November 14, 2008
As a member of the FPA I support the proposed rule.
I am a CFP certificate and a licensed insurance agent in Pennsylvania.
Insurance agents "sell" these variable annuities as "safe’ investments without explaining the price variability or the high expenses associated with these products. Also, the "back end surrender charges" are absurd and "penalize" the annuitant severely if they want to get out of the product.
George N. Luciani, CFP
Covered Bridge Tactical
Capital Planning Advisory Group, Inc.