November 17, 2008

Subject: File No. S7-14-08

To Whom It May Concern:

I favor SEC oversight of Equity Index Annuities. As a practicing CFP I've seen many investors who have been burned in the purchase of equity index annuities. Most people don't understand what they've been sold. The products are complex and may have extremely high surrender charges that make it nearly impossible to undue a bad purchase decision.

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Michael E. Smith, CFP®
Senior Financial Advisor

Michael Smith & Associates
A private wealth advisory practice
of Ameriprise Financial Services, Inc.