Complaint Review: First Senior Financial Group

Phil Cannella’s LIE #2:  Cannella claims to offer prospects a unique investment they can’t get anywhere else. 

TRUTH:  Any licensed insurance agent can sell the exact same products.

Phil Cannella’s LIE #3:  Cannella promises prospects that they will earn “double-digit returns” in his annuities.

TRUTH:  In today’s low interest rate environment, NO newly purchased annuity will earn double digit returns for YEARS to come.  The caps within each annuity Cannella sells will limit annual earnings to 1% to 2% until the economy FULLY recovers and interest rates rise substantially.  When Cannella tells you to expect to earn double-digit returns every year in today’s financial climate, he is LYING.

Phil Cannella’s LIE #4:  Cannella claims his annuities will “outperform the market year in and year out.”

TRUTH:  These annuities are linked to an index, usually the S&P 500 Index.  There are caps in almost every annuity that limit the potential annual earnings in some way.  Ask yourself this question:  How can an annuity with caps designed to limit maximum potential earnings EVER outperform the index it is linked to?  It can’t.  It is a mathematical impossibility for ANY annuity to EVER outperform the market, much less outperform the market “year in and year out.”