THOMAS MICHAEL TYE is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 141 NORTH 3RD STREET, DANVILLE, KY, 40422.
THOMAS MICHAEL TYE has worked at LPL FINANCIAL LLC since December 15, 2009
THOMAS MICHAEL TYE has 1 Disclosure Event(s).
Date: October 27, 2008 Category: Customer Dispute Allegations: 7/08; CLIENT STATES HE HAD $400,000.00 TO INVEST WITH EDWARD JONES. CLIENT STATES HE ADVISED THE FA HE WANTED TO LEAVE APPROXIMATELY $85,000 TO $95,000 IN MONEY MARKET AND HIS PRIMARY OBJECTIVE WAS INCOME. CLIENT STATES THE ADVISORY SOLUTIONS PROGRAM WAS NOT FULLY EXPLAINED. CLIENT ALLEGES THEY WERE INCORRECTLY ADVISED OF THE FEES, THAT THEY DID NOT WANT TO REINVEST DIVIDENDS, THAT THE FA DID NOT REVIEW THE PLAN AND THEY WERE NOT AWARE THEY COULD NOT MOVE FUNDS TO A DIFFERENT PLAN IF THEY WERE NOT SATISFIED. CLIENT STATES THEY WANT AN INCOME PRODUCING ACCOUNT THAT DOES NOT AUTOMATICALLY REINVEST, DOES NOT "DIP" INTO PRINCIPAL AND HAS NO DISCRETIONARY TRADING. CLIENT REQUESTS THAT THEY BE MADE WHOLE ON THE INVESTMENTS AND PLACED INTO A PLAN THAT MEETS THEIR SPECIFICATIONS. Damage Amount Requested: $5,000.00 Broker Comment: IT IS OUR OPINION THAT THE CLIENT WAS PROPERLY ADVISED AND AWARE OF THE COMPOSITION OF THE FUNDS IN THE ADVISORY SOLUTIONS PLATFORM IN WHICH THE CLIENT WAS INVESTING AS THAT INFORMATION WAS SPECIFICALLY SET FORTH IN THE CLIENT AGREEMENT THAT THE CLIENT SIGNED ON JULY 18, 2008. ADDITIONALLY, THE FEES ASSOCIATED WITH THE ADVISORY SOLUTIONS PROGRAM WERE CLEARLY SET FORTH IN THE CLIENT AGREEMENT ON PAGE 13 INDICATING AN ANNUAL FEE OF 1.35% ON THE CLIENT'S FIRST $500,000 OF ASSETS. THEREFORE, WE ARE DENYING HIS REQUEST TO BE "MADE WHOLE." AS SET FORTH IN THE CLIENT AGREEMENT, ANY CLIENT MAY EXIT THE ADVISORY SOLUTIONS PROGRAM AT ANY TIME. THE CLIENT CAN CHOOSE TO MOVE ASSETS FROM THE ADVISORY SOLUTIONS ACCOUNT INTO A REGULAR BROKERAGE ACCOUNT AND PURCHASE MUTUAL FUNDS, OR OTHER INVESTMENTS OF THEIR CHOOSING, AT ANY TIME. THERE MAY BE SOME INSTITUTIONAL SHARES HELD IN THE CLIENT'S ADVISORY SOLUTIONS ACCOUNT THAT CANNOT BE HELD IN A TRADITIONAL BROKERAGE ACCOUNT AND THOSE SHARES WOULD NEED TO BE LIQUIDATED BEFORE MOVING TO A BROKERAGE ACCOUNT. AS PREVIOUSLY INDICATED BY THE FA, THIS MAY OR MAY NOT RESULT IN A TAXABLE EVENT; THEREFORE, IT IS ADVISED THAT THE CLIENT DISCUSS SUCH A DECISION WITH THEIR TAX ADVISOR PRIOR TO MOVING FORWARD. CLAIM DENIED.
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