November 14, 2008
For the benefit of consumers, please continue the Equity-Indexed Annuity Rule.
Based on folks I have worked with who have bought products without fully understanding them, the rule is very needed. I've been a financial planner for 18 years and regularly encounter folks who buy these products based on unethical sales that are obviously to me purely driven by commissions, not by providing the product most suitable for the client.
This rule is a reasonable attempt to protect consumers from being misled aggressive sales agents who do not adequately disclose all of the details of these plans.
It should serve the common folks of our country who depend on financial advisors for help well to make sure certain basic ethical things are done. This rule will help in this effort.
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Donald A. Spencer, CFP®
Director, Church Financial Benefits Department
Kentucky Baptist Convention