November 17, 2008
My name is Ross Marino, a member of the FPA and I STRONGLY support the proposed rule.
I am a CFP, ChFC, and licensed insurance agent with 20 years experience. In addition, I have invested in Index Annuities for 15 or so clients. Although I have not utilized them since 2001, I do understand their advantages and disadvantages.
I have spoken with investors who had purchased these annuities and have no idea what they own. In general, they do not understand caps, participation rate formulas, the surrender period, impact of withdrawals, how dividends are not included in the index, and other important features. This is a horribly misunderstood and abused product.
I fully support this rule. Thanks.
Regards,
Ross L Marino
Ross Marino, CFP®
Certified Financial Planner® | Branch Manager
Raymond James Financial Services, Inc.
Member FINRA/SIPC