These products get a bad rap, but they can be useful in certain situations. However, advisors must make sure their clients aren’t losing money from sky-high expenses.
The firm failed to accurately describe the costs and benefits of exchanging variable annuities and recommended exchanges without knowing if they were suitable, FINRA said.
Benefit are usually expected to replace about 40% of their pre-retirement income, but that's an average, so many people will get even less. The question is: how much less?
