November 13, 2008
Dear SEC,
I support the proposed rule to allow SEC oversight of indexed annuity sales in addition to State oversight by insurance commissioners.
On October 24th, I had a client sell all her investments and pick up a check. She made the request from the sales person's office while he coached her in the background. The check was for $334k and she was born 6/19/1919. She opened her account here in 1986 and has enough rapport with the office that we call her by name when she comes in.
Clients are buying these products and have been scripted by the sales person that "brokers will try to talk them out of it" and that we will "try to convince them to buy a traditional variable or fixed annuity or a government bond instead." We want to help our clients make good decisions and it would be helpful if these products and those who sell them were treated like all other investment products.
Thanks for the help.
Jackson Rhoades
Jackson Rhoades, MS, CLU, CFP
Certified Financial Planner
Managing Director - Investment Officer
Branch Manager - Wachovia Securities