Jackson Lifeguard Freedom 6 Net

[Petunia 100]

My wife is a mortgage lender and she said they are required by law to tell people that they are "not financial planners" and that people who claim they are must be CFP certified,so I don't know.

To use the designation "CFP", you must be a Certified Financial Planner. To call yourself a "financial planner", you do not need any particular credential.

http://www.sec.gov/answers/finplan.htm

Where it says this:

Other professionals call themselves financial planners, but they may only be able to recommend that you invest in a narrow range of products and sometimes products that aren't securities.

they are referring to insurance salespeople. Being licensed to sell insurance doesn't enable one to sell securities, but does enable one to sell investments wrapped inside an insurance product.

If I only sell hammers, I will suggest you need a hammer. It doesn't matter to me that a screwdriver or a wrench would be a better tool for your purpose; I make my living selling hammers.

[lrodptl]

Doesn't change that the advice given to you was horrible and if you need help there, you should hire a fee only financial planner that doesn't gain anything for recommending certain investments.

Agree,thanks.

[lorraineb]

Doesn't change that the advice given to you was horrible and if you need help there, you should hire a fee only financial planner that doesn't gain anything for recommending certain investments.

[lrodptl]

Anyone can call themselves a "financial planner". Anyone. And it's perfectly legal.

End your relationship with this life insurance salesperson, who only makes money if you buy the products s/he is licensed to sell.

Either educate yourself about financial matters, or work with a CFP (this is a real credential, not a job title anyone may use), or both.

My wife is a mortgage lender and she said they are required by law to tell people that they are "not financial planners" and that people who claim they are must be CFP certified,so I don't know.

[lrodptl]

[QUOTE=disneysteve;355016]That sums it up nicely.

Your "financial planner" is nothing of the sort. He is a sleazy used car salesman. Get away from him as fast as you can.

How is your 401k invested currently? How old are you?[/QUOTE

I'm 54 and have 500K in a 401K. I'm planning on retiring at 60,presently have 350K in stocks,no debt except the mortgage which will be paid in 2 years. The 401K is all in various growth funds which maybe a poor mix at my age but it reflects my higher risk personality. The "financial planner" was originally my insurance contact from John Hancock that consolidated multiple policies I had. When she called herself a financial planner on Friday,a red flag went up in my mind. I did have some curiosity about Annual reset annuity funds but she had no immediate knowledge.

[Petunia 100]

My financial planner just tried to encourage me to trade 401 K assets into this annuity. Fees are in the 4-5% range. Any opinions?

Anyone can call themselves a "financial planner". Anyone. And it's perfectly legal.

End your relationship with this life insurance salesperson, who only makes money if you buy the products s/he is licensed to sell.

Either educate yourself about financial matters, or work with a CFP (this is a real credential, not a job title anyone may use), or both.

[disneysteve]

My financial planner just tried to encourage me to trade 401 K assets into this annuity. Fees are in the 4-5% range. Any opinions?

Yes. Get a new financial planner.

That sums it up nicely.

Your "financial planner" is nothing of the sort. He is a sleazy used car salesman. Get away from him as fast as you can.

How is your 401k invested currently? How old are you?

[lorraineb]

Yes. Get a new financial planner.

[lrodptl]

My financial planner just tried to encourage me to trade 401 K assets into this annuity. Fees are in the 4-5% range. Any opinions?