November 14, 2008
We need this rule. My last example was a prospect with an older VA, who had a recommendation for a EIA, using a 1035 exchange. The agent did not take into consideration any riders and GDB on the existing VA. The prospect, who’s goals and objectives for the VA had not changed, would have suffered a great loss. (The agent making the proposal didn’t know enough to decipher the current confirmation). Hopefully, this rule would stop some of this.
Paul Bolen
Paul S. Bolen, CFP®
Cornerstone Financial Strategies, LLC.