Legal Question in Investment Law in New York

Can I sue my financial advisor, who’s now left his job for another, for taking too much of my money, $300,000 and putting it into an annuity at TIAA? I can never get this money back and after 20 years there’s no beneficiary for the money other than TIAA. TIAA was a retirement investment company from my job so I figured I could trust them. After doing research I came to realize, from SUZE ORMAN, that $200,000 is the suggested annuity limit for a single person. I have no kids and my only beneficiary is my older sister. I feel conned into this inappropriate investment.

Asked on 2/24/21, 12:19 pm

1 Answer from Attorneys

Richard Bryan Richard Bryan Attorney PC

I don't have a lot of advice for you here unfortunately. I think you should speak to a few other financial advisors before assuming you were "conned." Everyone has a unique financial situation and what's right for you may not be right for me or the person across the street. Personally I have seen Suze Orman give legal guidance on television which was absolutely, positively wrong for New York residents.

Good luck.

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Answered on 2/24/21, 6:45 pm

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