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Jun 7, 2007 6:20 pm

On a cold call today I had a 60 year old guy tell me that he would never do any business with a wirehouse because they all give bad advice.  He said all he needs is his 28 year-old fixed annuity.


Can't wait to stiff him when he is bagging my groceries at 78.

Jun 7, 2007 6:28 pm
drewski803:

On a cold call today I had a 60 year old guy tell me that he would never do any business with a wirehouse because they all give bad advice.  He said all he needs is his 28 year-old fixed annuity.


Can't wait to stiff him when he is bagging my groceries at 78.



If there is such a thing, which I doubt, it would be paying Jimmy Carter interest rates and he's a trillionaire by now.

Jun 7, 2007 10:29 pm

Either way, he did you a huge favor.  He disqualified himself and hopefully didn't take too long to do it.  Click and redial.  Thanks old timer.

Jun 8, 2007 6:11 am

Drewski, the funny one in this post is you.  You know nothing about the guy, yet you know that the fixed annuity is bad for him.


Our job isn't about products.  It's about people.  He's probably making as much as a typical equity investor simply because he doesn't buy high and sell low.


Depending on his wants and the size of the annuity, it may be big enough to guarantee that he can live comfortably forever.  Why take investment risk if he doesn't need to do so.


On the other hand, he may need to bag groceries at 78, but you have no clue.


Jun 8, 2007 8:01 am
drewski803:

On a cold call today I had a 60 year old guy tell me that he would never do any business with a wirehouse because they all give bad advice.  He said all he needs is his 28 year-old fixed annuity.


Can't wait to stiff him when he is bagging my groceries at 78.



Why would you take pleasure in other peoples' misfortune?

Jun 8, 2007 10:42 am
ManagedMoney:
drewski803:

On a cold call today I had a 60 year old guy tell me that he would never do any business with a wirehouse because they all give bad advice.  He said all he needs is his 28 year-old fixed annuity.


Can't wait to stiff him when he is bagging my groceries at 78.




Why would you take pleasure in other peoples' misfortune?


Drewski's just on a rant. Cold calling is a tough gig. It's quite normal to lash out at those who use their end of the phone line to insult us. It's part of the disqualification process. However, Drewski is ranting to us, not the people on the phone, and that's a good thing.


When someone insults me it's Thank you very much, click, dialtone, on to the next call. Still every once in a while one will get under my skin. I react internally much as drewski has reacted here. I find it hard to wish a jerk well. And from my POV they would be much better off with my help. Still, it's all in a day's work. I don't really want the guy to get hit by a truck even though I may have wished it on him. All part of the psychology of cold calling.

Jun 10, 2007 4:48 pm
Bobby Hull:
drewski803:

On a cold call today I had a 60 year old guy tell me that he would never

do any business with a wirehouse because they all give bad advice. He

said all he needs is his 28 year-old fixed annuity.



Can't wait to stiff him when he is bagging my groceries at 78.





If there is such a thing, which I doubt, it would be paying Jimmy Carter

interest rates and he's a trillionaire by now.





BH, that's funny, but actually pretty true.



Not all annuities are bad (though I don't use them much). And chances

are this guy has lots of CD's as well (most seniors don't use the term

"investments" when referring to their CD's, just like they they refer to

their bank CD's as their "5% IRA's").

Jun 11, 2007 5:02 pm

Lemme rehash the convo to save some face here.  It was totally a rant, yes.  Problem with his side was this:


He said he would never own a municipal bond because of the rising interest rate environment (could be).  But he's owned a fix annuity or multiple fixed annuities since the 70's that have slipped down to (he said) 6% yield range (yes, he probably did buy into it in the teens).  This is interesting because the EXACT day I had the conversation, I identified a prospect that had a 30 year CD [read: FDIC insured] maturing in September that had yielded him 16-17% for 30 years because it wasn't callable.


Point is, I asked the guy if he felt his tax deferral was important enough to merit paying another (roughly) 1% of insurance every year or if he was utilizing the living benefit.  Not only was he not utilizing the living benefit, he scoffed at the idea it was even an insurance product.  Now maybe my understanding of annuities is off a bit (which I admit in the fixed-annuity area it most certainly is) but I'm pretty damn sure annuities are issued by insurance companies. 


Actually anon, my ability to ask questions is fairly strong, and to the contrary I do know that he has no need for product except for the fact that it was sold to him so long ago that if he tried to get out now he'd get raped by taxes.  He wasn't using a living benefit.  The reason it was funny was because he took some bad advice 30 years ago that has had (and will have) substantial impacts on the liquidity of his money for him and his family but instead of recognizing that, he said that my firm gave sh*tty advice.


I'm not ripping annuities, I'm ripping his lack of knowledge of wtf he is talking about.  He tried to sound smart by indicating he didn't want to own a muni in a rising interest rate environment, but he's probably ridden that annuity down from the teens in the 70's.  I guarantee you that the aforementioned CD guy (if he had the need) could have paid the taxes on the interest, bought an insurance policy (to replace the db) and faired MUCH better over the past 30 years.


If he were my grandfather I would have rather he done the latter, I'll tell you that.

Jun 11, 2007 5:12 pm

anon:  I hear ya, he's probably in decent shape, but he made it personal by calling out my firm.  I just hungup and dialed another number.

Jun 12, 2007 8:23 am

These are the kind of calls that make the good ones feel so much better.  I wouldn't appreciate my clients so much if I didn't have to go thru all the rejection and bs that the ignorant shovel in my direction.


Ahough shortlived, in my life I have noticed that many of the most accomplished people also happen to be the ones who see each situation as a positive opportunity.  Money may be part of their accomplishments and if taken away, they could probably make it all back relatively quickly for good reason.  They usually have an open mind to listen for a moment before they categorize your call and they have a positive approach to life so as not to let bitterness limit their prospect for continued success.


In other words, no matter how many dim whitted cold callers have dialed their number before only to pitch and sell some bad idea, they pick up the phone the next time and listen intently for the clue that you are going to be bright and able to listen as well.  

Jun 12, 2007 9:22 pm

Just closed a $7K revenue deal & transferred in over $300K in b/d changes. Time to make the next call...

Jun 12, 2007 11:56 pm
Ashland:

Just closed a $7K revenue deal & transferred in over $300K in b/d changes. Time to make the next call...



So what did you net off that one?  500 bucks?

Jun 13, 2007 12:00 am
joedabrkr:
Ashland:

Just closed a $7K revenue deal & transferred in over $300K in b/d changes. Time to make the next call...



So what did you net off that one?  500 bucks?



Sorry bank guys...I just couldn't resist.

Jun 13, 2007 12:26 am

I love the shallow ideology of the independent advisor (eg. Joedabrkr).  Let me ask you which would you rather have??  A:  Having to go out everyday and sift through all the crap to find a couple of decent clients and get a 90% payout.  B: Have a steady stream of qualified clients come to you on a daily basis and only get a 30% payout. ???  I really don't see one having the upper hand here.  It all comes out even in the end and boils down to who is the advisor behind the platform!!


Disclaimer; of course the indies on board are going to say their way is best.  I challenge everyone to think back and start out your career @ 23 with a level playing field; no contacts, no knowledge, equal products.  Which platform would you have the best chance to succeed in? 

Jun 13, 2007 12:28 am

further disclaimer;  I am neither an independent advisor or a bank broker. 

Jun 13, 2007 1:51 am
joedabrkr:
joedabrkr:
Ashland:

Just closed a $7K revenue deal & transferred in over $300K in b/d changes. Time to make the next call...

So what did you net off that one? 500 bucks?

Sorry bank guys...I just couldn't resist.





ASSHOOOOLE! Sorry, couldn't resist!

Jun 13, 2007 7:43 pm

Maybe the guy meant when he said "all I need is my 28 year old annuity" it's that he's a 60 YO geezer with a 28 YO hottie who keeps him young until he has a heart attack in bed, and that's his retirement plan!


Yeeee Haww!

Jun 13, 2007 7:46 pm

Joedabrkr,


This is what I mean about you being the first one to go!


You're not funny, you're not clever and you think that saying "I just couldn't resisit" and putting a smiley emoticon makes it all in good fun.


You start more fights than your participation is worth. IM(not so)HO

Jun 13, 2007 7:50 pm
Whomitmayconcer:

Maybe the guy meant when he said "all I

need is my 28 year old annuity" it's that he's a 60 YO geezer with a 28 YO

hottie who keeps him young until he has a heart attack in bed, and that's his

retirement plan!



Yeeee Haww!





There are worse ways to go. Cyberbullied to death, for example.

Jun 14, 2007 7:59 am

You gotta die of something, might as well be something you like!