July 11, 2008
I have had personal conversation with many licensed insurance agents as well as registered representatives regarding the proposed EIA regulations. It is the general consensus that this is nothing more than the big "investment houses" successfully lobbying to, in essence, make a land grab. It is really insulting to watch a deliberately lopsided, program from Dateline have an impact on FINRA officials. It is disturbing to me that this completely skewed television show, that depicts "ALL" insurance salesmen as crooked thieves praying on defenseless old people, was actually brought to the forefront as a defense for the regulation change. Anyone with an ounce of intelligence can see the shift of assets to something safe and secure, like the annuities that even Ben Bernake uses to keep his wealth safe, is a threat to those derive their income from selling regulated products. Taking this action will have many unintended consequences.