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ANNUITY SERVICE CENTER POSTCARD

August 7, 2006

Consumer Bulletin from the Boulder District Attorney’s Office

303-441-3700

Many Boulder County residents recently received a postcard indicating they should contact a business called the Annuity Service Center.  The card appears to require your attention, but it does not.  The card was sent out to find prospective clients for financial investors.  Investors or insurance agents pay a fee for the referral when they are given a name.  Consumers who call the number on the postcard will receive a call offering an asset review – which will actually be a solicitation. 

In this instance, Investors Union is the company that generated this card.  They do a credit profile through the credit reporting agencies and send these cards to consumers.  If someone requests a review of their finances/investments, Investors Union contacts one of the financial advisors that have hired them to do their marketing.  The financial advisor then pays Investors Union a referral fee.  Investors Union has an unsatisfactory rating with the Better Business Bureau due to unanswered complaints and their questionable solicitations.

In addition, variable annuities carry a higher than average risk, which is generally not suited to people who need access to their money. The U.S. Securities and Exchange Commission warns, "variable annuities are not suitable for meeting short-term goals."  Variable annuities carry the risk of stock market fluctuation, surrender charges, sales commissions and other fees.  If you are interested in this or any other investment, deal with a local broker or financial planner with a proven track record.

To block unsolicited cards and offers like this one, visit www.optoutprescreen.com to remove your name from the kind of credit profiling that allows access to your credit information.  If you do not anticipate applying for credit in the near future, consider a security freeze.  For information on a security freeze, visit our website at www.boulderda.org for information.

For any other questions, contact the Consumer Division of the Boulder District Attorney’s Office at 303-441-3700.

Mary Lacy
Boulder District Attorney

Cynthia F. Taylor
Director, Consumer Division

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