September 2, 2008
This is another example of the securities overseers missing the point in favor of your loss of control. It is obvious that you misunderstand this product.
Time and again, FIAs have been deemed insurance products, thereby overseen by the members of the NAIC. While not perfect, the NAIC has many years of successful oversight of an industry that has had MUCH LESS abuse of the American public than your beloved FINRA. Where was FINRA when all of the securities abuses have bombed MANY of my clients retirements?? OH the risk clearly falls on the uneducated, and the profits to the sharks.
I'm sure that you are getting many of these emails, probably too many to read, but do any of you own a FIA?? Why not??? If it is so important that you feel a need for your oversight, than it must be of great value, and pertinent to some of your situations!!!! Interesting thought!!
I have been in this business nearly 45 years without one complaint, and would love an opportunity to have you talk to some of the clients that I have placed in FIAs. They are the ones you should be listening to, not the members of FINRA who fear losing a significant market share to a product that better suits the needs of a HUGE percentage of retiring Americans.
Hope to hear more than an automated response.
Ron Oxman
RWO Financial, Inc.