July 31, 2008
FIAs ARE INSURANCE PRODUCTS WITH SAFETY AND GUARANTEES. IF THERE ARE SALES ABUSES BY AGENTS...GET RID OF THE BAD AGENTS. A PRODUCT THAT PROVIDES AN INTEREST RATE PAYOUT IN WHATEVER FASHION IT IS DETERMINED HAS NOTHING TO DO WITH RISK OR INVESTING.
THE SEC CANNOT EVEN POLICE ITS OWN TODAY. ADDING MORE TO THIS BURDEN WON'T SOLVE ANY PROBLEMS. THIS TO ME SEEMS TO BE NOTHING BUT A POWER GRAB TO ELIMINATE THE COMPETITION AND GRADUALLY MAKE CONSUMERS INVEST IN RISK WHETHER THEY WANT TO OR NOT. IT SEEMS TO ME 50 STATES HAVE APPROVED FIAs AS FIXED ANNUITIES NOT INVESTMENTS. THIS RULE WILL THROW THE BABY OUT WITH THE BATH WATER. BUT, IT CERTAINLY WILL PUT MORE MONEY IN TH BDs POCKET. AND WE ALL KNOW THAT'S WHY IT'S ON THE TABLE TODAY. THE BDs ARE CRYING OVER THEIR LOSSES TO THIS VALUABLE PRODUCT. CHANGING THE WAY IT IS OFFERED WILL ONLY INCREASE THE COST AND REDUCE THE VALUE TO THE CONSUMER. AH, THERES THE RUB. MAKE IT UNATTRACTIVE AND IT WILL GO AWAY AT THE EXPENSE OF THE GENERAL PUBLIC.
SEC IF YOU CAN'T FIND ANYTHING TO DO, WHY DON'T YOU FIND AND PUNISH THOSE THAT HAVE DESTROYED THE LIVES OF THE PEOPLE I SEE ALL THE TIME. THEY ADVISE 60 AND 70 YEAR OLD PEOPLE WHO CANNOT AFFORD LOSSES TO PUT ALL THEIR MONEY AT RISK IN VARIOUS INVESTMENTS. WHEN THINGS GO BAD IN THE MARKET THEY TELL THEM TO KEEP THE MONEY THERE. THE CLIENT GOES BROKE AND THE REP GETS RICH. I PERSONALLY DON'T WANT TO BE VIEWED AS BEING ONE OF THESE LEGAL CROOKS. THEY DISGUST ME. HOWEVER, THE SEC TURNS A BLIND EYE TO THESE PREDATORS OF THE ELDERLY. I HAVE SEEN CLIENTS WITH 90 TO 100% OF THEIR INVESTABLE ASSETS AT RISK WHEN THEY NEED EVERY DOLLAR TO SURVIVE. SEC WHERE ARE YOU WHEN THESE PEOPLE ARE TAKEN ADVANTAGE OF BY YOUR CHARGES WITH INAPPROPRIATE SALES TACTICS. (IE: NOT TELLING THE INVESTOR THEY COULD LOSE THEIR MONEY OR SHOWING THEM THEY WILL ALWAYS GET 9 OR 10% RETURN EVERY YEAR). THE ONLY HAVEN THESE PEOPLE HAVE IS THE INSURANCE AGENT WITH THE SAFETY OF FIXED ANNUITIES INCLUDING FIXED INDEXED ANNUITIES.