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Life Health > Annuities > Fixed Annuities

Advisors speak out on 151A

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[Editor's note: The public comment period for proposed SEC Rule 151A has been reopened through Nov. 17. When we wrote about the comment period recently, our advisors had plenty to say about it. Following are a sampling of comments from readers that we've received. Click here for more reader comments.]

In 28 years as a life agent, I was forced to go get my 6 and 63 because captive companies were afraid to stand up and say NO MORE …

I got tired of the SEC creating jobs just to keep people busy, none of my clients wanted to risk any losses, so I went out on my own and stuck to what I do best … assess situations, and make recommendations, then stand behind my work. You give an inch, they take a mile, and ruin everyone’s client base and career in the process. Somebody has to say “that’s all” and hold the line. I could go on for hours, but will save my breath. Not just no, but HE** NO!
— Clyde Askren

What used to be “Equity Indexed Annuities” then to change the name to “Fixed Indexed Annuities” to appease the SEC is an indication that the securities business is “running scared”. When billions of dollars leave the securities platform and are sent to “Fixed Indexed Annuities” because the financial vehicle is “better” than the secuities, then you have to know that they (securities profession) just can’t take the heat in the kitchen. So what do they do? They run to “Daddy” (SEC) and say help us because we can’t deal with these rollovers. You see the securities business does not know how to offer annuities. If they are not trading they don’t know what else to do. What a bunch of “babies”!!!
— Tom Ryder

After the stock market debacle this year that was a direct result of Wall Street greed and corruption under the watchful eye of the SEC, I find it hard to believe they espouse the need to regulate the one thing that has not lost a dime — the Fixed Indexed Annuity.

Shame on them, they have a black eye now and there is no reasonable person that would believe they should regulate the insurance industry’s products when they have done such a horrible job regulating their own industry’s products. UNBELIEVABLE.

I was one of the ones Chris Hansen from NBC “To Catch a Predator” tried to ambush on annuity sales practices. Apparently honesty and integrity did not make for good television since he did not air my encounter with Aunt Alice.
— Jim Toddy


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