Posts Tagged ‘variable annutiy’

Is Your “Senior Specialist” a Con Artist?

May 6th, 2011

Elder abuse isn’t just physical and/or emotional. It can also be financial. If you’re an older American, protect yourself from financial loss by being aware of scams and scammers in your community.

Today, investment advisors who claim to be “senior specialists” can pose a threat to your security. Although some of these “specialists” have completed educational courses and exams, others have little or no training. Can they reduce your taxes just because you’re a senior citizen? Can they protect you from normal market risks? Or get you out of probate costs? The answer is no—on all three counts. As with most scams, if it sounds too good to be true, it probably is.

If you’re 55 or older, a so-called “senior specialist” may invite you to a free dinner and seminar. If you attend, be on your guard. You’ll probably be pressured to contact the presenter after the presentation. Very often seniors are advised to liquidate their portfolios and buy financial products from the “specialist,” who then receives a high commission. Unfortunately the products that are often sold, such as variable annuities and equity indexed annuities, have long holding periods and early withdrawal penalties, which can make them particularly unsuitable for older people.

If you’re approached by anyone claiming to be a “senior specialist,” check his or her credentials with your state securities regulator. The specialist may be an unregistered investment advisor. To learn how to contact the regulator where you live, go to To check a broker’s complaint and disciplinary record, visit “FINRA Broker Check” at

If you think you’ve been the victim of investment fraud at the hands of a “senior specialist,” contact Carlson Law today at 619-544-9300. We may be able to help you recover your financial loss.

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Posted in Broker Fraud, Fiduciary Duty Breach, Investment Fraud, Negligent Misrepresentation, Securities Arbitration, Securities Fraud, Securities Law, Securities Litigation, Stock Fraud, Stock Loss | Comments (3)