I am posting this to Investments as Insurance does not seem to address Annuities. If anyone has a good place to repost, please let me know.
Ray Kay is a Fixed Index Annuity (FIA) Salesman based in Los Angeles, CA. He is associated with an RIA but is not a FINRA Rep (stockbroker) nor registered a with a Broker/Dealer. http://ift.tt/2vawqg5
He also has a “book” on Amazon that I have not read: “Anecdotes for a Better Retirement: facts about safety and income” by Ray Kay/Searchlight Financial
In the past he has run ads on KNX 1070 offering $100 to new clients to let him show why FIA are better than most investments (note: FIAs should never be referred to as investments as they are not regulated by the SEC – they are investment contracts and regulated by the CA Insurance Department, who does not care to regulated FIA salesmen).
He is running new ads on KNX 1070 pushing a one year product that pays 5% to 6% and is “not an annuity or insurance product.” And no fees or commissions – which is his line about FIAs but only insurance salesmen and their gullible clients believe that.
What product could this be? An immediate annuity might payout 5% but that includes return of principal. And he explicitly states this is not an “annuity or insurance product.”
In the past, Insurance salesmen have run ads in the LA Times offering CDs at much higher APR than the norm. But they were limited to smaller amounts, like $10,000, and are a loss leader for new clients to be sold annuities. I do not see those anymore.
I recommend not calling his office as you probably be sold an FIA – but you can try. This new ad is probably for generating glengarry glen ross leads.
Submitted July 17, 2017 at 10:36AM by LonScott