[Annuities] typically work against investors, clouding their view of a high-fee, restrictive product with limited investment options by peddling secure and comfortable feelings.
Camas, WA (PRWEB) October 27, 2015
Fisher Investments’ founder and CEO Ken Fisher gave an exclusive interview to Jane Wollman Rusoff of Research Magazine detailing the values underpinning the firm's Annuity Conversion program. The article, republished at the magazine’s sister website, ThinkAdvisor, details what Ken Fisher sees as the unseemly reality underlying variable annuities.
Ken Fisher detailed his view that these products typically work against investors, clouding their view of a high-fee, restrictive product with limited investment options by peddling secure and comfortable feelings. Ken Fisher said, “People feel good when they smoke cigarettes, too. The consumer wants all upside and not have to worry. They want that comfort—the notion that they’re getting a nice, smooth, safe [promised] ‘13% a year’ forever. That’s taking advantage of a weakness on the part of the consumer.”
Fisher Investments’ Annuity Conversion program aims to educate current and prospective annuity owners about the nuances of what they own versus what they think they own. As Ken put it, “Our people talk with investors about the annuities they have versus what they think they have. That commonly leads to our having a discussion with them and the annuity company’s [service] people. They learn that what they heard from the salesperson who sold them the annuity is almost never true.” Ken continued, “I’ve met lots of variable annuity salespeople who believe that what they’re saying is 100% the truth, and they don’t know that what they’re saying isn’t correct. They believe in their heart that they’re doing the best thing for their customers, but they don’t understand what the contract is.”
Fisher Investments’ Annuity Conversion program offers professional analysis and assistance in understanding annuities. If the annuity owner is amenable, after analyzing the annuity, Fisher Investments will gather significant information about the investor’s financial situation and develop a proposal they can compare their present situation to.
About Fisher Investments
Founded in 1979, Fisher Investments is an independent, privately-owned money management firm with tens of billions under management. Fisher Investments maintains two principal business units, Fisher Investments Institutional Group and Fisher Investments Private Client Group, which serve a global client base of diverse investors. Fisher Investments’ clients include over 150 large institutions and over 27,000 high net worth individuals. Founder and CEO Ken Fisher has written the Forbes “Portfolio Strategy” column for over 30 years, has written eleven books on investing and personal finance (four of which are bestsellers) and was named by Investment Advisor magazine as one of the 30 most influential industry individuals in the last 30 years (Thirty for Thirty, May 2010).