November 14, 2008

Subject: RE: FPA Regulatory Alert

My name is W. Douglas O'Rear and I am a member of the Financial Planning Association and have served on the local chapter board and have served as its President 2 year ago. I support the Equity index rule currently being proposed. I am proud of the education and credentials I have earned and keep up for almost 30 years in this business. As a fee based planner I have positioned my practice to select from the almost endless array of products, services and techniques that best suits my clients. I find it highly unprofessional and self serving any time a one size fits all approach is offered to the public. The offering of EIA's as a representative of a product that may have merit but has so many variables attached to them that allow restrictions to the client and higher compensation to the representative with few if any experience with other option. It would seem these agents are offering products through scare lunches and dinners prospecting sessions. I have had former clients abandon ideas that were clearly better options for their particular needs in favor of EIA's they learned about at one of these free lunch programs. I always make sure my clients that EIA's are available from me but I want to make sure they understand the pro's and con's of them. Once they understand that they are not as clear a choice that they were told they were other choices are usually made. I just feel the representative needs to be as fair and balanced in their presentation as I am expected to be. Credentialing, continuing education, and professional ethics need to be a part of any representative.

From: Duane Thompson
Sent: Thursday, November 13, 2008
To: Doug Orear
Subject: FPA Regulatory Alert

TO: FPA Members

The Securities and Exchange Commission has re-opened the comment period for a rule that would allow for SEC oversight of indexed annuity sales in addition to state oversight by insurance commissioners. FPA is concerned that the insurance industry may pressure the SEC to drop the rule proposal. Several thousand emails from insurance agents opposing federal oversight have been filed, and numerous meetings by insurance industry lobbyists have been held with the Commission urging it to withdraw the rule. FPA supports the rule as a means of helping to curb abusive sales practices, particularly aggressive and misleading sales tactics targeting the elderly. FPA urges you to add your voice to the record by sending an e-mail to the SEC today supporting the Equity-Indexed Annuity Rule.

The deadline for comment is Nov. 17th, 2008. Please send your email to rule-comments@sec.gov and include "File No. S7-14-08 in the subject line. All comments are posted on the SEC website within a few days as part of the public record.

* Identify who you are, i.e., a member of FPA and state upfront that you support the proposed rule

* Mention your qualifications and experience in financial planning and/or as an insurance agent

* Cite a 'horror' story involving a client who was previously sold an unsuitable equity indexed annuity

* Cite problems with current regulation:

* the rule is a reasonable and balanced approach to enhancing state enforcement efforts

* the vulnerable aging population needs additional protection from aggressive sales

agents

* liquidity risks, surrender charges, and other suitability factors are not always clearly disclosed or understood

* not all states have adopted suitability standards for annity sales, nor do most insurance commissioners have adequate enforcement resources available

* some agents misrepresent themselves as offering a single retirement solution when in fact retirement planning is generally a complex planning process

Thank you for taking the time to participate in this important issue!

Duane Thompson, Managing Director, FPA

To see the original rule proposal, go to: http://www.sec.gov/rules/proposed/2008/33-8933.pdf

To review FPA's comment letter, go to: http://www.sec.gov/comments/s7-14-08/s71408-1735.pdf