Response: To Attorney Randall S. Ford
December 31, 2009 by Sheryl J. Moore
PDF for Setting it Straight with Lawyer Randall Ford
March 2, 2009
Randall S. Ford, Attorney at Law
2330 University Blvd, Ste. 505
Tuscaloosa, Alabama 35402
Advantage Group Associates, Inc.
Sheryl J. Moore
215 SE Wildflower Court
Pleasant Hill, Iowa 50327
Dear Mr. Ford,
I wanted to take a moment to write to you, and correct you on a couple of items regarding indexed annuities, the subject of your video on ShareRevMedia.com.
I am the industry’s foremost authority on indexed insurance products. Not only does my company track every single product in the indexed life and annuity markets, but we also track the sales of the products each quarter, and regularly observe the marketing and sales practices of the individuals and organizations in this industry. We actively work with regulatory entities such as the NAIC, NAIFA, and numerous insurance divisions to ensure proper education on indexed products. We do not endorse any company or financial product, but hold a firm belief in the value proposition of indexed life insurance products.
Perhaps most notably, we respond to every piece of inaccurate, negative media on indexed products that we come across at Advantage Group. Although I personally believe that every person is entitled to their opinion, I don’t believe that people should use their ignorance to negatively influence others.
I wanted to let you know that indexed annuities are fixed insurance products. They have not been called “equity indexed annuities” for years, as this gave the impression to many that the products were equity-based products, or securities. Furthermore, the products have never been referred to as “equity-based” annuities. The accurate nomenclature for use when dealing with fixed insurance products that receive potential excess interest based on an external index (such as the S&P 500) is “indexed annuities.”
Furthermore, “bonus annuity” refers to any annuity with a bonus. This could be a traditional fixed annuity, an indexed annuity, or a variable annuity. A hefty portion of indexed annuities sold today have no bonus at all. Your inference that the term “bonus annuity” is interchangeable with “indexed annuities” is misleading, and shows your ignorance of this market.
Should you wish to comment on indexed annuities in the future, I make myself available for your fact-checking. I find it unsightly to see a lawyer attempting to scare consumers by promoting false or misleading information on retirement income products. I know that a prestigious law firm, such as yours, is vested in providing truthful information to their clients.
Sincerely,
Sheryl J. Moore
President and CEO
AnnuitySpecs.com
LifeSpecs.com
Advantage Group Associates, Inc.
(515) 262-2623