When you visit a doctor, you probably assume that he/she must do what is in your best interests and not what maximizes that doctor’s income. And you would be correct. Unfortunately, the same cannot be said with financial advisors. Being a fiduciary means that an advisor must legally put the client’s interests first.

Although there may be some rare occasions where certain types of low-cost, no load annuities may make sense, the study's results amount to a big, fat, buyer-beware regarding annuities and those who sell them. So when you get that free-lunch invitation, beware. And, ideally, sit down with a fee-only financial adviser, who doesn't earn sales commissions, to get a second opinion before seriously considering turning over your hard earned dollars.