November 17, 2008
It is unfortunate that abuse, greed, and neglect of indexed annuity sales from a few bad agents requires the need to review the process.
The time an money invested could have gone to investigate those few who abused the system.
The safety of Indexed Annuities has once again been proven with the dramatic downturn of the market because the client's money is never invested IN the market, just linked to it.
As for the cost of this investment in the first few years...hello These are long-term investments for folks who want safety.
The only reason this issue has come up at all is because of the greed from "Registered" Representatives who lost many clients over the past few years who moved their money to this safer medium.
These are the same Reps. who charge a FEE on top of commissions paid. Outrageous These clients who look for safety have been underserved to way too long, and now may have lost their savings because their money was "in the market".
I'm not saying no money should be in the market. I'm a huge believer of diversification.
Thank you for your NO Vote on this issue.