November 14, 2008
I have seen so many abuses with insurance agents in this area. I have my insurance license and started w/ insurance so with my securities I have a thorough understanding of these products.
I recently obtained a new client referred by his attorney. The insurance agent took his entire 1 million Ira and put in equity indexed annuities with 18-20 yr. surrender time frames and 18-20% surrender charges. The clients were under the impression they could not make less than 7% and would have growth and income! Now its impossible to get them out of these contracts without great detrement.
I know my broker dealer would never have allowed this abuse.
Insurance agents can just get their securities license and go under a broker dealer and the broker dealers will stop the abuses.
Thanks
Hope you can help by making some rules on this.
Marcia Campbell Insurance & Financial Services, Inc.