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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.

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Anonymous
#1532786

I too have had bad experiences with LPL Advisors and have mostly been able to part ways. You might try to file a compliant with your State financial protection staff if they have one or they might have a different name that is used.

I filed a compliant, but nothing really happened and I found the Financial Advisor profession is poorly regulated and often they just seem to be sales people with minimal qualifications. They lost me a bunch of money too while they made a lot.

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