November 14, 2008
Dear Sirs,
As a financial advisor Iget a lot of questions about annuities, especially with the current low interest rates and market lows.I spent a lot of time visiting seminars prior to my training, and reember well all the promises of NO LOSSES, only good things can happen, etc.Yet no fees were ever disclosed, no assured rates of return were ever disclosed, and all other types of annuities were disparaged.
My state, Georgia, is not particularly known for having good consumer protection laws; rather the legislature has seen fit to reverse those good laws it has passed.
I have spent much time with the Ga Financial Literacy Consortium, with little obvious effect; we target the young to get some good life habits established, but so far finanial literacy, as such, is not targeted toward the elderly or early or near retirees by anyone except the seminar salespeople.
As a fee only planner, FPA member, and GA consortium member, I feel we need all the protection, oversight we can get!!!
Sincerely yours,
Justus Baird PhD