From: John G. O'Malley
I am Advisor with 25 years of experience. I applaud you for any efforts to protect consumers better with the sale of Mutual Funds and Variable Annuities. These are great investment products if sold properly and to the right people. Unfortunately I see too many people who DO NOT understand the risks involved after they have lost a great deal of their investment. More paperwork is NOT the answer. Easier read prospectuses and consolidation of current paperwork would be helpful. The first thing I would change to be printed on ALL prospectuses is wording like this and in this type and size font:
WARNING: BY SIGNING FOR RECEIPT OF THIS PROSPECTUS AND RECEIVING IT YOU ARE AKNOWLEDGING THAT YOU UNDERSTAND YOU COULD LOSE ALL OF YOUR INVESTED MONEY. YOU ARE ENCOURAGED TO TAKE CAUTION IN MAKING ANY INVESTMENT AND ENCOURAGED TO HAVE COMPETENT PROFESSIONALS REVIEW THIS MATERIAL WITH YOU. YOU ARE ENCOURAGED TO CAREFULLY REVIEW THE FEES AND EXPENSES RELATED WITH THIS INVESTMENT AND DISCLOSED IN THIS PROSPECTUS.
(I would also make anyone who buys individual stock sign a similar statement that they understand this.)
Again, thank you for your work on behalf of all consumers.
John G. O'Malley