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I have to interject here. We are bad-mouthing the bank rep without the whole story.
I will be the first to admit that annuities only fit a very small number of client. Let us keep in mind not everbody is a savy foolish investor. Many people are leaving there hard earned money in bank cd's. Right now long-term cd's are not what they used to be. A two year cd at my bank is only paying a yield of 5.15%. This is the best deal in the cd category. While an annuity with 25,000 or higher can 8.00% guaranteed for the first year. After that, as long as there is $25,000 in the account the client gets 2.50% above the current bas rate. While this is not the most foolish way for people to manage their money it does provide guaranteed principle, tax deferal and it does bypass probate.
I am a registered rep and an insurance agent. I am brand new to the industry and feel that it is importnat to know that some of us will only do what is in the best interest of the client. Making broad assumptions about one's character is more "WISE" than "foolsih". In my job, we are taught not to stick someone into a prodcu just because they can afford it. I am trying to build clients for life. If I wanted the quick buck I would have pursued car sales.
Also Please remember that some people have no interest in learning investments and want the highest guaranteed rate no matter what it is. Two words are important for a lot of people....GUARANTEED and HIGHEST YIELD.

Proactively building my future one investment at a time.
Proactively building my career one client at a time.
Dan
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