August 29, 2008
Proposed Rule 151a
I have been in the Financial Services for 3-1/2 years (after a 30+ year career in Engineering) and a member of NAIFA for over two years. Regarding this issue on equity indexed annuities I find myself disagreeing with the position of the NAIFA board. It is unlikely that you will find any complaints against any NAIFA member regarding the marketing of these investments, but their are NAIFA members who are not series 6 or series 7 licensed who might be adversely affected by this proposed rule.
Dispite this hardship on some honest insurance representatives, I believe the public threat of having non FINRA registered representatives marketing complex security related products is just too great. If these types of products are required to be marketed through as FINRA registered broker/dealer and FINRA registered agents/representatives the self regulatory pressures will tend to strangle out the most offensive products and marketing programs.
Frankly I am quite tired of having to spend so much energy defending our industry to potential clients due to the sins committed by people we don't even monitor.
Bryan Call
Registered Representative
MWA Financial Services
Bryan Call, FIC
Financial Representative
Modern Woodmen of America