November 18, 2008
My simple comments are as follows:
I have served my clients best interest for over 30 years now. I have my series 65 and I am licensed to sell insurance products. I love the many benefits of "fixed indexed annuities" for my older clients in retirement. The FACT that these annuities ARE NOT securities has never been more evident than now...my clients in fixed indexed annuities have not nor have they EVER lost a dime of principle and credited interest due to fluctuations in the stock market. The reason is very simple....THEIR MONEY IS NOT IN THE STOCK MARKET
The Securities and Exchange need to focus ALL their efforts to regulate securities...not insurance products
My clients and I would be better served by the SEC if they would clean up the problems on Wall Street...such as "credit default swaps" and executive compensation in the multi-millions
It is NOT a noble cause to eliminate access to a very solid safe insurance product by requiring it to only be offered through Broker Dealers and their down-line. Millions of Americans would never be given a true comparison and an educated explanation of the many guarantees and benefits of fixed indexed annuities, because most brokers have never seen a fixed annuity they liked...just ask them. While hundreds of thousands of Americans are thanking God that their income for life is safe and steady, and their retirement funds are in tact...because it is in a fixed indexed annuity INSTEAD of the stock market.
Stock-brokers have their hands full right now clients need their full attention and expertise directed to their portfolio, not in self-education on the forign subject of annuities Insurance/Financial Advisors need to constantly be aware of annuity product details, good and bad so they may offer correct unbiased recomendations as to whether they are a good solution to a given circumstance...they DON't need to be studying for their securities exam to half-way learn information they will probably never use and will never keep up with like a full time stock-broker
and therfore become dangerous and un-qualified to make recomendations....just like brokers are unqualified to offer annuities. Lets keep our sanity and keep our place in our respective industeries.
There are good and bad people in all industries and ours are no different. Strengthen the laws, throw bad people in jail, but we all have to stop slinging mud...right now that is very easy to do. The reality is that there are "good-guys" on both sides, with high moral standards and solid core principles who do outstanding work for their clients and THEY far out weigh the "bad-guys"
Thank You for considering my passionate comments
Gary L. Wright