by Structured Settlement Watchdog®
Seneca One Finance has promoted unlicensed individuals as "Annuity Specialists" in consumer facing roles, however Seneca One is merely a purchaser of structured settlement payment rights which are not annuities. According to an October 5, 2016 Maryland Federal judicial opinion, Seneca One Finance, Inc. v Kris Bloshuk, in September 2013, Kris Bloshuk began working at Seneca One as an "Annuity Specialist'. Annuity Specialists 'manage day-to-day relationships with structured settlement annuitants", and create and build relationships with customers and prospective customers. According to the Maryland Insurance Department, Kris Bloshuk does not possess a Maryland Insurance producer or adviser license. Download MD Licensee Search Kris Bloshuk.
Misleading Use of Term " Annuity Specialist" is Widespread at Seneca One
- "As exemplified by tasks assigned to Annuity Specialists, Seneca One's approach to customer service is intensely personal, compelling Annuity Specialists to work hard to earn their customer's trust and create customized financial solutions to fit each customer's needs" [ Complaint at paragraph 14]
- "After working with an Annuity Specialist, a customer elects to sell a portion of his/her payments to Seneca One".
- Kris Bloshuk was employed as an Annuity Specialist from on or about September 2013 to on or about March 1, 2015, a role under which she continued most of the duties she carried out as an Annuity Specialist but took on the additional tasks of managing other Annuity Specialists
Why Seneca One's Use of Annuity Specialist is Misleading?
Upon hearing the term "Annuity Specialist' in relation to an unlicensed employees of Seneca one, it can reasonably be forseen that a consumer could make the incorrect assumption that the individual holds a license or certification that the Seneca One employee may not have, or have earned.
- The Institute for Business & Finance offers a certification program called Certified Annuity Specialist (CAS). The CAS program consists of six modules
- Each module takes 23 hours or less to complete
- Materials include all study and exam preparation
- There are three non-cumulative exams and one case study
- A written case study is required
- The case study is based on a one-page fact pattern provided by IBF
- The case study answer must be two to five pages
- Mandatory continuing education.
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