Consumer Alert
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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