Good catch. That's where stockbrokers make their money these days. Can't make it on stock trading or mutual funds, unless you've got a large clientele.
Good catch. That's where stockbrokers make their money these days. Can't make it on stock trading or mutual funds, unless you've got a large clientele.
I live in a large metropolitan area and am 62 years old. It's amazing how many free restaurant suppers I've been invited to by "investment advisors." My husband and I have attended a few, curious as to what they're selling and how they're selling it. Typically they echo this paper - no one has enough saved, taxes and the scary stock market will destroy everything you do have, so invest in a variable annuity with us.
Predictably, this institute is also speaking out against the proposed regulations which would require financial advisors to have a fiduciary responsibility when recommending products to holders of 401(k) and IRA plans. Being a fiduciary would kill the variable annuity market, their bread & butter.