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I found it interesting that Robert Bradford WAS an RFC.
As of today, he's no longer searchable on the IARFC website.
As of today, he's no longer searchable on the IARFC website.
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Amen to this. I couldn't have said it better myself. I thought and exchanged the same ideas after viewing this with 2 other agents. Victims, aren't we all....
I watched that while cooking so I missed parts. I did see one guy point out the surrender charges in the brochure. That wasn't good enough for the Dateline guy. Not sure how much more is needed? Plus, at least in my State, there is a disclosure that must be signed that shows the surrender charges. The apps aren't that long and complicated so it would be hard to miss the surrender charge. Hey I know, lets make that darn app 22 pages long and then no one will read it.
If I would have been there I would have asked the expert Dateline financial reporter, what would you have people do with the safe part of their portfolio? Remember they do want to make a return on their money...
1. Stuff it in a mattress
2. Put it in stocks (yea those people are real happy right now)
3. Invest in gold or silver
4. Invest in an FIA that has a surrender charge but does have a chance to make more than a CD.
There are many, many, many more people that are happy with FIA's than those that are not happy. Five years ago when CD's were paying nothing a lot of FIA people were getting good returns.
I've told people, do not do these if you need to withdraw your money. Still Ive had people do them and then within a year or two start taking more than their 10% annual penalty free withdraw. Go figure????
People that need to currently withdraw money from the stock market may be taking money out at a loss. Where is Dateline on that one?
I don't sell those long term surrender annuities but isn't there usually a bonus on those annuities. Like 10% or something like that? Did Dateline mention that bonus and how for those that keep the annuity like that bonus. Doubt it or maybe I was in the kitchen at the time.
I'd ask Mr reporter.....you go to your doctor for an ear ache and he prescribes an antibiotic. Does you doctor sit and tell you all that can go wrong with that antibiotic? Does your pharmacist explain that this antibiotic could kill you (I have experience on that one)? No they give you a paper with your drugs. Read it if you are concerned.
I don't have a problem with disclosure but how darn far must it go? There is less open disclosure on prescribed drugs, something that can kill you, than it is on annuities. Plus they had the "experts" saying that nobody should do any of these annuities. I guess Dateline would be happy if we didn't make any money selling annuities. I think that is the crux of their problem. I'm still looking for the perfect investment, an investment with no downside...only an upside. Is there one?
After 15 years as a Series 7 person, I wouldn't doubt that the large wirehouses were behind this story. Those guys have been losing money to the FIA side and don't like it. The large wirehouses run the (guess who sits on the board) NASD and make it very hard on the Independent Broker Dealers.
I did laugh at the *** that said the FDIC is rated F-.
There are snake oil sales people out there. I just don't like the broad brush they use to paint with, making the entire industry seem like under-handed sales people. None of the advertisers on Dateline have small print on the TV screen do they? You know, that small print that you can't read and isn't on the screen long enough to read even if the font was big enough.
This link pretty much explains the Dateline show in a nutshell: TMZ Embedded Video
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HaHa funny Video... Friar Tuck LOLOL
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During the show, when Minnesota's attorney general was asked about misleading or confusing provisions in EIAs, her answer was surprising. She quoted the MVA (market value adjustment) provision. She does not realize that MVAs are not in all EIAs, or that they're totally different from the index formulas.
That's scary, because it shows confusion reigns. By the way, the SEC said (when they released Rule 151) that all contracts w/ MVAs are outside the safe harbor. They're a time-bomb waiting for a lawsuit.
That's scary, because it shows confusion reigns. By the way, the SEC said (when they released Rule 151) that all contracts w/ MVAs are outside the safe harbor. They're a time-bomb waiting for a lawsuit.
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Unfortunately for Allianz, the very political and misinformed attorney general in the show, Lori Swanson, is the attorney general for Minnesota not Wisconsin. She is down the street, so to speak, from Allianz and they are a very large target for someone with big political ambitions. She seems to be after Aviva now.
As a huge coincidence, Allianz has dropped MVAs from their new products. Good. Those suckers were hard to explain to people.
As a huge coincidence, Allianz has dropped MVAs from their new products. Good. Those suckers were hard to explain to people.
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Sorry, I meant Minnesota (so I edited my previous post). I guess everybody gets confused on occasion. BTW, Missouri has come down hard on MVAs. 08-03 - Annuity Actuarial Issues
