WALTER J HIEL is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 285 CLEARWATER LARGO RD N, LARGO, FL, 33770-2343.
WALTER J HIEL has worked at LPL FINANCIAL LLC since April 27, 2009
WALTER J HIEL has 1 Disclosure Event(s).
Date: November 12, 2008 Category: Customer Dispute Allegations: 6/30/08-10/08; CLIENT CLAIMS THE FA PRESSURED HER INTO THE SALE AND/OR TRANSFER OF HER PREVIOUS ANNUITY INTO THE LINCOLN ANNUITY AND STATES THIS WAS NOT IN HER BEST INTEREST. CLIENT CLAIMS THE NEW POLICY DOES NOT HAVE A BUILT IN DEATH BENEFIT AND THE TERMS AND CONDITIONS OF THE NEW POLICY APPEAR TO BE LESS BENEFICIAL THAN THAT OF THE PREVIOUS POLICY. CLIENT CLAIMS THIS WAS DONE FOR THE FA'S FINANCIAL GAIN AND THE FA WAS NOT LOOKING OUT FOR HER BEST INTEREST. CLAIM EXCEEDS $5,000 Damage Amount Requested: $5,000.00 Broker Comment: FA STATED CLIENT STRESSED TO HIM TWO MAJOR CONCERNS WERE INCOME (NEEDED TO RECEIVE A SPECIFIC DOLLAR AMOUNT PER MONTH) AND TAXES (WISHED TO PAY AS LITTLE AS POSSIBLE). FA STATED CLIENT'S NEEDS WERE NOT SATISFACTORILY BEING MET BY PREVIOUS ANNUITY CONTRACT AND, AS A RESULT, FA RECOMMENDED THE LINCOLN VARIABLE ANNUITY. FA INDICATED HE AND A REPRESENTATIVE FROM LINCOLN MET WITH CLIENT AND REVIEWED ALL DETAILS ASSOCIATED WITH THE LINCOLN ANNUITY. THIS INCLUDED A DISCUSSION OF THE FEES, MONEY MANAGERS, RIDERS AND DEATH BENEFIT OPTIONS. ACCORDING TO FA CLIENT WAS MADE FULLY AWARE OF THE DEATH BENEFIT ASSOCIATED WITH EXISTING CONTRACT AT THE TIME OF THE EXCHANGE AND UNDERSTOOD THIS WOULD NOT CARRY OVER TO THE NEW LINCOLN CONTRACT. AT THE TIME OF PURCHASE CLIENT EXECUTED THE TRANSFER OF ASSETS: ANNUITY TO VARIABLE ANNUITY DOCUMENT IN WHICH CLIENT ACKNOWLEDGED SHE DISCUSSED COMMISSIONS (BREAKPOINTS WERE APPLIED TO PURCHASE), FEES, DEATH BENEFIT, LIVING BENEFIT, RISK, PROSPECTUS, CONTRACT, RIGHT TO EXAMINE, DOLLAR COST AVERAGING AND ANNUITIZATION. IN ADDITION CLIENT EXECUTED ALL 1035 EXCHANGE PAPERWORK. CLIENT WAS PROVIDED WITH A PROSPECTUS/CONTRACT ON THE LINCOLN ANNUITY AS VERIFIED BY CLIENT'S SIGNATURE DATED 8/23/08. THE PROSPECTUS AND CONTRACT PROVIDE CLIENT WITH ALL DETAILS ASSOCIATED WITH ANNUITY CONTRACT AND ANY RIDERS ELECTED ON THE CONTRACT. IT APPEARS THROUGH DISCUSSIONS WITH FA AS WELL AS THROUGH THE CONTRACT, CLIENT WAS MADE AWARE OF THE RIGHT TO CANCEL WHICH SHE ELECTED NOT TO EXERCISE. BASED ON OUR REVIEW, IT IS OUR OPINION CLIENT WAS FULLY AWARE OF ALL DETAILS ASSOCIATED WITH THE ANNUITY 1035 EXCHANGE. FURTHER, IT APPEARS CLIENT WAS IN RECEIPT OF THE ANNUITY PROSPECTUS AND CONTRACT WHICH PROVIDED CLIENT WITH ALL DETAILS ASSOCIATED WITH THE LINCOLN ANNUITY. CLIENT SURRENDERED ANNUITY, AGAINST FA'S RECOMMENDATION, IN OCTOBER 2008. CLAIM DENIED.
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