I don’t want to sound like a broken record, but it’s because of annuities sold in this lawsuit, and pushed by IMOs I would have a tough time recommending, that I put out newsletters titled The Best FIA IMOs Won’t Offer. To learn more, click on the following link:
To download the complaint in a PDF (no signup form required), click on the following link:
While I blame the insurance company for its greed, I also blame the IMOs who push, and even sometimes even help create, these products.
A few IMOs were named in the lawsuit as supporting the SB annuity with the main one being Advisors Excel (From the complaint: Todd Boehly, the Chairman of Security Benefit, and Cody Foster, co-founder of Advisors Excel, attended Washburn College together. Security Benefit and Advisors Excel partnered to develop the Secure Income and Total Value Annuities).
As I stated in my newsletter, if a product looks too good to be true (and if it’s paying commissions that are abnormally high), it’s probably a product you want to stay far away from.
Roccy DeFrancesco, JD, CAPP, CMP