by John Darer® CLU ChFC CSSC RSP
Financial Planning magazine reports that "Most consumers don’t read the prospectus they receive when they purchase a variable annuity and a new report released by the Insured Retirement Institute on Monday found that 94% of consumers would prefer to receive a shorter, printed summary prospectus online or upon request".
The regulatory associations are taking notice! "We need to get away from account statements that have too much information that causes investors to just ignore them,” said Richard Ketchum, Chairman and CEO of FINRA who was cited by Financial Planning at the Insured Retirement Institute Government, Legal, and Regulatory Conference in Washington, DC on June 28, 2011. “We need to think about: How are we interacting in an effective way with investors? We need to figure out the right combination of how to capture client attention up front and remind customers the questions they should be asking again and again.”
I've recently criticized my structured settlements and settlement planning industry colleague and fellow blogger Patrick Hindert, who I know means well but continues to produce visually chaotic "concept maps" that for some might require a PhD in hieroglyphics to decipher. He's not alone.
As this 19th Century video shows, the "K.I.S.S." takes a while to perfect.
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