November 14, 2008
I'm a Certified Financial Planner who has been in the securities business for 31 years. One of the most questionable sold investment products that I have ever seen is the index annuity. I have seen many retired referrals come in to my office with one of these index annuities having been utterly misled as to how the product works, and now locked in to a bad investment. Here in Florida, the radio and newspaper advertising has been nonstop on the merits of this product without honest disclosure as to the costs and risks of this product. In many cases the investor is given no prospectus only a sales brochure extolling the merits of the product. There are many instances where the "practitioner" is selling just this one product as one size fits all. Bottom-line the commission to this individual guides their recommendation. Please continue the oversight and don't allow big money lobbyists from the insurance industry to do away with a a rule that protects the consumer, and particularly those that are retired. Thanks, Ron May
Thank you,
Ronald J May, CFP®, RPC, ETSC
Financial Advisor
Managing Director - Investments
Wachovia Securities, LLC