November 13, 2008
OI am a licensed investment professional I have not sold equity indexed annuities but have been appointed with various firms to offer them for a number of years. I have simply avoided offering the for a number of reasons One of the major ones is the salesman does not have to be securities licensed, Many people in our area who do sell them are unprofessional and are exempt from securities law. These securities often are tied to some portion of the performance of the S&P 500 or other market indices. Thus, it is quite clear the equity indexed and fixed annuities should be regulated as a security for the safely of the client and the selling agent.
Sincerely,
Bradley R. Teets, CPA/PFS, CFP®