Why I think FINRA is behind it

[KJ in Miami]

DHK... well said!

 

[Norwayguy]

Re: EIA Securities Registration Advantages

Yeah, I can tell that compliance people are probably paid more than you.

Compliance is EVERYBODY'S business. That's why you need to THINK before writing or speaking.

Compliance DEPARTMENTS think they need to do the thinking and the advising FOR us. Why? To protect the firm. It has NOTHING to do with "protecting the public". That's just the excuse they give.

And if you haven't figured that out, that's probably why compliance people make more than you do.

Ah my suitability/complaince gripe of the day...Reviewing a new carriers suitability guide and they say absolutly no replacement business that results in a surrender charge from an existing annuity unless said surrender charge is overcome with a bonus.

Now I understand the basic concept that they are trying to protect...My issue is a client that is in a VA with no fixed account and wants out of market risk....I prefer to not use bonus products whenever I can because that bonus money is made up from somewhere with either lower rates/caps longer surrender periods etc...

I asked if they would issue a policy where the client sent in a letter of instruction attesting to knowledge of the charges and the desire to go with X (the non-bonus product) annuity and they still say no.

Yes this is not an everyday occurance but there are times when I crunch the numbers, look at the clients time horizon etc and the bonus products are not the answer.

end gripe.

 

[pcwest]

Ahhhh those suitability forms. Got to love to hate em...