Ask Terry Questions Variable annunity

Variable annunity

By Terry Savage on May 25, 2015 | Investments

My financial advisor put 300000 dollars of my retirement money into a variable annunity , should I not have been asked if I wanted to purchase an annunity , after doing research on annuities feeling like he had his best interest before mine . Can I do anything about this to recover my investment without surrender fee through CFP board or lawyer.

Terry Says:   Wow!  Your “financial advisor” made a purchase that you did not know about or authorize?  Did you sign over “power of attorney” for him to/her to do that?  If not, yes you need a lawyer immediately.  Did this happen just in the past few days?  Annuity companies offer a minimum 10-day “free look” period during which the contract can be cancelled. (Some states, including California, offer a longer cancellation period.)

I don’t know the details of the purchase or the suitability of the investment — but I do know the “planner” made a huge commission.  Please let me know where you live, and I will refer you to good legal advice.  (Send me an email with details at  Also, please send me the name of the financial planner, the name of the annuity product and please re-read your contract with the advisor to make sure you did not authorize investments to be made without your approval.



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