September 9, 2008
I'm writing to comment on proposed rule 151A. I was a registered rep from 1968 to 1989, when I let my securities licenses expire. The reason I let them expire was that my cliental age increased to an average age of around 70 years old. I didn't feel comfortable putting these clients into areas of risk to their principal.
I now strictly sell fixed indexed annuities. I cannot understand how these could be classified as securities. THEY HAVE NO DOWNSIDE RISK.
Have you ever considered the very negative financial impact that this proposed rule will have on the thousands of agents and their families? Is this simply a power-grab by the securities industry?
Sincerely,
Thomas P. Asselin