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.
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