Subject: File No. S7-14-08
From: Bobb A. Meckenstock, MBA, CLU
Affiliation: President, Main Street Securities, LLC • The Meckenstock Group, Inc

November 4, 2008

Index annuities should be classified as securities. The sales practices of unregistered people, i.e. life insurance agents, leaves a lot to be desired. From personal observation, they are making recommendations to have prospects sell off their stocks, bonds, mutual funds or variable annuities and buy Index Annuities. Not because this is a good solution, but because it paid them a commission greater than 10%, oftentimes as high as 15%! Not only is this unethical and self serving, they are in violation of the rules in making these recommendations.
To keep them in compliance and from making uninformed recommendations, they need to be supervised by an OSJ and have proper training as to how different investment products are designed to solve different client needs. Whereas an Index annuity is used as a pancea, One Size Fits All solution.
Regards,
Bobb

Bobb A. Meckenstock, MBA, CLU
President
Main Street Securities, LLC • The Meckenstock Group, Inc
1407 Main Street • Hays, KS 67601