August 14, 2008
I received my CFP designation in 1983 and have been insurance and securities licensed for 20 years. My opinion is that index annuities ABSOLUTELY SHOULD be governed by SEC and/or FINRA. A high percentage of these products are sold by people who do not understand them, do not explain them and are primarily motivated by greed.
I have encourtered numerous situations where clients new to me have purchased a high and long surrender IA and we cannot afford to liquidate, even when financial circumstances require it.
SEC151a should have been passed years ago.
Scott McClane