin Haworth has worked at EDWARD JONES since April 15, 1992
Neal Franklin Haworth has 2 Disclosure Event(s).
Date: November 16, 2009 Category: Customer Dispute Allegations: 1/06-9/09; CLIENT STATES HE PURCHASED AN ANNUITY AND WAS TOLD HIS MONEY WAS SAFE BUT HIS MONTHLY PAYMENTS COULD GO UP OR DOWN. CLIENT STATES WHEN THE VALUE OF THE ANNUITY BEGAN TO DECLINE, HE QUESTIONED THE FA AND STATES THE FA SAID HE MAY HAVE FORGOTTEN TO INFORM THE CLIENT THAT THE ANNUITY WAS TIED TO THE MARKET. Damage Amount Requested: $5,000.00 Broker Comment: FA HAS INDICATED THE CLIENT CONTACTED HIM WITH AN INTEREST IN PURCHASING AN ANNUITY. ACCORDING TO THE FA, THE CLIENT WANTED MONTHLY INCOME FOR LIFE; THEREFORE, THE LINCOLN ANNUITY WAS PURCHASED. FA HAS ALSO STATED HE INFORMED THE CLIENT THE VALUE WOULD FLUCTUATE AND THAT THE MONTHLY PAYMENT COULD GO UP OR DOWN WITH THE MARKET, BUT WOULD NOT GO BELOW THE SET AMOUNT. IT IS ALSO THE FA'S BELIEF THAT THE CLIENT UNDERSTOOD THE ANNUITY. FA HAS STATED THE CLIENT CONTACTED HIM A FEW MONTHS LATER BECAUSE OF THE CLIENT'S CONCERN WITH THE DECLINE IN THE VALUE OF THE ANNUITY. IT IS OUR UNDERSTANDING THE FA RE-EXPLAINED THE ANNUITY AND ACCORDING TO THE FA, THE CLIENT WAS SATISFIED. FA HAS STATED THE CLIENT DID NOT EXPRESS ANY ADDITIONAL CONCERNS UNTIL THE CLIENT CAME INTO HIS OFFICE IN SEPTEMBER OF THIS YEAR AND WANTED TO SELL. FA INDICATED HE TRIED TO DISSUADE THE CLIENT, BUT THE CLIENT INSTRUCTED HIM TO SELL. IN CLOSING, AT THE TIME OF THE PURCHASE IN JANUARY 2006, THE CLIENT WAS PROVIDED THE CONTRACT WHICH ALSO DISCLOSED THE FEATURES AND RISKS OF THE ANNUITY. ADDITIONALLY, AT THAT TIME, THE CLIENT WOULD HAVE HAD A FREE-LOOK PERIOD IN WHICH THE CLIENT COULD HAVE SURRENDERED THE ANNUITY IF IT WASN'T THE PRODUCT THE CLIENT WANTED. WHILE WE CERTAINLY UNDERSTAND THE CLIENT'S DISAPPOINTMENT WITH THE DECLINE IN VALUE, MARKET FLUCTUATION IS A RISK ASSOCIATED WITH INVESTING.
Date: May 09, 2008 Category: Customer Dispute Allegations: CLIENT STATES THE FA RECOMMENDED THAT HE ROLLOVER A THEN-EXISTING LIFE INSURANCE POLICY TO A NEW HARTFORD POLICY BASED ON THE FA'S RECOMMENDATION. CLIENT STATES AFTER RECEINVING HIS 2007 TAX INFORMATION, HE WAS INFORMED THAT BECAUSE OF THE CHANGE, HE OWED AN ADDITIOANL $46,978 IN TAXES. CLIENT STATES HE IMMEDIATELY INFORMED FA IN WHICH HE ALLEGES FA INFORMED HIM THERE SHOULD HAVE BEEN NO TAX RESPONSIBILITY. CLIENT HAS CONFIRMED HE DOES OWE ADDITIONAL TAXES AND IS REQUESTING REIMBURSEMENT. Damage Amount Requested: $46,978.00 Broker Comment: ACCORDING TO THE CLIENT'S LETTER, HE HAS INDICATED THAT IN MOVING FROM AN EXISTING WESTERN RESERVE LIFE POLICY INTO THE HARTFORD POLICY HE INCURRED TAXES THAT HE WAS NOT AWARE OF AND SIGNED BLANK DOCUMENTS. FA HAS STATED DURING THE MEETING WITH THE FA, THE HARTFORD REP AND THE CLIENT, MENTION WAS MADE THAT THE CLIENT SHOULD DISCUSS THE TRANSACTION WITH HIS TAX PROFESSIONAL. ADDITIONALLY, THE 1035 EXCHANGE FORM THAT THE CLIENT SIGNED DOES STATE THAT EXCHANGES FROM ONE POLICY TO ANOTHER THAT HAVE OUTSTANDING LOANS ARE TAXABLE TO THE EXTENT THERE IS A GAIN IN THE EXISTING POLICY. IN CLOSING, THE FA CONTEND NONE OF THE FORMS THE CLIENT SIGNED WERE NOT PROPERLY COMPLETED PRIOR TO THE CLIENT SIGNING. BASED UPON OUR REVIEW, THE REQUEST FOR COMPENSATION WAS DENIED.
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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.
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