One word… Dirtbags!!! This is all too common in the financial industry. The remedy is to use a fee-only advisor. Read on…
via Jason Zweig at the Wall Street Journal:
One adviser recently forwarded me two emails he had received from Table Bay. The first offered a Maserati to advisers who sell at least $7.5 million in annuities in 2014 and a BMW, Range Rover or Porsche for at least $6 million in sales.
The second email linked to a flier for a seminar featuring an index annuity paying a 9% commission. The flier promised that the seminar would help convert “shoppers” and “plate-lickers” into customers, producing “HUGE commissions.”
Could awarding Maseratis and other luxury cars encourage advisers to favor high-fee products that might not be ideal for clients?
