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Just because a client signed does not mean they understood what they were signing.
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Just because a client signed does not mean they understood what they were signing.
Not much to add besides what's already has been said but how old do you think the average annuity buyer is?The actual owner of the IRAs was 61 at the time the initial annuities were issued-i definitely plan to investigate whether there's anyway to still have this considered elder abuse as I believe it would have been if she was four or five months older.
61 is young for an annuity?? That's a good age to me, particularly if they're deferring income and there's a guaranteed income step-up over a period of say 10 years.This person is young for an annuity if anything.
My point is that 61 is on the younger side. People in their 50s would be the youngest typically.61 is young for an annuity?? That's a good age to me, particularly if they're deferring income and there's a guaranteed income step-up over a period of say 10 years.
When I first read the OP my thought was the posterb is upset somebody took his cheese. Clients had half a million dollars and another agent got it before he could get to it. .Unless the agent signed the app for them, it is very unlikely they will get their money back.
Elder abuse? Unless they are mentally impaired, it is far from that.
They signed the app in at least 4 or 5 different places. Agreeing that they understand the terms that are clearly laid out in the app.
One of those signatures is on the Surrender Charge disclosure.
Another signature is on the Income Rider disclosure.
Very difficult for them to say they did not know.... or have a chance to know. Unless they are mentally impaired.
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Regarding the product.
It is highly unlikely that they are unable to start income payments until year 10. Perhaps not with the Income Rider (only a small handful would not allow it), but the 10% withdrawals would be more than enough.
Most products also allow annuitization prior to y10.
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Regarding the situation, you are Monday morning quarterbacking on this.
Yes, it seems shady based on the suitability questions and financial info.
However, what if the clients are the ones who gave those numbers?
You dont know what you dont know in this situation.
Im not saying that you are wrong. But you dont know the other side either.
AND you are basically chasing a $500k annuity case.... dont think for a second that will not be taken into account if you make a complaint on their behalf.
The old "my product is better, the other guy ripped them off"... is something regulators hear a lot.
Unless the client initiated this situation. You are in no position to move this forward with regulators.
61 is young for an annuity?? That's a good age to me, particularly if they're deferring income and there's a guaranteed income step-up over a period of say 10 years.
Caveat, not an agent.My point is that 61 is on the younger side. People in their 50s would be the youngest typically.
Certainly not elder abuse.
I received a lot of "counsel" in that regard 6 years ago.You can be sued and held liable for failing to understand the common courtesy of paragrqphs.