Should Massachusetts Law Be Changed to Require That Commissions on Annuities Be Disclosed in Writing?
I do not understand why there is no Massachusetts law that requires annuity salespersons to disclose their commissions in writing to the annuity purchaser. Some annuity salespersons are asked by customers about what their commission is but have been trained to avoid the question by answering that the annuity company takes care of the commission. This deviousness causes consumers not to be able to evaluate the personal financial motivation of the annuity salesperson.
One of my clients has even told me he considered the annuity salesperson to be his friend because he never saw any commission and didn’t get charged for the annuity.