- Report: #1153646
Complaint Review: First Senior Financial Group - King of Prussia Pennsylvania
Reported By:
John Doe -
King of Prussia, Pennsylvania,
Submitted:
Updated:
-
Author Not Confirmed
Why?
First Senior Financial Group
2700 Horizon King of Prussia, 19406 Pennsylvania, USA
Web:
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First Senior Financial Group Phil Cannella More Lies King of Prussia Pennsylvania
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.”
1 Updates & Rebuttals
Nathan
Alabama,Lie #5
#2UPDATE EX-employee responds
Mon, July 21, 2014
Phil Cannella’s LIE # 5 Cannella claims his reforms will shook up the market.”
TRUTH: These reforms are linked to an index, usually the S&P 700 Index. There are vulnerabiltieis 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.” All this is but an attempt to lure the invesators in giving him more benefits.
