July 8, 2008
I am so please to see the SEC considering making fixed index annuities a registered product. I have been in the Financial Services industry for 12 years and I feel the sale of fixed index annunities should be more regulated. So many consumers have suffered at the hands of the insurance agent that was more interested in getting the 10% commission than on what was best for the client. There is a place for fixed indexed annuities, but they have so many moving parts that there is probably a good percentage of selling agents that don't understand them. Because of the long surrender period the fixed index annuity needs to be considered only a part of ones total financial picture, therefore a registered representative would have a better feel for that. The wrongfully sold fixed index annuity can really hurt the financial well being of a person.