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July 06, 2005
Selling Equity Indexed Annuities to a 94 Year Old!
At the Regulatory Affairs and Compliance Conference, sponsored by the National Association for Variable Annuities of Reston, Va., the NASD announced that it will be releasing a regulatory notice to members on the subject of equity indexed annuities.
According to a widely circulated draft copy, the SEC worries that "the absence of firm supervision of the marketing and sale of unregister EIAs" (Equity Indexed Annuities) by broker dealers could create problems.
From the article in financial-planning.com:
Selman described a recent complaint involving a 94-year-old woman and her 91-year-old husband. An insurance agent recommended that the pair liquidate $800,000 in fixed income savings, the bulk of their assets, in order to buy an EIA with a 14-year surrender charge. Selman said that another remarkable aspect of the case was that the complaint was filed by the registered representative who was managing the fixed income portfolio, not the customers.
That guy should not only lose his license and be barred from the industry but he should also be shot!
Kim Snider, Kim Snider Financial Communications, Chronim Investments and/or Snider Advisors make no representation that the information and opinions expressed are accurate, complete or current. The opinions expressed should not be construed as financial, legal, tax, or other advice and are provided for informational purposes only. Call 866-952-0100 to request the Snider Investment Method™ Owner's Manual, which includes a description of the Snider Investment Method, investment objectives, risks, suitability and other information. Please read and consider carefully before investing. All investments are subject to risk including possible loss of principal.
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Kim Snider is an author, speaker and host of Financial Success Coaching, Saturdays at noon, on KRLD Newsradio 1080, Dallas - Fort Worth. This blog is primarily devoted to empowering individual investors with information to help them be good stewards of their money. Above all, it is about achieving true financial success. Kim's book, How To Be the Family CFO: Four Simple Steps to Put Your Financial House in Order is in bookstores now. Order yours from Amazon or other fine booksellers today.
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