Advisor Group seeking nearly $1M in lawsuit against variable annuity firm
May 3, 2021 by Tobias Salinger
A lawsuit filed by one of the largest wealth managers against a variable annuity firm offers a glimpse into one of the industry’s most critical and changing conflicts of interest: payments to get a product in front of advisors who might recommend it to clients.
Advisor Group is seeking at least $900,000 plus interest and legal fees from Venerable Insurance and Annuity Company and an affiliate for allegedly breaching the terms of a marketing agreement enabling access for the issuer’s products on the wealth manager’s platforms, according to the civil lawsuit filed April 8 in Philadelphia federal court. The Phoenix-based wealth manager alleges Venerable reneged on three years of payments.