Regulators Find Financial Advisers Lying About Annuities at Retirement Seminars

Watchdogs are catching financial advisers telling retirees that annuities—retirement products that pay a fixed income—can beat regular stock investments. It's false. When you subtract the fees and the caps on gains, annuities actually return less money. Regulators explicitly ban this kind of misleading pitch. Yet enforcement records show it keeps happening at retirement seminars.