9024 Transfers

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Apr 6, 2006 11:44 am

Anyone know about them or done them?

Apr 6, 2006 12:29 pm

yup. it allows for transfers between 403b accounts. client does not need to be separated from service to do a 90-24. however, there is legislation to make the 403b tax law more like 401k law, so this may be going away......

Apr 6, 2006 3:26 pm

ever do the business...is it easy stuff?

Apr 6, 2006 4:27 pm

About 6 years ago I did the marketing for a 403b agency.  All investing is easy stuff, unless you're good at it!  The reps in the firm I was with sold a fixed annuity and MF's to every public school employee they could find.  The right client was the one in front of them, and the right product was the one they wanted to sell (read: highest commission).


403b's are a GREAT foot-in-the-door sale, but too many people are just "403b salesmen", and don't do anything except sell these products.  Also, there really is very limited money to be made in 403b's (excepting rollovers).  But it's a GREAT way to meet new prospects and pick up new clients.

Apr 6, 2006 5:49 pm

About 6 years ago I did the marketing for a 403b agency.  All investing is easy stuff, unless you're good at it!  The reps in the firm I was with sold a fixed annuity and MF's to every public school employee they could find.  The right client was the one in front of them, and the right product was the one they wanted to sell (read: highest commission).


403b's are a GREAT foot-in-the-door sale, but too many people are just "403b salesmen", and don't do anything except sell these products.  Also, there really is very limited money to be made in 403b's (excepting rollovers).  But it's a GREAT way to meet new prospects and pick up new clients".


AGREED..... I spent 3 plus years at AXA Advisors, basically selling 403B's to college professors, etc. The real money is in rollovers and qualified plan consolidation. Also, once you build up a nice book, the monthly contributions can provide a nice recurring income stream... I left AXA because I didnt want to sell proprietary TSA's and VUL'sanymore, but actually have a comprehensive platform to reach out to.

Apr 13, 2006 8:12 pm

Yes, AXA does kinda stink.