November 14, 2008
I work and sell annuities for The Charles Schwab Corporation. As I have spoken to many clients here at Schwab and who have owned Insurance polices with many other carriers and have advised many not to purchase Index annuities. There are so many different products out there with varying product offerings that a consumer/customer cannot make out what there getting or not. Cap rates, floor rates, participation rates, the indexs, the phoney bonsus rates. Alot of these variables are confusing even for the smartest of financial professionals to discuss. We need SEC oversite on these products as much as we can so that consumers do not get burned and get turned off of insurance products all together. Thank you for your time...!
Robert Muench
Senior Annuity Wholesaler
Insurance and Annuity Group