November 13, 2008
Hello:
Instead of scaring you with a bunch of stories of folks that have purchased these products, I would just like to say that I approve of the SEC being granted the authority for oversight for indexed annuity sales.
In my experience, agents who sell these products sell them as "annuities with some stock market upside and no downside risk" and that is what clients hear. I'm not saying the product should be done away with, but there probably needs to be more regulation and oversight. Because they are being sold with the words "stock market performance" embedded somewhere in their presentations, it is natural for the SEC to take responsibility for their oversight.
Thanks for listening. Have a great weekend.
Chad
Chad Thomley, CFP®, CLU, ChFC
Senior Financial Consultant
Southwest Wisconsin Region