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NASD Finds That Annuity Advertisements Deceive Public
The National Association of Securities Dealers (NASD) has concerns regarding recent ads for dollar cost averaging promotions and equity index riders.
For example, NASD regulators have found that some annuity sellers are promoting dollar cost averaging as a way to obtain above-market interest rates as high as 21% when, in fact, the programs are designed to pay 4% to 5%.
The ads have been so misleading that certain brokerage firms, such as Edward D. Jones & Co., have directed the annuity sponsors to modify the ads.
Source: Investment News, February 12, 2001
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