Are You A Retiree Who Suffered Serious Variable Annuity Losses?
Investors File FINRA Lawsuit Seeking Up To $1M In Damages from Ameriprise Financial
For years the Financial Industry Regulatory Authority (FINRA) has been cautioning brokers against selling variable life insurance to retirees. The self-regulatory organization (SRO) has even said that certain products, such as deferred variable annuities, could be too risky for many older retirees. Yet that hasn’t stopped many financial advisors from unsuitably recommending that seniors use their retirement money to invest in variable annuities (VAs). Such investments tend to be illiquid and are generally long-term investments, while many older investors, because of their age, are best suited for financial products with shorter-term investment horizons and aren’t too volatile or high-risk. It is important to note that this holds true even with VAs that come with riders specifically for seniors.