November 13, 2008
To Whom It May Concern,
I am writing you to voice my support for rules that would allow for SEC oversight of indexed annuity sales.
I have been a financial planner for over 25 years and I am a CFP And a member of the Financial Planning Association.
In time I have worked, these annuities are misrepresented, misunderstood and have cause more financial damage to an unwary public than any other class of financial product that I encounter—second only to equally misrepresented and misunderstood life insurance schemes.
If they want to be in the investment (securities) business they need to Train and act and be subject to the same, and hopefully strong, Compliance rules that every else in the investment business.
Sincerely,
John Cress
Practical Portfolios