My MIL recently revealed to me that she opened "another annuity" on the recommendation of her financial advisor because she has too much idol cash. Evidently, she has several of these annuities.
I'm not a finance pro, but the fact he has been pushing annuities on her as an investment tool threw red flags up because I feel like there's a hundred better options available than using annuities in her situation. She's single, close to retirement, earns a high salary, and saves every penny.
She has used this financial advisor for years. I did some searching on him and the firm he owns (he's an independent evidently) using brokercheck.com, the SEC website, and our state's advisor search tool...and nothing pulls up. Nothing. A google search of his firm pulls very little up as well.
Before i approach her, I wanted to make sure I had my facts straight. This guy is managing over a million dollars for her and I don't want to create panic if there's no reason to.
Should I be worried?
Submitted April 17, 2021 at 12:50AM by reconfit https://ift.tt/3trVg8Z
