Slawinksi, 60, was sentenced to more than nine years in prison. Hopefully his case will help prevent others from attempting this kind of scam. It also should serve as a reminder for investors to carefully check the credentials of their investment advisor. Sellers of annuities should be happy to discuss their background and credentials, and also talk about safeguards they follow to protect customers from fraud.
Annuities are Still a Great Product
Even when there is negative press in the news, it’s important to keep pointing out that annuities are still a great retirement planning product. It’s OK to admit to your clients that all financial products come with risk, as anyone who has lost money in the stock market knows. They should also know about all options open to them, such as selling all or portions of an annuity, if that’s what they want. What’s great about annuities is that scams are preventable, whereas there’s not much you can do when a stock you’ve invested in starts tanking. Annuities still offer a great opportunity to ensure clients don’t outlive their wealth. An annuity that’s been properly structured for the client’s situation offers a great safety net of income during retirement. A staggering 84 percent of Americans say they want guaranteed income during their golden years, and because of that an annuity is still a great option for offering clients the security they want.
Unfortunately, senior scams happen. But your clients should rest assured that there is a system of checks in place to assure there are mechanisms to bring scammers to justice. An educated client is a client who’s going to feel comfortable working with you more in the future. Educating clients
So don’t get nervous when a client raises the issue of possible fraud in the Annuities market. Confidently provide your clients with the information and answers they need so that they in turn can answer questions from family members and loved ones.
Catherine Byerly covers the secondary annuity market for Annuity.org and StructuredSettlements.com. She received a Political Science and Communications degree from the University of North Florida and has worked in communications for the past five years, handling everything from on-air public radio casts to writing for business journals.
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