by Insurance Expert » Thu Sep 03, 2009 12:12 pm
Gary, I asked this before inside of a thread, but didn't get a response.
I'm curious. If one does end up needing a security license to sell EIAs, will you become a registered rep or will you stop selling them?
Please don't get into a diatribe about all of the reasons why an EIA should not be regulated as a security. I'm asking you not to do this simply because I am in complete agreement. It's absolutely ludicrous.
I'm curious. If one does end up needing a security license to sell EIAs, will you become a registered rep or will you stop selling them?
Please don't get into a diatribe about all of the reasons why an EIA should not be regulated as a security. I'm asking you not to do this simply because I am in complete agreement. It's absolutely ludicrous.
Posted: Fri Feb 05, 2010 03:11 am Post Subject:
Really, how old are you?
Posted: Fri Feb 05, 2010 01:34 pm Post Subject:
BNTRS wrote:
Because you don't understand it?
No, it's because I am very good with math.
For example if you study the actual Variable Annuity Statement below some head up their assterisk stock broker wheeler dealer SOLD a client of mine 10 years ago, you'll find the villain, AKA, "Registered Representative" has cost this client more than 50% of their meager life savings over the past 10 years.
Where's InsInvestigator when you NEED HIM?!???!!!
A Life Insurance Agent would have put this client in a Traditional FIXED Annuity and at the GUARANTEED MINIMUM INTEREST rate of 3% this client would have $26,878 instead of only $9,922. 10 years later.
A "Registered Representative" would claim 3% doesn't even keep up with inflation yet I'd love to hear from these financial Einsteins just how well a 50% LOSS OF PRINCIPAL keeps up with inflation? Hmmmmmmmm?
Registered Representatives are NEVER able to separate Financial FACTS from "sales talk." The are, in fact, brain-washed-robot-salesmen who are always chasing that elusive 30% gain while risking 50% OF YOUR LIFE'S SAVINGS! :shock: :shock:
Please forgive me for saying, butt, go hockey puck off.
You don't know what you're talking about.
(scanned document-removed by Lori--Gary, if you MUST you can put it back but you HAVE to remove the personal information--ALL OF IT--before I'll allow it in the thread)
...and one more thing please post the statement from the Fixed Indexed Annuity or a Traditional FIXED annuity that has lost one penny of a client's money over the past 10 years...
Whew......I feel better now...glad I got that off my chest.
Please continue I LOVE a good thread war on the subject of ANNUITIES!
Posted: Fri Feb 05, 2010 01:41 pm Post Subject:
P.S.
The name of the product above is....
"Wealth Creator"
What a joke...I should post this in the Insurance Frauds Forum because the name of the product itself is outright FRAUD!
Best regards,
Posted: Fri Feb 05, 2010 02:04 pm Post Subject:
Gary, you've got 30 minutes to block that guys name off of that...or I'm removing it from that post
Posted: Fri Feb 05, 2010 02:59 pm Post Subject:
I warned you....Gary, you know I won't abide any personal information in the threads, if I can catch it...Come on and sling your mud, without names... (I mean it)
Posted: Fri Feb 05, 2010 06:20 pm Post Subject:
Lori...
:twisted: I just love it when you get that fire in your EYES! :evil:
Okay, fine If what's below is "okay" then I guess you'll leave it up.
However, I was able to find a pic of the "Registered Representative" who sold my client that fraudulent Variable Annuity. See BELOW!
Please meet a typical "Registered Representative" his name is Stuck On Stupid.
Best regards,
Posted: Fri Feb 05, 2010 09:04 pm Post Subject:
RIGHT ON, GARY!!
World Financial Group/World Financial Securities. They're about the only ones who market this product from WRL. It is absolutely crap and they market it as a REPLACEMENT for a person's RETIREMENT (aka 401(k)) PLAN. "Why, Mr. Client, would you want to be limited to putting in $15,000 per year? Our [i]Wealth Creator allows you to put in as much money as you want. In fact, I can show you how to take a loan on your home and get a tax deduction for your savings." [/i] Lots of folks have lost their homes as a result of these WFG misrepresentations.
PURE, UNADULTERATED CRAPOLA!
To suggest that a client stop putting money in a 401(k) plan in favor of an insurance policy (or annuity, as in this instance) is criminal in my book.
Every agent selling any type of annuity should first read DIE BROKE! by Stephen Pollan to understand the true use of annuities, and the strategy behind multiple FIXED annuities to secure one lifestyle. It completely changed my attitude toward annuities in 1999 when I first read it. I learned that what the VA marketing department had taught me was mostly BS.
Posted: Sat Feb 06, 2010 01:48 am Post Subject:
Lori...
I just love it when you get that fire in your EYES!
No fire (yet :wink: )...just trying to get you to play as nice as possible (for you :wink: )
Okay, fine If what's below is "okay" then I guess you'll leave it up
ok--it stands...However, I was able to find a pic of the "Registered Representative" who sold my client that fraudulent Variable Annuity. See BELOW!
Lovely..Posted: Sat Feb 06, 2010 05:41 am Post Subject:
So one registered rep sold a bad annuity to a client and now we're all bad?
I'm not saying it's the end all be all. In fact I do a lot more fixed annuity business than variable.
It's easy to stand here now and say see, the market is bad look at all the money lost. But you know well that neither one of us knew exactly what was going to happen.
I think too many people have too much love for the stock market these days and have forsaken more traditional methods of accumulating assets. Most rich people don't take big risks like a lot of middle income 401k investors do.
Here's where I see a problem with what you're saying a lot of the time. The stock market is bad, and the securities industry is filled with fraud merchants who just want to take your money and hurt you...BUT, I know of a really great equity indexed annuity that you should be in. It's not the market upside without the downside a lot of people make it out to be. In fact if we look at it from a risk adjusted rate of return, it's becomes really unfavorable, which is my biggest issue with these products.
Posted: Sun Feb 07, 2010 01:51 am Post Subject:
Amen Gary!!! You Rock!!! Lori, BNTRS, ... not so much.
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