October 13, 2008
I am licensed as an Investment Advisor Representative, General Securities Broker and Principal, Fixed and Variable Insurance agent and although we all gripe about compliance and oversight I feel it is necessary to attempt to reign in abuse in the financial industry. Most financial products sold today have enough complexity to confuse the consumer and equity indexed annuities surely fit in that category. There are a bewildering number of ways that indexed annuities can be constructed and the consumer needs as much protection as possible when being sold the contracts. It's time these contracts get more oversight and regulation and if agents won't want to get properly licensed and regulated, then they don't have to sell them period.