TRAVIS JOHN WOLFE is currently employed as a Broker and/or Investment Adviser at AUSDAL FINANCIAL PARTNERS, INC. located at 3250 LACEY ROAD, SUITE 130, DOWNERS GROVE, IL, 60515.


Disclosure History

TRAVIS JOHN WOLFE has 1 Disclosure Event(s).

Date: February 16, 2017
Category: Customer Dispute
Allegations: The customer's daughter alleges that in October or November of the year 2014, her elderly Father was advised by the representative and his partner to transfer his entire variable annuity account which was beyond the surrender period to a REIT investment (HMS Income Fund). Furthermore she claims that the REIT investment is an inappropriate and unsuitable investment for him because of the illiquid features which were not explained to them. The daughter also claims that they were not familiar with concept of Required Minimum Distributions and did not know that the annuity had potential features such as guaranteed income and a guaranteed death benefit that were lost after the transfer was made to the REIT account. The approximate value of the investment at the time the transfer was made in early 2015 was $159,977.
Damage Amount Requested: $159,977.00
Broker Comment: [customer], nor his daughter, have ever been clients of Ausdal Financial Partners, Inc. I was a split registered representative on this account with another registered representative at my previous firm. The benefits and features of the variable annuity were discussed with both [customer]and his daughter, by both of us, during several meetings with them. The risks associated with the REIT investment were presented and discussed with them including illiquidity, potential loss of principal and the fees associated with it. Over the course of several meetings we discussed Required Minimum IRA Distributions and informed them that future required distributions could be taken from any of the customer's IRA accounts. Furthermore, we discussed that funds would not need to be immediately withdrawn from the REIT investment account to satisfy his Required Minimum Distribution due to the fact that the client had funds in liquid investments to satisfy the requirement. Both [customer] and his daughter acknowledged that it would be suitable to diversify his investment portfolio by transferring the amount invested in the variable annuity to the REIT as they were also comfortable with the level of income he was currently receiving from social security, his pension and other retirement accounts to meet his current need for income.

More Information

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