{ "media_type": "text", "post_content": "If a company has reasons to believe an advisor orchestrated a letter to a company to get a client out of an annuity can that advisor have repercussions?", "post_id": "5ae67162bcd82800138c8a0c", "reply_count": 7, "vote_count": 1, "bowl_id": "599feb177c057d0010be0554", "bowl_name": "Financial Advisors" }

If a company has reasons to believe an advisor orchestrated a letter to a company to get a client out of an annuity can that advisor have repercussions?

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Can you clarify a little more. Are you talking about selling away?

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Sounds like new advisor put the client up to it...sucks to be original advisor but shake it off and move forward... nothing but karma can change snakes and disloyal clients...

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I have seen this kind of behavior from insurance only/indexed annuity hacks. If they help the client file the complaint, he might be able to get the client out of a surrender charge. Because they aren’t under the same regulatory regime as Finra registered reps, they don’t give a rip if you get a complaint on your u4. Insurance-only salesmen pretending to be “advisors” is the scourge of our industry. To answer your question, there would be no “repercussions” to the new advisor.

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Client writes a letter to get out of annuity to move to another advisor and another contract. The letter accuses advisor of unsuitable transaction etc. mainly stating a surrender fee could have been used for other purposes then the “ new advisor" moves account and has client pay double in surrender fees. Seemingly trying to manipulate company to try and get client out of contract with no surrender.

I’ve moved people out who paid hefty fees. There’s an opportunity cost in staying in an unsuitable product

RVP, very well said. This is one of the reasons I hope the SEC was serious when they said they would ban the use of Financial Advisor title to only registered Advisors!

Thought i read that fixed annuities still fall under finra review.

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