The Financial Industry Regulatory Authority issued its annual statement of priorities for the foreseeable future. Among the problems it’s focusing its sights on: “excessive and short-term trading of long-term products,” including variable annuities.
The problem, essentially, is that Variable Annuities are designed to be long-term investment vehicles. But some brokers are inappropriately convincing clients to trade them on a relatively short-term basis, so the brokers can pocket back-end fees. Needless to say, this premature trading is not generally in the client’s best interests.
Anil Vazirani, Rick Redaelli, and Jon Armstrong of Secured Financial Solutions ask: ‘How much are you paying in fees in your Variable Annuity, and is it the right strategy for you in the short term?’
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* See article: https://www.insurancenewsnet.com/oarticle/retirement-security-concerns-rise-post-election