Scudder.......not the best to work with -- Insurance Forum

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Date Posted: Tue, August 06 2002, 0:23:05
Author: Art Rossetti
Subject: Scudder.......not the best to work with

I have had ywo experiences with what used to be Zurich-Kemper Life and is now Scudder annuities in the last 12 months that have made me swear off the company. In both cases they chose the expedient thing to do over the right thing.

In instance #1 I switched my broker-dealer. My new broker-dealer was TERRIBLE at getting business switched. 3 quarters went by without me getting any trail commissions from Scudder. I showed them that I had given the paperwork to my new broker0-dealer in a timely fashion, not once but twice, and asked Scudder to back out the commissons paid to my old broker dealer and send them to my new one so I could get paid. They refused. They said they did all they were obligated to do and would do nothing else.

Instance #2 is worse. I sold a client a variable annuity with a GRIB, or so I thought. Though I mentioned the reason for her switch was to get the GRIB no less than 5 times on various pieces of paper, I failed to mark an X on the GRIB box, (my fault.) Both I and my compliance officer have asked Scudder to apply the GRIB retrocative to the start date of the variable annuity based on the fact that the intent of the client and myself is very clear, and it was an obvious clerical error. They have refused.

It is obvious the corporate culture at Scudder is a malignant one. I won't do anymore business with them.

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Replies:

Re: Scudder.......not the best to work with -- Rich Franzen, Tue, August 06 2002, 4:53:25