Complaints

• Initial Complaint

  11/12/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  My parents attended a seminar advertised by ****** ***** ******* of AAA Life Solutions, after receiving a post card in the mail from Mrs. ******* offering a free steak dinner. They then met with Mrs. ******* at her office. Mrs. ******* submitted applications for 3 annuities in September of 2024. One of the annuities was sold and rolled over, active as of 10/1/24. Mrs. ******* of AAA Life Solutions committed financial elder abuse by getting my parents to purchase annuities that would equal over 70% of their total assets, leaving them without enough liquid cash to survive and deal with long-term care health issues. Mrs. ******* pushed applications through and sold annuities that would put 71% of their total assets into annuities at the ages of 74 and 84, that would not be surrender free until the ages of 84 and 94, which is unethical and elder financial abuse. My parents did not understand what they were signing up for. Mrs. ******* committed fraud by lying on the suitability form and electronically signing the suitability document HERSELF.Mrs. ******* did not provide suitability to my parents, and stated she would not provide it. Other consumers should be warned of the fraudulent and unethical business practices of Mrs. ******* and AAA Life Solutions. My mother requested a surrender of her annuity sold by Mrs. ******* during the free look period. This has yet to be processed. I can submit supporting documents, but the files are too large to attach.

  

  Business response

  11/15/2024

  This is an inaccurate description of what transpired.   I am a ******************* Fiduciary and I have the highest standard of care for my clients.  This issue was resolved on 11l/6/2024 according to the "free look period" guidelines.  This woman did not have power of attorney for her mother and step-father which limited my ability to discuss everything with her.  When I asked for a letter of rejection to be signed by her mother she refused for her mother to sign it which made the process longer.  Both of her parents already had variable annuities which were losing money annually and what we showed them was going to make them 17% to the principle not including a guaranteed 7.5% to the income which would've helped with the money lost.  They could access their money after 12 months and they did not need the money right away.  Everything we recommended was approved by her parents after multiple meetings and they both signed paper apps.  Only one account was transferred and it has been sent back to the original company, the other apps were withdrawn.  She scared her parents to death with this drama and slandered my business and reputation.  I had to ask her to leave my office and she made her mother cry because her behavior was so aggressive and abominable.  I consider this matter closed.

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