I am a CFP and support the proposed rule. As a practicing “Fee Only Advisor” I see many abuses from the annuity crowd. As a 65 year old, I must receive a minimum of 3 free dinner offers / week in the mail to listen to a high pressure pitch.

There is too much “fine print” in annuity products and the public is not protected against the high commissions and sketch or lack of full disclosure. The extended lockout period is normally NOT disclosed or understood. In short, the public is unprotected and usually misled by aggressive sales agents lusting after high commissions.

Most annuities are sold as a single solution fix for all retirement needs when the process is complex and should require much thought by the purchaser and full disclosure by the salesman.

If the SEC won’t protect our ageing public, then who will? Annuities are sold as investments – isn’t that the what the SEC is supposed to protect?

Thank you.

Jon

Jon W. Matthews, CFP®| My Life Planners, LLC | Cadre Financial Group