Clients will be better off using the income allocation strategy than the asset allocation approach when building a retirement portfolio, an advisor says.
The regulator accused the four firms and the Advisor Group network of supervisory failures in sales of L-share VAs in separate but near-identical cases.
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.
