Saw a JD Melberg and got me thinking. Surprised insurance companies don't get scrutinized more. Seems w the number of complaints on VA's, there would be more regulation over this type of thing

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It’s because each state has their own regulation.

Since the insurance industry has such deep pockets with their state lobbyists, annuity companies survive as long as they pay to play.

DOL should have killed some of the crappy VAs and all indexed annuities as miss-sold and not appropriate but somehow they lived to see another day

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There is plenty of burdensome regulations making it a pain in the booty to sell VAs. It's a total pain when you're trying to sell one appropriately and it does very little to stop people from selling them inappropriately because those people I know for a fact are still slinging VAs to every 18 year old who walks in the door!!!!

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While DOL was moving that way with the expanded Fiduciary requirement you can thank DJT and his flock of felons for returning to the past.

DOL rule was a good idea poorly executed. Put the lawyers that make a living suing an industry in charge of drafting the language and then be surprised by what you get... most advisors here could draft a better rule.
1. In order to call yourself an FA you need to be a fiduciary.
2. In order to be a Fiduciary you need to be triple licensed and have access to fee based, BD, and insurance products.
3. Every qualified investment requires a written explanation of why it is the best answer compared to the alternatives, and how it fits in the plan.

Seacrest out!

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