i would like to know what can be done about my financial adviser.
what he has done absolutely must be
fraud, poor ethics, a flat out lie or total incompetence.
let me explain. i took out a number of annuities with
ed fredericks 500 post road westport ct.
this is how he exactly explained the way they work
every single time i asked him. and i asked him over 10 times.
lets use these values for when i start withdrawing
and lets use 5% at 59 1/2 withdrawal rate
ORIG INVESTMENT 200K
300K = GMIB WHEN I TURN 59 1/2
215K =total account value WHEN I TURN 59 1/2
290K = death benefit WHEN I TURN 59 1/2
WHEN I START TO WITHDRAW AT 59 1/2
MY BROKER TOLD ME. this is exactly how he explained it to me
time after time after time
1) 5% of 300k would be 15 k per year forever even if i live to 200 years old.
2) then when you die your beneficiary receives the 290K death benefit.
again i asked him if this is correct time after time after time
and he said absolutely yes time after time.
NOT TRUE, WHEN I START WITHDRAWING AT 59 1/2
MY DEATH BENEFIT DECREASES BY THE AMOUNT I AM TAKING OUT.
SO IF MY DEATH BENEFIT WAS 290K AND I START TAKING OUT 15 K
PER YEAR IN 13 YEARS MY DEATH BENEFIT WOULD BE 1/2 OF
THE 290 K AND IF I LIVE 26 YEARS AFTER 59 1/2 THERE WILL BE NO DEATH BENEFIT LEFT.
WHY WOULD ANYONE EVER INVEST IN AN ANNUITY UNDER THESE TERMS.
HOWEVER UNDER THE FALSE TERMS ED FREDERICKS LIED TO ME ABOUT
IT SOUNDS LIKE A VERY GOOD INVESTMENT.
well this is not the case. i found out he was either lying or he is so incompetent
he did not know how the payout works. but that is not my fault.
i would never ever have taken annuities out if it was explained to me that way.
i could get 6% from at&t all day long and still have my
account value for my kids when i die.
i would like to know what can be done about this.
now i have to sell all of my annuities for the total account value
of 215K over 8 years of a 200K investment
so i make about 1% per year because i was GIVEN FALSE INFORMATION BY ED FREDERICKS westport ct location.
by any means do not use this individual, i have not heard back from lpl yet either
Reason of review: Not as described.
Monetary Loss: $171000.