Suze Orman doesn’t like them. Some journalists are suspicious of them. Fee-only advisors (advisors who don’t sell products) generally avoid them. I believe the public generally gets ripped off when they buy them. What are we talking about? Variable annuities. Guess who love variable annuities? Folks who earn sizzling commissions selling them. A 7-8% commission split with a firm still yields a tidy 3-4% commission for the seller. That’s $7,500-$10,000 on a $250,000 annuity – often with very little time or effort.
Advisors and agents emit howls of protest when criticized for pushing variable annuities but there are few …Read More