haiku254
Confused about dryer sheets
Hello Everyone,
I found your site looking for information on Aviva's BPASelect Income Advantage. I dropped in on an Ing Independent Broker yesterday and was pitched this annuity while asking about my 86 y.o. father's portfolio.
He has about $350K in IRA funds invested with Fidelity and another $150K in after tax money in some Magellan and other mutual funds. He was approached by a Fidelity rep who wanted to manage his funds for 0.78% per year, buying/selling his assets so that he could balance his funds. Being a little informed about financial matters, he asked me my opinion on the topic. I thought that with some information, we could probably do something basic and forego the annual expense. I also wanted to know if that commission was standard for an account of that size.
When I saw this Ing Independent Broker open up in a strip mall, I dropped in and posed my question about my dad's situation. She suggested that I think about this Aviva Annuity, touting a minimum 8% return and unlimited upside if the S&P does better in the future years. I only had about 15 minutes to talk to her so I asked her for a brochure on the product. She also steered me to look at FPRIX, Franklin Double Tax-Free Income Mutual fund, with a YTD return of 6.07%.
When I started reading some posts about Aviva, I saw some warning signals about the 8% really not being a return but some sort of credit to an account that I can't really get access to or redeem. I would appreciate any feedback that you have in this topic or on FPRIX. Of course, she seemed nice and genuine, but I am wary of her motives, as in anything that is related to money.
I'm glad that I found your site and hope to learn much more as I start reading the posts.
Cheers!
John
I found your site looking for information on Aviva's BPASelect Income Advantage. I dropped in on an Ing Independent Broker yesterday and was pitched this annuity while asking about my 86 y.o. father's portfolio.
He has about $350K in IRA funds invested with Fidelity and another $150K in after tax money in some Magellan and other mutual funds. He was approached by a Fidelity rep who wanted to manage his funds for 0.78% per year, buying/selling his assets so that he could balance his funds. Being a little informed about financial matters, he asked me my opinion on the topic. I thought that with some information, we could probably do something basic and forego the annual expense. I also wanted to know if that commission was standard for an account of that size.
When I saw this Ing Independent Broker open up in a strip mall, I dropped in and posed my question about my dad's situation. She suggested that I think about this Aviva Annuity, touting a minimum 8% return and unlimited upside if the S&P does better in the future years. I only had about 15 minutes to talk to her so I asked her for a brochure on the product. She also steered me to look at FPRIX, Franklin Double Tax-Free Income Mutual fund, with a YTD return of 6.07%.
When I started reading some posts about Aviva, I saw some warning signals about the 8% really not being a return but some sort of credit to an account that I can't really get access to or redeem. I would appreciate any feedback that you have in this topic or on FPRIX. Of course, she seemed nice and genuine, but I am wary of her motives, as in anything that is related to money.
I'm glad that I found your site and hope to learn much more as I start reading the posts.
Cheers!
John