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Mullooly Asset Management, Inc

Mullooly Asset Management

Fiduciary Fee-Only Financial Planner | Investment Advisor in Wall, NJ

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The Importance of Knowing What You Own

July 28, 2014 by Thomas Mullooly

We recently had a client get in touch with us here at Mullooly Asset. They had an IRA elsewhere that “wasn’t doing anything” and wanted us to begin managing it for them. So we reviewed their account and found out more regarding their situation.

This individual left a job in 2008 and rolled their 401k into an IRA. Then in 2009, the account was transferred into another IRA. Inside of the second IRA they were sold a variable annuity.

Here we are, years later, reviewing the paperwork for this unhappy investor. Not only has their account failed to provide them the returns they desire, but the client was completely unaware that they had purchased an annuity! They also didn’t know that they technically still had some of their surrender period to go on this investment.

The importance of knowing what you own cannot be stressed enough. Unfortunately there are people in the financial industry who don’t put their client’s best interests ahead of their own. Too often, especially in retirement accounts, we see people that have been put into unsuitable investments. So know what you own and have all of your questions answered clearly before agreeing to any type of investment strategy or plan.

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Filed Under: Videos, Asset Management Tagged With: annuities

About Thomas Mullooly

Thomas Mullooly is owner and founder of Mullooly Asset Management, Inc. In 2002 Tom opened Mullooly Asset Management, a fee-only investment advisory firm. As an investment advisor, and not a broker, Tom works strictly for his clients. With the help of point and figure charting, Tom builds a realistic game plan for clients.

1971 State Route 34, Suite 102
Wall Township, NJ 07719

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The information on this website and blog do not involve the rendering of personalized investment advice. A professional advisor should be consulted before implementing any of the options presented. None of the content contained in this website should be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation.

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