July 30, 2008
If this legislation passes to classify fixed products as securities all of the training textbooks written to train agents how to pass their security licenses will need to be rewritten as they clearly draw the line between fixed annuities (FIAs) and security products. This indexed annuity issue appears to be like most things in life...not about the truth of what is right or wrong but about the money...a money/power grab by the broker dealers (B/Ds) as they find themselves increasingly out of touch with their market.
While disappointing there is really nothing new under the sun...if enough money is at stake there will always be a way for some men (women)to say blue is really orange...or red is really yellow. Why should we be surprised that our children can't determine what is right or wrong...they're watching us