Is your Independant Financial Advisor Accredited?

Financial Advisors, in reality, annuity salespeople, often provide seminars or consult with a veteran or their families, regarding VA benefits, especially, a non-service connected pension – aid and attendance.  They offer this service as “free” and make a big deal about preparing and filing a VA benefits application for “free.” It is against the law to charge for filing for VA application. Also, nothing in life is “free.” This “free” offer is based upon the strategy of selling an annuity to the veteran or to the veteran’s spouse. Additionally, Financial advisors even promise to provide any necessary estate planning – wills, trusts and power of attorneys, at no charge. In Maryland, only attorneys can offer legal advice. Therefore, it is against the law.

Consequently, the annuity salesperson is being compensated, by an annuity (“insurance”) company, for selling a financial (annuity) product to the veteran. Therefore, the advice and filing of the application is not free.

However, an annuity is not automatically the wrong decision for the Veteran. It depends on the facts and circumstances of your medical, financial and residential situation.

The bottom line is that you should seek independent professional advice on VA Benefits. Ask if the financial advisor is VA accredited? If they are not, they have not performed required education to become accredited. Check accreditation at the VA Accreditation website.

Additionally, if you purchase an annuity it can create major issues for the veteran, if they enter a nursing home, and file for Medicaid. Giving away assets (purchasing an annuity) can create long periods of Medicaid ineligibility. Therefore, any veteran or veteran’s spouse, facing long-term care issues must seek capable legal advice, from an elder care attorney, who practices in Medicaid, as well as being an accredited VA attorney.

To learn more, visit our WEBSITE. 

Also, we have written a FREE Handbook – Veteran’s Benefits if you would desire a copy please email or call our office 301 663 9230.

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  1. Rita Files says:

    This is great information. Thank you for getting the word out. As an accredited VA Claim Agent that works with the elderly population, I relate accreditation to the equivalent of having a “license” to assist with preparing or filing a claim. I found that this goes a long way for some of the older Vets to understand.

  2. I think the word “license” is a great way of distinguishing you and the “others.”

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