Subject: File No. S7-14-08
From: Jeffrey A West
Affiliation: Financial Advisor

July 7, 2008

Dear SEC,

I think it is important for anyone reading this posting to know that I am a financial advisor. I own a personal financial planning firm. At which I hold the Series 7, Series 66, and LAH.

I have and will continue to use Fixed Indexed Annuities with my clients no matter the outcome of this rule. We as a firm took steps, at great expense, in case the rules were changed regarding the index annuity.

The debate over index annuities being securities or being insurance products has been occurring in offices around this country for a long time. You can take a view from either side of the debate and make strong points. On one side, the indexed annuity can not suffer from market losses, as long as you keep the contract to term. If you do not the client can suffer surrender charges as well as losses (or gains) from what is known as the MVA, or market value adjustment. On the other side there are alot of "sales people" abusing the system and making alot of money marketing these products in "shady" ways. A quick review of the Dateline story will remind us of this. I personally know of six agents using these tactics right here in my home town. Three of which recieved their "training" from the organization featured on the the show.

The reality is the current and proposed laws are outdated. There is a new industry in this country that is being forced to define itself by being partially in two old industries at once. The independent personal financial advisor is no longer a stock jockey working at a wire house slinging individual securities for a broker/dealer. The independent personal financial advisor is also not signing Ma and Pa up for whole life insurance in case they die.

The independent financial advisor works for their clients not Wall Street or some mid-west insurance company. This person works with their client to build a financial plan, and guide their client through different markets to help them achieve the life they want to have.

I strongly think that the independent financial advisor should be able to receive a license that allows them to use every available investment, or insurance product available. This person should not be held to the FINRA stock jockey laws, but they should be more highly trained than the insurance agent on the street. This could be easily achieved with a reworking of the current Series 65, 66 and insight from the CFP board.

Once an individual demonstrates that they are only operating as an independent advisor and passes testing, maintains CEs, could that person drop the regulation of the Series 7, the B/D oversight, the business strangulation of FINRA, as well as the under regulated insurance agent.

This would clearly send a signal to the American population that when they need advice. The independent financial advisor is where to find it.

The advisors are already out there, and they are tired of not having a clear guideline to work with their clients.

Sincerely,
Jeffrey A West