November 13, 2008
I am a fee only financial planner registered as a PA RIA. All my clients who have Equity Indexed Annuities do not understand what they have purchased. I believe that even the insurance agents do not understand what they are selling.
I do not normally support centralizing consumer protection/regulation in Washington, but I believe that this is a case where consumers would be better protected by the SEC than by state insurance departments.
Thank you.
Nancy Schott