Why Advisors Will Likely Clamor Soon for Cheaper Annuities
A recent article in Financial Planning Online, makes a prescient statement...
"If the Department of Labor's Fiduciary proposal goes into effect, advisors may find themselves taking a close look at low-cost annuities."
So let me get this straight, up until now, what exactly have they been looking at? Up until now I suppose it was the more expensive variety with higher commissions and higher internal charges and investment related expense ratios and trading costs and mortality and expense charges.
It's odd isn't it that people won't put their Client's best interest first until the law forces them to.
If you already own an annuity you may want to opt for dealing with someone who'll put your best interest first because it's the right thing to do.
I'd love to hear the explanation from the rep who will move your annuity to where you should have been all along a year from now if the law passes.
And if that conversation even remotely touches on "boy, that last one we sold you was super expensive...." it's gonna come down to the fact that that's all that their employer would let them sell.
Because that's how it works.....you get played and then played again.
Stop it as soon as you can.