November 14, 2008
To Whom It May Concern,
I wanted to share my comments in support of File No. S7-14-08, the rule allowing for SEC oversight of indexed annuities. I am a member of the Financial Planning Association (FPA), the National Association of Personal Financial Advisors (NAPFA) and the Garrett Planning Network, and a Certified Financial Planner™ professional. I have operated my own Fee-Only financial planning practice since 2001.
I believe that this rule is a reasonable approach to enhance state enforcement efforts and provide protection for the aging population. I find that most people I see who already own indexed annuities fail to understand the complexities and costs of the product they own. I have helped clients considering the purchase of an indexed annuity analyze the costs and benefits of an indexed product. After understanding the limitations on the upside, as well as the additional cost burden imposed by the product, the client decided not to purchase to product. Of course, most clients do not have access to an independent third party to help them analyze the product being offered. This is where clarity of costs and benefits through greater disclosure would greatly benefit the public.
Regards,
Glenn A. Bishop, CFP®
Financial Problem Solver and Coach
GA Bishop and Associates, LLC