Saturday, January 31, 2004

What Did I Tell You About Variable Annuities

http://www.nytimes.com/2004/01/30/business/30insure.html?pagewanted=1

Hmmmmm........Looks like mutual funds aren't the only scandalous game in town. As many people have suspected for a long time, the VA industry is guilty of not acting in the best interests of its clients - of course I doubt anyone is really surprised. The investigations are just starting, but I expect this to be bigger than the mutual fund industry scandals and spread much further than just market timing. The VA industry is an industry that is driven by greed and high commissions, look for some major lobbying from NAVA and ACLI to sway the regulators, lawmakers, and policyholders that the VA companies are innocent bystanders - don't believe a word.

ScottyD
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