ROBERT WILLIAM SCHUMM is currently employed as a Broker and/or Investment Adviser at WELLS FARGO CLEARING SERVICES, LLC located at 3801 KENNETT PIKE, B-200, GREENVILLE, DE, 19807.
ROBERT WILLIAM SCHUMM has worked at WELLS FARGO CLEARING SERVICES, LLC since October 01, 1999
Disclosure History
ROBERT WILLIAM SCHUMM has 1 Disclosure Event(s).
Date: July 06, 2006 Category: Customer Dispute Allegations: PENNSYLVANIA CLIENTS HAVE COMPLAINED THAT WHEN THEY ASKED THEIR FA TO WITHDRAW $10,000 FROM THEIR VA IN 2/05, HE MOVED THEIR ENTIRE VA VALUE OF $100,000 TO MONEY MARKET FROM THEIR AGGRESSIVE SUB ACCOUNT. THEY CLAIM THAT SINCE THEN THE AGGRESSIVE SUB ACCOUNT HAS RETURNED 17% AND THE MONEY MARKET ONLY 4%. THEIR DAMAGES CLAIM IS FOR APPROXIMATELY $18,000. CLIENT'S FIRST COMPLAINT WAS VERBAL. WRITTEN ITERATION ALSO INCLUDES CLAIM THAT VA WAS UNSUITABLE TO BEGIN WITH BECAUSE THERE WERE FEES AND TAX CONSEQUENCES ASSOCIATED WITH WITHDRAWALS. Damage Amount Requested: $18,000.00 Broker Comment: INITIALLY CLIENTS WANTED TO INVEST A PORTION OF A VACATION HOME SALE FOR RETIREMENT AND COMMITTED TO THE LONG TERM. DUE TO THEIR HIGH INCOMES AND TAX BURDEN A VA WAS RECOMMENDED TO DEFER TAXES. SURRENDER CHARGES WERE FULLY DISCLOSED BOTH VERBALLY AND IN SALES KIT AND CLIENTS HAD NO COMPLAINTS AT ONSET. AFTER A YEAR CLIENTS HAD FINANCIAL EMERGENCY AND NEEDED FUNDS. SHE ORDERED ME TO PARTIALLY LIQUIDATE VA PREMATURELY DISREGARDING MY WARNINGS AND WITHOUT CONSULTATION TO CONSIDER BETTER ALTERNATIVES. I SUGGESTED EXCHANGING AGGRESSIVE PORTFOLIO INTO MONEY MARKET TO LOWER RISK AND STABILIZE THEIR INVESTMENT WHICH WAS PROFITABLE AND DID SO WITH HER APPROVAL. THEIR FINANCIAL EMERGENCY CONTINUED FOR THREE MORE LIQUIDATIONS WITHIN 9 MONTHS SUPPORTING THE WISDOM OF STABILIZATION . FIRST TWO LIQUIDATIONS WERE ARRANGED WITHOUT ANY SURRENDER CHARGES.CLIENTS RECEIVED 2 DOZEN STATEMENTS DISCLOSING THEIR MMF POSITION BUT NEITHER RAISED AN ISSUE FOR ABOUT A YEAR UNTIL THE AGGRESSIVE FUND HAD OUTPACED THE CONSERVATIVE MMF AND NOW CLAIM NO RECOLLECTION OF PERMISSION TO EXCHANGE.CLIENTS REALIZED PROFITS SO TAXES ARE DUE.THE FIRM'S REVIEW OF THE MATTER DID NOT REVEAL ANY WRONGDOING OR ANY EVIDENCE TO SUPPORT THE CLIENT'S CONCERNS. THE ALLEGATIONS OF WRONGDOING AND DEMAND FOR REMUNERATION WERE DENIED IN THEIR ENTIRETY.
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