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Re: My friend was telling me about his Financial Advisors
Old 10-26-2006, 04:53 AM   #41
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Re: My friend was telling me about his Financial Advisors

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And that is NOT an advisor.....probably some insurance agent working as a "planner" for the local community. Bottom line, YOU CAN'T fund an annuity WITHOUT a client's signature. And, if he did, he is guilty of fraud and non-consent of the client, and he loses his license...........

The paperwork would be rejected by the carrier without a signature, and the compliance department at the carrier would alert the gentlemen's principal.
I believe the money was already in the IRA. How the paperwork was done to buy the annuity is anyone's guess.
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Re: My friend was telling me about his Financial Advisors
Old 10-26-2006, 07:23 AM   #42
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Re: My friend was telling me about his Financial Advisors

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Maybe they occasionally take your advice.

My best case was a women who had her "advisor" purchase a deferred annuity for her IRA. He did it without informing her. He said it was such a good deal he couldn't let her miss out. There were lots of fees and the interest rate was 3%. I said that she should contact his supervisor, send a registered letter complaining and demand her cash be replaced in her account. She didn't do anything. The "advisor" was a friend of her husband when they were in high school.

You used the word "was", are they still friends?
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Re: My friend was telling me about his Financial Advisors
Old 10-26-2006, 02:26 PM   #43
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Re: My friend was telling me about his Financial Advisors

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Is this 'being a friend' something that is taught in advisor school?
Not as far as I know...........
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Re: My friend was telling me about his Financial Advisors
Old 10-26-2006, 05:14 PM   #44
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Re: My friend was telling me about his Financial Advisors

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You used the word "was", are they still friends?
The lived in different states and her husband hadn't seen the guy in 10 years. The left their money with him even though it was inconvenient and he was obviously dishonest.
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Re: My friend was telling me about his Financial Advisors
Old 10-27-2006, 02:33 PM   #45
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Re: My friend was telling me about his Financial Advisors

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The lived in different states and her husband hadn't seen the guy in 10 years. The left their money with him even though it was inconvenient and he was obviously dishonest.
Sounds like a loser to me.............
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