What is the name of your state? TN
I recently reviewed my elderly parents portfolio have at a major broker. I found that during the last month of the past three years they have been sold variable rate annuities totaling 135,000. Leaving only 30,000 in a mutual fund account. My mother's Retirement account is now totally in Variable Rate annuites, she is 79 years old. The last annuity sold to them was for my dad who was 85. They sold him all the riders, some of which he became too old to exercise because he turned 86 three days later. I have a NASD complaint filed and was contacted by a NASD supervisor 3 days later. Today I talked with the brokers Client Relations person (who is an attorney) and he wanted to know what UBS could do to make my parnets and me satisfied. Do I deal with them alone? get an attorney myself? or just hold out until the NASD investigation is complete? Personally, I want them them out of the VRA's retaining interest earned and the company compensating all surrenders fees. There are many issues I have found that would fill up way too much space here, but I need a little advice. VRA's are defiantely not investments my parents need. Their networth does not indicate any need for a fianancail insurance policy. I am concerned and (un-educated) about the tax consequences of liquidating, and figuring how to fairly resolve the issue.
I recently reviewed my elderly parents portfolio have at a major broker. I found that during the last month of the past three years they have been sold variable rate annuities totaling 135,000. Leaving only 30,000 in a mutual fund account. My mother's Retirement account is now totally in Variable Rate annuites, she is 79 years old. The last annuity sold to them was for my dad who was 85. They sold him all the riders, some of which he became too old to exercise because he turned 86 three days later. I have a NASD complaint filed and was contacted by a NASD supervisor 3 days later. Today I talked with the brokers Client Relations person (who is an attorney) and he wanted to know what UBS could do to make my parnets and me satisfied. Do I deal with them alone? get an attorney myself? or just hold out until the NASD investigation is complete? Personally, I want them them out of the VRA's retaining interest earned and the company compensating all surrenders fees. There are many issues I have found that would fill up way too much space here, but I need a little advice. VRA's are defiantely not investments my parents need. Their networth does not indicate any need for a fianancail insurance policy. I am concerned and (un-educated) about the tax consequences of liquidating, and figuring how to fairly resolve the issue.