September 9, 2008
I have been a Financial Advisor in Florida since 1981. Candidly, like most advisors, regulation is not something I embrace. But in the case of Index Annuities, it is an imparative. Florida Insurance regulators refuse to reign in this widely abused product. Commissions are excessive, withdrawal penalties are onerous and sales practices are highly questionable. Like most insurance contracts, I'm sure that Index Annuities have their place but they should not be mass marketed with luncheon and dinner seminars that use fear and greed tactics to lure elderly investors into inappriate investments due to the high commissions.
Please fulfil your role as the protector of investors and bring these highly abused contracts under your purview.