I worked with agents, seniors, brokers and funders for several years. I find it interesting that this author, a “dancer,” thinks he has an educated statement on life settlements.
Does some regulation need to be in play? Yes. However, too much regulation will not be good. There are a few bad apples out there doing life settlements, but the legitimate brokers and funders will win out and regulate themselves. That is how the basic business world operates.
Do we really want too much nosy federal regulation in our business? Kinda like the SEC wants to regulate indexed products? Bureacrats generally have no idea what they are doing. C’mon people, let’s keep the government out of our business.
- Steph Wilson
One of my life settlement clients sent me the article yesterday, so I was glad to see you address it so quickly. After having been in the industry for over 40 years (the first 22 also securities licensed), I think life settlements are one of the finest investment products I’ve had to offer my clients, when the situation fits. If someone talks an 80-year-old widow into putting her last $50,000 into this product, he should be tarred and feathered. But not because the product has no merit. It just doesn’t fit the scenario of being proper for this client. The answer is not necessarily more regulation, but proper application of the product to the situation. We have the same problem in the marketing of FIAs and VAs.
- John Reagan