Thanks for coming to the page where you can download and read some of the lawsuits filed in the FIP structures settlement/IUL sales debacle.
This structure is a glaring example of everything that is wrong with the insurance industry (GREED and IGNORANCE are the two big culprits here).
For agents, when you put your faith in an IMO to tell you what IUL or other sales structures are good, you are playing with FIRE. If the industry as a whole knew what they were doing and always put the client first, I wouldn’t have much to do. Sadly however, I have too much to do when trying to keep advisors I work with on the right path.
Remember, if it sounds too good to be true, many times is it (and if you ever wonder, just forward me whatever is being pitched to you and I’ll pick it apart and let you know if it’s any good).
Lawsuit No 1–The main defendants that might interest advisors are Minnesota Life and Shurwest (IMO). To view this complaint in a PDF, click here.
Lawsuit No 2–The main defendants that might interest advisors is Minnesota Life and Live Abundant (Doug Andrew‘s firm). For those who don’t remember, Doug Andrew wrote one of my least favorite books of all time Missed Fortune 101. To view this complaint in a PDF, click here.
Lawsuit No 3–This is a class action lawsuit against Securian Financial Group and Minnesota Life. To view this complaint in a PDF, click here.
Roccy DeFrancesco, JD, CAPP, CMP
Co-Founder–The Asset Protection Society