by GarySpicuzza » Sat Feb 28, 2009 02:26 pm
Who sells what?
Broker-Dealers and their "Certified Clueless Clown" FINRA "Registered Representatives" have done great harm to the American public's Life Savings, 401Ks, IRAs and other Private Pension Plans by selling unsuitable Variable Annuities with little or no insurance training or understanding of risk management whatsoever.
The first graphic below is actual 2007 sales figures showing the break down of who sells what.
Variable Annuities are SOLD by STOCK BROKERS not Insurance Agents.
The second graphic below is an actual client statement, used with permission, that shows EXACTLY, in dollars and cents painful detail, why these products are per se' UNSUITABLE for persons over the age of 60.
It's these jack assterisk "Registered Representatives" that you read about ALL THE TIME in the newspaper. Please understand these Certified Clueless Clowns had to get an insurance license to be able sell the infamous bloated pig with lipstick known as a Variable Annuity but THEY ARE NOT insurance agents....they are Stock Brokers.
Many of them hide behind the letters CFP after their names to mask the fact they are actually commission paid salesmen of financial services and products just like... ALL "other" financial services advisors.
NOBODY is paid a salary or hourly rate in this business.
The actual statement below is your "Typical Variable Annuity."
Broker-Dealers and their "Certified Clueless Clown" FINRA "Registered Representatives" have done great harm to the American public's Life Savings, 401Ks, IRAs and other Private Pension Plans by selling unsuitable Variable Annuities with little or no insurance training or understanding of risk management whatsoever.
The first graphic below is actual 2007 sales figures showing the break down of who sells what.
Variable Annuities are SOLD by STOCK BROKERS not Insurance Agents.
The second graphic below is an actual client statement, used with permission, that shows EXACTLY, in dollars and cents painful detail, why these products are per se' UNSUITABLE for persons over the age of 60.
It's these jack assterisk "Registered Representatives" that you read about ALL THE TIME in the newspaper. Please understand these Certified Clueless Clowns had to get an insurance license to be able sell the infamous bloated pig with lipstick known as a Variable Annuity but THEY ARE NOT insurance agents....they are Stock Brokers.
Many of them hide behind the letters CFP after their names to mask the fact they are actually commission paid salesmen of financial services and products just like... ALL "other" financial services advisors.
NOBODY is paid a salary or hourly rate in this business.
The actual statement below is your "Typical Variable Annuity."
Posted: Fri Mar 13, 2009 06:01 am Post Subject:
I have been a financial advisor, business consultant, and work on the insurance side...and have NEVER recommended a variable annuity. I do use annuities frequently...but they are FIXED.
it is the duty of the financial advisor to guide their clients for the safest investment options.
Another important aspect is that one should not guide senior citizen to invest their money with stock market investment products.(rather those who are youngster should also take limited risk in this aspect.)
:wink:
Posted: Fri Mar 20, 2009 08:15 pm Post Subject:
Imagine how different the world of investments would be if every financial advisor had accountability to their clients. If the FA treated the clients' money as their own, how many products do you think would actually drop from the market!
I wholeheartedly believe that a lot of fraud, misrepresentation, and bad judgment would be avoided if financial advisors were only paid on performance. Now when I say paid for performance, I don't mean paid commissions for how much they sell / invest / place. I mean they get paid only when the investment is beneficial to the client...maybe a % of the net increase of the value??
Posted: Sat Mar 21, 2009 02:59 am Post Subject: insurance
I mean they get paid only when the investment is beneficial to the client...maybe a % of the net increase of the value??
WOW!!........I like THAT comment!! 'We' need Insurance Agents to look out for US, NOT themselves.Posted: Sat Mar 21, 2009 01:22 pm Post Subject:
these figures are shocking...what I really liked in this post are the seven points you have discussed to make money...the best part is
SAFELY EARN MONEY FROM YOUR MONEY..
many people do not pay heed to this aspect but you can earn more money only when you invest what you have wisely..You have to repsect the financial assets you have with you and then only they will pay dividends..
Posted: Sat Mar 21, 2009 03:44 pm Post Subject:
this thread is really looking interesting as it is taking lot more attention of the board members.nice topic garry!!
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