Complaint Review: Bob Brinker - Internet
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- Author Confirmed
- Bob Brinker www.bobbrinker.com Internet U.S.A.
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- Category: Investment Brokers
Bob Brinker He gives erroneous information to callers asking about fixed annuities. Internet
*Consumer Comment: well, this all depends.
Show customers why they should trust your business over your competitors...
On numerous occasions people have called in asking advice regarding fixed annuities and Brinker constantly tells people to get out, they have excessive fees, and they can't make any money. All of which is untrue.
There are hundreds of thousands of people today who would certainly like to have had a return of 5% to 8% on their portfolios these last 3 years. He continues to tell callers to invest in securities, thereby putting their money at risk, incurring fees, paying commissions
and loads. (Even no load funds have hidden fees)
He refuses to return my calls or answer my emails and he professes to be a financial planner.
Richard
Rohnert Park, California
U.S.A.
This report was posted on Ripoff Report on 06/13/2009 07:00 PM and is a permanent record located here: https://www.ripoffreport.com/reports/bob-brinker/internet/bob-brinker-he-gives-erroneous-information-to-callers-asking-about-fixed-annuities-intern-461491. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 Consumer Comment
well, this all depends.
AUTHOR: jtgh - (USA)
SUBMITTED: Monday, October 26, 2009
That is his opinion and as such is not a true rip off ( did you lose money?)
this is not a defense.
First off there are many kinds of annuities.
immediate, fixed, and variable.
he is speaking ( to paraphrase him) about immediate annuities.
the ones where you turn over all your life savings and it became the insurance companies money and you recieve a life time benefit or a fixed amount of time or only the interest on the money for ever.
so , if the market increases, you lose, if the dollar devalues (hello? read the news now) you lose.
i am retired in 19 days. so this is all fresh in my mind ( a customer)
I now have the below choices.
1: do nothing unit 701/2 and take mandatory distributions.
2: get a fixed annuity , whole and in part, for a certain # of years, or cash or interest.
3: get a immediate fixed life annuity for my wife and I , guaranteed for our lives.
4: Variable Annuity ( with invested returns and guarantted rates ) Pruco, is tops.
5: Get your own self directed IRA and get busy ( Brinker camp ?)
Bob is against#2.
He has never said he is against it if it has a inflation feature ( CPI adjusted).
All he is saying is the totally fixed ones he is against.
there are 100's of diff types of annuities in each camp.
I am just about to get a large Variable Annuity, my money is locked of for 4 to 7 years. And Bob did say "do not sign anything unless you ask this one question,
what are my surrender fees?"
My direction at this moment is 50% fixed immediate and 50% Managed Variable.
or 50 fixed and Self directed IRA.
consider that Bob is a financial adviser. why would he say otherwise.?
He wants your money to be worth something , in 20 years. ( no small feat)
and there are all walks of life.
Police officer retiring at 51 YO or a little old lady in an old folks home who does not want her children to be burdened with her care.
All walks of life.!
Bob is just speaking to us young retires.
The Self directed IRA is the most viable and then you are responsible for the growth.
Choose with caution. ( I'm scared witless) Happy Trails.
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