November 14, 2008
I am responding to File No. S7-14-08 regarding the regulation of the sale of indexed annuity sales.
I am a CFP® certificant, registered representative of Genworth Financial Securities Corp, CPA licensed in Florida. I conduct a family wealth management practice located in Rockledge, Florida. Also I am a member of the Financial Planning Association, Florida Institute of CPA’s and other similar organizations. I have a health, life and variable annuity license from the State of Florida.
I am writing to support the proposed rule noted above. I had a 75 year old client just leave me because I would not sell him an indexed annuity because it was not suitable for him because of the surrender charges, limitations on access to withdraw and he did not fully understand the contract in my opinion. He purchased it from another agent located in New Jersey. I feel most consumers do not fully understand annuities in general because they are typically sold as investments but truly they are not. They provide an income stream that the annuitant cannot outlive.
More specifically, I truly believe indexed annuities are being misused and need continued regulation by both state and federal regulatory agencies. I am urging you to adopt the regulations regarding indexed annuities.
Regards,
Stephen C. Houser CPA* CFP®
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