Bankers Life Securities

Broker Adam Claussen in Bankers Life Securities, INC. Firm Has Customer Complaint

September 19, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Adam Claussen (Claussen), currently associated with Bankers Life Securities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Claussen 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 $13,078.51 on February 23, 2023.

When your financial advisor is providing advice they must adhere to the SEC’s Regulation Best Interest (Reg BI) rule and standard of care. Reg BI replaced the former “suitability” rule and created a ‘best interest’ standard for brokerage firms and registered representatives. This standard applies when a registered representative is providing investment advice through making recommendations customers and covers securities transaction, investment strategies, and recommendations concerning advice on opening of an account or accounts. Reg BI applies when brokers recommend a retail investor engage in securities transaction or an investment strategy involving one or more securities. Reg BI also applies to financial advice concerning the transfer of funds and opening of accounts.

There are Recent Customer Complaints with Broker Jennifer Greenleaf in Firm Bankers Life Securities, INC.

June 28, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Jennifer Greenleaf (Greenleaf), currently associated with Bankers Life Securities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Greenleaf 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 $25,000.00 on November 15, 2023.

In a written complaint received on November 15, 2023, addressed to Bankers Life and Casualty Company (BLC), an affiliate insurance company of Bankers Life Securities, Inc. (BLS), a client alleged she was pressured and rushed throughout the process of purchasing an annuity product. Additionally, the client states she did not understand the policy. The client further alleged an email address was created for her without her knowledge. The client states a DocuSign form was completed that she was not aware of and states “Sadly I feel this appears as forgery”. The client has asked to surrender her policy without incurring a surrender penalty. BLC determined that the terms of the annuity were disclosed to the client and denied these allegations. It was determined that the financial representative initialed, on behalf of the client, an authorized change to the client documentation, as an accommodation. While the product 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 and the allegation of forgery.

Broker Michael Nixon in Bankers Life Securities, INC. Firm Has Customer Complaint

June 28, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Michael Nixon (Nixon), currently associated with Bankers Life Securities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Nixon 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 $25,000.00 on November 15, 2023.

In a written complaint received on November 15, 2023, addressed to Bankers Life and Casualty Company (BLC), an affiliate insurance company of Bankers Life Securities, Inc. (BLS), a client alleged she was pressured and rushed throughout the process of purchasing an annuity product. Additionally, the client states she did not understand the policy. The client further alleged an email address was created for her without her knowledge. The client states a DocuSign form was completed that she was not aware of and states “Sadly I feel this appears as forgery”. The client has asked to surrender her policy without incurring a surrender penalty. BLC determined that the terms of the annuity were disclosed to the client and denied these allegations. The allegation of forgery was not substantiated against the financial representative. While the product 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 and the allegation of forgery.

Broker Matthew Cyr in Bankers Life Securities, INC. Firm Has Customer Complaint

June 22, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Matthew Cyr (Cyr), previously associated with Bankers Life Securities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Cyr 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 $12,615.00 on December 12, 2023.

Bankers Life and Casualty Company (BLC), an affiliated insurance company, received a written complaint from the State of Wisconsin Department of Market Regulation and Enforcement, and provided a copy to Bankers Life Securities, Inc. (BLS) on December 12, 2023. In the complaint, regarding a purchase of a Premium Bonus Index Annuity (PBIA) in February of 2022, and a purchase of mutual funds in a BLS brokerage in April of 2022, the client alleged the guidance she received from the registered representative was not in her best interest, inappropriate for her age and needs, and driven by the representatives desire for commission. Client further alleged the representative never used the term ‘annuity’ and always referred to purchasing a policy. The client has requested to surrender the annuity without penalty, and be reimbursed for damages. BLS reviewed the recommendations to liquidate securities to fund the annuity, as well as to purchase mutual funds, and determined this was based on the client’s needs and in the client’s best interest. However, based on the allegations raised and to resolve any possible misunderstanding that might have occurred, BLC will allow the client to surrender the PBIA without incurring the applicable early surrender penalty. While the BLC annuity is 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, and because the allegations related to mutual funds were purchased in the client’s BLS account.

There are Recent Customer Complaints with Broker Rita Pollard in Firm Bankers Life Securities, INC.

May 1, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Rita Pollard (Pollard), currently associated with Bankers Life Securities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Pollard 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 $6,177.42 on June 03, 2024.

Bankers Life Securities, Inc. (BLS) received a written email complaint from a client on June 3, 2024. The firm’s review show that the client made three investments; a liquidation of retirement funds to purchase a Guaranteed Lifetime Income Annuity (GLIA), issued by the firm’s insurance affiliate BLC, a transfer of funds from a bank certificate of deposit (CD) to purchase a Flexible Premium Bonus Index Annuity (FPBIA) issued by BLC, and a rollover of retirement funds to accounts with BLS and Bankers Life Advisory Services, Inc. (BLAS), the firm’s Registered Investment Advisor (RIA) affiliate. In the complaint, the client requested a full return of deposited funds. The client alleged the annuities issued by BLC lacked the same liquidity as their CD, they were not informed of the surrender penalty or withdrawal limits and the purchase was not in their best interest. Additionally, the client alleged that the recommendation to roll the client’s pension funds into a managed BLAS Roth IRA account resulted in higher Medicare premiums. Both BLC and BLS’ review determined the transactions were suitable and all material terms were disclosed to the client. As an accommodation, BLC is permitting the client to surrender one annuity penalty free. While the BLC annuity is not a security, and was issued by BLC, the firm is reporting this complaint because the source of funding for one of the annuities came from the liquidation of securities recommended by a financial representative of the firm, and the client made allegations related to a securities account held with BLAS.

There are Recent Customer Complaints with Broker Lance Williamson in Firm Bankers Life Securities, Inc.

March 19, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Lance Williamson (Williamson), previously associated with Bankers Life Securities, Inc., has at least one disclosable event. These events include one customer complaint, alleging that Williamson 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 $46,419.31 on September 17, 2024.

Bankers Life and Casualty Company (BLC), an affiliate insurance company of Bankers Life Securities, Inc. (BLS) received an affidavit of forgery from a client and provided a copy to BLS on September 17, 2024. The client alleged that their signature on a BLC annuity application from April 2023 was forged. This allegation followed a prior complaint submitted by the same client which alleged misrepresentation regarding the same BLC annuity transaction, and was denied by BLC. BLC was unable to make any conclusive determination as to whether the client’s signatures were forged, however, due to the client’s submission of an affidavit of forgery, BLC allowed the client to surrender the annuity penalty free. The firm is reporting this complaint as it involves a forgery allegation against a former financial representative of the firm, and the BLC annuity was funded by a recommendation to liquidate securities made by a former financial representative of the firm.

Broker Joanna Morgan in Bankers Life Securities, Inc. Firm Has Customer Complaint

February 7, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Joanna Morgan (Morgan), previously associated with Bankers Life Securities, Inc., has at least one disclosable event. These events include one tax lien, alleging that Morgan recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on June 06, 2023.

Without admitting or denying the findings, Morgan consented to the sanction and to the entry of findings that she refused to provide information and documents requested by FINRA in connection with its investigation into the circumstances giving rise to a Form U5 filed by her member firm. The findings stated that the firm filed the Form U5 stating that it had discharged Morgan for altering health-related information on an insurance application.