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Do you know you need to BEWARE of Variable Annuities?
posted at December 23, 2011 1:19 PM EST
First: December 21, 2011
Last: September 3, 2012
Are you one of the good hard working folks who do not know all the details of the way Variable Annuities really work?
Do you only know what you were "told" or better said, ill advised or deceived by the sales representative who sold you on investing your retirement savings? Sadly many of these sales reps or so called financial advisors, as they like to call themselves, use very "deceptive" and "misleading" tactics to get us "unenlightened lay folks" to give them a large bulk of our life time savings. Our first mistake is to just trust them because they seem like a nice person and to only base our investing decision on what they are "telling us". After all that is why we went to them in the first place, to get professional honest financial help and proper guidance. But unfortunately the unethical money hungry sales rep will take and does take advantage of our lack of knowledge of these very complicated investments, known as Variable Annuities. The sales rep's concern is misplaced by the huge commission paid to them by the insurance companies who market these investments and the sales rep's job becomes to make us think that the Variable Annuity is the answer to our retirement woes and the low interest investments we are being offered by Certificates of Deposit (CD's) and savings accounts.
One of the main reasons my sales rep (financial advisor) got me to give my money to him was the "misleading" or better said, the "deceptive sales tactic" that I was going to get 7% interest on my lump sum investment. At 7% that would double my original investment in about 10 years. The catch is what I was NOT told, and that is in about 10 years I can NOT get this money, that doubled. This is only ONE of the many other twisted benefits that you may have been misled on.
If you also were tricked by a misleading sales representative's (financial advisor) tactics. please let me know. I did over 1.5 years of research on the way Variable Annuities really do work and I know that when you hear the truth and discover you too were deceived, you will not be very happy. You will feel lied to and misled and cheated out of your money like I do and you will say to your self, now what can I do to get myself out of this trap that I am in because I trusted my financial advisor who deceived me. Hopefully if enough of us folks understand what happened to us we can come up with a solution to this deception.
Re: Do you know you need to BEWARE of Variable Annuities?
posted at February 18, 2012 11:48 AM EST
First: February 18, 2012
Last: February 18, 2012
This is email@example.com. I faced similar problem with Prudential Financial. I started to suspect their scam in August 2011 and filled complaints to both Citi Persoanl Wealth Management who sold me Prudential VA in 2010 and Prudential Financial, Inc. Response from Prudential on 12/08/2011 let me cracked their scandal. Further investigationsled to completely disclosed all their schemes: !) Arbitrage Pricing Model, 2) Trojan Horse, 3) Unregistered Securities, 4) Unauthorized Tradings, 5) Duo Pricing Systems, 6) Fake Contract value, and 7) Fraud Quarterly Statements.
Prudential Executives call their scam "Groundbreaking Defined Benefit Risk Transfer (DBRT)" during 4Q11 Earnings Call held on 02/09/2012. DBRT simply means that Prudential Executives use "Defined Benefit" to reward themselves and pay dividends to their shareholders and all Risks are transferred back VA customers.
All investors lost money and VA customers lost double in 2010 Bear market year while Prudential was doing 22% better in 2011 than 2010. Without swindling of about 7%, Duo Pricing Systems of 1.04%, and 1% of Benefit/Risk Fee, Prudential
would lost several billiont of money in 2011.
I filed complaints to Attorney Generals,and US SEC last December and many more recently.