I was sold a variable annuity 18 years ago which has been since converted into the ever popular diversified portfolio of investments. The variable annuity probably has a 4% commission to the salesman. Then the individual funds have fees that kick a percentage back to the advisor. Many salesmen (advisors) also charge a management fee 1% or more annually. The good news at the time was that this variable annuity had a fixed 7 year return of 6 1/2% per year. This was when the stock market was booming (tech bubble) and interest rates were still high enough to get 5% CDs.
If you search annuities on the internet you may get a better idea of what the various products offer without the in person sales pitch.
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