Here’s Some Convincing Evidence
Last week, we came across this headline in InvestmentNews:
DOL fiduciary rule delay boosts prospects for annuity sales
Indexed and variable annuities are likely to get a big bump in sales if the rule is delayed until July 2019
Here’s why this matters. The Department of Labor, and every other decent person, wants all advisors to be fiduciaries, whereby advisors would have to, by law, do what’s in their client’s best interest at all times. This effort almost became law recently, but will likely be pushed back to 2019 – or never enacted at all.
So what happens when advisors are not forced to do what’s right, when the client does not have to come first? They sell annuities, as the headline suggests.
That should tell you all you need to know about annuities, and the unscrupulous and/or incompetent people who sell them. Furthermore, who should need to be forced to do what’s right? How sad.
If you don’t know what’s wrong with annuities, here’s the short version: Annuities are ultra-expensive, complicated, and they simply don’t work. But they enrich those who sell them to you…at your expense.
Please heed our warning: do not buy annuities. There are better, less expensive, client-focused options. Just ask us. We’ll be happy to teach you.
John Noonan & Bill Sylvia
Original article (may require login): https://www.investmentnews.com/article/20171012/FREE/171019963/