One of my golf partners said a neighbor asked for his financial advice. She's an 87-year-old widow with some money in a Fidelity Muni Bond Fund.A Fidelity "Advisor" asked her to come down to the office because her muni bonds were "tanking". Advisor suggested selling the muni bond funds and putting 50% in a money market fund and 50% in an annuity. She has enough income from other sources to meet her expenses, so she wasn't spending any of the muni bond income to begin with.Hard for me to see why an 87-year-old in her position would need an annuity of any species or description.intercst
Hard for me to see why an 87-year-old in her position would need an annuity of any species or description.intercstCan't you?Pretend you are the financial advisor.Do you see why now?AM
I'm a CFP and it seems fishy.
Look up the guy on FINRA's database and I'll bet he has a history of complaints. To answer your question, that is absolutely messed-up "advice" from someone who either lacks the expertise for holistic financial planning, or more likely, is simply looking to goose her savings for a fat pay-day. Preying on the elderly like that is detestable, but all too common from my experience.
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