Lakeview Financial Services

[JosephDeacon]

I was approached by Lakeview Financial Services, an MGA/IMO. They seem to be mainly a term and UL shop, with the usual companies that every other brokerage outfit has. I contracted with Genworth through them, after asking them about who actually owns the business. The contract states that "commissions are paid to Lakeview Financial". I brought this up to them, and they stated that I am paid the commissions.

Any thoughts on them or this scenario?

 

[Mark]

BIG RED FLAG!!

Make sure the money goes to you and not them!

Don't assign your money to go to them and then they pay you...

 

[VolAgent]

The general rule in contracts is that a verbal statement does not override a written contract. Particularly when the written contract includes a clause stating it is the final contract and overrides all preceeding contracts.

Remember, verbal statements are worth their weight in gold!

 

[JosephDeacon]

Mark, my thoughts exactly. I asked them this after my copy of the contract came in and they claimed that Genworth will pay me directly, but the contract states otherwise. They then emailed me that I was going to be paid directly by Genworth. I only wrote a small term case through them, and I have yet to be paid on it as we re-issued it for a higher FA, so I will see what happens when the commish is direct deposited.

 

[HarryRenard]

I have written business with Lakeview and in the 5 or 6 years I have used them I have never had any issues, I am 100% the agent of record and have always been paid directly.
I will agree that is a weird clause to have in the Genworth contract and I would be alarmed.

I use FIG for annuities and have started using them more for life and I really couldnt be happier with them.


**Just checked the contracts I have with them and they do NOT state that. Most of the contracts were from 2005-06 and and 2 more in '08. I am not contracted with Genworth with them.

If they will verbally committ to this they should be willing to change the contract, if they are not I would walk.

 

[Mark]

I don't know anything about them. But I've seen a lot of agents get burned by this... If they wanted to, they could just stop paying you.

Don't just sign anything. If you don't like something, don't sign it. They should not have any problem changing this or fixing this. WHy would they have a problem doing so?

 

[NinjaNic]

sounds like they are covering themselves for chargebacks