November 17, 2008

Subject: File No. S7-14-08 Strong Support

As a CFP(r) Practitioner with 20 years experience and a member of the Financial Planning Association, I can say without doubt that this rule is desperately needed. I have seen the results far too many times of ill-trained and under regulated agents peddling "risk free stock market investments" and "full retirement planning". The agents are often driven by hugely inflated commissions, at the client expense of liquidity risks, crippling surrender fees, and other common suitability risks.

I am working with a gentleman, who is now quite ill, that four years ago purchased an Equity Indexed Annuity from a very persuasive young man. Now that my client really needs access to his funds, he is unable to access them without incurring a TWELVE percent surrender charge! And the fees will last another seven years! The agent involved in this sale has moved on to other fields – but was able to enjoy the over $9,000.00 commission this $100,000 sale generated.

Many in the insurance industry would much prefer to keep this field unregulated-getting agents through the Securities licensing system is a bit challenging for many, and imposing a fiduciary responsibility on agents, while in the best interest of all customers, would be devastating on the "rip-off" agencies that are preying on our population.

Please, please put in place this minimal regulation. File No. S7-14-08 is good for the insurance industry and good for the people of this country.

H. Dudley Wade, CFP® • Financial Planning Advisor
Gainesville District
AIG Retiremet