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Dec 31, 2018 by |

California and San Francisco Financial Elder Abuse and Annuity Attorneys: Financial Exploitation of Seniors


FINRA Troubled by Recommendations of Unsuitable Annuities

Over-Concentration in Annuities

The Financial Industry Regulatory Authority (FINRA) polices advisor recommendations of investment products including annuities. The agency recently reported a disturbing trend of advisor recommendations of variable annuities in particular as unsuitable products for certain consumers. The agency also spotted “largely unsupervised” recommendations of inappropriate annuity exchanges. Such advisor misconduct can cause severe economic harm particularly for seniors.  The San Francisco financial elder abuse and annuity attorneys at Evans Law Firm, Inc. represent seniors financially exploited by brokers and advisors selling unsuitable annuities or recommending inappropriate exchanges.  If you or someone you know is over 60 and lives in California and is a victim of financial elder abuse or annuity or securities fraud of any type in San Francisco or elsewhere in California, call us today at 415-441-8669. 

FINRA specifically called out over-concentration and variable annuity recommendations as conflicting with its suitability standards. Some brokers, the agency found, recommend complicated investments to clients who may not understand them and disregard the client’s financial situation, risk tolerance, and liquidity needs, among other concerns. Similarly, FINRA found that in recommending exchanges of existing annuities, some advisors ignore the increased fees and loss of material benefits experienced by clients or concealed the source of funds used to buy new annuities, which may have created unfavorable tax consequences for investors. The agency noted that annuities are high-commission products, causing some brokers to exchange them for a monetary gain even though the exchange was detrimental to the client.

In our experience representing financially exploited seniors, annuities and life insurance are not the answer to anxiety over future income levels. While our lawyers do not provide investment or tax advice, we have seen too many seniors lose money when their funds are tied up in expensive annuities and any withdrawal is subject to penalties and taxes.  When an advisor sells an unsuitable or inappropriate annuity to a senior, the broker’s conduct may constitute financial elder abuse.  If that has happened to you or a loved one, our attorneys can pursue all available remedies this kind of financial elder abuse.  California law provides restitution (getting your money back), extra damages (to punish the fraudulent conduct) and awards of attorneys’ fees and costs to the senior forced to bring an action against the wrongdoers. 

Contact Us

If you or a loved one been the victim of financial elder abuse or annuity fraud in Alameda County, or in any California county, contact Ingrid M. Evans and the other Evans Law Firm annuity fraud attorneys at (415) 441-8669, or by email at <a href=””></a>. Our attorneys have experience with complex financial contracts and large insurance companies. We can help guide your case through a jury trial or toward an equitable settlement.  We handle cases involving physical and financial elder abuse, qui tam and whistleblower law, nursing home abuse, whole life insurance and universal life insurance, and indexed, variable, and fixed annuities.

Annuities and life insurance produce large sales commissions for brokers but are often inappropriate products for consumers, especially seniors. Leading providers and distributors of life insurance and fixed, variable and fixed indexed deferred annuities in California are listed below.  We are not in any way suggesting that any of these carriers or distributors has done anything wrong.  Rather, the list is provided solely as a reference for our readers.

AIG/American General Life Insurance Company

Allianz Life Insurance Company of North America

American Equity Investment Life Insurance Company

American General Life Insurance Company/AIG

American National Life Insurance Company

Ameriprise Financial/RiverSource Life Insurance Company

Ameriprise Financial/Securities America, Inc.

Athene Annuity & life Assurance Company

Athene Annuity and Life Company

Athene USA

Aviva Life Insurance Company

AXA Equitable Life Insurance Company/AXA US

Bankers Life Insurance and Casualty Company

Brighthouse Financial, Inc./MetLife

Citigroup Global Markets, Inc.

Crump Life Insurance Services, Inc.

CUNA Mutual Group/CMFG Life Insurance Company

EquiTrust Life Insurance Company

Fidelity & Guaranty Life Insurance Company

Forethought Life Insurance Company/Global Atlantic Financial Group

Genworth Financial, Inc.

Genworth Life and Annuity Insurance Company

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

Lincoln Benefit Life Company

Lincoln Financial Group

Massachusetts Mutual Life Insurance Company

Merrill Lynch Life Agency Inc.

Metlife/Metropolitan Life Insurance Company/Brighthouse Financial, Inc.

Minnesota Life Insurance Company

National Western Life Insurance Company

Nationwide Life Insurance Company

New York Life Insurance Company

North American Company for Life and Health Insurance

Northwestern Mutual Life Insurance Company

Oxford Life Insurance Company

Pacific Life Insurance Company

Principal Financial Group

Prudential Life Insurance Company

Raymond James Insurance Group

RiverSource Life Insurance Company/Ameriprise Financial

Securities America, Inc./Ameriprise Financial

Security Benefit Life Insurance Company/Guggenheim Partners

Symetra Life Insurance Company

Transamerica Life Insurance Company

 Unum Life Insurance Company of America

  Voya/Reliastar Life Insurance Company

Wells Fargo Advisors

 World Financial Group Insurance Agency, Inc.

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"I contacted Attorney Ingrid Evans for advice about a financial elder abuse case. She was extremely knowledgeable, bright and informative. I highly recommend her. I am an attorney myself, and know when I am talking to a another excellent attorney."
Posted By: Terry Kolkey Attorney

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