July 10, 2008
I feel compelled to note that I personally agree with the SEC's findings that annuity salespeople do in fact target and prospect senior citizens. It is shameful that some indivduals prey on the elderly and sell a product that has inferior growth potential due to the outrageous fee structure that eats a major portion of returns. Additionally, senior citizens need to be liquid, they should not have their assets tied up in these flawed investments. I have wondered for years about the Indexed Annuity and future regulations on this contract. I certainly hope that some form of protection for unsuspecting/uninformed buyers be installed in securities law.