Earlier this year, we conducted our first Advisor Survey and the results are in with more than 500 of our readers responding. One of the questions we asked was, “Do you support SEC 151A?” Nearly two-thirds of our respondents say that they do not support the legislation, suggesting that the federal government’s since-delayed push to securitize fixed indexed annuities promises to cause more problems than it seeks to fix. Here are some of the highlights to that question:
“Laws should not be changed just because someone sees them as an inconvenience,” “Laws are laws. Additionally, the SEC oversees hedge funds, stocks, securities, etc. And look where they’re at now!”
– Vicki Guy.
I do not support it because it is just another way for brokers to get a piece of the pie! FIA’s are not securities and they already have a million suitability requirements to prevent any problems why would anyone support this except those who stand to gain financially. leave the FIA’s the way they are with licensed professionals writing the business!
– Sharon Ben-David
The regulatory agencies need to enforce what’s on the books now and measure the effect before adding more regulation that may or may not be fully enforced. More regulations mean more unintended consequences.
– James E. Duvall
I believe most individual agents are doing a fine job presenting Index Annuities. With all the continuing education we need these days I don’t find it necessary that you should need another license to present these products.
– Sharon Johnson
The SEC audited Bernie Madoff and they couldn’t find anything wrong with his books. Therefore, why should they get involved in the insurance business, just so the broker-dealers can skim off the top of the consumer.
– Tom Schreiner