Word on the street has it that Dateline NBC is focusing its hidden cameras on seminars and appointments with advisors who sell annuity products to seniors.
This is not necessarily a bad thing. I applaud anyone who can help the industry get rid of the bad guys who give annuity products an unmerited bad reputation. That being said, I fear the angle that will likely be taken as Dateline goes undercover to investigate annuity sales practices. Dateline will uncover the most unscrupulous “free lunch” seminar advisors they can find. What we won’t see or hear about will be the many seminars Dateline’s people will likely attend that are completely ethical and informative. They will seek out the worst of the worst and portray this miniscule percentage as being widespread in an effort to alarm and enrage viewers.
Financial advisors and insurance agents who specialize in selling annuity products to seniors will be branded as a pack of predators who prey on unsuspecting seniors, pushing high-commission products that may well be unsuitable for an individual’s needs.