It's 4 p.m. and the market just closed. You are in a great mood because you just had one of the best production days of your career. This morning you met with a client and after a two-hour meeting you both agreed that he should invest $300,000 in an annuity. You jumped through all the hoops the compliance department demanded, including the mountain of paperwork and signatures.
The client clearly understands why he is liquidating his aggressive growth mutual fund to purchase the annuity. He purchased that mutual fund three years ago when his financial situation was very different. He has a clear understanding of what was paid in commissions to purchase both products and any early termination penalties. He has since had many changes in his life and wants something more conservative with less volatility.
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