November 13, 2008
My name is Alex Bartol, CFP. I am a member of the Triangle FPA in NC. I have been practicing financial planning for twenty years and I am fully licensed in both securities and insurance. I am in favor of having indexed annuities regulated as if they are securities. When I evaluate indexed annuities against variable annuities I have yet to see the benefit of the indexed annuity over the variable annuity product except to a non-security licensed agent. They are sold as if they are securities, but due to the higher commissions, the surrender periods are much longer or the exit conditions to receive your money out make them rarely suitable.
The business of advising clients is hard enough without agents selling a high commissioned product that is not suitable and then have the media report this as if all products in this category are the same. Making sure that proper regulation of the sale of these products would benefit both the public and those trying to serve the public.
Sincerely,
Alexander L. Bartol, CFP®
Financial Advisor
Legacy Wealth Strategies