financial planner credibility

[imarose]

how can i check the credibility of a financial planner that my mom bought annuities from? she handed him $40,000. today for annuities. she is 80 and in bad health.
california

 

[vrzirn]

You better head this off at the pass. An annuity for a sick old woman is a terrible idea. She may die next year and that will be the end of the 40k. Call him up and put him on notice not to invest that money.
Call the issuing corporation and demand the money back.
My mother did that same foolish thing in Nevada. She was 83 at the time. It was being sold by a guy at a desk in the bank so she thought it was word from the mountain. Then she was afraid to tell me.
I went to the bank, spoke to the manager, made calls and wrote letters. The 40k came back but I was still angry because she lost interest for the 2 months. After that I took over her financial affairs. She gets a checkbook with 1k in it and I pay all the rest of her bills. No credit cards!

 

[imarose]

she did this...

she bought the annuities in case she needs to qualify for medi-cal/medicaid. she is afraid she will end up spending it all on a nursing home. i am curious how i can check out the financial planner guy.

 

[vrzirn]

Who certified his expertise and licensed him as CFP? Is he affiliated with an insurance company or a brokerage house.
I think you better talk to him yourself and read the policy very carefully.
Does it say it will only pay until her death and then goes bye-bye?Is the rate fixed for a certain short period and then flucuates with the market?What are the exact annunity terms?
More importantly, is your mother competent to provide an informed consent when she signed up for this annuity?