financial planning and investment management

A Widow and Her Expensive Annuity
A widow took over the family business alone after working side by side in the business with her husband for many years. The husband had been in charge of the company’s and their personal investments, including the company’s retirement plan for all employees.

Shortly after the husband’s death, their stockbroker contacted the widow to “help” her. He promptly rolled the entire company’s retirement plan into a high-commissioned annuity, moved the widow’s and her daughter’s IRAs into the same annuity product, and divided her non-taxable personal investment accounts into four smaller accounts, so that brokerage fees could be assessed at the highest level on all four accounts!

The widow’s very bright son-in-law immediately suspected wrongdoing on the part of the broker, and he contacted us. Because he was so timely, we were able to undo the annuity purchases at no cost. We also recombined her personal investments into one account and booted the broker!


Understanding, knowledgeable, experienced and qualified