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Glendale, California FA William Foster Involved in $426,000 Dispute Over Variable Annuity

William Foster (CRD#: 2096122), a registered representative with Ameriprise Financial Services, Inc. of Glendale, California, is currently involved a customer dispute over a variable annuity, according to his BrokerCheck report accessed on October 24, 2019. In a complaint filed on September 23, 2019, a client “alleged his advisor misrepresented the returns he could expect from a variable annuity sold to him in August 2013.” The client is requesting $426,723.62 in damages.

William FosterWhat is a variable annuity? Combining elements of insurance with aspects of securities products, variable annuities are complex investment products that are not suitable for every investor. Variable annuities sound like a great idea at first; you put money in, it grows in mutual funds contained within the annuity, and then it provides a steady stream of income in retirement. However, variable annuities are riddled with high fees, including surrender fees, and investors may not be able to access their money for years to come. For more information about variable annuities, see our article “What Are Variable Annuities?” Because they yield high commissions, variable annuities are often enticing to investment professionals.

An investment professional with 23 years of experience in the securities industry, William Foster has worked for four broker-dealers. In addition to his current position with Ameriprise Financial Services, Inc., William Foster has also worked for the following firms:

  • IDS Life Insurance Company (CRD#: 6321) of Minneapolis, Minnesota
  • American Express Financial Advisors Inc. (CRD#: 6363) of Minneapolis, Minnesota
  • IDS Life Insurance Company (CRD#: 6321) of Minneapolis, Minnesota

If William Foster was your broker or if you have questions about variable annuities, you may benefit from seeking the counsel of a securities attorney. Call (877) 238-4175 or email info@fkesq.com for your free case consultation with the securities attorneys of Fitapelli Kurta.

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