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re: Do I have a bad financial advisor?
Posted on 3/12/24 at 2:08 pm to Fat Bastard
Posted on 3/12/24 at 2:08 pm to Fat Bastard
quote:
should not have that garbage at 54 or 44 or 34 for cripes sake. maybe 64 but i cannot stand annuities.
What about if you could find a multi-asset relatively high cost mutual fund that had a guaranteed death return of highest growth value as well as a component that guaranteed an accumulation amount that grew at a minimum fixed rate each year(maybe 5-6%), even if the actual market performance was negative? What if you could add insurance to that mutual fund for a small % that guaranteed a certain value of funds for withdrawal in 10, 20 or 30 years?
Would that be a good place to put part of my long-term/retirement money?
1
Posted on 3/12/24 at 6:15 pm to LongTime Tiger
quote:
What about if you could find a multi-asset relatively high cost mutual fund that had a guaranteed death return of highest growth value as well as a component that guaranteed an accumulation amount that grew at a minimum fixed rate each year(maybe 5-6%), even if the actual market performance was negative? What if you could add insurance to that mutual fund for a small % that guaranteed a certain value of funds for withdrawal in 10, 20 or 30 years? Would that be a good place to put part of my long-term/retirement money?
Without knowing more, I’d say no.
Ask yourself this - why would the insurance company even offer it if it was a good deal for you on average?
Posted on 3/15/24 at 6:34 pm to Saint5446
You do have a bad FA. You don’t need any of those products. Those products are for FAs to rip off old folks.
Posted on 3/17/24 at 5:33 pm to Saint5446
quote:
I am 38 years old
quote:
moved 142k into a variable annuity
The financial advisor is borderline criminal. He did this because the commission and trailer fees are extremely high on this product.
However, annuities can be complex and can come with high fees. Historically, annuities have been associated with high sales commissions for the representatives that sell them, often running 6 percent or more
Stick to a growth index ETF fund and you’ll do fine.
This post was edited on 3/17/24 at 5:37 pm
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