Los Angeles-area financial advisor Matthew Stratman (CRD# 5834026) is involved in an investor complaint alleging his advice resulted in six-figure...Read More
Ellen Zimmermann: MML Advisor Faces Annuity Complaint
Southfield, Michigan financial advisor Ellen Zimmermann (CRD# 2574244) allegedly engaged in misconduct relating to variable annuity products, according to a recent investor complaint. Records maintained by the Financial Industry Regulatory Authority indicate that she is a broker with MML Investors Services.
Ms. Zimmermann’s BrokerCheck report discloses one investor complaint. Filed in Filed in January 2023, it alleges that as a representative of MML Investors Services, she “made unsuitable recommendations to annuitize, surrender, and replace variable annuities, which incurred surrender charges” that led to significant losses in the account. The pending complaint alleges unspecified damages.
An “unsuitable” investment recommendation, as described by FINRA Rule 2111, is one for which the advisor lacks a reasonable basis to believe the product or strategy is aligned with the customer’s investment profile. For reference, a investor’s profile “includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance,” and more. Brokers registered with FINRA are required to perform reasonable diligence to ascertain a customer’s profile, and then must use this information to evaluate whether an investment or strategy is not only suitable for some customers, but that specific customer. Investors who recommend unsuitable investments may be held liable in the event of losses.
According to the Financial Industry Regulatory Authority, Ellen Zimmermann holds 28 years of securities industry experience. Based in Southfield, Michigan, she has been a broker with MML Investors Services since 1995. She was previously registered with Washington Square Securities in Windsor, Connecticut in 1995. Her credentials include the passage of three securities industry qualifying exams: the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; and the Investment Company Products/Variable Contracts Representative Examination, or Series 6. She is licensed in Michigan. (Information current as of March 7, 2023.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.