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: Structured Settlements 4Real

Seneca One Cash Now Pushers Take Liberty With Term "Annuity Specialist"

By John Darer

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The war against "cash now pusher" and  "financial crack" dealer misleading use of insurance terms in advertising continues. Today's bugaboo is about Seneca One's use of the term " annuity specialist"

The Certified Annuity Specialist designation is issued by the Institute of Business & Finance through a six-module curriculum, which take 23 hours or less to complete, a written case study and requires 15 hours per year of continuing education for the first five years following certification. The course includes an open-book case study as well as a final exam administered by FINRA.  Source: Investpedia, IB&F

In its web page entitled getting started Seneca One, on Day One Seneca One states that "an annuity specialist" works with you to create a funding plan. On Day 3, Seneca One states that that "an annuity specialist is then with you every step of the way"

Does Seneca One's use of the term "annuity specialist" imply that their employee or agent is insurance licensed in the state of solicitation?
  ARE THEY?

Does Seneca One's use of the term "annuity specialist" imply that their employees or agents have earned the Certified Annuity Specialist professional designation?  DO THEY?

Is Seneca One's use of the term "annuity specialist" simply to "mask" the true nature of their work"?

Ex presidents "The Ex Presidents"  from Point Break, 1991

Could one say that Seneca One is already "credibility deficient" after its claim to pay "cash now was shattered  when The Settlement Quotes, LLC blog posted this quote from Lynda Reilly on February 24, 2009?

?Lynda Reilly- I started this contract with Seneca One in August 29 2008. I was quoted several dollar amounts which were nothing of the dollar amounts that the phone sales person first quoted me. After paperwork was started the quote went from a large dollar amount down to a very low dollar amount. They said, at first they would be getting the money from my former investors at the time of the transaction. So when the court date was over on 10/10/08, they told me they would not get the money from my investors until 2010. Also at this time they would not advance me the dollar amount on the contract, they did advance me small dollar amounts at my request. But they said they were waiting for my former investor to sign papers. I called my former investors and they said, they had signed off the agreement in Oct 14,2008 when I went back to my rep. he told me that there was nothing down as of November the 19th 2008. With follow up to my original investor they couldn?t understand why I did not have the money yet, this was in December 20th 2008. I was told by Seneca One that the reason for the delay was because of the stock market, and several more reasons. I have not receive the full dollar amount as of yet it is Feb.-05 2009, they did how ever advance me money to cover my bills. But the money I was suppose to be getting should have been in a bank with interest I would receive. They final sent me the finalized paperwork to sign off with the rest of the dollar amount without interest. I feel I have been treated unfairly by this company at my own expense.they keep on avoiding me I tried one more time today February 05,2009, to retrieve my money that they did not even agree to advance me and they have not even called or email me when the money would be with in my procession, and telling me the stock market is down. Which as a consumer it makes me think that they have no money to fund me at is time and I should have been directed to another company to sell my investment. I did get finally a letter from Structured Asset Funding L.L.C, which is going to fund the money. But this process has added another 30 days already. Which was on January 7th 2009, I will never go threw (sic) this company again and please advice (sic) others not too either.?

Action plan

I intend to write to various state insurance commissioners, my congressmen and the Departments of Consumer Affairs in my home and surrounding states. I encourage my readers to do the same. It is only by (1) exposing these practices, (2) advocacy and (3) action that things are going to change.


More posts about use of misleading terms by Seneca One

"Structured Settlement Processing Group" Is No "Deutsche Treat"!

Full post as published by Structured Settlements 4Real on July 21, 2009 (boomark / email).

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