November 14, 2008

Subject: favor the rule to have index annuities listed as securities s7-14-08

I am a member of both the FPA, and NAIFA. One organization favors the new ruling and the other opposes it.

Very simply here are the two issues:

• the index annuity is sold as a guaranteed way for people to be in the market and not lose any money, now that is just wrong
• these products are sold primarily by insurance agents that have not been licensed in securities for various reasons, even the simple #63 and the #t6 which would require that they have oversight by FINRA and at least a broker dealer firm

I have been in this industry for almost 25 years, and I have seen no greater misuse of a product then the index annuities, please for our sake and the sake of the general public pass this legislation to require minimal registration and oversight of these index annuities. Usually I am on the side of the insurance companies, but not on this one!

Thank you

Paul Basballe
Securities offered through
Geneos Wealth Management, Inc.
Member FINRA/SIPC
Advisory Services offered through
Advisors Group, Inc.