November 17, 2008

Subject: SEC oversight of indexed annuities s7-14-08

I have been an advisor/insurance agent for over 14 years. I am 6, 63, 65, health and insurance licensed. I have worked with clients and recommended annuities when appropriate. I firmly believe there is no one product that answers everyone's concerns or meets everyone's goals.

I have come across several, now clients, individuals who have been SOLD indexed annuities. They were not aware of the surrender fees, the loss of bonus funds if withdrawn before surrender period, or they were unaware of restrictions within their contracts. All of them had funded the annuity with other investment assets, such as mutual funds or annuties. All of them thought they were buying an investment tied to the stock market in some way. The individual who sold them the annuity reviewed their previous investments and advised them that the annuity was a more appropriate investment for them. I know that one of the agents was not securities licensed.

Agents who sell these annuities are not required to go through the same suitability and disclosure procedures that we go through with each and every client. Those who are not securities licensed and discussing people's investments with other companies when they are not licensed to do so.

In my experience with my clients, very few are willing to give up the loss of control and flexibility of their money for extended periods of time. I find it hard to believe that so many people are signing up for indexed annuities when I have very few decide on an indexed annuity from my client base.

I am in firm support of more regularatory action to get control of this situation.

Thank you for considering my opinion

Oscar N. Alvarez M.S., CLTC
Financial Advisor
Financial Services Representative
Registered Representative
Investment Advisor Representative
Commonwealth Financial Engineering
An Office of MetLife