November 13, 2008
I am a member of the FPA and want to voice my support in favor of this legislation. As a financial planner, I have seen two cases where an elderly couple was sold two indexed annuities, both with 15 year surrender charges, and promises that have not come true. The client is stuck now because if they moved any of this money, it would cost them 10's of thousands of dollars. These investments were inappropriate for the clients needs. These equity indexed annuities were sold by people that really needed to be regulated. As a general rule, I am usually in favor of less regulation, but in this instance, I think the proposed rule is a good idea.
Jim MacDonald, CFP
Reed & Company, P.C.
Box 1128
Lafayette, IN 47902-1128