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09-30-2024, 11:13 PM
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Sage
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Join Date: Aug 2009
Location: NJ, NM, SC, PA, DC, MD, VA, NY, CA, ID and finally FL.
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Quote:
Originally Posted by Packer Fan
And you would be wrong. I am not a fan of QLACs necessarily. The only use case I actually can see is maybe for long term care. However, these were actually created by the IRS and are DIAs (differed income annuities), which do not have huge fees like say a Variable annuity or possibly an indexed annuity. They are basically SPIAs that are deferred. They are commodity products and do not have huge commisions (although what that has to do with anything is still beyond me), and are not "super profitable" (whatever that means) for the insurance companies.
Most sales people make good commisions in general - it is a tough job, and they earn them. Heck, the same people who begrudge an insurance salesman a commision will pay a financial advisor 1% EVERY YEAR and not realize it is WAY more.
Ed
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Well, I have never paid a "financial advisor" anything. 1% of AUM is over 14% of a 7% return. I also steer clear of annuities which are only sold, never bought as they are commission driven $$$$$.
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