November 13, 2008
To Whom it may Concern:
I support the current rule that would allow for SEC oversight of indexed annuity sales in addition to state oversight by insurance commissioners.
I am a member of the Financial Planning Association and have been in business for 19 years fully licensed series 7 and insurance license. The clients that have come to me for services that have purchased index annuities do not understand what they have purchased and particularly do not know about the fees in the product. Most are dissatisfied with the performance as they feel it is not what was presented to them. The surrender charges are too long and inappropriate for most of the people I work with on financial planning. People are not aware of alternatives available to them at the time of sale. It is sold as the solution to all their investment problems.
I strongly urge that more oversight be done on selling these index annuities.
Sincerely,
Linda L. Itzen, CFP
Thank you for your continued referrals! After 19 years, one of the finest compliments I can still receive is a referral from a committed client.
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Linda L. Itzen, CFP®
Senior Financial Advisor | Business Financial Advisor
Itzen & Associates
A private wealth advisory practice of
Ameriprise Financial Services, Inc.