A seasoned investment professional knows that variable annuities are dangerous. Variable annuities are a risk investment and are not issued with the consumer in mind. Annuities that are consumer driven, like select fixed-indexed annuities, offer real protection and growth without unnecessary fees.
Variable annuities do not guarantee returns for the investor. Therefore, they can be lengthy contracts that ultimately produce no upside for the owner and are costly to terminate. In the end, the only person who benefits from the sale of a variable annuity is the salesperson.
This is where Ron Miller, Founder and CEO of the Loss Recovery Center plays a role in the industry. The Loss Recovery Center, or LRC, provides litigation support for cases involving issues in securities. LRC is one of the leading investor defense agencies in the country assisting resolutions in securities cases and arbitration. Phil Cannella, Founder of Retirement Media, Inc spoke with Miller about his role in the industry and the dangers of variable annuities.
While Miller dealt with many forms of cases, he says that a significant portion relates to variable annuities. He considers these investments to be an absolute nightmare for consumers. The dangers and underlying risks associated with variable annuities are simply not worth it. Overall, the best way to avoid putting an investment portfolio in jeopardy is to avoid the entire variable annuity industry all together.