SHELBY HICKS MCGINLEY is currently employed as a Broker and/or Investment Adviser at RAYMOND JAMES FINANCIAL SERVICES, INC. located at 140 S. POTOMAC STREET, HAGERSTOWN, MD, 21740.
SHELBY HICKS MCGINLEY has worked at RAYMOND JAMES FINANCIAL SERVICES, INC. since October 21, 2016
Disclosure History
SHELBY HICKS MCGINLEY has 2 Disclosure Event(s).
Date: August 16, 2012 Category: Customer Dispute Allegations: CLIENT INDICATES SHE WAS NOT TOLD BY HER EDWARD JONES FINANCIAL ADVISOR ABOUT THE SURRENDER CHARGES OF $3,400.57 ON THE LIQUIDATION OF HER ALLIANZ ANNUITY AND SHE ALSO LOST A STEP UP IN VALUE OF $2,500.00 BY SURRENDERING HER ALLIANZ ANNUITY. THE CLIENT IS REQUESTING HER FUNDS BE SENT BACK TO ALLIANZ AS THEY HAVE INDICATED THEY CAN REINSTATE HER POLICY Damage Amount Requested: $5,900.57 Broker Comment: INFORMED CLIENT THE ROLLOVER FROM ALLIANZ HAS BEEN REVERSED AND A CHECK HAS BEEN ISSUED BACK TO ALLIANZ . THE COMPLAINT WAS RESOLVED WITH NO MONETARY SETTLEMENT TO THE CLIENT.
Date: March 03, 2009 Category: Customer Dispute Allegations: 10/07-2/09; CLIENTS STATE THEY TOLD FA IN 10/07 THEY WANTED TO RETIRE IN 2009 AND WERE NOT COMFORTABLE WITH HAVING SO MUCH INVESTED IN THE STOCK MARKET. CLIENTS STATE THEY TOLD FA THEY WANTED TO MOVE A LARGE CHUNK OF WHAT THEY HAD IN THE STOCK MARKET TO SAFER INVESTMENTS AND STATED THE FA ARGUED WITH THEM AND BASICALLY REFUSED TO DO WHAT THEY WANTED. CLIENTS STATE AS THE MARKET BEGAN TO DECLINE, FA DID NOT RECOMMEND MAKING ANY CHANGES AND ADVISED THEM IT WAS THE WRONG TIME TO MAKE CHANGES. CLIENTS STATE BECAUSE OF THIS, THEY HAVE LOST CLOSE TO $100,000. Damage Amount Requested: $5,000.00 Broker Comment: FA HAS INDICATED WHEN THE MARKET BEGAN TO DECLINE; SHE CONTACTED THE CLIENTS TO SCHEDULE A REVIEW OF THE ACCOUNTS AND RECALLS THE WIFE CONTACTING HER TO MAKE SOME CHANGES. FA HAS STATED SHE RECOMMENDED HOLDING THE CURRENT INVESTMENTS, BUT DID MAKE THE CHANGES THE WIFE REQUESTED AND CONTENDS SHE NEVER REFUSED ANY INSTRUCTIONS TO MAKE CHANGES. FA DOES, HOWEVER, STATE SHE DID DISCUSS MARKET CYCLES, RECESSIONS AND CONFIRMED THE CLIENT'S EXPECTATIONS OF RETURN. ADDITIONALLY, THE FA STATED SHE RECONFIRMED THE CLIENT'S FINANCIAL GOALS AND HAS INDICATED THE WIFE WAS SATISFIED WITH THE CHANGES MADE AND THAT THE CLIENTS WOULD CALL IF THEY DESIRED A MORE FORMAL REVIEW. FA HAS STATED SHE AGAIN MADE CONTACT AND ATTEMPTED TO MAKE AN APPOINTMENT TO DISCUSS THE CDS THAT HAD MATURED IN THE CLIENT'S ACCOUNT. SHORTLY THEREAFTER, IT IS OUR UNDERSTANDING THE CLIENT'S TRANSFERRED THEIR ACCOUNTS TO ANOTHER EDJ FA. UPON REVIEW OF THE INVESTMENTS THAT ARE HELD IN THE ACCOUNTS, THEY DO NOT APPEAR TO BE OUTSIDE OF THE SCOPE OF THE INVESTMENT OBJECTIVES LISTED ON THE ACCOUNTS. WHILE WE UNDERSTAND THE CLIENT'S DISAPPOINTMENT WITH THE PERFORMANCE OF THE PORTFOLIOS, IT DOES APPEAR THE DECLINES ARE ATTRIBUTED TO MARKET FLUCTUATION WHICH IS A RISK ASSOCIATED WITH INVESTING. IN CLOSING, BASED ON OUR INVESTIGATION, IT IS OUR FIRM'S OPINION IF THE CLIENT BELIEVED THE FA DID NOT FOLLOW THEIR 2007 INSTRUCTIONS, THE CLIENTS WOULD HAVE CONTACTED OUR FIRM AT THAT TIME, THEREFORE, THE REQUEST FOR COMPENSATION WAS DENIED.
More Information
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