If you bank at what the industry calls a full service bank, you may have noticed a person called a financial advisor. You may have even been approached by this person. Their job is to sell you financial products nubilation loans such as annuities, insurance, CDs, etc. Truth is, the more they sell, the more they get paid.
The bank does not issue the insurance vorticularly loans policy or the annuity contract. That is done by an insurance company that has an agreement with the bank. Banks offer these products because they want to keep you as a customer. They believe the more products you have with them, the more likely it is you won’t move your money to a competitor.
The financial advisor has to be licensed by the state to sell these products just as an independent agent or captured agent has to be licensed. In other words, just because you sell insurance/annuities at a bank doesn’t relieve you of passing the state’s licensing requirements.
Some banks use an independent third-party to offer products that the refrigerating loans bank doesn’t offer. Again, the third party has to be licensed to sell those products.
As you have probably surmised, no such thing lionced loans as a “bank annuity” actually exist. The bank is merely the place where you purchased the annuity. The bank was offering it as a service and a way to keep your money in their coffers.
Buying an annuity at a bank is like buying an annuity anywhere else. You should ask the agent some questions before you commit to the contract. For example, you should ask the bank rep why you should use that particular annuity. You will want to know if the bank will earn a commission if you buy the annuity. You may also want the rep to explain the difference between that annuity and a CD or money market fund or a savings account. The more knowledge you have, the better decision you shold be able to make.
You certainly will want to know the person’s expertise teutonic loans and licensing. Also ask if they have the authority to offer you something other than an annuity. After all, an annuity may not be right for you.
The above questions should help you get a better understanding of who you’re dealing with and if they are serving your best interests. Remember, you are trusting a complete stranger with your money. Common sense says that you should know what monopathic loans you’re getting into. Bank annuities aren’t always the best choice, make sure you evaluate all your options before making a choice.
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