What's Behind That Fixed Indexed Annuity Sale? Great American Edition
Teachers and School Employees, are you wondering what's behind that Equity Indexed Annuity recommendation and wondering why you are feeling so much pressure to start contributing to that 403(b) with a Great American agent, perhaps the following will enlighten you:
Through May 2, 2014 Great American reps get an extra $50 per application submitted and if they submit 25 applications they get another $500. This is on top of their commissions and if that wasn't enough incentive, they'll earn points that they can use to purchase perks that range from "luxury vacations to today's hottest electronics."
Are Great American products in your best interest? It doesn't matter, they only need to be "suitable" for the rep to sell them, they do not owe you any Fiduciary responsibility.
Next time you are approached about buying a 403(b) from a Great American rep you should ask them what perk they are qualifying for by you signing up.
Scott Dauenhauer, CFP, MPAS, AIF
For the folks at Great American who are upset with me posting the screenshot, it was unprotected and available on the web with just a simple search. Here's the