https://www.retirementplanningscottsdale.com/2018/09/27/anil-vazirani-explains-complex-proprietary-fixed-index-annuities/ Anil Vazirani explains Complex Proprietary Fixed Index Annuities . Seniors across Arizona and other states are being targeted by insurance agents with ads promising investments generating returns of up to 9% with no market risk. Insurance agents are marketing new, complex proprietary Fixed Index Annuity (FIA) products through newspapers advertisements using language designed to make these agents and their small insurance agencies indistinguishable from large regulated financial institutions. Seniors are falling victim to these deceptive advertising practices, and by the time they realize these proprietary FIAs are too good to be true, retirees are forced to make the Hobson's choice of paying exorbitant early termination fees or risk waiting ten years with no return on their investments. Seniors save their entire lives to live comfortably in retirement and cannot afford to see their savings locked up in investments that grossly underperform the returns promised to them by salesmen who are not subject to Arizona and other financial securities regulation but who are oftentimes giving investment advice without an investment license in violation of the Investment Company Act of 1940. What are complex proprietary Fixed Index Annuities? Marketed mostly to seniors, complex proprietary FIAs are investment products that offer full protection of the principal investment while promising minimum rates of interest over a fixed number of years. Advisers and insurance agents pitch FIAs as bank certificates of deposit on steroids with the security of being tied to a stock-market index while guaranteeing against losses if the market falls. While some traditional FIA’s (with strong guarantees) have their returns linked to traditional indexes (e.g. S&P 500), new, complex proprietary versions link to exotic indices with promises of unsupported, hypothetical returns with little or no track record. Despite using language that ties the complex proprietary FIA to the market, the Securities and Exchange Commission does not regulate or license Complex Proprietary FIAs. Rather, Complex proprietary FIAs are regulated by the Department of Insurance of each state. Issues with complex proprietary Fixed Index Annuities: Marketing materials for these new complex proprietary FIAs often show annual returns up to nine percent each year in personalized 10-20 page illustrations, but do not clearly explain that the performance is hypothetical using the benefit of hindsight and back testing. In reality, we have seen that after the 2-5 year strategy term, most pay zero percent. Often, complex proprietary FIAs restrict the potential for earning by setting caps on annual gains and/or excluding dividends from the calculation of payouts thereby limiting what consumers can earn even if the particular index performs extremely well. These complex proprietary FIA contracts have several anti-consumer features that are not fully disclosed, including:
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