Tax implication for withdrawal from a Retirement Annuity, beware of potential PI claims

Broker Protect

When a request of this nature is made your client might be in financial difficulties and pressure you to make things happen fast.

I am seeing FSP’s falling into the trap of either not noticing previous withdrawals or assuming that the client is aware of the tax implications.

Not highlighting this and making sure can lead to liability claims against you as FSP and will in the end cost you money.

Take your time and make 100% sure the client had no previous withdrawals if they want a tax free situation.

Take care.