SETH JEROME GUNDERSON is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 340 E. 1st Ave., Suite 310, Broomfield, CO, 80020.
SETH JEROME GUNDERSON has worked at LPL FINANCIAL LLC since August 22, 2014
Disclosure History
SETH JEROME GUNDERSON has 2 Disclosure Event(s).
Date: June 25, 2010 Category: Customer Dispute Allegations: CLIENT'S ATTORNEY ALLEGES THAT SEVERAL MATERIAL MISREPRESENTATIONS WERE MADE TO CLIENT IN OCTOBER 2006 ON A PURCHASE OF A HARTFORD VARIABLE ANNUITY. Damage Amount Requested: $100,000.00 Settlement Amount: $55,000.00 Broker Comment: I INITIALLY MET WITH CLIENT IN THE SUMMER OF 2006 AFTER SHE WAS REFERRED TO ME BY A PERSONAL BANKER WITH KEY BANK. SHE WAS LOOKING FOR A WAY TO MAXIMIZE HER INCOME, AND WAS NOT SATISFIED WITH THE CD INTEREST RATES THAT THE BANK WAS OFFERING. AFTER MEETING WITH CLIENT ON SEVERAL OCCASIONS, I RECOMMENDED THAT SHE INVEST HER FUNDS INTO THE HARTFORD'S VARIABLE ANNUITY. I DID THIS BECAUSE CLIENT WAS LOOKING FOR A GUARANTEED INCOME STREAM, AND SHE WANTED TO PASS ON AS MUCH MONEY AS POSSIBLE TO HER CHILDREN. THE HARTFORD CONTRACT OFFERED HER A GUARANTEED 7% ANNUALIZED INCOME STREAM (BASED ON HER ORIGINAL PREMIUMS) OVER A PERIOD OF 14 YEARS. THIS CONTRACT RIDER GUARANTEED THAT HER PRINCIPAL WOULD BE RETURNED TO HER OVER THAT PERIOD OF TIME. I ALSO THOROUGHLY EXPLAINED TO HER THAT EVEN THOUGH HER MONTHLY INCOME WAS GUARANTEED, THE ACCOUNT VALUE INSIDE THE VARIABLE ANNUITY WAS NOT GUARANTEED AND THAT IT WAS SUBJECT TO MARKET FLUCTUATIONS. I ALSO EXPLAINED TO HER THAT ANY EXCESS WITHDRAWALS WOULD LOWER HER MONTHLY INCOME BENEFIT. AGAIN, AFTER SEVERAL VISITS, AND AFTER EXPLAINING THE CONTRACT TO HER DAUGHTER, CLIENT DECIDED TO INVEST IN THE VARIABLE ANNUITY IN OCTOBER OF 2006. I RETAINED MY EMPLOYMENT WITH KEY INVESTMENT SERVICES (KIS) UNTIL SEPTEMBER OF 2007. DURING THOSE PERIODS I REMAINED IN CONSTANT CONTACT WITH CLIENT, AND SHE WAS VERY SATISFIED WITH HER DECISION TO INVEST HER MONEY INTO VARIABLE ANNUITY. WHEN I LEFT KIS, I RESPECTED MY NON-COMPETE CLAUSE AND WAS UNABLE TO MAINTAIN CONTACT WITH CLIENT.
Date: February 28, 2008 Category: Customer Dispute Allegations: THE CLIENT ALLEGES THE FA MISREPRESENTED THE FEATURES OF THE MUTUAL FUNDS THAT WERE RECOMMENDED. THE CLIENT IS REQUESTING TO BE REIMBURSED $400,000. Damage Amount Requested: $400,000.00 Broker Comment: CLIENT ALLEGES THAT HE DIDN'T KNOW THAT MUTUAL FUNDS COULD LOSE VALUE. I THOROUGHLY EXPLAINED THE RISKS AND REWARDS OF LONG TERM INVESTING AND PRESENTED THE CLIENT WITH A 10 YEAR ILLUSTRATION OF THE BALANCED MUTUAL FUND PORTFOLIO. I SPECIFICALLY OUTLINED THE LOSSES THAT OCCURRED IN 2001-2003. THE CLIENT NOT ONLY FULLY UNDERSTOOD THAT THE FUNDS COULD POTENTIALLY LOSE VALUE; HE COLLABORATED WITH ME ON THE ALLOCATION OF THE PORTFOLIO. THE CLIENT WAS NOT SATISFIED WITH CURRENT MONEY MARKET AND CD RATES THAT THE BANK OFFERED AND WAS LOOKING FOR A HIGHER RETURN. I RECOMMENDED A BALANCED PORTFOLIO THAT HAD A GOOD TRACK RECORD OF PAYING INTEREST AND DIVIDENDS. HE LIKED THE INITIAL ALLOCATION BUT ASKED IF THERE WAS ANYTHING THAT COULD INCREASE THE POTENTIAL RETURN. I INCREASED THE EQUITY PORTION OF THE PORTFOLIO AND AGAIN PRESENTED THE CLIENT WITH HISTORICAL PERFORMANCE OF THE PORTFOLIO AND REITERATED THE FACT THAT PAST PERFORMANCE WAS NOT INDICATIVE OF FUTURE RESULTS. AT THAT POINT HE WAS SATISFIED WITH THE ALLOCATION AND COMFORTABLE WITH THE RISK INVOLVED. IN REGARDS TO MY DEPARTURE FROM KEY INVESTMENTS, I HAVE RESPECTED MY NON-COMPETE CLAUSE AND HAVEN'T BEEN IN CONTACT WITH THE CLIENT.
More Information
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