November 14, 2008
Dear SEC.
I am a member of FPA in the state of Arkansas. We have had several clients mislead about the sale of Index Annuities. They are lead to believe that they are as safe as CD's at a bank, and the surrender charges are never discussed. These products are being sold at free lunches and dinners, and the attendees are all sold the same product with high pressure sale tactics and no consideration to the individual needs, risk tolerance or age. I have even had a client believe that it was a long term care policy as some of the penalty was not applied if the client was confined to a nursing home. The way the agents here are selling these annuity products need to have strong and consistent regulation to protect the people getting a free meal.
Thanks you for your consideration,
Steven W. Bettenhausen
Steven W. Bettenhausen, CFP®, RPC
Financial Consultant
CERTIFIED FINANCIAL PLANNER™
Retirement Planning Consultant