November 14, 2008
I am writing to voice my support for supportive of Rule 151A.
I am a CPA, CFP and life and health insurance licensed.
My concern and thus my support for the rule stems from misleading and abusive marketing practices in the sale of equity-indexed annuities. This includes the fact that consumers are often mislead regarding the benefits of an indexed annuity and certain facts about indexed annuities are not always clearly disclosed or understood, such as liquidity risks and surrender charges. It is also my understanding that not all states have adopted suitability standards for such annuity sales
Thank you,
John W. Hearn III, CPA, CFP®
Hearn Wealth Management/Laurel Wealth Advisors, LLC