previous client

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banker11's picture
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Joined: 2011-07-14

At my previous bank b/d, a 76 yr old bought an IRA Fixed Annuity. She recently called and asked to meet, as she could not get the annuity company to fix her listed age, and she had also missed an RMD. She was confused--I agreed to meet. Turns out, she did file the 5329 for the missed RMD but the IRS did not waive it. (what had happened is common: no RMS needed in 2009; forgot about it in 2010 and her broker (me) missed it). Anyway, I then helped her write a letter to the IRS over her name. She requested a Waiver of the penalty (750.00 about), explained that the listed age may have been wrong, and showed that she had taken "reasonable steps" to remedy the situation (which she had). Q: if it is NOT  waived, and she decides to blame me, BUT I now work for a different b/d, what happens? Who pays the 750.00?

banker11's picture
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Joined: 2011-07-14

I get all of you comments except one: why so shocked I sold her a FA in the IRA? She was looking at a longterm CD or this. With Met she got 3% min for life and the ability to take 10%/yr penalty free or ALL penalty free for Nursing Home or ALL basis penalty free for ANYTHING. All of those beat the cd. If princ guar is imp---whats the beef?

banker11's picture
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Joined: 2011-07-14

ok, thanks for your comments.

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