How to deal with sales tactics under pressure

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Dear Rick:

I was convinced to buy a variable annuity in my IRA, and now I regret it. My son pointed out some things that I didn’t realize, and now I want my money back. I contacted my agent a few days after purchasing the annuity and he told me that nothing could be done without incurring a substantial penalty.

My son suggested that I hire a lawyer because of the pressured sales tactics and the fact that politics didn’t make sense to me. Is there anything I can do on my own without having to hire a lawyer? I feel incredibly stupid.

Jerry

Dear Jerry:

First of all, don’t feel stupid. These things happen. The reason many salespeople use pressure selling tactics is that they work. Don’t beat yourself up. By the way, my general advice to everyone is that when a salesperson is pressuring you, it is a sure sign that you are probably dealing with the wrong person and that you need to take the time to think about your decision.

That being said, in this case all is not lost and you have the option to potentially void the transaction.

When you buy an annuity in Michigan, you have the right to cancel the transaction usually within 10 days of receiving the policy. Since you haven’t received your policy yet, the 10-day rule would still protect you and entitle you to a 100% refund.

I would recommend that you contact the annuity company’s head office, in writing, for their procedures as to how to cancel the policy, especially since you don’t trust the agent who originally sold you the policy. annuity. I recommend that you send all communications by certified mail with acknowledgment of receipt requested, and by first class mail.

Additionally, if they accept emails, you can email them as well. By doing the above, you should be able to cancel the transaction and receive your money back.

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Pressure selling tactics have been around for generations. Sometimes sellers use aggressive tactics because people may need that push to complete the deal. Other times it’s just to put pressure on someone to do something they really don’t want to do.

Actually, why the salesperson does it doesn’t matter to me; my rule of thumb is that if I start to feel pressure from a salesperson, I immediately end the meeting and tell them I need more time to make a decision. Remember that the seller’s primary goal is to make the sale; your goal is to make a good decision with your money and those goals don’t necessarily go hand in hand.

Aggressive salespeople don’t stop at the financial world; they are in every part of our society. However, that doesn’t mean we have to accept it.

There are many salespeople in all aspects of life who do not use aggressive tactics, but instead try to educate and help people make the right decision. These are the sellers you want to use. The best salespeople I know never care about commissions, they care about taking care of their customer; however, there are fewer and fewer of these types of sellers.

When you do business with commission salespeople, there is always a conflict of interest. Are they working in your best interest or that of the company? Sometimes they are the same; many times they are not. It is always important to identify and understand any conflicts of interest.

In the financial industry, there are many advisers who do not work on commission but rather on a fee basis. These advisors charge a fee for their services and receive nothing from the investments they recommend. As far as I’m concerned, you’ll be much more likely to be successful using a paid advisor without the conflicts of interest that exist with commission salespeople.

If you have been exploited by an aggressive salesperson, especially in the financial industry, you have rights and you should never hesitate to sue them. It is your money and you have an obligation to protect it.

Good luck!

Rick Bloom is a paid financial advisor only. Its website is www.bloomadvisors.com. If you would like him to answer your questions, send an email to [email protected].

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