https://retirementplanningscottsdale.com/2019/02/05/anil-vazirani-questions-high-indexed-annuity-return-projections/ Anil Vazirani Questions High Indexed Annuity Return Projections that Aren’t Filed as Securities. If an issuer wants to show consumers that an annuity can earn 10% annually, with no risk, the issuer should file that annuity as a security, and an advisor who tells a consumer about the annuity should have a security license.
This is a major consumer protection issue. In 2009 the SEC classified indexed annuities as securities. Congress blocked that SEC move in 2010, by passing a bill that exempted state-regulated fixed annuities from SEC oversight. Today most indexed annuities are not registered with the SEC.
Anil has told the US department of Labor that he thinks some organizations have designed complex, proprietary indexed annuities to be too much like non-SEC registered versions of variable annuities.
Today, some issuers are using relatively new indices with no track record, and a handful of companies are showing consumers high hypothetical returns linked to the performance of the new indices. This can add uncertainty to a client’s retirement plan!
See our recent post regarding the Woodbridge Group that was charged $1 billion for operating a ponzi scheme. These schemes often promise lofty returns with little or no risk. https://retirementplanningscottsdale.com/2019/02/01/woodbridge-group-to-pay-1-billion-for-ponzi-scheme-anil-vazirani-proved-right-once-again/
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