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Author: intercst Big funky green star, 20000 posts Top Favorite Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75890  
Subject: Annuity for an 87-year-old woman? Date: 9/15/2013 8:18 PM
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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
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Author: AngelMay Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 72874 of 75890
Subject: Re: Annuity for an 87-year-old woman? Date: 9/15/2013 9:55 PM
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Hard for me to see why an 87-year-old in her position would need an annuity of any species or description.

intercst




Can't you?
Pretend you are the financial advisor.
Do you see why now?

AM

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Author: buzman Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 72912 of 75890
Subject: Re: Annuity for an 87-year-old woman? Date: 9/16/2013 9:56 PM
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I'm a CFP and it seems fishy.

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Author: CoreAndExplore CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 73259 of 75890
Subject: Re: Annuity for an 87-year-old woman? Date: 9/24/2013 12:38 AM
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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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