October 20, 2008
As an agent for over 17 years, without any formal complaints of any kind filed with the Texas State Board or New Mexico State Board of Insurance I would like to please ask you not to take away my lively hood just because of a very few rotten apples. I have marketed millions of dollars of fixed equity-index annuities and not one of my clients has lost a single dime from the guarantees of these products. Quite frankly, I find it interesting that because of recent events the Securities Brokers clients have lost their retirement 401K's because their advisors had their money at risk, yet these are the same people you folks want to turn my lively hood over to and our Seniors retirement portfolios. How can you even begin to suggest these people are more competent to market my insurance based safe money products than I am. Why did these same people have the seniors retirement funds at risk in the first place? Again, not one of my clients have lost any money due to the markets so I guess I am doing every thing right. In closing, I just think these Security Brokers are crying because index annuities are a safer place for their client's money and guys like me are part of the reason billions of dollars are leaving these guys and going to guaranteed safe INSURANCE BASED FIXED equity-index annuities. Wallstreet has really foulded things up so how can you even think about turning more of our Seniors over to them. If any one needs regulation it is those folks, not us insurance agents. Sincerely, Kevin Loewenstern,CSA, CLTC