An Elder exploitation alert was triggered on the weekly National Financial Services (NFS) Wealthscape Potentially Suspicious Activity Report (PSAR) exception report.
CASE HISTORY
As of January 15, 2003 Miss Constance Brown (the Client) has been a Client with VALIC Financial Advisors (VFA). Miss Brown currently has two (2) active accounts held with VFA with a combined total of $12,064.68. Mrs. Jennifer Braun-Blanco has been Miss. Brown’s appointed agent since July 16, 2015.
The Client purchased two brokerage accounts with VFA in 2003, an individual account (0AG060160) and an Individual Retirement Account (IRA) GFM 088625 with transfers from her 401k. The following year, in April 2004 the Client opened two managed accounts, an individual ANM 024724 and an IRA AMM 051845 with internal transfers from her existing brokerage account. On October 7, 2010 the Client began taking her required minimum distribution. On July 2, 2013 Client opened a contract with the Variable Annuity Life Insurance Company (VALIC) with a transfer from her VFA managed account ANM 051845. …show more content…
Braun-Blanco met on March 19, 2018 to discuss the Client’s account ANM 024724. The Client expressed her unhappiness with the performance of her managed account since her inception into the program. The Client and her son believed they could outperform the VFA’s managed account performance by selecting their own investment allocations with a contract under VALIC. The Client also wanted to take advantage of VALIC’s low annual fee of
CASE HISTORY
As of January 15, 2003 Miss Constance Brown (the Client) has been a Client with VALIC Financial Advisors (VFA). Miss Brown currently has two (2) active accounts held with VFA with a combined total of $12,064.68. Mrs. Jennifer Braun-Blanco has been Miss. Brown’s appointed agent since July 16, 2015.
The Client purchased two brokerage accounts with VFA in 2003, an individual account (0AG060160) and an Individual Retirement Account (IRA) GFM 088625 with transfers from her 401k. The following year, in April 2004 the Client opened two managed accounts, an individual ANM 024724 and an IRA AMM 051845 with internal transfers from her existing brokerage account. On October 7, 2010 the Client began taking her required minimum distribution. On July 2, 2013 Client opened a contract with the Variable Annuity Life Insurance Company (VALIC) with a transfer from her VFA managed account ANM 051845. …show more content…
Braun-Blanco met on March 19, 2018 to discuss the Client’s account ANM 024724. The Client expressed her unhappiness with the performance of her managed account since her inception into the program. The Client and her son believed they could outperform the VFA’s managed account performance by selecting their own investment allocations with a contract under VALIC. The Client also wanted to take advantage of VALIC’s low annual fee of