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Investor Claims Stephen Frantz Recommended Unsuitable Variable Annuities

Mar 28, 2022 Variable Annuities

Stephen Frantz (CRD #: 1568238), a broker registered with Nylife Securities, is involved in a pending unsuitability dispute according to his BrokerCheck record, accessed on March 19, 2022.  

Investor Allegations

On January 4, 2022, an investor alleged that Stephen Frantz recommended variable annuities, which resulted in very little liquidity. The investor seeks to transfer or roll over the funds without any surrender fees or other penalties. The dispute is pending. 

Variable Annuities are Risky Investments

Variable annuities come with a variety of fees, and the contracts are often too complex for investors (and brokers) to understand. The fees can negate any benefit that the variable annuity supposedly offers. This makes most variable annuities unsuitable for most investors.

Also, a financial advisor must consider the factors listed below when recommending investments to investors:  

  • The investor's current financial goals and tax status 
  • The investor's risk tolerance 
  • The investor’s liquidity needs

According to FINRA Rule 2111, brokers may be liable for investor unsuitability claims if they fail to consider the factors listed above into account.

If you have lost money due to a financial advisor's bad recommendations, do not hesitate to contact an experienced securities attorney as soon as possible. Kurta Law is a nationally recognized securities law firm with over 25 years of experience litigating securities fraud cases.

Background Information

Stephen Frantz has passed the following exams:

  • Series 63 - Uniform Securities Agent State Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 22 - Direct Participation Programs Representative Examination
  • Series 6 - Investment Company Products/Variable Contracts Representative Examination

He is a registered broker in eight states. 

Besides Nylife Securities, Stephen Frantz has not worked with any other firm.

Kurta Law Can Help

If you worked with Stephen Frantz and have concerns about your investments, don't hesitate to contact us today 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 and 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.