We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (16,771)
  • Industry Conferences (3)
  • Industry Job Openings (3)
  • Negative Media (138)
  • Positive Media (73)
  • Sheryl's Articles (624)
  • Sheryl's Blogs (178)
  • Wink's Articles (242)
  • Wink's Blogs (225)
  • Wink's Press Releases (93)
  • Blog Archives

  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • May 2008
  • February 2008
  • August 2006
  • One vs. 114 complaints

    August 3, 2011 by Jack Marrion

    BY Jack Marrion
    Published 8/1/2011

    My annual study on index annuity complaints shows
    on a sales volume adjusted-basis, annuity complaints have fallen 75 percent
    since 2007. It seems the annuity industry is doing a much better job of
    properly selling their products. Which brought a question to mind: How many
    investors complain about their stockbroker or advisor?

    The annuity complaint data is easily available at the National
    Association of Insurance Commissioners (NAIC) website, but it can be difficult
    to find securities complaint data. Although FINRA reports there were 3,208
    customer complaints in 2010, the SEC only lists data on the top 10 categories
    (even so they accounted for 5,919 complaints last year). The North American
    Securities Administration Association (NASAA) makes a lot of noise about
    enforcement, but doesn’t seem to be current on complaints; their latest report
    covers the period from 2008-09, when they report 2,294 Enforcement Actions Initiated
    by securities departments in 42 states.

    I could, of course, go through and tally up the individual states,
    but there’s a problem with that. State securities departments tend not to
    report complaints, but only actions, which aren’t the same thing. Indeed, when
    I was researching regulatory actions I was assured by two securities
    commissioners that they had received “hundreds of complaints” against index
    annuity producers.

    When I mentioned to each that I had uncovered less than a handful
    of regulatory actions against annuity agents in their state and would like to
    come to their offices and review these “hundreds of complaints” I was told that
    they didn’t keep records of those files.

    Not ethically inferior

    Discounting NASAA and the state securities
    departments, there were 9,127 complaints against securities registered firms
    and individuals in 2010 (according to FINRA and the SEC) and 80 against index
    annuity carriers (from NAIC). Or, in other words, for every one complaint in
    the annuity world there were 114 (at least) in the securities world. It would
    seem that all of this attention suggesting that the index annuity industry is
    somehow ethically inferior to the securities industry is misdirected.

    There were 666,812 securities registered sales people in 2010 and
    they had 114 times the complaints of the index annuity agents. I do not know
    how many agents sell index annuities. I do know some of the larger index
    annuity firms have over 35,000 agents, but many agents are contracted with more
    than one carrier, making it difficult to get an exact count of agents selling
    index annuities. Even excluding state securities departments there were still
    at least eight to 10 times more complaints for every 1,000 registered/licensed
    persons in the securities world than in the annuities industry.

    The facts are very clear. The index annuity industry has a better
    complaint record than the securities industry.My
    annual study on index annuity complaints shows
    on a sales volume adjusted-basis, annuity complaints have fallen 75 percent
    since 2007. It seems the annuity industry is doing a much better job of
    properly selling their products. Which brought a question to mind: How many
    investors complain about their stockbroker or advisor?

    Originally Posted at Senior Market Advisor on August 1, 2011 by Jack Marrion.

    Categories: Industry Articles
    currency