Improper annuity advisor recommendation screen test
If any of the following apply, you may want to deeply consider if an annuity was properly sold to you and you should get an outside second opinion (like by requesting our free Portfolio Stress Test) or consider adjustments, alternatives or exit strategies for your annuity product(s).
- You did not know you were investing in an annuity product.
- You donāt have a need for income from your annuity products.
- You donāt clearly understand the connection between your annuities and income features you need.
- Annuity performance does not seem to be as good as what you were led to expect
- Ongoing service and investment management is less than you expected
- Youāve been sold a series of ārolloverā annuities because your advisor keeps finding ābetterā ones once the surrender charges go down
- Commissions, costs, and surrender charges were not clearly explained to you.
- You were sold annuities in an IRA or other retirement plan
- Conversion to a pension-like income stream was not the primary reason for buying the annuity.
- You donāt understand how and how much your annuity sales agent was compensated and how you pay for this.
- The ongoing costs for investments, riders, guarantees, life insurance, policy fees, market value adjustments, and other potential charges are not clear to you.
- You believe an advisor or insurance company is regularly overseeing and managing your annuity investment options.Ā
- The annuity was positioned as almost too good to be true, and you have a sneaking suspicion that something is not quite right, but canāt put your finger on it.
- You were told annuity returns would be tax free
- You paid taxes on the sale of investments to buy the annuity
