STEPHANIE LISA HAYES is currently employed as a Broker and/or Investment Adviser at COMMONWEALTH FINANCIAL NETWORK located at 101 SOUTH BROADWAY, SOUTH NYACK, NY, 10960.
STEPHANIE LISA HAYES has worked at COMMONWEALTH FINANCIAL NETWORK since May 15, 2008
STEPHANIE LISA HAYES has 2 Disclosure Event(s).
Date: October 27, 2000 Category: Customer Dispute Allegations: CLIENTS ALLEGE EXCESSIVE COMMISSIONS, UNAUTHORIZED TRADING AND SUITABILITY OF CERTAIN TRANSACTIONS. EACH CONCERN WAS ADDRESSED AND THE ISSUE WAS DROPPED WITHOUT FURTHER ACTION. THERE WAS NO DAMAGE AMOUNT SPECIFIED.
Date: June 25, 1999 Category: Customer Dispute Allegations: CLIENTS ARE ALLEGING THEY WERE NOT SUITABLEFOR INVESTMENT IN VAN ECK GLOBAL HARD ASSETS FUND. A MUTUALFUND WHICH PRIMARILY INVESTS IN GOLD. Damage Amount Requested: $47,431.00 Settlement Amount: $47,431.00 Broker Comment: THE DOLLAR AMOUNT OF THE SETTLEMENT AMOUNT HAS BEEN UPDATED TO THE CORRECT AMOUNT OF $47431.00 PER FINRA DISCLOSURE REVIEWS SUGGESTION. IN MID 1996 I WAS INTRODUCED TO THE [CUSTOMER]THROUGH A REFERRAL. THEY WERE CONCERNED ABOUT THEIR RETIREMENT& CAME WITH A LIST OF IRA'S THAT WERE MOSTLY IN BANK CDS. THEYCONTRACTED WITH ME TO DO A FINANCIAL PLAN. IT WAS COMPLETED ANDHAD THE FOLLOWING GENERAL RECOMMENDATIONS: TO BE AWARE THATTHERE WERE SPECIAL MINIMUM DISTRIBUTION OPTION REQUIREMENTSBECAUSE OF JACK;S AGE (70 ON 6/21/97). THE RECOMMENDATION WASTO BALANCE THEIR INVESTMENTS TO MINIMIZE RISK & ACHIEVE A MORECONSISTENT RETURN. THEIR PRESENT ASSET ALLOCATION HAD BEEN 65%IN CASH & CASH EQUIVALENTS, 24% IN BONDS AND REMAINING INEQUITIES. I SUGGESTED 15% IN CASH, 15% EQUITIES, 25% REALTY,20% INTERNET FOR HOLDING, 10% INFLATION HEDGE (OIL & GAS, GOLD,ETC) I EXPLAINED & PUT IN WRITING THAT THEY COULD GRADUALLYREDUCE THEIR CASH POSITION. THE [CUSTOMER] UNDERSTOOD THE ASSETALLOCATION THEORY & AGREED WITH THE CHANGES. THE RECOMMENDEDFUNDS & STOCKS WERE THE RESULT OF IMPLEMENTING THE RECOMMENDED& AGREED UPON ASSET ALLOCATION. ONE OF THE FUNDS USED TOACHIEVE ASSET ALLOCATION IS THE VAN ECK GLOBAL HARD ASSETSFUND-THIS IS ONE THAT INVESTS IN HARD ASSETS-A COMBINATION OFOIL & GAS, REITS & METALS & MINING. THIS FUND IS DEEMED TO HAVEA BETA OF ZERO & CAN BE USED TO BALANCE POSITIONS IN EQUITYHOLDINGS. IN SUMMATION, THE CLIENTS FULLY UNDERSTOOD ASSETALLOCATION. WE SPENT TIME INVESTING PRINCIPLES & THEORIES. THE[CUSTOMER'S] WERE EXPERIENCED INVESTORS. SPECIFICALLY, [CUSTOMER] HADBEEN MANAGING HER OWN 401K ACCOUNT & HAD INVESTMENTS IN SEVERALMUTUAL FUNDS, SUCH AS HAMILTON FUNDS, EVERGREEN & VANGUARD. SHECERTAINLY KNEW THE RISKS INVOLVED IN ANY INVESTMENT.
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