If ever I shared what led me to a blog posting, this one needs to be stated.
I’ve never been a fan of some of Wall Street’s hottest selling products like Variable Annuities, Universal Life (and many variations of UL) and most types of fancy annuities. In regards to the latter, there’s been a big push of late with the latest “sexy” annuity sale that supposedly “arrests” the fears of outliving one’s assets. It has caused investors to effectively play “Three-Card Monte” with the insurance company who sold them this annuity.
About 18 months ago, I met a businessman who has become one of my greatest, true friends of my entire life. He’s that 1 in 100 friend who does everything for you, never ever wants anything in return, and God clearly has touched his heart and soul.
This man met an “insurance agent” who in just the 18 months or so of me being in the same ballpark as he, has led me to meet several people (including this great friend) in our community here on the Jersey Shore who have fallen prey to his sales tactics that are unbecoming of a financial advisor (we’ll leave it at that for this commentary).
As this article explains, the allure of someone beating the house and securing income for life shall be more of a nightmare when all said and done, versus any financial dream coming true.
Footnote – Another crucial error my friend made was accepting oral “promises and assurances” from the agent (and not getting them in writing) and allowing the agent to completely fill out paperwork after signing documents. He has obtained legal counsel but it shall not be easy given these facts.