Did you know insurance brokers are offered cars to sell you annuities?

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?