Homework before advising people in a public forum

June 6, 2024 by Sheryl J. Moore

So, I didn’t expect  The White Coat Investor to endorse insurance products, when appropriate, but they sure didn’t mince their words.  Read their story at Mortgages, Universal Life Insurance, and Annuities

“This person is not a financial advisor. You might think you’re getting some sort of beneficial financial advice because you once bought an insurance product from this person, but this is not a financial advisor. This is somebody who sells products, and whether they are selling loaded mutual funds or annuities or cash value life insurance, they are a product salesman. Maybe a couple of years ago, they were selling used cars. Maybe a couple of years from now, they’ll be selling refrigerators. They are not a financial advisor. They might call themselves a financial advisor, but they are not a financial advisor.”

WTH ever happened to playing nice in the sandbox together?!?

People often need the protection of life insurance and annuities.

Who does this [guy/gal] think [s/he] is?

And they are wrong- there is no such thing as an annuity paying a 10% commission. The average deferred annuity commission paid to an independent agent is 5.23%.

Just FYI- the Prudential Financial FlexGuard annuity is a structured annuity/RILA; it is NOT an indexed annuity. And the person who would be interested in purchasing it is someone that wants the opportunity for greater gains than an indexed annuity, but wants less risk than a variable annuity.

BTW- EVERY annuity gives the purchaser the ability to receive payments every month, until they die. It is not just a SPIA, nor DIA, that do that.

Maybe you should do some more homework before advising people in a public forum, White Coat Investor? -sjm