Thrivent Investment Loss Recovery Options
If you have suffered losses with Thrivent Investments, , you may be able to pursue a recovery of your losses through securities arbitration or mediation. Please call at the offices of Howard Rosenfield 1-800-637-3243 for a FREE-NO OBLIGATION consultation and claim evaluation and discuss your investment loss recovery options.
Recent State and Federal Regulatory Actions Against Thrivent
State and federal regulators including FINRA, the SEC, and the state of Illinois have brought regulatory sanctions against Thrivent and and its representatives that alleged the following:
- That Thrivent failed to maintain and enforce an adequate supervisory system;
- That Thrivent failed to adequately review the sale and replacement of variable annuity policies;
- That Thrivent failed to adequately trained their representatives and principals regarding the sale and exchanges of variable annuities;
Broker-Dealers and Investment advisory firms may have fiduciary-like duties to their Clients and Customers
Securities broker dealers and investment advisory firms have the duty to ensure that any investments they recommend to customers are suitable for in light of their investment goals and willingness to assume risk. This is especially important when a Thrivent representative recommends the sale or exchange of an investments like an annuity.
FINRA rules and common-law fiduciary duties require that securities broker dealers and Investment Advisors conduct a suitability analysis when recommending the purchase or exchange of a variable annuity. They must take into account the customer’s knowledge and experience. The brokerage or investment advisory firm must make reasonable efforts to gather and analyze information about a customer’s other investments, financial situation, future financial needs, tax status, and investment objectives. This information is necessary to enable the brokerage or investment advisory firm to make a suitability determination. Whether fiduciaries or not, they are required to be sure that the recommended investment is in the best interest of the customer.
In addition to ensuring that the recommendations are suitable for customers, FINRA Rule 2111 also states that a securities broker must have reasonable grounds to believe that a recommendation to purchase, sale or exchange a security is suitable for the customer. This reasonable basis suitability requirements means that in the context of a complicated investment like a variable annuity that they thrive and representative be certain that the recommendation meets the best interests of the customer.
Thrivent Customers May Be Able to Pursue a Recovery of their Variable Annuity Losses through Securities Arbitration
Fortunately for investors, an investment recovery from Thrivent may be possible through securities arbitration or possibly litigation against the investment adviser, a stockbroker, or firm that recommended the improper annuity sale or exchange.
If you have suffered losses through annuities sold by Thrivent Investment, you may be able to recover your losses through securities arbitration or litigation. Please contact the law office of Howard Rosenfield at 1-(800)-637-3243 for a free, no obligation consultation to discuss your loss recovery options.
The law office of Howard Rosenfield represents investors in arbitration and litigation matters. To learn more about our firm’s practice, please visit www. stockbrokerproblems.com