“Thousands of annuity salespeople are hoping to grab your money and steer you toward their high-commission indexed annuity product before they will be required to act honestly under the fiduciary standard and undergo background checks.”
Terry Savage, financial blog author and columnist at TerrySavage.com, “Do your research before diving into annuities,” Sun Sentinel, August 7, 2016
The Takeaway: Savage is referring to the new Department of Labor fiduciary regulations coming our way which will attempt to reduce the abusive sales of high-cost commissioned annuity and other product sales to retirees.
While there are high-quality, no-commission annuities out there (and those are the only ones we champion), we see far too many clients who have gotten into a bad annuity and then find they can’t get out due to punishingly high commissions and charges. Don’t make that same mistake.
Do your homework before falling for a slick, high-commission sales pitch.