Amanda Hale Subject of Variable Annuity Disputes

Amanda Hale (CRD #: 4072033), a broker registered with Amerirprise Financial Services, is the subject of an investor dispute. This disclosure appears on her BrokerCheck record, accessed on March 15, 2024. Keep reading if you have questions. 

Investor Disputes

On January 4, 2024, an investor alleged that Amanda Hale misrepresented or failed to fully disclose all of the potential facts of an income benefit rider associated with a variable annuity purchased in a 1035 exchange transaction. The dispute was denied by the firm, but investors should know that firms can deny disputes without any external review. 

On March 19, 2019, an investor alleged that Amanda Hale recommended a variable annuity contract as part of a 1035 exchange transaction. He alleged that the variable annuity was not suitable due to his age. This dispute was also denied. 

What is a 1035 Exchange? 

1035 exchanges allow investors to exchange one annuity for another annuity without incurring taxes. This benefit, however, may not make up for hefty commissions paid to the broker. 

What is a Variable Annuity? 

Variable annuities are complex investments. They are insurance products that come with an investment component. The associated fees, surrender charges, and potential tax liability can negate any supposed benefits they offer. Furthermore, the risk associated with this type of illiquid investment makes it unsuitable for many investors. 

FINRA Rule 2020 – Misrepresentation

FINRA Rule 2020 prohibits the misrepresentation of investments and omission of material facts. Material facts include information about an investment’s potential returns, as well as charges, expenses, and fees.

Background Information 

Amanda Hale has passed the following exams: 

• Series 65 Uniform Investment Adviser Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination 
• Series 6 Investment Company Products / Variable Contracts Representative Examination 

She is a registered broker in Louisiana, Oklahoma, and Texas. She is also a registered investment adviser in Texas. 

Kurta Law Can Help 

If you have worked with Amanda Hale and you have concerns about your investments, do not hesitate to contact us at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.