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b61mack said:
I agree.....However everytime Glenn says it was the #1 selling FIA at the time as part of his defense it gets me queasy.
Agent Arrested and Convicted for Selling an Annuity.
- Thread starter Crabcake Johnny
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- annuity
I agree.....However everytime Glenn says it was the #1 selling FIA at the time as part of his defense it gets me queasy.
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What's the matter. your quesy because you made a different recommendation, and you know it's going to come back to haunt you?
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hardworkwillwin said:
No the fact that it was the #1 selling FIA has Zero relevance on being a suitable sale.
- 3,764
Exactly. That should never be a selling point when making a recommendation. Make a product recommendation based upon client needs, not the flavor of the month annuity
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It was the policy the client wanted, and there were not many FIA available to age 85.
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hardworkwillwin said:
I understand, but I still think mentioning it was the #1 selling FIA has no bearing on your defense but that is just my opion and I did NOT stay at a holiday inn express last night.
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HaHaHa your a funny guy!Actually it does. The prosecution sent in there expert witness Neil Granger to beat up the product even though it was approved by them.
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It was more of a joke....
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So just because a certain annuity was the #1 selling annuity it makes it suitable for that particular client? I have filled out several suitability forms in my short 10year career but I have never put down " number one selling annuity "
Not trying to argue with you, as I feel you were made an example out of.
Nobody misrepresented anything.
The sign on the front window of your office did.
As did your newspaper advertisements.
... and most certainly the sales presentation where you compared the benefits of an FIA versus a CD.
The product is the one the client wanted.
Irrelevant. If someone wants something that is bad for them, that doesn't absolve the seller of his/her moral, ethical, and legal responsibilities.
A similar plan to the one her boyfriend had. A FIA.
Irrelevant. Just because a product was right for her boyfriend does not make it right for her.
He earned 10% the year before on his, and she wanted a similar plan with a similar crediting strategy.
Again, irrelevant. Just because he earned 10% on his the year before doesn't mean she would earn 10% on hers at anytime. If she was told she would earn 10%, then the product was most certainly misrepresented again.
Your recommendation would of been nothing but a tradional fixed annuity.Eaning 3%, and that's not the type of plan Fran wanted. She was already earning that on her CD at the time.
My recommendation would have provided more accessibility to her money and stronger guarantees and left her MORE than just $100K liquid.
It was an average commission product for the type of FIA.
Bullsh*t. Do you think that we, as licensed agents, don't know the commissions on that product (and similar products)?
The writing agent commission is usually just a point or two less than the first-year surrender charge.
A more suitable product would have had a shorter surrender charge period, a lower surrender charge, and less than half the commission.
It passed suitability as she had 100K in liquidity.Home free and clear, and plenty of income.
You put over 70% of her cash into one single product that would have double-digit surrender penalty charges for a period of time longer than her life expectancy.
(and, if I'm not mistaken, the surrender penalty would even be applied upon death.)
I had over 20 years experience before recommending this product,
The number of years selling insurance does not rubber stamp "a recommendation". If anything it means you should be more responsibly than a brand new agent.
and at the time it was the #1 selling FIA in the country
Irrelevant. Just because a Toyota Camry is the best selling car in the country doesn't mean it meets every driver's needs.
with the best crediting strategy with alot of benefits.
AND extremely high surrender penalties and an extremely long surrender penalty period.
It's a product she probably would of never touched, unless she went into a nursing home.
Exactly. Which is where she is now. Since she did not own LTC insurance and she could not purchase it at the time, a product that combined an annuity with a long-term care rider would have been a much better recommendation for her. OR, at least an annuity with more accessibility to cash planning for an expected LTC event.
Ten agents would all make different recommendations.Why do you think yours would of been the correct one??
You are so judgemental.
After over two years on this forum and in court, you still haven't presented a defensible argument.
Your points are irrelevant or nonfactual; leaving you to resort to nothing but personal attacks.
I'm not judgmental. I am merely stating facts and telling you what I would do (or have done) in similar situations.
I know how tempting those 15% commissions look, especially with a "sale that is a slam dunk".
We all have to choose between what is in our best interest and what is in our client's best interest and find a place where the two intersect. It's rarely easy.
This life is short. We're all going to meet our Maker one day and we will have to give account for what we did on this earth. Losing a court case, spending time in jail, is nothing compared to eternity.
