July 11, 2008
I believe that with any product that there must be oversite for the protection of the consumer, the company and for the health of the advisor.
However, because fixed indexed annuities are not at risk to market loss, they should not be made to be a securities product.
There are so many advisors that I have met that offer mutual funds with no clue how to help their clients choose wisely.
The 401(k) market does not require an advisor to have a securities license. How can this be? When most people have money in 401(k) today, we should have this regulated. WHY HAS THIS NOT HAPPENED.
If there is market loss opporunity then it should be regulated. Otherwise what regulates fixed annuities, and life insurance products should remain with the individual states.
Thanks for listening...