September 4, 2008
Shame on you SEC. You are supposed to represent what is best for the public, stay above the fray and not act like you are in the hip pocket of one industry (FINRA in this case). I am a senior and have worked with seniors for years to provide both equity and insurance solutions for their retirement. It is clearly in the best interests of the nation to keep them separate and viable. Both have advantages and disadvantages. I have hundreds of indexed annuity clients and I've never had a registered complaint. Check it our for yourself. My web site for my annuity part of the business is www.annuitiesofwashington.com. I also provide solutions equity solutions through TD Ameritrade. The number of complaints and abuses I hear from clients about past dealings with the Wall Street side far outcry those from the insurance side. To propose that the Wall Street (and a series 65 isn't good enough?!!!) take over the sale of indexed annuities is ludicrous. They don't sell them now. What ever makes you think they would sell them in the future? They don't get paid quarterly as in a variable annuity. They want the competition for indexed annuities to go away and they certainly don't care about what's best for seniors. My clients tell me their annuities are the most financially secure funds they have. Currently, Wall Street, banks and real estate markets are in trouble. Why cause harm to the life insurance industry when it's basically the only major pillar not in harm's way. How did this proposal ever get this far? This makes no sense at all other than greed, possibly corruption and financial terrorism. The rationale that SEC should do this "to protect the seniors" makes about as much sense as Hitler stating he invaded Czechoslovakia "to protect the German people." SHAME ON YOU SEC!
Douglas C. Nickson