THOMAS MATTHEW ARCHER

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

Disclosure History

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

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