Pressured to Buy EIA's - Another Sales Tactic

Q. I too have been approached about moving money from an IRA/401(K) toEquity Indexed Annuities. Your question/answer that I found in my search was very enlightening. I need to know how best to proceed rather than throwing hard earned money away. I hope you can provide insightful answers. The advisors are hard pressing for action, which I do not want to perform. What can I do?

A. Your situation is not unique in any way. Yes, I can help you explore your alternatives so that you will be able to make an informed decision without all the sales pressure. I manage money for a small number of clients nationwide. I don't need your account. That gives me the freedom to tell you the truth and to make recommendations that are in your best interests--regardless of whether they benefit me or not.

Here's how to deal with those pressuring you. Say NO. Let them know that you appreciate their time but explain that you are going to take your time making a decision and that if you decide that you want their EIA that you will contact them.

Ask them for a copy of the "Statement of Understanding". This is the disclosure document that is the closest thing to the actual contract you get to see prior to purchase. If you like, I can help you understand the ramifications of what the SOU says. You will find that it is significantly different that what is portrayed.

YOU DO NOT NEED TO MAKE A DECISION RIGHT AWAY. Their pressure is just a sales tactic. Your reservations are justified. They fact that they are applying the pressure should be your first red flag.

Your posted comments on this and other questions are welcome.
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