Phil Cannella – Phillip Cannella Media: Phil Cannella is keen on oversight of financial institutions for the very reason that you get people who will not act in the client’s best interest and will fleece their clients whether in a small amount or on a grand scale as some famous names such as Bernard Madoff. Phil Cannella explains that effective oversight could be of real value to the financial services industry.
This is one of the reasons that Phil Cannella, as the CEO of Retirement Media, took the time and effort to interview the former Inspector General of the SEC to find out why the SEC was not regulating effectively. Be that as it may, Phil Cannella explains that the insurance industry is policed which is why products such as annuities, can be very safe vehicles for seniors.
This is what Phil Cannella says: “Who polices the insurance companies to make sure they hold on tight to your principal when you purchase an annuity and guarantee it will always be there no matter what happens to the economy? Every quarter, state auditors and state examiners investigate and audit these companies to make sure they meet the necessary legal reserve that’s required of them.”
This simply does not happen in the securities world but does in insurance and this is why Phil Cannella utilizes insurance products in his crash proof retirement system.