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Oct 1, 2018 by |

San Francisco and California Securities Fraud and Financial Elder Abuse Attorneys: Commission-Based Retirement Accounts

ATTORNEY NEWSLETTER

Fiduciary Rule No Longer Restraining Brokers

Unfortunately, President Obama’s initiative to protect consumers from financial advisors who put their own interests before those of their clients has been destroyed by the current administration. Turning its back on consumers, the Trump Administration stalled and then rejected entirely the Department of Labor’s “fiduciary rule” that would have required brokers and advisors recommending retirement investments to recommend only those investments in the customer’s best interests and not their own (i.e., because the investment would generate a commission).  Brokerage firms that initially adopted in-house rules following President’s Obama’s fiduciary rule  are now reversing course.  It’s back to business as usual: recommending commission-based products for retirement accounts without the fiduciary standard for consumer protection.  This is bad news for consumers particularly when it comes to recommendations of large commission-driven products like annuities and life insurance as retirement investments.

The securities and financial elder abuse attorneys at Evans Law Firm, Inc. deplore all reversals on this important consumer protection. Our California lawyers represent consumers, especially seniors, who have suffered losses when brokers put their own interest (in getting a commission) ahead of recommending what’s best for the customer.  Consumers and seniors need more protection from greedy advisors, not less.  Our litigators will continue to fight for consumers exploited by greedy advisors.  If you or a loved one has been sold an inappropriate or unsuitable annuity or other retirement savings product or are a victim of other securities fraud or financial elder abuse, contact the San Francisco and California securities and financial elder abuse attorneys at (415) 441-8669 and we can help. 

Our Lawyers Will Fight For You in Court

More and more American seniors will need to resort to the courts for protection. There’ll be no help from Washington. The San Francisco and California securities fraud and financial elder abuse attorneys at Evans Law Firm, Inc. believe brokers, agents and advisors should be held to the highest legal and ethical standards in their dealings with seniors and especially when it comes to lifetime retirement savings. If you or a loved one is a senior in California who has suffered a loss because of financial advisor or agent/broker misconduct, contact us today.  Be assured we will work to hold your advisor to the highest standard of conduct towards you that the laws provide.

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 San Francisco or anywhere in California, contact California securities fraud and financial elder abuse attorney Ingrid M. Evans and the other Evans Law Firm securities and financial elder abuse attorneys at (415) 441-8669, or by email at <a href=”mailto:info@evanslaw.com”>info@evanslaw.com</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 FINRA Arbitration if required, and 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.

Annuities and life insurance produce large sales commissions for brokers but are often inappropriate products for the consumer retirement accounts, especially those held by senior consumers. Leading providers and distributors of life insurance and annuities, including variable and fixed indexed 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 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

Massachusetts Mutual Life Insurance Company

Merrill Lynch Life Agency Inc.

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

Nationwide Life Insurance Company

New York Life Insurance Company

Northwestern Mutual 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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