July 8, 2008
To Whom It May Concern:
I am in favor of the proposal deeming indexed annuities as securities. I have been in the financial services industry since 1984 and I have NEVER seen individual investors, especially seniors, hurt more by any financial product. With commissions over 10% and surrender charges exceeding 15 years, investors have no idea what they are buying. All they hear is ' How would you like the upside of the stock market with NONE of the downside..' Don't we all want that? They NEVER hear, as Paul Harvey made famous, 'The rest of the story'... I live and work in a small southern town. Senior citizens are being inundated constantly with invitations to luncheons and dinners put on by un-registered independent insurance agents for the sole purpose of selling these products. Please, protect our seniors and our industry.
Regards,
Jeff Blaser, CFP®, CIMA
CERTIFIED FINANCIAL PLANNER
CERTIFIED INVESTMENT MANAGEMENT ANALYST
RetireCare Solutions®