Normally when you hear the Department of Defense is presenting Congress with a report on their progress, a highly politicized debate over Iraq comes to mind. This time the report deals with protecting soldiers not from IUDs but RIAs (registered investment advisors), brokers, and insurance salesmen.
Working in the military can be a tough job with not much in the way of financial reward. This is why unscrupulous insurance and investment salesmen deserve the new military surge against dangerous investment advice targeting enlisted men and women:
Whenever the U.S. military gears up for a war, (Georgia state insurance commissioner John Oxendine), its personnel become prey for unscrupulous financial advisers because they’re young, naïve and don’t have a lot of experience with finance.
'To me, this is nothing more than being a war profiteer,' he said.
The Department of Defense’s inspector general is scheduled to present Congress with a draft of a report about progress in this effort at the beginning of next month.
The law also states that the military must track advisers and insurance agents who have been kicked off military bases for dishonest sales of investment products.
The law, titled the Military Personnel Financial Services Protection Act, mandates that the secretary of defense, currently Robert Gates, keeps a list of names and addresses of advisers that have been barred, banned or restricted from military bases."
The crackdown stops certain questionable sales practices:
And certain product features, such as automatic premium payment provisions, are prohibited completely. The new regulation also adopts Defense Department solicitation rules. For example, it is now a 'deceptive trade practice' for an adviser to solicit in barracks, day rooms and other restricted areas."
We like the Personal Commercial Solicitation Report, which "lists insurance and financial product companies and agents currently barred from soliciting on specific DoD installations as reported by the military services."
The report contains such gems as, "Agent barred for loitering near enlisted quarters; falsely inferring command endorsement; and attempting to discourage a military member from reporting him for soliciting on-duty personnel and soliciting personnel in a mass audience."
Apparently some war profiteers hock financial peace of mind…
Pentagon Sets Sights On Brokers
Normally when you hear the Department of Defense is presenting Congress with a report on their progress, a highly politicized debate over Iraq comes to mind. This time the report deals with protecting soldiers not from IUDs but RIAs (registered investment advisors), brokers, and insurance salesmen.
Working in the military can be a tough job with not much in the way of financial reward. This is why unscrupulous insurance and investment salesmen deserve the new military surge against dangerous investment advice targeting enlisted men and women:
Whenever the U.S. military gears up for a war, (Georgia state insurance commissioner John Oxendine), its personnel become prey for unscrupulous financial advisers because they’re young, naïve and don’t have a lot of experience with finance.
'To me, this is nothing more than being a war profiteer,' he said.
The Department of Defense’s inspector general is scheduled to present Congress with a draft of a report about progress in this effort at the beginning of next month.
The law also states that the military must track advisers and insurance agents who have been kicked off military bases for dishonest sales of investment products.
The law, titled the Military Personnel Financial Services Protection Act, mandates that the secretary of defense, currently Robert Gates, keeps a list of names and addresses of advisers that have been barred, banned or restricted from military bases."
The crackdown stops certain questionable sales practices:
And certain product features, such as automatic premium payment provisions, are prohibited completely. The new regulation also adopts Defense Department solicitation rules. For example, it is now a 'deceptive trade practice' for an adviser to solicit in barracks, day rooms and other restricted areas."
We like the Personal Commercial Solicitation Report, which "lists insurance and financial product companies and agents currently barred from soliciting on specific DoD installations as reported by the military services."
The report contains such gems as, "Agent barred for loitering near enlisted quarters; falsely inferring command endorsement; and attempting to discourage a military member from reporting him for soliciting on-duty personnel and soliciting personnel in a mass audience."
Apparently some war profiteers hock financial peace of mind…
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