March 2007

NASAA, the state securities regulators association, reported that between 2004 and 2005, 26% of the 3,635 state enforcement actions dealt with the financial exploitation of seniors; and 34% of all “successfully concluded enforcement actions” involved either variable or equity-indexed annuities. Patty Struck, administrator of the Division of Securities in Wisconsin, said last month that within the last year, 44% of the complaints securities regulators have received came from seniors.

Financial Services Institute Chairman John Simmers announced FSI will issue a white paper detailing the development of independent broker/dealers to help educate legislators, regulators, and the public on the value of the independent contractor model.