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Jan 19, 2018 by |

Alameda County and California Elder Abuse Attorneys: Fiduciary Rule and Annuity Salesmen


What Duty Does An Agent Owe You?

Putting You First

We at Evans Law Firm litigate the question of an insurance agent’s duty to his clients, particularly when it comes to life insurance and/or annuities. We have written on the subject in this column.  As life insurance and annuity lawyers, we’ve followed changes in the case law, legislative and agency initiatives, and internal changes in the insurance and annuity industry.  In general, the direction is toward more protection for the American public, particularly seniors.  We want to keep you informed of the changes.  In representation of our clients, we remain committed to holding agents to the highest standards the law and industry regulations impose on them. If you or a loved one has been a victim of a breach of fiduciary duty, securities fraud or financial elder abuse, or find yourself headed toward a FINRA (Financial Industry Regulatory Authority) arbitration in Alameda County or elsewhere in California, contact the Evans Law Firm securities and financial elder abuse attorneys at (415) 441-8669 and we can help. 

What This Means

The Department of Labor’s (DOL) long-awaited “fiduciary rule” took effect in 2017. The rule requires financial advisors to put your interests first when the advisors makes recommendations regarding retirement savings. From now on when you seek advice on your IRA, 401(k) or other retirement savings account, your financial advisor, broker or banker will be required to put your interests first in whatever recommendations he or she makes regarding your retirement investments.  Your best interests may be served by leaving your plan just the way it is and if that is the case, the advisor has an obligation to recommend just that. We at Evans Law Firm applaud the fiduciary rule and hope State legislatures, insurance departments, and the industry itself broaden the scope of the rule. 

 If you are the victim of wrongdoing by an insurance agent we at Evans Law Firm can help you hold that agent to the highest standard of conduct the law prescribes. We are fortunate in California in that our State legislature leads the way in protections against unscrupulous agents.  This is particularly true for seniors, where the agent’s misconduct may well amount to financial elder abuse.  California allows extra damages and mandatory attorneys’ fees in these cases and imposes additional duties and disclosure requirements on agents.  For example, your agent must conduct a thorough suitability analysis of any recommendation.  This includes a complete look at your financial picture, including your age, your income, other resources, cash reserves, future needs, and debt and liquidity reviews. The law prohibits agents from cross-selling products to you in certain situations, requires an extended free-look period during which you can get out of the contract without penalty, and requires a detailed disclosure of any surrender penalties the recommended investment may contain.  All of these measures are meant to protect you.  We at Evans Law Firm have experience with all these requirements and know how to represent you when an agent has ignored or short-changed you on any of them.

Contact Us

If you or a loved one has been a victim of a breach of fiduciary duty, annuity or securities fraud or financial elder abuse in California or are headed to FINRA Arbitration, contact the Evans Law Firm securities attorneys at (415) 441-8669, or by email at <a href=””></a>. Our attorneys have experience with complex securities cases, arbitrations, and mediations; and complicated financial contracts and large insurance companies.  We can help guide your case through a jury trial or toward an equitable settlement.  We also handle cases involving physical and financial elder abuse, other types of qui tam and whistleblower cases, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.

Some of the leading providers of annuities in California are listed below. We are not in any way suggesting that any of these carriers have committed wrongdoing.  The list is provided solely as a reference for readers.

Allianz Life Insurance Company of North America

Allstate Life Insurance Company

American Equity Investment Life Holding Company

American General Life Insurance Company

American National Life Insurance Company

Ameriprise Financial/RiverSource Life Insurance Company

Athene Annuity and Life Company

AXA Equitable Life Insurance Company

Bankers Life Insurance and Casualty Company

EquiTrust Life Insurance Company

Fidelity & Guaranty Life Insurance Company

Forethought Life Insurance Company/Global Atlantic Financial Group

Genworth Life Insurance Company

Global Atlantic Financial Group/Forethought Life Insurance Company

Guardian Life Insurance Company

Guggenheim Partners/Security Benefit Life Insurance Company

ING USA Annuity and Life Insurance Company

Jackson National Life Insurance Company

John Hancock Life Insurance Company

Life Insurance of the SouthWest/National Life Group

Lincoln Financial Group/The Lincoln National Life Insurance Company

MassMutual/Massachusetts Mutual Life Insurance Company

Metlife/Metropolitan Life Insurance Company

Midland National Life Insurance Company

Mutual of Omaha/United of Omaha Life Insurance Company

National Life Group/Life Insurance of the SouthWest

New York Life Insurance Company

Northwestern Mutual Life Insurance Company

Pacific Life Insurance Company

Principal Life Insurance Company

Pruco/Prudential Life Insurance Company

RiverSource Life Insurance Company/Ameriprise Financial

Security Benefit Life Insurance Company/Guggenheim Partners

Symetra Life Insurance Company

Transamerica Life Insurance Company

United of Omaha Life Insurance Company/Mutual of Omaha

Unum Life Insurance Company of America

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