Rodney Kumlien Subject of a Variable Annuity Dispute

Rodney Kumlien (CRD #: 1160648), a previously registered broker with Woodbury Financial Services, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on December 8, 2023. Keep reading if you have questions about his conduct as a broker. 

On September 7, 2023, an investor alleged that Rodney Kumlien made an unsuitable recommendation to invest additional funds into an existing variable annuity. 

The dispute was denied by the firm, but investors should know that firms can deny disputes without any external review. Following a denial, investors may still be able to recover their funds via FINRA arbitration.

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. 

Unsuitable Investments 

FINRA Rule 2111 requires brokers to consider factors like an investor’s age, risk tolerance, and retirement status. Investments that do not take these factors into account may be unsuitable. 

Regulatory Action 

On July 14, 2021, the State of Wisconsin alleged that it had received a consumer complaint in May of 2020 regarding the recommendation to move retirement funds to a deferred annuity. 

Background Information 

Rodney Kumlien has passed the following exams: 

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

During his 36 years of experience, he has registered with three firms: 

• Woodbury Financial Services (CRD #: 421) 
• AXA Advisors (CRD #: 6627) 
• Mony Securities Corporation (CRD #: 4386) 

Kurta Law Can Help 

If you have worked with Rodney Kumlien and 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.