I’m 78 and an investment rep put me in a 10-year annuity ‘without clearly informing me’ about what was going on. I’ll have to pay $26K if I withdraw early. Now what?

Answer:While there are plenty of good financial advisers out there, there are some advisers who rake in commissions for the sale of financial products that might not be best for their customers. That’s why, going forward, you want to be sure you’re working with a fiduciary, as they’re required to put their client’s best interests ahead of their own, which helps eliminate the potential for conflicts of interest to arise. You can use this free tool to get matched with a fiduciary financial adviser who may meet your needs.

Have an issue with your financial planner or looking for a new one? Email questions or concerns to [email protected].

Recommending a 10-year annuity without clearly informing you of this “goes against the fiduciary criteria, especially when it consists of a person over 78 years old,” says certified financial planner Alonso Rodriguez Segarra at Advise Financial.

But now you have this annuity and are wondering: Now what? If your contract has already been issued, there’s usually a free-look period (at least 10 days) where you can reverse course. A free-look period is the time after receiving the contract during which you can terminate the policy for a full refund without penalty. To determine whether or not you have one, check your policy or ask the provider for the details pertaining to your agreement.

If you’re outside of the free-look period, you may have to pay the surrender fee to get out of the deal, says certified financial planner Joe Favorito at Landmark Wealth Management. “I don’t doubt that your adviser didn’t inform you correctly, but the firm will likely argue that you signed all of the disclaimers that explained everything to you. Signing up for an annuity has become more complex than closing on a house,” says Favorito.

The disclosures in the documents you signed are meant to protect the firm and selling agent so they can show that they disclosed everything to you. “Realistically, it’s too complex for most retail clients to understand, so they trust the judgment of the agent,” says Favorito.

It’s also common for people to leave cases like these unresolved. But “you should file a complaint through the FINRA website and review the arbitration and mediation service offered by FINRA to give you more information on the steps you can take to remedy this,” says Segarra.

What’s more, “you should contact your state’s insurance commissioner’s office. Insurance agents and securities brokers are held to a suitability standard. You may have been working with someone who wears multiple financial professional hats and it can be difficult to understand which hat the professional is wearing when — and the onerous number of regulatory disclosures doesn’t help,” says certified financial planner Mark Humphries at Sentinel Financial Planning.

Getting in touch with your investment representative’s manager or supervisor should also be at the top of your list. “Explain the situation and your displeasure with the investment you were sold. I would think they should be able to do something about this issue for you. If not, you are likely allowed to withdraw up to 10% of your principal from the annuity each year without penalty,” says certified financial planner Bruce Primeau at Avantax.

If you’re unable to reach a resolution after exploring these avenues, you might consider working with an attorney. To find someone who specializes in matters like these, visit the Martindale-Hubbell Law Directory and search for finance or fraud attorneys near you.

Have an issue with your financial planner or looking for a new one? Email questions or concerns to [email protected].

By emailing your questions to The Advicer, you agree to have them published anonymously on MarketWatch. By submitting your story to Dow Jones & Co., the publisher of MarketWatch Picks, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.