Q: At age 71 the Mortality Table estimated my death at age 78. Yet a CFP recommended an Allianz Annuity Fixed Index which
would provide monthly payments to begin at 81! And draconian penalties should I seek withdrawals in the first 7 years.
Do these facts indicate a breach of Fiduciary Duty, fraud,etc. on the part of the CFP and or Allianz. My tel.no. is 561 400-2721.
A: Generally speaking, there are very limited reasons to sell an annuity to someone who is over 70. Based on the limited facts you have provided here, it seems like this would have bee a completely unsuitable investment for you and could be a breach of fiduciary duty as well has violation of various securities and insurance laws. You should speak to a securities attorney who can evaluate the situation more fully and see if you have a viable claim. If you would like, we would be happy to do that for you. You can reach me at 800-259-9010 anytime tomorrow. Sincerely, Sam Edwards.
Bruce Alexander Minnick agrees with this answer
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.