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Rodger Eric Steffen

Rodger Eric Steffen is currently employed as a Broker and/or Investment Adviser at EDWARD JONES located at 1101 MAIN, WINFIELD, KS, 67156.

Rodger Eric Steffen has worked at EDWARD JONES since March 20, 1986

Disclosure History

Rodger Eric Steffen has 1 Disclosure Event(s).

Date: September 15, 2003
Category: Customer Dispute
Allegations: CLIENT STATES IR RECOMMENDED SHE SURRENDER A HARTFORD CONTRACT AND PURCHASE A METLIFE CONTRACT PURPORTEDLY TO INCREASE THE DEATH BENEFIT. CLIENT STATES AS A RESULT OF THE SURRENDER SHE HAD TAX CONSEQUENCES. CLIENT ALSO ALLEGES THE HARTFORD CONTRACT HAS A HIGHER M & E CHARGE, A HIGHER SURRENDER CHARGE, AND A LONGER SURRENDER PERIOD. CLIENT STATES HAD THE INFORMATION BEEN PROPERLY EXPLAINED TO HER SHE WOULD HAVE CONTINUED TO HARTFORD CONTRACT. CLIENT REQUESTS A CHECK FOR THE FULL VALUE BE ISSUED TO HER. IN A SUBSEQUENT LETTER (DATED SEPTEMBER 24, 2003) THE CLIENT MAKES A CLAIM FOR $17,226.00 PLUS "ANY ADDITIONAL AMOUNT WE DEEM FAIR AND REASONABLE GIVEN THESE CIRCUMSTANCES." THIS WAS NOT DEEMED A FILING UNTIL RECEIPT OF THE SEPTEMBER 24TH LETTER ALLEGING SPECIFIC DAMAGES.
Damage Amount Requested: $17,266.00
Broker Comment: ACCORDING TO THE IR, THE CLIENT'S TAX PROFESSIONAL WAS CONSULTED IN RELATION TO THE SURRENDER OF THE HARTFORD LIFE ANNUITY. IT IS UNDERSTOOD THE DECISION WAS MADE TO SURRENDER THE ANNUITY IN FULL. IR STATED THAT WHEN PRESENTING THE METLIFE ANNUITY TO THE CLIENT, IR'S DISCUSSIONS INCLUDED SURRENDER CHARGES, MARKET FLUCTUATION, THE DEATH BENEFIT AND NURSING HOME WAIVER. AFTER RECEIVING CORRESPONDENCE FROM THE CLIENT'S SON'S INVESTMENT ADVISOR IN JULY 2003, IR CONTACTED THE CLIENT. IR INDICATED HE REVIEWED THE INVESTMENTS HELD IN THE ACCOUNT WITH THE CLIENT AND WAS INFORMED THE CLIENT WAS COMFORTABLE WITH THE INVESTMENTS IN THE ACCOUNT. IR ALSO INDICATED HE RECEIVED CORRESPONDENCE FROM THE CLIENT IN AUGUST 2003 INDICATING HER INTENT TO LIQUIDATE THE ACCOUNT. IR FURTHER STATED THAT, WITH THE CLIENT'S PERMISSION, IR CONTACTED HER SON TO DISCUSS CLIENT'S REQUEST FOR LIQUIDATING THE ACCOUNT. IR INDICATED HE ALSO SUGGESTED SPEAKING WITH THE CLIENT'S TAX PROFESSIONAL REGARDING THE LIQUIDATION. IR AND THE CLIENT'S TAX PROFESSIONAL SUGGESTED TRANSFERRING THE ACCOUNT IN-KIND TO CLIENT'S NEW FIRM. HOWEVER, THE CLIENT WAS ADAMANT ABOUT LIQUIDATING THE ACCOUNT AND, AS SUCH, THE INVESTMENTS HELD IN THE ACCOUNT WERE LIQUIDATED. BASED ON OUR REVIEW, IT APPEARS THE SURRENDER OF THE HARTFORD ANNUITY WAS THOROUGHLY DISCUSSED WITH THE CLIENT AS WELL AS HER TAX PROFESSIONAL. IN ADDITION, IR APPEARS TO HAVE MADE THE APPROPRIATE DISCLOSURES REGARDING THE PURCHASE OF THE METLIFE ANNUITY AND THE PURCHASE WAS MADE WITH THE CLIENT'S AUTHORIZATION. CLAIM DENIED.

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