After the sale

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Apr 14, 2007 12:25 am

I am fairly new to the biz. I use alto of VA's, they pay good, gets your net up there fast, but no trails. The woman I work under (she gets 10%) says if your not getting a trail why service the account. I just stick them in the balanced allocation and wham, done.


But I get these calls wanting to know how is it doing? I just tell them in a round about way we will open that chest up in 7 years. I document everything cause the lady I work under has lost mediation before.


Do you guys tend to be more Advisors or salesmen? I love closing the sale, so advising may not be my cup of tea.

Apr 14, 2007 1:35 am
Rob Yull:

I am fairly new to the biz. I use alto of VA's,
they pay good, gets your net up there fast, but no trails.
The woman I work under (she gets 10%) says if your not
getting a trail why service the account. I just stick them in the
balanced allocation and wham, done.


But I get these calls wanting to know how is it doing? I just tell
them in a round about way we will open that chest up in 7 years. I
document everything cause the lady I work under has lost mediation
before.


Do you guys tend to be more Advisors or salesmen? I love closing the sale, so advising may not be my cup of tea.





1) Is this a troll?



It has everything



a) Annuity sharking.

b) Poor client service (No trails no service)

c) Bad consequences. (The lost arbitration)

d) The naive question (Are we not men?)

e) The clueless newbie.

Apr 14, 2007 2:04 am

Might just be bad Bobby, or Joe doing Bobbie.

Apr 14, 2007 11:37 am

Do you guys tend to be more Advisors or salesmen? I love closing the sale, so advising may not be my cup of tea.


Go sell used cars.  That would seem to be your cup of tea.

Apr 14, 2007 11:55 am
babbling looney:

Do you guys tend to be more Advisors or salesmen? I love closing the sale, so advising may not be my cup of tea.


Go sell used cars.  That would seem to be your cup of tea.



Selling VA's and EIA's pays much better than used cars. I'm surprised that a smart WOMAN like you didn't know that. Go back to the kitchen while the men are talking.

Apr 14, 2007 12:21 pm

Actually looney I did sell used cars in college. I worked at a refi (low credit) lot, one of my dads college buddies/bookie. We could sell the same car 2-3 times. Easy money, but I wanted to work in a more respectable industry. My girlfriends would ask, "what do you do..?" Of course they had no clue how much money there is to made working that angle. They want lawyers and doctor's. I sorry if I sounded a little arrogant with my first comments. But if I use the annuities managed portfolio, I don't have to worry about which fund to use. Its professionally managed, I just need to find out from the client which fits best Conservative, moderate, or aggressive. All of mine so far have been long term investments. But like when I sold car's I predict there will be in 7 years a much better annuity available. Look at what you had 7 years ago compared to today. This is my goal. Bust my butt 5 more years. Then "refi" the annuities into a much better product. My business will be annualized at 7%. I want to know if this can be accomplished, surely I am not the only one that uses this approach.

Apr 14, 2007 1:10 pm

It can be accomplished if you are annuity sharking. I don't think this site

is really geared towards your type. I steal accounts from salesmen like

you, and try to figure out how to get people out of their awful, expensive

annuities without incurring that 15 year surrender charge. More often

than not, I end up having to tell them they are stuck in that awful,

expensive annuity. It's sleazy stuff, but I really blame the insurance

companies that enable the sleazy salesmen to sell those sleazy

"products".

Apr 14, 2007 1:17 pm
silouette:

Might just be bad Bobby, or Joe doing Bobbie.



Not I, sir.

Apr 14, 2007 1:41 pm
Rob Yull:

Actually looney I did sell used cars in college. I worked at a refi (low credit) lot, one of my dads college buddies/bookie. We could sell the same car 2-3 times. Easy money, but I wanted to work in a more respectable industry. My girlfriends would ask, "what do you do..?" Of course they had no clue how much money there is to made working that angle. They want lawyers and doctor's. I sorry if I sounded a little arrogant with my first comments. But if I use the annuities managed portfolio, I don't have to worry about which fund to use. Its professionally managed, I just need to find out from the client which fits best Conservative, moderate, or aggressive. All of mine so far have been long term investments. But like when I sold car's I predict there will be in 7 years a much better annuity available. Look at what you had 7 years ago compared to today. This is my goal. Bust my butt 5 more years. Then "refi" the annuities into a much better product. My business will be annualized at 7%. I want to know if this can be accomplished, surely I am not the only one that uses this approach.


It will only be annualized at 7% if your getting paid 49% commissions. If you are, please send me a PM. I would love to get paid that much.

Apr 14, 2007 3:00 pm

Maybe I was confusing, a month before 7 year surrender we will meet and start the 1035 paper work with a different annuity. We 1035 to a new 7 years surrender. We earn 7% on VA's. If that 100 is worth 170 in 7 years I would get paid 7% on 170.  My annuities are no more expensive than the next, tough luck Broke24 if you can't hold them. Talk to your outfit. Don't you understand that I you sell them something the competition can't sell your at a disadvantage.


So in every 7 years I will have a constant flow of annuitized business. I know some people will die, but I only get never money, so their not that all worried about surrender charges.


Didn't mean to stir the pot here. But isn't this forum for passing on suggestions and ideas. I have done nothing wrong if I explain it to the client and they understand.


Again, I love to close the deal.

Apr 14, 2007 3:12 pm

I sincerely hope this is a jok, but if not, you'd be wiser to take considerably less up front and take trails instead.  That matches your income up to servicing and you don't have to rewrite your anuities every year.  What guarantee do you have anyway, that there will be better options in seven years and/or the regulators won't make it near impossible to 1035 anuities by then?


Also, based on what your mentor is telling you ("don't do any servicing if you're not getting trails"), and the fact that she's lost arbitration (not at all surprising, given the advice she's giving you), I'd find a new mentor.

Apr 14, 2007 3:32 pm
Rob Yull:

This is my goal. Bust my butt 5 more years. Then "refi" the annuities into a much better product. My business will be annualized at 7%. I want to know if this can be accomplished, surely I am not the only one that uses this approach.


You're a crook.


And, unfortunately, folks like you in the annuity business are the rule, instead of being the exception.


Apr 14, 2007 3:35 pm

Her mediation was based on a discretionary decision. There is no one on this board with any amount of time in this business who has not taken a little liberty to when an order is placed.  Stock guys don't call every client when placing trades. Especially after you keep hearing, "do whatever is best...." You feel that control of power and you think, "she always does what I want. I will just let her know I put her money to work next time I see her"   "Do you have to send me sooo much stuff in the mail, if you don't think its important don't send it."   You think, "I am tired of paying postage, Do I really need to send that prospectus everytime?" 


Speak now or forever hold you peace if you have never done any or part of the above. I didn't come here to let a bunch of sinner's say I am sinning.

Apr 14, 2007 4:26 pm
Rob Yull:

Her mediation was based on a discretionary decision. There is no one on this board with any amount of time in this business who has not taken a little liberty to when an order is placed.  Stock guys don't call every client when placing trades. Especially after you keep hearing, "do whatever is best...." You feel that control of power and you think, "she always does what I want. I will just let her know I put her money to work next time I see her"   "Do you have to send me sooo much stuff in the mail, if you don't think its important don't send it."   You think, "I am tired of paying postage, Do I really need to send that prospectus everytime?" 


Speak now or forever hold you peace if you have never done any or part of the above. I didn't come here to let a bunch of sinner's say I am sinning.



I have never taken discretion without written authorization.  No, not 'everybody" does it.

Apr 14, 2007 4:35 pm

That's just what your mentor told you to justify it.  If you want to end up in arbitration, keep listening to her.

Apr 14, 2007 4:36 pm

It seems your ethical standards are much better suited for the used car business. People like you destroy investor confidence and make it tougher for honest people to make a living. I feel sorry for your clients or maybe we should refer to them as victims.

Apr 14, 2007 6:25 pm

You are a thief.

Apr 14, 2007 7:16 pm

It's good to know Joe is out there, but some of you guys need to loosen a couple of notches out of your belt. Thief? I work hard to find money, cause I love to make money. I let money managers manage the assets, do you guys do the same thing? Mutual funds, Jones people only use American funds. Back off borker boy, I don't sell to my clients that I am the "one" who picks and choses. Some of you are jealous, you want to be a good salesman but you will never be one. Like farotech, calling me a thief, shim probably loves looking at asset allocations and run hypo's all day for something that has already happen. In stead of asking for the money. We don't know wtf is going to happen next, I let my clients know that, but their money is being managed by people who do this for living. I just find out their needs and risk tolerances. Then put their money to work.  Yes it is good to know what annuities the jones guy down the road can hold. He doesn't take mine for a livin.  

Apr 14, 2007 7:47 pm

Yull, I am not going to chop on you.


After reading that last post it made me remember when I was a jonesee. So many people failed, I mean sooo many. (double negative about to happen) They were not and  could not be a salesman. Jones loved people like you that sales came so naturally. I am sure AGE, ML, SB would too. Anyway I not too fond of using annuities, but thats between you and your client.


You don't work for Bobby do you? I had forgotten Bobby is a girls name too.

Apr 14, 2007 9:35 pm
Rob Yull:

  Yes it is good to know what annuities the jones guy down the road can hold. He doesn't take mine for a livin.  


I'll admit that it's very disheartening when someone comes to me with a junk annuity that they want to get out of and I have to tell them that not only can I not hold the annuity because it's crap, but I also can't do anything to help them out.


I implore you not to fall into the trap you're headed for. I realize that 12% commissions are extremely attractive, but you'll eventually end up in arbitration and then be back to selling cars.