Posted on 08/11/2024 12:17:02 PM PDT by E. Pluribus Unum
To protect older Americans’ life savings, President Joe Biden pledged in October to crack down on financial advisers who recommend investments just because they pay higher commissions. Then the insurance industry got to work.
These savers face critical, one-time decisions about what to do with their money, and a miscalculation caused by conflicted investment advice could cut deeply into their retirement funds. But the Biden administration’s attempts to ensure Americans receive the best guidance have sparked immense political backlash, as financial services and insurance professionals look to avert what they see as costly, illegal federal mandates.
(Excerpt) Read more at washingtonpost.com ...
The stupidity of this article is breathtaking, but it will garner a lot of clicks.
Easy - Don’t buy annuities.
Don't buy an annuity from a salesperson.
The surrender charge pays back the company for fronting a commission to the salesperson if you leave early.Low cost annuities sold through Schwab, Fidelity, etc are both low cost and have no surrender charges.
Example: https://www.schwab.com/annuities/variable-annuities
This is not a recommendation, nor does it benefit me any way, thankfully.
Why does no one just sell financial advise? The insurance agents have a life insurance policy for everything with huge commissions (maybe 100% of your first year’s payments) and the financial advisors want 1% - 2% of your total assets every year to stick you in a subpar mutual fund and call you twice a year. I just want a couple hours of an expert’s time plus maybe a few hours of work for a longer term plan. A couple of thousand dollars would be cheap compared to the insurance salesmen and financial “advisors”.
You can... there are Advisors that will charge a flat hourly fee for advice, written plans and reviews. Just search for them and check reviews.... ymmv
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