I do believe that one of the problems in the annuity industry is that in order to sell fixed and index annuities, all one needs is an insurance license. That means, your annuity agent may not have ANY formal education in the financial arena...THAT'S SCARY.
For you to entrust someone with that kind of money, and for him to have no financial education is a sin. Now, don't get me wrong, some of the agents are VERY well educated. But if you think of the new agent entering the market, they may have little or no experience with investing matters.
This to me is something the insurance industry should rethink. You see, fixed and index annuities (index annunities are glorified fixed annuities for lack of a better explanation at the present) do not have the stipulations that securities have on them. This leaves a lot of room more abuse and I truly think that should be changed.
The insurance industry should, without a doubt, require formal FINANCIAL training for someone who wants to sell annuities. I will say this forever and continue to push for it. Just trying to say that I believe it is necessary...that's all.
Out!!!
Ignorance IS NOT BLISS!!!
Tony Bahu
For more information on IRA's, please visit:
www.irasearch.info/ira-s.htm
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