A Product Sold to Seniors May be Bad for Them, Especially if They Need Access to the Money An equity indexed annuity is another bad financial product, sold for a large commission, that seniors (and most people) need to watch out for, no matter how great it sounds. A Florida-based finanacial advisor had his license revoked for selling such annuities and otherwise taking advantage of seniors.
Concern Over Brokers at Banks
Here is an important article about the risks from bad brokers at your local bank branch. Some are not disclosing that certain investments are not insured.
One Faulty Investment The Former Chair of TIAA-CREF's pension funds tells Newsweek that variable annuities are almost always a bad investment.
Morgan Stanley Faces Prosecution Over Fund Sales Contest Morgan Stanley sued for committing fraud; it did not tell investors that it offered cash prizes to brokers who sold its mutual funds but not those offered by other companies. Regulator: "This is the kind of sales culture you'd expect on a used-car lot, not from your stockbroker, to whom you've entrsuted your money."
