Explain why insurers are changing VA rules Millennials should get life skills from parents

I read “VA customers irate about rule changes” (InvestmentNews, July 22). Those who bash the insurance companies for…

I read “VA customers irate about rule changes” (InvestmentNews, July 22).

Those who bash the insurance companies for putting up so-called roadblocks for retirees should at least explain why the insurance companies put up these roadblocks.

The article uses an example of an investor who ultimately wants to contribute $500,000 toward a variable annuity. What the article neglected to say is that the client doesn’t have $500,000 in his hand today to make that investment.

There are plenty of investments that I wish I could put my clients into from years ago that I am unable to.

Insurance companies are on the hook not just to make the payments for life but to maintain their credit rating. The big insurance companies back their obligations with government paper.

If the yield on government paper goes down, insurance companies don’t have a choice but to put restrictions in place that were not there in the past when rates were higher.

I appreciate freedom of speech, but I just wish that people who wrote these articles were more informed about what they are writing. A good writer would make sure that the rationale is explained as to why these insurance companies are making these restrictions as to better educate the public and not to just leave them with a bad taste in their mouths about variable annuities.

Adam S. Riback

Sales supervisor

and senior account executive

National Securities Corp.

New York

The article entitled “Millennials want mentoring, expert says” (InvestmentNews, June 24) was eye-opening and jaw-dropping.

The investment and insurance industry has had training programs in place for decades, and there are continuing-education requirements imposed by regulators, broker-dealers and professional-licensing institutions. Teaming less experienced financial advisers with seasoned ones isn’t a new concept.

However, the desire for Millennials to “seek flexibility in the workplace and to help them with life skills training, including financial literacy” is mind-boggling. As an adviser of 24 years, I assist individuals in meeting their financial goals, not babysitting supposed adults on appropriate dress in the office or teaching them that starting work at 9 a.m. doesn’t mean 9:30 a.m.

This is the role of a parent or grandparent. If there are parents out there who want to pay me to teach their children life skills, then line up.

Is this what giving every child who played the game a trophy created? Whatever happened to “survival of the fittest”?

Darla D. Main

President

Main Advisory Inc.

McMurray, Pa.