Kim O'Brien Answers the Big Annuity Question.

Thank you David Macchia

Wow! That was an over the top, outstanding summary! Since FACC is all about supporting the Independent Agent and as the ever rising standards of care (over the years) for annuity consumer delivery become more complex, I would like to hear FACC’s position re many carriers imposition of Independent Agent (IA) Indemnification clauses in their adhesive sales agreements.  IMO, indemnification is patently unfair to the IA. Agents typically have neither rights nor avenues of appeal. The carrier doesn’t appear to even have a duty to inform.  There are without $ caps or time limits, just an endless and open indemnification carriers may impose at will. At the bequest of carriers, IAs carry E&O coverage for this very reason. However, if a carrier brings an indemnification action against an IA, our E&O coverage will refuse the claim. Our policies only cover claims brought by clients, not by our employers. Other financial services industry participants; investment advisors, RIAs, stockbrokers, bankers don’t have to indemnify their employers.   IMO, to ask IAs to rise to the ultimate “Fiduciary” level and to also indemnify their employers is way over the top in IA $ risk. This needs to stop or we gets some rights. Kim O'Brien

Great information!! Thank You, Kim for ALL you do for us in the Independent Channel. Much appreciated!! Thank you David Macchia for awesome interview and information.

🤼♂️ Thanks for fighting for us and the important information!