AIG Polaris variable annuity

[Corporateburnout]

A co-worker who has no clue on investing and is planning to retire in a couple years met this financial advisor from a bank where his wife work to discuss developping his financial plan and manage his investments for a 1% fee. I have been trying to talk this guy into consolidating his investments with Fidelity and manage it himself but to no avail. One of the products this guy recommended for a portion of his portfolio was an AIG Polaris variable annuity. I am not at all familiar with annuities but was wondering if anyone knows anything about this particular one.

 

[LOL!]

One can search this site for the great annuity debate which is 99% against and 1% for.

One can also read this article by Peter Katt CFP about them:

The Good, Bad, and Ugly of Annuities

http://www.fpanet.org/journal/articles/2006_Issues/jfp1106-art3.cfm

 

[brewer12345]

Dunno about that particular annuity, but a variable annuity sold by a bank rep to an unsophisticated customer = royal screw job.

 

[FinanceDude]

Dunno about that particular annuity, but a variable annuity sold by a bank rep to an unsophisticated customer = royal screw job.

1)Agree

2)Agree

3)Agree

4)Agree

Man, I am agreeable today...........