Financial Services Industry
Industry: Email Alert RSS FeedHard-sell VA tactics under fire; NASD issues an alert, and plans a crackdown.(News)
Investment News, June, 2003
Byline: Rick Miller NASD plans to come down hard on brokers who resort to scare tactics when pitching variable annuities, particularly to senior citizens. The brokerage industry's self-regulatory organization has cases under investigation, yet to be made public, that concern the improper marketing of VAs to seniors or in places where many seniors live, such as Florida, according to NASD enforcement officials.
In an attempt to warn seniors and other buyers about strong-arm methods used by brokers, NASD issued an investor alert last week on its website and through the media. The alert, "Variable Annuities: Beyond the Hard Sell,'' is a primer on VAs, with guidance on how buyers can protect themselves. "The marketing efforts used by some...
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