August 6, 2008
I have been selling index annuities for almost 7 years. I have helped many individual obtain peace of mind especially when they where concerned about loss due to market decline. I work specifically with the senior market. Due to the safety feature of the index annuity, when the market sank over the last several months, several of my clients voiced their appreciation to me that their account value did not decline along with the market.
As a responsible and caring professional, I feel that classifying index annuities as securities is a major mistake, and will have an adverse affect in providing a much needed service by insurance agents such as myself.
The insurance companies that I work with, especially Aviva, has been very aggressive in making sure the products they offer, their sales procedures and their agents are in compliance with regulations and are doing their best to insure the products are suitable for each applicant.
It will be a sad day if registered reprentatives, many who already, according to clients reports to me, have been negligent in dealing with their accounts, are now the only ones allowed to offer index annuities.