Tim O'Connor's Blog

Deferred variable annuities are investment products which have features with both insurance and securities (mutual fund) characteristics.  They may be purchased in non-qualified (non-retirement) type accounts as well as in tax-qualified, employer-sponsored retirement or benefit plans.    FINRA Conduct Rule 2330 requires that brokers selling these products adhere to FINRA’s new Suitability Rule 2111 and […]

Over the past several years, a number of banking institutions have been involved with the sale of variable annuities to retirees and senior citizens.  These sales take place through their FINRA-registered broker-dealer affiliates, such as Uvest (First Niagara Bank), Key Investments (KeyBank), COO (Citizens Bank), and M&T Securities (M&T Bank).    Through branch offices in […]

In an article entitled Buying Your Own Pension, in the July/August 2012 edition of the AARP Bulletin, veteran financial writer, Jane Bryant Quinn, examines the wisdom of living benefit variable annuities.   In the article, those considering the purchase of variable annuities with living benefits are advised to first look at the annual expenses and […]

Equity-Indexed Annuities are complex financial instruments that have characteristics of both fixed and variable annuities.  The return earned by investors on equity-indexed annuities can fluctuate –  returns are not fixed or guaranteed and thusly carry more risk than a fixed annuity.  Many investors are not clearly made aware of this fact at time of purchase. […]

The Investor Protection Bureau of the State of New York is a division of the New York State Attorney General’s Office.  This Bureau is charged with enforcing the Martin Act, New York State’s statutory securities laws.   The Martin Act empowers the New York State Attorney General’s Office to investigate suspected fraudulent activities in the […]