Q: I retired last year and a friend recommended a Financial Planner to me. Well, he placed a third of my money into an annunity which I want to get out! The surrender fee is high and I just found out this month that the annual fee is five thousand dollars. Is there anything I can do? I was told to e-mail you by the Clark Howard staff.
A: I am sorry to hear of your situation. If we could have talked to you before you bought the annuity we would have explained the high commissions, high internal yearly cost, and the very high surrender fees when purchasing an annuity. I am not sure how much we can help but I would recommend contacting an attorney. When you signed the forms to purchase the annuity you had to sign off on all of the disclosures that were prepared by their attorneys. You may need the same type of representation to get out of the annuity. If you really want out and an attorney is not an option- you may have to pay the surrender fees.
I am sorry that I do not have any better news. Below I have listed a couple of attorneys that clients have used in the past. Just let them know that Capital Investment Advisors referred you. If you have any other questions feel free to contact me directly!