“The National Association of Fixed Annuities, Milwaukee, has voiced that concern in a member alert.

“NAFA sees the proposal as “a clear attempt to take control – read collect fees – on all product recommendations,” including recommendations involving life insurance, long term care insurance, health insurance, property-casualty insurance, savings accounts and fixed annuities, NAFA officials say.”

http://www.lifeandhealthinsurancenews.com/News/2009/5/Pages/NAFA-Pans-FINRA-Draft.aspx

Few Americans are truly qualified investors and most annuity buyers are not. Whole life, health, and annuity products are usually more than adequate to secure the wealth of the typical American and her/his family and they do the job without risk and without worry.

American citizens and their life, health, and annuity agents should not be worried about fixing the system that’s gotten us into the mess we are in now; the same mess that allows the power-hungry in the SEC and in DC to grab control. We should instead be looking for a “soulution” that lets the state insurance departments maintain authority and allows individual Americans to maintain control of their saving and insurance programs.

If individual Americans don’t watch these regulators “like a hawk,” pretty soon we will allow the Feds take every authority away from individuals and the individual 50 states and our freedom will go with them.

Perhaps, therefore, the answer to the ongoing challenge of FINRA and the power-grabbers in DC is for every citizen to encourage their advisors to withdraw from the arena FINRA and the SEC control. The fewer professional insurance and financial advisors (yes, you can be a true financial advisor without any securities registrations) these power hungry bureaucracies control, the less power they wield.

By Jeffrey Reeves

Bookmark To: