November 13, 2008
I have been a financial advisor for 27 years and am regulated by FINRA for securities and insurance. I have met and advised hundreds of people who have purchased Index and fixed annuities for emotional reasons only. Many of these products have 10 – 15 year surrender periods but people only hear the word “guarantee” and a few years after they have bought these annuities want access to their funds for various reasons and are surprised when they hear that the surrender costs are 10 – 15% I strongly recommend that for the benefit of the consumer that these products have the stringent regulation that all other securities are subjected to – Everything I say and do, in person and on paper is regulated, these people have no such restrictions and say and do, in person and on paper, anything they choose and the consumer loses time and time again. Given this volatile market millions of seniors, in particular, will be taken in by sales practices that would have me in jail. Please regulate these investment products.
Paula Dorion-Gray, CFP®
President
Registered Representative, Securities America, Inc.