September 9, 2008
We need to protect the elderly retiree's of Florida and all over the country. These products are like any other tool - When used as intended you will get the desired results. When miss applied, and oversold. It can be a nightmare for those who believe the sales pitch of some less than honorable sales "professionals" / Insurance sales people who may have little or no training with regards to equity based investments. I have seen first hand the results of people talked out of a well diversified balance portfolio and convinced to place all the liquid net worth into these complicated and sometimes extremely expensive to liquidate investments. The key is INVESTMENTS. These need to sold by properly trained, Licensed securities professionals who are held accountable to the proper SRO such as FINRA. Their supervisors should exercise extensive review procedures to insure that the product is sold in a responsible fair manner.
Thank you