September 9, 2008
I am 81 years old having been a licensed agent since 1952.
I was a licensed securities broker for 38 years having sold
that part of my practice four years ago. Since then I have
specialized in the sale of annuities, both fixed and index
with the concept of 'safe money'in retirement.
If index annuites are mandated to be securities I will retire and no longer offer my professional services to the senior citizens which comprise 90% of my client base. After years of being a securities broker and all the licenses I held I will not 'jump through the hoops' and go through all the training and licensing required.
With over 50 years in the business I have never had a complaint or regulatory problem. I will no longer be servicing my hundreds of clients and they will become the real problem in our business...Orphan policyholders.
I consider this proposal nothing more than a money grab
by the securities industry