Articles Posted in Reg BI

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Anthony Brinkmeier (Brinkmeier), previously associated with Woodmen Financial Services, INC., has at least one disclosable event. These events include one customer complaint, alleging that Brinkmeier recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $31,000.00 on October 03, 2023.

In discussions with Woodmen of the World Life Insurance Society (‘WoodmenLife’), the Firm’s parent company and an insurance company, WFS understands that [REDACTED] applied for an indexed universal life product in May of 2021. The indexed universal life product was purchased with funds from [REDACTED] bank account. On the application and the replacement form, neither [REDACTED] nor Mr. Brinkmeier listed any other products as funding the indexed universal life product. In August of 2023, WoodmenLife received a written complaint from [REDACTED] alleging misrepresentation at the time of sale and alleging that the product was funded by partial surrenders from a WoodmenLife variable annuity certificate (the indexed universal life product was not sold through WFS; the variable annuity certificate was sold through WFS). WoodmenLife has advised that it will cancel [REDACTED] indexed universal life insurance product and return all premiums received from that product. Given that Mr. Brinkmeier has been involved in more than one complaint since his resignation from WoodmenLife, WoodmenLife also advised WFS that it is in the midst of a review of Mr. Brinkmeier’s indexed universal life business. To date, WoodmenLife has advised that no other sales have been flagged as problematic outside of the current and previously reported complaints.