Steve Delott training

[policy doctor]

Seems like many of the seminar "personalities" are getting weeded out for various reasons.
I have noticed a dearth of insurance meetings that I used to enjoy to attend and learn something new.
Guess some made a fortune and retired, and others got the wrong attention.

 

[Mr. Bill]

Found this old thread and thought folks might be interested to know that Delott was permanantly stripped of his insurance license in Illinois for violations of FINRA.

Not certain if this is what you are referring to, but this screams of stupid advice, and why on earth he would have said it? Scary.

"FINRA fined and suspended Illinois broker Steven Delott last year after he recommended at seminars that seniors take out reverse mortgages and use the money to buy life insurance-- he suggested that using a $100,000 mortgage to buy a life policy with a $170,000 death benefit was the equivalent of earning a 70% return -- without presenting any of the drawbacks of that strategy.

Delott consented to a six-month suspension and will have to pay a $35,000 fine upon his return to the industry. The company that owns his practice, National Financial Partners, declined to comment on Delott's behalf."

Protecting your parents: Keep the sharks at bay - Aug. 10, 2011

 

[FBN]

Delott also lost his insurance license in Illinois permanently.


Bill, the article you link to strikes home. My dad who was 82 at the time was sold a variable annuity at his local bank (Fleet Bank). When I found out I filed a complaint with the state attorney general and was told that Fleet was under investigation for doing the same to other seniors. He eventually got all the money back. Beware, there are lots of sharks out there.