I really do.I met with a couple last month that was sold an Alianz Endurance EIA (NQ) and a two Metlife SPIA (IRA).I told told them how utter wrong it was for them to be in either product and how if they actually neede either, they should switch and do the SPIA with NQ money and put the IRA into the EIA.They are going to use the SPIA money to pay their mortage. The SPIA rate works out to 3.2%. Their mortgage is 6.5%.I advised them to cancel the SPIA - put it back into something fixed. I also advised them to cancel the EIA and use that to PAY OFF the house.They agreed with my advice and cancelled both under the free look. I told them to expect a phone call from the agent trying to change their mind. Their agent made 10% commission from the EIA and probably 5-6% on the SPIA.Today the called me and told me they changed their mind. The other agent was able to use enough smoke and mirrors to make them think a 10 yr EIA is a good deal.God, I hate my peers. On occasions like this, I also loath my ignorant clients. There should be a law of financial malpractice that does not require a complaint to be filed by the utterly ignorant client. I even told them to take the money to another finacial institution; don't bring it to me - just get out of what you are in.Ignoramuses.
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