Statement

For Release:	Immediate (April 16, 2008)
Contact:	Lisa Wetherby, 610-526-2513, lwetherby@financialpro.org

 

Newtown Square, PA - The leadership of the Society of Financial Service Professionals (FSP) is deeply disturbed by news stories such as Dateline NBC ’s recent piece on equity-indexed annuities (“Tricks of the Trade,” airdate 4/13/08.) It is unfortunate that the actions of an unscrupulous few can cast an unfavorable shadow on an entire profession. Their actions fly in the face of everything FSP has stood for over the past 80 years—in particular, the right of the American public to ethical, competent financial service counsel.

FSP leadership was also concerned to see equity-indexed annuities—which under the right circumstances, and for the right client, can be an appropriate investment—characterized as “bad.” Any product recommended out of greed or self-interest, rather than as the result of an analysis of the specific needs of a specific client, is “bad.”  But in actuality, the fault lies not with the product but with the tactics used to sell it.

The best interests of the client are at the heart of the FSP Code of Professional Responsibility—which dates back to 1961, long before “ethics” became fashionable. Every member of the Society—whether he or she is a banker, life insurance agent, accountant, lawyer, financial planner, or other financial service professional—is bound by the tenets of this Code.

We encourage all Americans to be wary of promises that seem too good be true and, when seeking counsel, to look for a credentialed advisor who is bound by a code of professional ethics, as are all members of the Society of FSP.

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About the Society of Financial Service Professionals (FSP)
The standard-bearer for excellence in professionalism, advanced continuing education, and ethical guidance, FSP is a national network of credentialed professionals working in diverse financial disciplines. The Society has created high-level connections amongst the country’s top financial advisors for nearly 80 years.

FSP members assist the public in achieving personal and business-related financial goals. Consumers can obtain free financial information or find a Society member in their community by calling the Society’s toll-free National Consumer Referral Service at 1-888-243-2258 or by visiting www.financialpro.org and clicking on Consumer Info.