October 15, 2008
It should be crystal clear NOW the reason that FIA should NOT be regulated by the SEC.
NOT one of my clients has ever lost money with a FIA. I wish I could say the same for stocks, bonds and mutual funds, which are regulated by the SEC.
I am so tired of hearing Brokers on the radio and TV telling people that stocks go up over the long run. What is the long run for Seniors? They can't afford to wait 10 to 20 years for their retirement accounts to recover.
The truth is there have been plenty of times when it took the stock market 15 to 20 years or more to recover. In 1929 when the market crashed it did not fully recover until 1954 some 25 years later. Why don't the mutual fund companies disclose that information?
The SEC has failed miserably to regulate their own industry. Look at all of the FAILED big wire houses. Why didn't the SEC regulate credit swaps or try to get them classified as a securities instead they go after FIA and try to reclassify them?
FIA are SAFE they don't need Wall Street messing them up.
Regulate your own industry stop trying to hi-jack the insurance industry.
Some people want out of the markets for good reasons. They want a safe secure insurance product not a securities product.
Leave FIAs alone for the safety of all involved.