November 14, 2008
Thank you in advance for receiving my comments on the above ruling.
I’m a investment advisor representative in the state of VA, a member of the FPA, and I support the proposed rule. A vast majority of clients are either boomers or seniors. A number of them, including prospective clients, were presented index products by insurance only agents who left them with the impression that they were helping with their investments and offering them a complete retirement solution because of their discussion about the stock market and other security indexes.
I also receive sales calls from agencies pushing high commissions first and product last.
The customer is confused enough about the differences among the different "financial advisors" to allow a non-licensed insurance agent to sell unregulated securities based product.
Again, thank you for your consideration of my comments.
Regards,
John M. Lesko
President
JM Lesko Financial, LLC