This appears to be a regulatory power grab.
November 7, 2023 by Sheryl J. Moore
How can life insurance agents ” …hold themselves out as trusted advice professionals,” when they are not advising their clients, but instead selling them products?
They are not registered investment advisors?!?
And how can the U.S. Department of Labor assert that “…said conflicts of interest related to the sales of fixed index annuities cost investors $5 billion annually?”
Fixed indexed annuity purchasers do not pay the insurance agent’s commission.
If I buy an indexed annuity with $100,000 today, my insurance agent has his commission paid by the insurance company, and my full $100,000 continues to grow, and earn (potential) interest.
I am without words.
This appears to be a regulatory power grab. -sjm