ROBERT MORSE ELLIS is currently employed as a Broker and/or Investment Adviser at AMERIPRISE FINANCIAL SERVICES, INC. located at 107 Vernon St, La Grange, GA, 30240.
ROBERT MORSE ELLIS has worked at AMERIPRISE FINANCIAL SERVICES, INC. since September 07, 2016
ROBERT MORSE ELLIS has 1 Disclosure Event(s).
Date: May 13, 2003 Category: Customer Dispute Allegations: THE CLIENT STATED THAT SHE MOVED HER FUNDS FROM A FIXED ANNUITY (25% WAS IN A STOCK FUND) WITH GUARDIAN INSURANCE INTO A VARIABLE ANNUITY WITH THE HARTFORD IN OCTOBER 2000, AT THE ENCOURAGEMENT OF HER IR. CLIENT FURTHER STATED THE FUNDS WERE DCA'D INTO EQUITY FUNDS WITHIN THE VARIABLE ANNUITY AND THAT THE VALUE HAS DECLINED TO APPROXIMATELY $51,000 FROM $97,520 DURING THE PAST TWO AND ONE-HALF YEARS. CLIENT ALSO ADVISED THAT SHE HAS TAKEN WITHDRAWALS OF $16,000 FROM THE ANNUITY. THE CLIENT DOES NOT FEEL THAT INVESTING TOTALLY IN EQUITY FUNDS WAS SUITABLE FOR HER AT HER AGE AND CLAIMS SHE INCURRED A NEW SEVEN-YEAR SURRENDER CHARGE WHEN SHE MOVED TO THE HARTFORD CONTRACT, IN ADDITION TO HIGHER FEES. THE CLIENT FEELS THAT THIS INVESTMENT WAS INAPPROPRIATE AND WANTS TO BE REIMBURSED. ALLEGED LOSSES EXCEED $5,000. Damage Amount Requested: $5,000.00 Broker Comment: THE CLIENT SIGNED THE REQUIRED DOCUMENT TO ESTABLISH THE DCA INTO THE SUB ACCOUNTS OVER A SIX-MONTH PERIOD. ON THE HARTFORD FORM THAT THE CLIENT SIGNED, CLIENT AUTHORIZED THE HARTFORD TO MOVE THE FUNDS FROM THE FIXED ACCOUNT INTO THE SMALL COMPANY FUND, THE CAPITAL APPRECIATION FUND, THE MIDCAP FUND, GLOBAL LEADERS FUND AND THE ADVISORS FUND. THE DECLINE IN THE CLIENT'S ACCOUNT APPEARED TO BE THE SAME AS THE OVERALL MARKET DURING THE PAST THREE YEARS. ADDITIONALLY, THE SUBACCOUNTS CHOSEN APPEAR TO BE WITHIN THE CLIENT'S INVESTMENT OBJECTIVES AS LISTED ON HER ACCOUNT. SINCE THE CLIENT RECEIVED THE PROSPECTUS AND THE CONTRACT AT THE TIME OF PURCHASE DISCLOSING THE RISKS ASSOCIATED WITH THIS INVESTMENT, THE CLIENT'S REQUEST FOR REIMBURSEMENT WAS DENIED.
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