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Old 04-23-2017, 11:17 AM   #21
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Thx all, appreciate the feedback you've already given.
My advisor said she is a fudiciary + that because I said my main concern was keeping + not outliving my $$, she thought the annuity was the way to go, not sure if I totally believe that since like I said before most everyone I spoke to recommends annuities. The other part is that I don't believe she told me till after I had signed the papers it is for 16yrs! This is where it really shook me up + I have since told her I don't want to do it. That annuity is called American Equity Bonus Gold with a lifetime income benefit rider. It is a fixed index annuity + she said it would make 6% compounding interest a year. Plus if I became unable to perform 2 of my activities of daily living + had a MD note then the monthly benefit would double every yr for up to 5yrs. I have had long term ins for yrs already thru Genworth that is a lifetime plan that I have been grandfathered in, but I worry about being able to afford it in the future as I now pay 605 quarterly + have already had to change the compound interest over to simple as the cost went up to over 800/quarter alittle over a yr ago. She has of course already moved my money from my 401k into it, but my 30days right to look is not up yet, so she said she sent me a letter to sign, which I haven't received yet, to move it over to an IRA w/ Fidelity, in there as cash approx 111k. I have not looked at this yet but it is a Fidelity Premiere Select IRA + I'm guessing she is getting something out of it. I checked + I cannot return my money to my 401k. She moved some other money I had from another IRA brokerage acct, 89k to this Fidelity acct as there were a lot of trading fees going on, 1 acct had been traded over 2000 times! In the fall of 2015 I was working w/a different financial person who put me in that acct + also put me in another annuity, a Metlife Shield index annuity, where it will grow but I can also lose money if the market drops more than 10%., there's approx. 100k there. I have been back + forth in my thinking if I should take SS now or try to hold off, my current mo amt would be 1656 per online statement. So again, any advice is greatly appreciated!! Thx soooo much.
May I make a request?

Please use paragraphs.
That is one long run-on that you have written there. It is very difficult for me to read.
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Old 04-23-2017, 11:49 AM   #22
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Originally Posted by Pookie View Post
... My advisor said she is a fudiciary ... So again, any advice is greatly appreciated!! Thx soooo much.
From the link that @Ready posted, my conclusion is that she is lying to you.

The first thing to do is to check her here today: https://brokercheck.finra.org/ With the name match, click "More Details." Scroll down to "Examinations" and read. "Series 7 is the basic broker exam. It means nothing in terms of skills. If she has only a Series 7 then she is not legally a fiduciary as far as government is concerned. A "Registered Investment Advisor," who is a fiduciary will show a Series 65 or a Series 66 examination. From the way you have been jacked around, I'd be very surprised if she is an RIA. Also look for any "Disclosures" -- these related to legal and administrative problems she may have had.

You should also contact the "Compliance Officer" in her firm and explain the situation. Be very clear that she told you she was a fiduciary and be very clear that you feel mislead about this purchase. If she jacks you around ("I'll call you back with his phone number." "He is out of town.") at all, just call the main office number of the firm and ask to talk to their compliance officer. If it is a storefront like Eddy Jones, just call the main company number. Compliance is serious business and they will pay attention to you. Take very good notes of the calls including all names, times, and what was said. If you can record the calls, better yet.

Don't drag your feet on this. That 30 day clock is ticking. Call the compliance guy tomorrow. If there is a form to be signed, tell him/her get it to you tomorrow by messenger.

If you PM me the information on the broker (name,firm, address) I will be happy to do the lookup for you. I just hate it when people get cheated and this looks like that kind of situation. I would enjoy being able to help.

BTW, a broker who has done 2000 trades in your account without your knowledge is probably vulnerable to a lawsuit or administrative action. If he/she cost you money, you can probably get it back.

Please don't walk away from this without taking action on the "advisors." It's not just for you, it is to minimize their ability to hurt future victims.

Here is another resource: Investor Complaint Center | FINRA.org
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Old 04-23-2017, 12:29 PM   #23
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Pookie - I had a bit of difficulty following the exact story, but if I read it correctly this "advisor" is unethical at best, and perhaps acted illegally. I believe you can reverse all that she has done, if you act quickly.
If you need assistance, I'm sure there are regulatory agencies - or the previous poster who offered you help - to get this unraveled.
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Old 04-23-2017, 12:32 PM   #24
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TYVM. I did find her on the site u listed, it shows: series 65 done 8/10/2006 + series 63 8/09/1982.
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Old 04-23-2017, 12:34 PM   #25
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It doesn't matter fiduciary or not. I'm always leery with financial advisors. That's why I do my own reading for basic understanding.
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Old 04-23-2017, 12:47 PM   #26
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Here's an opinion of what this advisor sold you. I don't know the author but his recommendation to not put much in annuities matches my expert. (That would have been my DF, who sold annuities, and told me never to buy one).


http://blog.runnymede.com/an-imparti...s-gold-annuity
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Old 04-23-2017, 12:48 PM   #27
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Quote:
Thx all, appreciate the feedback you've already given.

My advisor said she is a fudiciary As others have said, this looks unlikely. How are you paying her?+ that because I said my main concern was keeping + not outliving my $$, she thought the annuity was the way to go, not sure if I totally believe that since like I said before most everyone I spoke to recommends annuities. Maybe, maybe not. From what you are saying, however, the people you have been talking to have a vested interest in selling you bad annuities

The other part is that I don't believe she told me till after I had signed the papers it is for 16yrs! This is where it really shook me up + I have since told her I don't want to do it. That annuity is called American Equity Bonus Gold with a lifetime income benefit rider. It is a fixed index annuity + she said it would make 6% compounding interest a year. Plus if I became unable to perform 2 of my activities of daily living + had a MD note then the monthly benefit would double every yr for up to 5yrs. Bad Annuity, see the link from Ready. Generally, simple annuities can be good. ($X per month, for life), while complexity is bad--and this is pretty darn complex

I have had long term ins for yrs already thru Genworth that is a lifetime plan that I have been grandfathered in, but I worry about being able to afford it in the future as I now pay 605 quarterly + have already had to change the compound interest over to simple as the cost went up to over 800/quarter alittle over a yr ago. This may end up being a sunk cost.No matter what, don't throw good money after bad. (Could be a good policy too--I won't be buying LTC, so haven't examined closely.)

She has of course already moved my money from my 401k into it, but my 30days right to look is not up yet, so she said she sent me a letter to sign, which I haven't received yet, to move it over to an IRA w/ Fidelity, in there as cash approx 111k. Cancel. Why did you choose Fidelity for the IRA, versus another provider? Or, did advisor choose it for you? If the latter, what reason given?

I have not looked at this yet but it is a Fidelity Premiere Select IRA + I'm guessing she is getting something out of it. I checked + I cannot return my money to my 401k. You need to start looking....

She moved some other money I had from another IRA brokerage acct, 89k to this Fidelity acct as there were a lot of trading fees going on, 1 acct had been traded over 2000 times! In the fall of 2015 I was working w/a different financial person who put me in that acct + also put me in another annuity, a Metlife Shield index annuity, where it will grow but I can also lose money if the market drops more than 10%., there's approx. 100k there. This is probably another Bad annuity ("index") What is the cost to back out--if you even can? As others suggested, a complaint to the old brokerage and FINRA may be in order

I have been back + forth in my thinking if I should take SS now or try to hold off, my current mo amt would be 1656 per online statement. You need to look closely at this; don't make a hurried decision. Married or not? Likely lifespan of you (and any spouse)?So again, any advice is greatly appreciated!! Thx soooo much.
Stop. Everything. NOW. Get the annuity cancelled within the 30 days. Sit and think. Read. Tell advisor in writing no trading permitted. Contact fidelity about the IRA--make sure no one other than you can do anything with it. Who is this advisor affiliated with?

If you are unable to get comfortable after reading/study, you need a fee-only fiduciary advisor.
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Old 04-23-2017, 02:19 PM   #28
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TYVM. I did find her on the site u listed, it shows: series 65 done 8/10/2006 + series 63 8/09/1982.
Well, I guess that is good, but this annuity situation is not. Please, please, contact the brokerage compliance guy tomorrow and explain the situation. Once Compliance has been contacted, they know that there is potential for you and/or the government to cause them a heap of trouble. They will straighten out the immediate problem.

@2017ish is right in his post (Stop. Everything. Now.), except that I would say that getting a fee-only registered financial advisor is mandatory. I see from your profile that you are in AZ. If you don't feel comfortable interviewing and hiring an RIA by yourself, it might be worthwhile to post here with your city name and see if you can get recommendations. Also, if you have a CPA or an attorney in your network or via friends, they might be able to make recommendations as well. If you belong to a church, the pastor might also be a source for recommendations. He/she might well have parishioners who are RIAs.
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Old 04-26-2017, 03:18 AM   #29
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A lot of good posts already. A few points for your consideration...
--A lot depends on your risk tolerance and what level involvement you want to have in managing your portfolio.
--You can always move your IRA from one office or company to another.
--Not all advisors are equal, you may want to interview a number of advisors to see how they would manage your portfolio and what changes they would make. Fees vary based on type of account or transactions. An independent paid analysis may be helpful.
--If you are knowledgable of the markets and have an interest in managing your account, discount brokerage are an option.
--There are advantages & disadvantages in having an individual advisor that manages your account...most are sales oriented, transaction fees vary and can be high IMO but I really don't like fee based accounts because the small annual fee will lower your return over time. With DoL's fiduciary rule, more retirement accounts will end up fee based.
--All annuities are not created equal, be careful and research before signing up. With interest rates still low and various caps, I don't think this is a good option presently. Trust your gut...if it sounds too good to be true, there are probably hidden fees--you need to ask tough questions and read the contract prior to signing
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Old 04-26-2017, 12:08 PM   #30
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A lot of good posts already. A few points for your consideration ...
Yes. Good stuff. One small thing: Consulting a Registered Investment Advisor (for a fee) does not obligate the OP to give that advisor discretionary control over the OP's assets. That is a completely separate decision and may even involve a different advisor. I still think the OP's best next step is to interview and hire an advisor to look at the OP's whole situation, including the indications that the OP has been scammed.
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Old 04-27-2017, 07:16 AM   #31
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As the owner of an annuity, and one who understands insurance (and annuities ARE insurance products), they are complicated and should only hold a piece of your assets. They are not for everyone. There should be a purpose in the purchase (ie longevity insurance, replaces a cancelled pension etc), not just an add-on to your plan (that recommendation from a salesman is probably to cover the new pool he/she just ordered).

I was in compliance at a bank. Two key words to get people's attention in the compliance dept is "theft" or "fraud". Put either one or both in a written letter to the company, and your letter will get the attention of the compliance people. I would write a letter addressed to the compliance department and then call them immediately (the call to get things rolling, the letter to put the facts in writing and gives them no excuse for not following through). Keep a copy of the letter for the regulators. Also follow up telephone conversations with written understanding of the conversation and the steps the company is going to take to remedy your situation.

Contact Fidelity's home office and tell them to stop all trading in your accounts until further notice. Ask them why the adviser made over 2000 trades in your account. That will scare them a bit as well (I spoke with some people in their home office and they do not like outside advisers giving FIDO a bad reputation, so they will follow-up internally).

As far as an adviser, I have a guy who has been there for me for over 25 years. He is in NC, so not a good fit for you because I would insist on a face to face meeting no matter who recommended him/her. In my case, he and I get along very well, and most importantly to me, my DW trusts him (she isn't financially savvy so will likely be relying on him after I am gone).

I am sorry for your troubles, but you are in the right place to get help and back on the right track.
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