Phillip Gainey Fined and Suspended by FINRA for Selling Away Equity-Indexed Annuities
An annuity is a form of insurance that offers a series of payments for a period of time. The traditional annuities are either fixed or variable. Fixed annuities are invested in conservative investments, and the return to investors may vary, but a minimum rate of return is established. Variable annuities are higher in risk when compared to fixed annuities and depend on how the stock market is performing. Variable annuity buyers have the option to allocate the cash invested into different asset classes such as mutual funds, indices, fixed income investments or bonds, and money market.
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