Variable Annuities

Overview

Variable annuities, which combine the sale of an investment fund with an insurance product, are arguably one of the more complicated products that are ordinarily purchased by retail investors, in light of the tax and other benefits that they may provide. In light of both the complexity of the products and their particular appeal to retail investors, FINRA has adopted what are effectively more specialized sales practice rules applicable to these products. Firms should also be aware that state regulators may adopt additional suitability requirements applicable to variable annuities.

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