TIMOTHY RYAN SIELSCHOTT is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 1729 Allentown Road, Lima, OH, 45805.
TIMOTHY RYAN SIELSCHOTT has worked at LPL FINANCIAL LLC since March 12, 2012
TIMOTHY RYAN SIELSCHOTT has 1 Disclosure Event(s).
Date: January 14, 2008 Category: Customer Dispute Allegations: CLIENT CLAIMS SHE WAS NOT GIVEN AN ADEQUATE EXPLANATION OF THE INVESTMENT AND HOW IT WORKS. CLIENT CLAIMS SHE DID NOT EVEN KNOW SHE WAS PURCHASING AN ANNUITY. CLIENT CLAIMS SHE WAS NEVER GIVEN A RISK TOLERANCE QUESTIONNAIRE AND HAD EXPLAINED TO THE FA SHE WANTED THE MONEY TO BE LIQUID. CLIENT ALSO CLAIMS SHE WAS NEVER GIVEN A DELIVERY RECEIPT OR A CONTRACT. CLAIM EXCEEDS $5,000. Damage Amount Requested: $5,000.00 Broker Comment: FA STATED HE DID EXPLAIN TO CLIENT HOW THE ANNUITY WORKED AND CLIENT HAD A FULL UNDERSTANDING SHE WAS PURCHASING AN ANNUITY. HE FURTHER INDICATED, AS TO THE LIQUIDITY OF FUNDS, IT WAS EXPLAINED TO CLIENT THE LIMITED OPTIONS SHE HAD IN ORDER TO AVOID PENALTY/TAXES DUE TO THE MANNER IN WHICH SHE HAD ORIGINALLY INVESTED AND REVIEWED WITH CLIENT HOW HE COULD ASSIST HER WITH LOWERING FEES. ACCORDING TO FA CLIENT WAS INSTRUMENTAL IN ASSISTING WITH THE 1035 EXCHANGES FROM THE OTHER ANNUITIES. OUR RECORDS INDICATE CLIENT SIGNED THE LETTER OF AUTHORIZATION TO PURCHASE AN ANNUITY AS WELL AS THE TRANSFER OF ASSETS: ANNUITY TO VARIABLE ANNUITY (ONE FOR EACH OF THE ANNUITIES BEING 1035 EXCHANGED). BY SIGNING THESE FORMS (COPIES ENCLOSED) CLIENT ACKNOWLEDGED INFORMATION PERTAINING TO THE ANNUITY WAS DISCLOSED AND DISCUSSED WITH THE FINANCIAL ADVISOR. THIS INCLUDED CLIENT'S UNDERSTANDING REGARDING COMMISSIONS/FEES, DEATH BENEFIT, RISK, SURRENDER CHARGES, TAX PENALTIES, PROSPECTUS, CONTRACTS AND YOUR RIGHT TO EXAMINE, ETC. BASED ON OUR REVIEW, IT DOES APPEAR THE 1035 EXCHANGES TO THE AIG SUNAMERICA POLARIS II ANNUITY ISSUED ON 4/20/07 WAS DISCUSSED WITH CLIENT AND DONE WITH HER AUTHORIZATION. FURTHER, IT WOULD APPEAR CLIENT WAS FULLY AWARE THE NEW INVESTMENT WAS A VARIABLE ANNUITY AND CLIENT UNDERSTOOD THE TERMS AND RISKS ASSOCIATED WITH THE INVESTMENT. CLAIM DENIED.
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