Search Results for: "annuities of mass destruction'"

An Annuity that Could only be Sold by Satan

“Are there any ‘Last Minute Cowboys’ who can saddle up and ride?” An IPI Senior Regional Director (AKA Douchebag) Improper annuity sales by sleaze bag brokers are not exactly current events. This case sticks out for its sheer evil. A company called IPI financial made an unholy alliance with a group of community banks. According…

A Fiduciary, in Name Only

“I was selling JPMorgan funds that often had weak performance records, and I was doing it for no other reason than to enrich the firm … I couldn’t call myself objective.” JPM Adviser Disclosure is a very poor substitute for “best interest.” According to Barbara Roper of the Consumer Federation of America, investment firms are…

Radio Free 403(b)

  The information flow directed to teachers about their retirement plans is either non-existent or worse, highly conflicted. The war of ideas is being won by messengers preaching the virtues of high-fee and commission-based products that reward the salesperson much more than the retirement investor. This situation brings back memories of the worst days of…

The Financial Basket Of Deplorables

“To be a gross generalist, you can put more than half of investment products into what I call the basket of deplorables: overpriced, non-transparent, extremely conflicted, you name it. Unfortunately, there are people out there who believe the false stories sold to them.” This is my “financial product” version of Hilary Clinton’s uncomplimentary description of…

Act As If What You Do Makes A Difference. It Does.

On the eve of the implementation of the Department of Labor’s fiduciary rule, there is a smell of danger combined with real change in the air.  You are not really paying attention if you do not get the sense that this time it just might be different. More finance types are looking at themselves and not liking what…

Who is Roaming the Halls of your Child’s School?

The Bubonic Plague of high-cost variable annuity infestation has extended its predatory tentacles into the classrooms of our children. Invaluable teaching and planning time are at risk due to marketing schemes designed to entrap teachers. While the damage being done to teachers’ 403(b) plans by high-cost variable annuities is irrefutable (see here) something much more sinister has…

Fees Knock and Ping Investment Returns

Money spent on car repairs can be as dubious as investment fees. Both tend to be confusing, deceptive, and often unnecessary. The amount of money spent on unnecessary car repairs is mind boggling. The National Highway Traffic Administration estimates that automotive service consumers are scammed out of tens of billions of dollars every year. This…