Business ProfileforAmerican Teachers Retirement Services, LLC

In November 2015, I opened a Universal Life Policy with National Life Group based on the advice of a broker from American Teacher Retirement Solutions (ATRS). In February 2018, I met with my ATRS broker, ***** ****, where he recommended that I change policies from National to American Life because American provided higher yields. He further explained that I'd be able to transfer the cash value of my current policy to the new American account. Based on the promise of higher rewards and the ability to transfer the account, I approved this and completed the paperwork to open the new policy. ATRS stated that they would handle the filing of the paperwork, but it was not properly filed until July 2020. After the filing, I received a notice that my cash value had been 100% surrendered, not transferred. At no point was I informed that my account would be surrendered when transferring the cash value. Given that ATRS recommended both policies and collected commissions on both recommendations, I consider it grossly negligent that they didn't explain the surrender. They further submitted the paperwork in spite of the fact that the cash value would be 100% surrendered. Over the last 18 months, I've been in communication with ATRS, but they've refused to accept responsibility and have instead blamed National. Their suggestion was to force National to reverse the transfer and pay the minimum future premiums on the National policy until the 10 year surrender period ended. However, I only agreed to opening a new policy with American because I was advised that I'd be able to transfer my cash value. Their solution would have been unacceptable as it would have forced me to maintain two policies. Given all of this, we demand compensatory reconciliation from ATRS. We calculate the damages to be $3,379.29. This is based off the account balance as of February 28, 2018 with interest at a rate of 8.25% which is the average rate of return for the last three years under the National policy.