A series 66 is a combined 65 and 63. I’m glad to hear that you actually are a fiduciary, as most annuity slingers I encounter simply lie about that fact. Always easy to double-check using the IAPD site with the advisor name and state.
https://t.co/RGAfZBe6ai
The point remains that unsophisticated investors are sold annuities as secure investments. The long surrender periods of these annuities gates the retirees cash flows, which is massively beneficial to all the entities involved in this SPV. Except, of course, the annuity owner.
Do you have your Series 7 and 66? A CFP designation? Or is insurance the only investment option you’re legally allowed to sell?
The point of ZH’s post is that these SPVs hold MUCH more risk than standard credit vehicles and allow these companies to hold debt off the books.
Annuities are not FDIC or SIPC insured, they’re only backed by the company, and if said company is taking excess risk, that is a bad investment decision for Grammy who thinks her little nest egg is safe.