FINRA Sanctions Transamerica $8.8 Million over Variable Annuities and Mutual Funds
In December, 2020, the Financial Industry Regulatory Authority (FINRA) fined Transamerica $8.8 million, including $4.4 million in restitution to be paid to 2,400 customers that lost money due to their malfeasance. FINRA determined that Transamerica’s failure to properly supervise the recommendations of their registered representatives for their variable annuity, mutual fund and 529 plans. The […]
FINRA Sanctions Metlife $25 Million For Variable Annuity Replacement Sales Complaints
In 2016, The Financial Industry Regulatory Authority (FINRA) fined MetLife Securities, Inc. $20 million and also ordered the payment of $5 million in restitution for complaints related variable annuity sales. FINRA found that Metlife had committed negligent misrepresentations and omissions when selling variable annuity replacements for tens of thousands of customers. The misrepresentations and omissions […]
1035 Exchanges: Should You Switch Variable Annuities?
Section 1035 of the Internal Revenue Code is a provision that allows the tax free exchange of some types of financial instruments for another one of like kind. This allows owners of poorly performing annuities to transfer funds to a product with better performance and more features without tax consequences. Annuity companies are always looking […]
Seven Things Everyone Should Know About Annuities
Annuities are complex investments that may not be right for every investor, here are seven things everyone should know about them.
Understanding Annuity Death Benefits
Annuity death benefits are not guaranteed. It depends on how the annuity’s payout phase is structured. From a tax perspective, annuities might not be the best option for your beneficiaries.