I Would Hate to Be this Agent...

[scagnt83]

Here is a google ad that I happened to see today in an annuity related search, notice the 2nd ad in the list:

Then here is a pic of the landing page for the ad:

To put an advisors name up on google trolling for their clients is ballsy... maybe this guy did everything they claim he did... but this would have to constitute liable or slander or something...

 

[VolAgent]

To put an advisors name up on google trolling for their clients is ballsy... maybe this guy did everything they claim he did... but this would have to constitute liable or slander or something...

It isn't libel if it is true.

Defenses to Libel and Slander - FindLaw

 

[pcbinsurance]

I do see the words "alleged" and "accused" in there......the other stuff was standard legalese.

 

[VolAgent]

Good point.

It is unlikely, although not impossible, that these attorneys would have knowingly made themselves easy targets for a libel suit. Of course Wells Fargo may go after them anyway and see if they can crush the firm, but that could backfire as well.

 

[scagnt83]

I think the greater point here is that an agents liability in the annuity business is quickly growing.

If the situation they described were true then the agent was in the wrong. But I have seen other ads asking questions like "have you suffered annuity losses due to early surrender fees?".

Lawyers are trolling for this type of business more and more. My old trainer when I worked at NYL was a CE proctor. He used to tell us that the young lawyers were all asking him about annuity and insurance related questions. Apparently it is an "up and coming" area of law now, especially in the law schools.

 

[Justin Bilyj]

I know an agent who documents EVERYTHING. She gets releases for anything she recommends and the client doesn't follow through on. She gets them to understand the surrender charges etc. Smart in this day and age.

Most index/variable annuities can be complicated to the avg consumer, do you really think they remembered everything you told them? I bet you the guy did tell them about the charges but they forgot....

 

[DHK]

Typically with an agent like this... they've probably already been barred from the financial services industry and it's a way to collect money from the insurance companies & broker/dealers.

 

[maxherr]

I bet you the guy did tell them about the charges but they forgot....

I'll take that bet. Most of the agents I go up against as an expert witness have done a very poor job of it. Some of them couldn't even explain how the product worked when asked to do so in a deposition.

----------

they've probably already been barred from the financial services industry

Nope. See FINRA CRD #5506790 -- Francis Patrick Owen, Jr., WELLS FARGO ADVISORS, LLC (CRD# 19616) 6075 POPLAR AVE, STE 650, MEMPHIS, TN 38119 -- arbitration currently pending.

 

[VolAgent]

I'll take that bet. Most of the agents I go up against as an expert witness have done a very poor job of it. Some of them couldn't even explain how the product worked when asked to do so in a deposition.

----------


Nope. See FINRA CRD #5506790 -- Francis Patrick Owen, Jr., WELLS FARGO ADVISORS, LLC (CRD# 19616) 6075 POPLAR AVE, STE 650, MEMPHIS, TN 38119 -- arbitration currently pending.

That is hilarious. I know nothing about him, but I know right where his office is. Plenty of money near him too. A shame if he did what they claim he did.

I recall you from another insurance forum. I don't recall always agreeing with you, but you knew your stuff.

 

[DHK]

When I was at the credit union, I was partnered with a senior advisor who had been through an arbitration... so he heard how his words and promises were twisted around.

Also, we were both cleaning up a regulatory mess because the broker who was there before, was banned from the securities industry for stealing funds from customers. Apparently there was more to the story, but our job was to help protect the firm from written complaints, if we can.

So I may seem rather analytical about my products and such... but that's because I know that if you're not clear and concise, you never know what will be said about you. Document everything and put what's appropriate in writing for the client. Tell the truth and don't gloss over surrender charges, etc.

I still remember that "Chris Hansen Expose" from a few years ago and one agent said that annuity surrender charges were like early withdrawal penalties on CDs... that you only lose the interest you gained. That was so wrong.

Teach your clients that there ain't no such thing as a free lunch... and explain how everything fits for the client... and you should have happy clients.