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Dec 11, 2017 by |

Santa Clara 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 Santa Clara County or elsewhere in California, contact the California elder abuse and annuity attorneys at the Evans Law Firm  at (415) 441-8669 and we can help. 

What This Means

The Department of Labor’s (DOL) long-awaited “fiduciary rule” took effect earlier this year. The rule requires financial advisors to put your interests first. 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. 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 Santa Clara County or elsewhere in California or are headed to FINRA Arbitration, contact the Evans Law Firm California 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

American General Life Insurance Company

American Equity Investment Life Holding Company

AXA Equitable Life Insurance

Bankers Life Insurance and Casualty company

EquiTrust Life Insurance Company

Fidelity & Guaranty Life Insurance Company

Global Atlantic/Forethought Life Insurance Company

Genworth 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 Financial Group/Lincoln National Life Insurance Company

MassMutual/Massachusetts Mutual Life Insurance Company

Metlife/Metropolitan Life Insurance Company

Pacific Life Insurance Company

Prudential Life Insurance Company

Security Benefit/Security Benefit Life Insurance Company

Transamerica Life Insurance Company

Voya/ReliaStar Life Insurance Company

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Hear What Our Clients Have To Say

"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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