Ida Zhu (CRD #: 4863613), a broker and an investment adviser registered with LPL Financial, has an investor complaint related to annuity switching, according to her BrokerCheck record, accessed on October 14, 2020. Annuity switching can result in unnecessary fees and financial losses for the client. Annuities often come with substantial commissions, which may tempt unscrupulous brokers who want to pad their own pockets at the expense of their clients.

On September 25, 2020, a client alleged that Ida Zhu switched her annuity from a Nationwide annuity to a Securian Annuity. The client further alleges that the Securian annuity had less potential for growth. The client is seeking $26,774 in damages; the dispute is pending.

On July 31, 2017, a client alleged that Ms. Zhu violated the Washington Securities Act and the Washington Consumer Protection Act. The client further alleged that Ida Zhu was negligent and breached her fiduciary duty. The dispute entered arbitration and the client was awarded $50,000. You can view the arbitration details here.

On December 29, 2016, a client alleged that Ida Zhu mishandled her investments which resulted in poor performance. The client also alleged that Ms. Zhu mischaracterized a previous retirement account that transferred into an annuity as a non-retirement account. This led to underreported taxes as well as penalties and interest. The client sought $110,000; the dispute was denied by the firm.

Ida Zhu has passed the Series 66 Uniform Combined State Law Examination, the Securities Industry Essentials Examination, and the Series 7 General Securities Representative Examination. She is a registered broker in Arizona, California, Connecticut, Florida, Georgia, Missouri, Nevada, North Carolina, Oregon, Texas, and Washington. Ms. Zhu is also a registered investment adviser in Texas and Washington.

In her 16 years of experience, Ida Zhu has worked at one other firm, Waddell & Reed (CRD #: 866).

If Ida Zhu was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys at Fitapelli Kurta. Call (877) 238-4175 or email info@fkesq.com for your free case consultation with a securities attorney.

Leave a Comment