I have been through the routine of having the local broker banging on my 89 yo mother's door wanting to sell her another annuity, because he could no longer sell her annuities after she turned 90.Attorney Generals in states have already stopped some insurance companies from offering annuities to the elderly. It's a bad practice, but people do it anyway.With so many horror stories of people sold profitable, but inappropriate products, fiduciary responsibility adds yet another layer of accountability.Abusers can be sued. And they can lose their licenses to practice.We need more enforcement.Of course, the bad practice line is fuzzy. In equities, markets can turn against good advice. Was the investor aware of the risks and comfortable with it? In hindsight, what sounds like an opportunity for good returns at somewhat higher risk can turn into a poor performer.Being overly conservative can also be an unintended consequence. That can make it more difficult for people to earn the returns they need for retirement.Its important to get it right.
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