The past ten years has seen an explosion in the sale of variable annuity investments to the investing public. Variable annuities are an investment vehicle, which includes certain tax deferral benefits invested in any number of sub-accounts oftentimes tied to the performance of the stock market. These investments include annual fees and charges which often approach 3% a year, as well as sales commissions and surrender penalties.
While variable annuities may be appropriate for certain investors, there is a considerable body of collective wisdom in the financial industry which suggests that variable annuities have been oversold to unsuspecting, unsophisticated investors by banks and brokerage firms for the sole purpose of generating various fees, charges and commission without any concern for the best financial interests of the investor. Further, variable annuities are often improperly sold to retirement or qualified accounts which already have tax deferral features associated with them under law, such as IRA’s and other retirement type accounts.
We have represented the interests of investing individuals who have been improperly sold variable annuity products and look forward to discussing your remedies with you in a free initial consultation if you feel you have been similarly victimized.