https://retirementplanningscottsdale.com/2019/11/26/arizona-governor-doug-ducey-thanks-scottsdale-investment-advisor-anil-vazirani-on-financial-protection-bill-sb1534/ Arizona Governor Doug Ducey Thanks Scottsdale Investment Advisor Anil Vazirani on financial protection bill SB1534, making Arizona the eighth state to adopt some of the most stringent regulations as it relates to annuities and potential bait-and-switch hypothetical illustrations.
Anil Vazirani worked with AZ Senator Kate Brophy McGee to put into her hands the research and information required for her to put into a bill which passed as SB 1534, making a big difference for Arizona seniors to avoid the potential bait and switch of hypothetical annuity illustrations.
“What happened is there are insurance companies that offer fixed indexed annuities, and a lot of these annuities are good and they fit the retirement part, the preservation part of your life, but there are certain insurance companies as many of you know that have listened to me for over close to eight nine years know, I’ve been very critical about a few insurance companies. Indexed annuities in itself are not bad, but anytime you see a non-guaranteed hypothetical illustration, your antenna’s need to go up, true to their nature they are non-guaranteed, they are hypothetical, and in retirement these vehicles could be very dangerous for our wealth where you could potentially have a derailed retirement if you’re banking on those returns to come to fruition, and we’ve had many issues with consumer complaints.”
“We’ve worked very closely with the Attorney general’s office, and the National Association of Insurance Commissioners set standards to protect seniors from these bad actors, and only seven states have adopted these NAIC regulations.”
“It’s critical here in Arizona, particularly given how our elderly population is growing exponentially, many are on fixed incomes and they rely on those investment incomes to support their lifestyle, and without the help of Senator Brophy McGee, we would not be in an amazing position to be the eighth state to pass the most stringent law in the United States.”
“When you see these illustrations you see this insurance company showing you an eight – nine – ten percent annualized return with without any risk! Eight, nine, ten percent, without any risk? So then the second aspect that you’re not aware of is a lot of times these insurance companies will use an index, not the Dow Jones, not the S&P 500, that have a track record, but these are indexes in infant stages that have been around maybe one year, two years, or three years, and how can you do a ten year projection on an index that has only been around two or three years? That is why I joke on the air are these illustrations made up? or is it Madeoff?”
Anil Vazirani is president of Secured Financial Solutions, independent insurance advisor investment advisor rep with a fiduciary obligation and in the financial services industry since 1994. A+ rating with the Better Business Bureau for over a decade and a half, members in good standing with the National Association of Insurance and Financial Advisors.
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