November 14, 2008
Sirs:
I would ask that you do not halt the equity indexed annuity rule. I am a advisor that works with middle income consumers and I have repeatedly through the past few years seen many individuals, especially those over 60, placed in these products. Most had no idea what they owned, they did not know the way it worked and when informed they were horrified.
THAT MUST BE STOPPED. We can not allow those insurance agents, who are less than professional in their sales tactics, continue to sell these products. These are securities by name and by content. If agents are not allowed to discuss securities products, why are they allowed to continue to sell them?
Please make a careful and considered decision on these products.
Respectfully,Patricia Garman CFP(R)
Financial Planner/Registered Principal*
Capital Planning & Investments, Inc.