Articles Posted in Variable Annuities

Phillip John Bucaro submitted a FINRA AWC in which he was fined $7,500 and suspended from association with any FINRA member in any capacity for four months. Bucaro has been registered with The Leaders Group, Inc. since August 2012.  Without admitting or denying the findings, Bucaro consented to the FINRA…

Peter Michael Terlecky III, of Grand Island, New York, was named a respondent in a FINRA complaint alleging that he circumvented his member firm’s supervisory and compliance procedures by concealing and failing to process variable annuity purchase transactions totaling approximately $2.3 million as annuity replacement trades, even though each purchase…

Darrell Smith of Mason City, Iowa, worked at Multi-Financial Securities Corporation from 2001 through 2012.  In 2014, FINRA finally suspended Mr. Smith from the securities industry after Smith failed to respond to FINRA’s request for information.  However, Mr. Smith’s employer, Multi-Financial Securities Corporation, is currently the target of multiple FINRA…

Of all the guarantees, bells and whistles associated with variable annuities, perhaps the biggest guarantee is the steep up-front commission the financial advisor can earn for selling the product. According to a recent Reuters’ article, variable annuity sales in the U.S. totaled $142.8 billion last year, and brokers can earn…

The Securities Exchange Commission (SEC), Investor Bulletin on fees and expenses reminds investors about the effect fees on investment accounts can have on a portfolio over the long run.  According to the SEC Investor Bulletin, “These fees may seem small, but over time they can have a major impact on your investment portfolio.” …

Be prepared, the Securities Exchange Commission (SEC) warns investors, “to ask your insurance agent, broker, financial planner, or other financial professional lots of questions about whether a variable annuity is right for you.“ Investor education is the key to making informed investment decisions, but what questions should be asked? Investors…