The allegations read: In a written complaint received by the firm on february 11, 2022, a client alleged she was unaware her ira funds were used to purchase a guaranteed lifetime income annuity (glia) from bankers life and casualty company (blc), an insurance company affiliate of the firm in october of 2021. Client stated that she wanted the funds invested in a managed advisory account and requested that the annuity purchase be voided and a transfer of the funds to an outside financial institution. Blc found that the annuity was suitable. Blc acknowledged that client's request was outside of the policy's free-look period but as an accommodation allowed client to free-look her annuity without the assessment of surrender charges. While the annuity sold to the client was not a security and was issued by blc, the firm is reporting this complaint because the source of funding for the annuity came from the sale of securities recommended by a financial representative of the firm.
