The suitability standard
Mr. Sapourn has held a life insurance license for decades and spent years running the business operations and compliance departments for SEC-registered investment advisers. He knows the duties the law places on the people who sell these products.
Suitability is the appropriateness of a recommended life insurance product, annuity or investment once its risks and benefits are weighed against the purchaser’s:
- Age
- Assets, net worth and current holdings
- Liquidity and income needs
- Tolerance for risk
- Financial objectives
When a sale goes wrong
Most agents and brokers try to act ethically, but some put their own interests ahead of their clients’. Agents and brokers must conduct appropriate due diligence before recommending certain investments or annuities. Failing to document their efforts to qualify you for the product exposes them to legal action.
If you believe a life insurance agent or broker sold you an investment you did not understand, that agent or broker may be liable for your losses. Mr. Sapourn has testified on the standard of care for agents who sell annuities to seniors and speculative investments to non-accredited investors. Do not wait until it is too late. Call to discuss your situation.