THOMAS MATTHEW ARCHER is currently employed as a Broker and/or Investment Adviser at FOUNDERS FINANCIAL SECURITIES LLC located at 2140 GRAND RIVER ANNEX, BRIGHTON, MI, 48114.
THOMAS MATTHEW ARCHER has worked at FOUNDERS FINANCIAL SECURITIES LLC since October 19, 2006
THOMAS MATTHEW ARCHER has 1 Disclosure Event(s).
Date: October 13, 2011 Category: Customer Dispute Allegations: CLIENT CAME TO MR. ARCHER IN 2009 SEEKING TO MOVE ASSETS FROM THREE VARIABLE ANNUITY CONTRACTS HELD BY FIFTH THIRD BANK DUE TO POOR SERVICE AND POOR PERFORMANCE. AFTER COMPLETING A COMPREHENSIVE FINANCIAL REVIEW, IT WAS ASCERTAINED THAT THE CLIENT WOULD BE BETTER SERVED BY CONSOLIDATING THE THREE CONTRACTS INTO ONE LICOLN VARIABLE ANNUITY CONTRACT. AFTER REVIEWING THE FACTS DURING SEVERAL FACE-TO-FACE MEETINGS AND CONFERENCE CALLS, THE CLIENT AGREED. HE COMPLETED THE APPLICATION, VA ACKNOWLEDGEMENT FORM AND SWITCH DISCLOSURE FORMS, THE CONTRACT WAS OPENED AND THE FUNDS TRANSFER INITIATED. EIGHTEEN MONTHS LATER, THE CLIENTS CONTACTED MR. ARCHER QUESTIONING THE FEES THAT HE PAID TO TRANSFER THE ASSETS INTO THE NEW LINCOLN CONTRACT. HE DIDN'T SEE ANY REASON AS TO WHY HE HAD TO PAY SURRENDER FEES TO TRANSFER THOSE FUNDS. DURING THE APPLICATION PROCESS, THE CLIENT RECEIVED VARIOUS DISCLOSURES AND ACKNOWLEDGEMENTS THAT INDIVATED SURRENDER AND PENALTY FEES MAY APPLY TO ANY CONTRACT THAT WAS TO BE SURRENDERED TO FUND A NEW VARIABLE ANNUITY CONTRACT. THE SWITCH FORM WHICH WAS SIGNED BY THE CLIENT INDICATED THE SURRENDER VALUES OF EACH OF THE THREE VARIABLE ANNUITY CONTRACTS HELD BY FIFTH THIRD BANK. THE CLIENT WAS SEEKING A COMPLETE REFUND OF THE SURRENDER FEES PAID TO THE FORMER ANNUITY COMPANIES. THE COMPLAINT WAS DENIED BY THE FIRM OF MR. ARCHER. Damage Amount Requested: $123,187.00 Settlement Amount: $70,000.00 11-03654
All individuals registered to sell securities or provide investment advice are required to disclose customer complaints and arbitrations, regulatory actions, employment terminations, bankruptcy filings and criminal or civil judicial proceedings.
A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.
BrokerCheck is the source of the data included in this Report. The data was compiled on June 29, 2018.
To view the full report for THOMAS MATTHEW ARCHER, click here.
If you discover any errors or outdated information on this Website, please contact us and we will promptly correct such errors or outdated information.
If BrokerCheck® is the source of such errors or outdated information, please contact FINRA at (301) 590-6500.
Brokersearch.info will not fully remove items from this Website without an applicable court order designating them for removal. Investors rely on the information available on this Website to decide whether to choose or retain a broker or investment adviser.
Upon written request, we may remove certain page(s) from appearing in search engine results using the robots.txt protocol.
When a person searches for your name using Google, Bing, Yahoo! and other search engines the page(s) from Brokersearch.info would not appear in the search results.
Please contact us to learn more about Search Engine Removal.
How to choose a broker or investment adviser. Learn More