November 17, 2008

Subject: File No. S7-14-08

To Whom It May Concern:

I am currently a member of the Financial Planning Association and am from Minnesota. I am just completing 33 years in this business as first an insurance agent and now a financial planner.

I am in support of this rule referencing the Index-Annuities. I can provide a variety of reasons why, for the uneducated or unaware client, that indexed annuities are generally not in the best interest of clients. With (mostly trusting women who are single) clients who come to me to evaluate their investments, many are sold an indexed Annuity product that ties them up for years, has a very high surrender charge and locks the client into a very strict schedule that has not been in their best interest. I am thinking of a single woman who, at age 75, was put into an indexed annuity and had to pull the money out prematurely and suffer a penalty she was surprised to learn about. This was due to an overly aggressive sales agent.

The problems with this regulation is that the vulnerable aging population needs additional protection and the way aggressive agents work will only be a detriment.

If a consumer only had something to compare, then they could make an intelligent choice. Many times, the surrender charges, suitability of the product and liquidity risks are way too steep or appropriate. This Rule is a better way, in my opinion.

Please put me down as one who supports this legislation…the Equity Indexed Annuity Rule

Jeff Sessions Financial Group, Inc
Sessions Financial Group, Inc