Did you lose money in variable annuities? Billions of dollars worth of variable annuities get sold every years to clients and, in many cases, these investments simply are not suitable and appropriate for investors. This is because of the large fees and commissions associated with annuities that brokers collect. Often brokers take a square peg in a round hole approach when recommending these annuities, regardless of what the client says and of their investment objectives. Many times a broker will recommend a variable annuity because it generates some of the highest commissions and fees. That provides a massive incentive for advisors to recommend the product even if it is not suitable. Brokers and brokerage firms have an ironclad obligation to make reasonable recommendations that are suitable and appropriate for customers and must take into consideration financial resources, actual investment objectives, the client’s age, future earning capabilities, and other issues like that. If you lost money in a variable annuity and wish to have a free review by an attorney, please call us at 312-332-4200.
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