Allianz Sale Complaint

[robertwn]

My first pot. I recieved an email from Allianz today, with details of a complaint from the daughter a an annuity owner who just died. The owner purchase the Bonus Dex Elite annuity from me in 2004, and there were no complaints until now.
Daughter complains that her then 82 year old mother should not have bought the annuity, which I explained to the owner in great detail, she did not need the money.
What exposure may I have here? I have not had any problems or sanctions previously. Thanks.

 

[VolAgent]

Potentially a lot.

Speaking from personal experience, sometimes it is a good idea to get family involved. Someone showed an elderly relative of mine a SPIA. I told her to tell the advisor I'd sue him if he did it. Perhaps the daughter felt the same about the annuity you sold?

 

[Josh]

There are a ton of factors here. If you think this is going to get ugly you should contact your E&O carrier immediately.

Where is the complaint coming from? Allianz? Let's not forget that there are plenty of "experts" saying that annuities are terrible for seniors and so the daughter could be horribly confused. I just sold a client a SPIA for retirement income, life only.

If I were you, I'd get more info from the carrier about the complaint. They might just tell you it's a nuisance complaint and to not worry about it or they might yell at you and tell you to talk to your E&O carrier.

Whatever you do, have a nice weekend and I'd avoid giving it much thought until Monday. No sense in ruining a perfectly good weekend over a cranky old lady (I'm assuming if the mother is 82, the daughter is at least in here late 50's if not in her 60's).

 

[bluemarlin08]

Had the mother started taking income? If so the daughter is pissed because she didn't get the inheritance. I wouldn't worry, she will have to spend alot of time and money to litigate something that is very subjective. But, there is a lot of financial predatory actions by agents.

 

[CALTCAgent]

My first pot. I recieved an email from Allianz today, with details of a complaint from the daughter a an annuity owner who just died. The owner purchase the Bonus Dex Elite annuity from me in 2004, and there were no complaints until now.
Daughter complains that her then 82 year old mother should not have bought the annuity, which I explained to the owner in great detail, she did not need the money.
What exposure may I have here? I have not had any problems or sanctions previously. Thanks.

Did she say why she shouldn't have the annuity?

 

[Todd King]

I would ask the daughter is she had rather that money go through probate where they could get their cut of the probate taxes and fees. Of course that would mean that the daughter would have gotten less of that money too.

Just a possible observation.

 

[jacobtn]

My first pot. I recieved an email from Allianz today, with details of a complaint from the daughter a an annuity owner who just died. The owner purchase the Bonus Dex Elite annuity from me in 2004, and there were no complaints until now.
Daughter complains that her then 82 year old mother should not have bought the annuity, which I explained to the owner in great detail, she did not need the money.
What exposure may I have here? I have not had any problems or sanctions previously. Thanks.

How much premium are we talking about?
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Id say her complaint won't hold water. If she didn't come forward until after 8 yrs when she died, obviously the mother wasn't interested in her daughters input and had she not died she still wouldn't be privy to the annuity.

 

[maniacagent]

That was 7 years ago. Is this subject to the statute of limitations? I don't know,but it seems like it would be....google search, anyone?

 

[VolAgent]

That was 7 years ago. Is this subject to the statute of limitations? I don't know,but it seems like it would be....google search, anyone?

Mother just died. That may start the clock for the daughter.

 

[jacobtn]

I fail to see how the DAUGHTER could file a complaint. The policy was her mom's, not hers.