First off, what do these ladies and gentlemen know about what the heck we do? Presidential candidates are saying “don’t let them off the hook”. We are also pressured by a senator that decided not to run, but wields big power. Are we somewhat to blame? I’m sorry to say that we are. Not for a bunch of dirty deeds pulled on 401k holders, but for being asleep at the switch. I’m referring to companies, IMOs and agents. Did we think this was all going to go away? Well, it didn’t. So, what are our options now?
There is a bill hitting the floor this week (at the time of this writing I hope congress is snowed in so they have to vote). This bill to halt the DOL is written by U.S. Representative Peter Roskam, R-IL and a member of the House Ways and Means Committee.
This has pretty broad support, and not just on the Republican side. So, it may get to a vote and pass. Then… onto the Senate…and this looks promising. But, the word on the street is that the President is going to veto anything that would halt the bill. Does he think this will help America?
Let’s look. Most Americans with small amounts of money want Safe Money instruments. These people are not going to pay fees, and I am not going to work for peanuts. My talents are pretty good, and I have to make a living, too. If it’s true (and I believe it to be) that 60% of all fixed annuity sales are from qualified roll-overs, how will you make a living? Will you have to lay off staff? Hold off on purchases? What will the companies do?
Here is what you need to do… time is short. Pick up the phone, email your congressperson to ask them for help. You can find contact information for your representative at https://www.opencongress.org/people/zipcodelookup
Also, find out how they will vote on this issue. If you are like me, I’ll tell them that I will do everything I can to get them voted out of office if needed. This is Friday, and I’m fired up. I’m tired of these elected, and unelected officials affecting our industry, our clients and the general public negatively. They don’t know what they are doing in this arena. It’s time to stand up and stop them…pick up the phone.
Until Next Time… Good Selling!