Mike Palmer Quoted in MarketWatch on The Perils of Annuities

It's often said that annuities are sold, not bought. A recent MarketWatch reader shared a bad experience they had with a financial advisor who misled them - claiming to be a fiduciary and then selling them a fixed index annuity - which is a product that's NOT held to a fiduciary standard. This is a tactic we've seen all to often. 

What You Need to Know If an Advisor Claims to be a Fiduciary

The bottom line: If an advisor is claiming they are a fiduciary, get them to put in writing. Insisting that any advisor you work with sign a "fiduciary oath" - one that states the advisor is  always and only working as a fiduciary and they aren't receiving any commission compensation, is the best way to protect yourself. The regulatory rules governing advisor conduct clearly state that an advisor selling any commission product, such as an annuity, isn't working in the client's best interest (the fiduciary standard).  

Read the full article - 'Shame on me...and shame on him.' I bought 3 annuities from a financial planner, but what he said I was buying - and what I signed off on - weren't the same. Now what?