Yenchi, E. v. Ameriprise Financial, Aplts.

OPINION

JUSTICE DONOHUE

In this discretionary appeal, we must decide whether a fiduciary duty can arise in a consumer transaction for the purchase of a whole life insurance policy based upon the advice of a financial advisor where the consumer purchasing the policy does not cede decision-making control over the purchase to the financial advisor. We conclude that, consistent with our jurisprudence, no fiduciary duty arises in such a situation. Consequently, we reverse the Superior Court’s decision to the contrary.

In 1995, Bryan Holland (“Holland”), a financial advisor for IDS Life Insurance…