November 14, 2008
To Whom It May Concern:
As a CFP®Practitioner, I have met persons who have been sold unsuitable equity indexed annuities. It is sad that the aging population, in particular, needs protection from aggressive sales persons. Some persons hold themselves out as financial advisors, but they are simply salespersons misrepresenting themselves and their products.
As a member of the FPA, I support the proposed rule because consumers are often mislead regarding the benefits of an indexed annuity and they are told that this product is their answer to retirement planning…which is simply not true. Oftentimes, seniors and others are unaware or do not understand the liquidity risks, surrender charges, and other factors related to these products.
The rule is a reasonable and balanced approach to enhancing state enforcement efforts.
Thank you very much.
Sincerely,
Christine Messmer, CFP®