As an investor who purchased an $800,000 annuity 15 years ago, you’re now concerned that you’ve been taken advantage of. The fees were 3.5% and the planner has been sued by others for entering information without client permission.
First, get an up-to-date statement showing the cash value of the contract as well as the surrender charge. Understand exactly what kind of contract you bought, and consider hiring a fiduciary CFP to help you analyze what happened. A CFP should have the knowledge to help you understand and won’t have an economic incentive to resell you a new insurance contract.
You can file a complaint with FINRA, your state commissioner, your state’s consumer protection office, and the SEC. Contacting a lawyer specializing in insurance law may also be valuable. They would be the best option to make sure all avenues were explored.
In the future, buy advice, not products. Be aware of incentives and ask how your planner gets paid. A fee-only adviser can still have conflicts of interest, so it’s essential to document the conversation. When hiring a new planner, consider passive low-cost target date funds or robo advisers, which are often best for clients.
If you’re unsure about your annuity, reach out to the manager or owner of the firm where the wrongdoer was employed. They may have a process for investor complaints. It’s essential to present the details of the censure and suit that parallel your experience as well as having contact info for the firm and the original annuity paperwork on hand.
Contacting a lawyer specializing in insurance law can provide peace of mind, even if there’s no guarantee of a better outcome. Remember to document everything and seek advice from multiple sources before making any decisions.
Source: https://www.marketwatch.com/picks/im-concerned-that-ive-been-taken-advantage-of-a-financial-adviser-sold-me-an-800k-annuity-but-i-now-realize-the-fees-were-3-5-and-the-planner-has-been-sued-by-others-1966dcec