No Commission Annuities and AUM Fees
My compliance folks are warning me about selling a fixed annuity (MYGA) and billing my normal AUM fee on it. Any thoughts?
I want to use my standard fee to avoid a conflict of interest. I only use the MYGA if it provides a better outcome for my client (higher interest than other fixed options currently available). There are no commissions on these products and they can only be purchased through a fee-based advisor. I am going to get into trouble doing things this way?