Annuity snake strikes again

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Aug 18, 2006 1:54 am

I had an 80 year old client pick up a 10-year fixed annuity from an annuity salesman a few months ago. This huckster sold him an annuity from Jackson National.  Too bad I didn't find out about it then.  First year bonus 2.1% for a first year interest rate of 5.8%.  Base rate of 2%.  What a great floor.  Who sells this crap to the elderly? 


Even more interesting, this is a client in a high tax bracket, who has several hundred K of insured muni's paying 5.25% or better with me.  It's only 140k, but it still makes me pissed.

Aug 18, 2006 6:55 am

You should ask yourself what is lacking in your relationship with the client?


Why are they dancing with anybody else if you're doing your job?

Aug 18, 2006 7:42 am

Maybe he liked that guy and he doesn't like you...

Aug 18, 2006 7:47 am
rankstocks:

I had an 80 year old client pick up a 10-year fixed annuity from an annuity salesman a few months ago. This huckster sold him an annuity from Jackson National.  Too bad I didn't find out about it then.  First year bonus 2.1% for a first year interest rate of 5.8%.  Base rate of 2%.  What a great floor.  Who sells this crap to the elderly? 


Even more interesting, this is a client in a high tax bracket, who has several hundred K of insured muni's paying 5.25% or better with me.  It's only 140k, but it still makes me pissed.



What's the maturity of those bonds?

Aug 18, 2006 8:48 am

they have death puts!

Aug 18, 2006 9:31 am

rankstocks, you did not post enough info to let us know if the annuity sale is appropriate or not.   However, I see nothing that makes the product crappy in the right situation.  The floor has so little meaning.  Has Jackson National ever paid the floor?  I don't know the answer, but I doubt it.


The muni's can lose value.  The fixed annuity can't.  What is important to the client?

Aug 18, 2006 9:54 am

Actually to get a tax write off for years to come the salesperson should have put them into Dell stock at 28 when Alan Skrainka of Edwards and Jones said it was a great buy. Talk about losing value.

Aug 18, 2006 10:09 am
jonesescapee:

Actually to get a tax write off for years to come the salesperson should have put them into Dell stock at 28 when Alan Skrainka of Edwards and Jones said it was a great buy. Talk about losing value.


Do you suppose he knew about the exploding battery issue and put out his recommendation just to screw with your clients?


The only people who never make mistakes are those who never do anything.


Something else to remember, only the mediocre are always at their best.

Aug 18, 2006 12:14 pm

Newbie


Onion Heads recommendation came long before the battery issue, besides that the battery deal has nothing to do with the price of the stock it actually went up the day the news reported that they had defective batteries. My point to you is that Edward Jones has no business recommending individual equities to the public. I was an employee there for years and I followed their stock picks,put my clients in them , bashed ML SB and MSN like a good little drone and lost people alot of money. Figures don't lie but liars figure (GP's). They should just stick to their front end loaded funds and 30 year bonds and stay the hell away from what real brokers do.

Aug 18, 2006 12:17 pm
jonesescapee:

stay the hell away from what real brokers do.



Oh, you mean turn the money over to a fund manager--and never know for sure what they're buying or selling.


I get it.

Aug 18, 2006 1:28 pm

NASD Newbie, you sound like a Jones preacher. Welcome to the cult.Reply to your last statement. We over on the DARK SIDE dont just turn over money to a fund manager. I believe we speak with the clients , review their goals and then put together an extensive plan to help achive their goals. Some may go into mutual funds if needed, and there are some great funds out there not in the American funds. I know Jones doesnt believe it. We may do some uit`s for 2 to 3 years, un-like the 8 to 10 year ones at Jones. We may even trade stocks on the shorter term to make clients money on a fee base. Or we might even do some covered call options . Those bad evil things Jones told us not to do. Over on the holy (Jones) side you need to buy for the long term like dell,hd,lu,dg etc.. and pray that some day they get back to the value you originally sold them for .

Aug 18, 2006 1:35 pm

Mumbo jumbo double talk.  You're a salesman--if you can fool enogh other fools to trust you you can keep your job.


"....we speak with the clients , review their goals and then put together an extensive plan to help achive their goals."


Sounds like something you copied out of a "Interesting careers to have when you grow up" article from the Daily Reader.


Analysts make mistakes--live with it.  Anybody who got registered since 1982 has enjoyed nothing but a bull market--interupted by a scary slide that lasted for a few months after September 11th before bottoming out and starting up again.


A monkey with darts could do as well as those of you who are out there pretending to be financial advisors, but don't know the difference between advice and advise.

Aug 18, 2006 1:44 pm

Newbie


When did you start at Jones?............let me rephrase that.....When did you become an employee at Jones.

Aug 18, 2006 2:45 pm

NEWBIE, Actually I learned that speech from Jones. Along with Mrs .Smith those sure are some nice flowers you have there. As for throwing darts and getting lucky on stocks . Maybe that is what you do ,I started in july of 2000 smart ass . Im one of the people that started as a new, new, worked out of my car for 6 months . Then I got my nice Jones office.&nbsp;A fallen down building that should have been close 50 years ago. I grew my book to approx 25 million in spite of Jones recommended stocks & their wonderful pick of mutuals like Putnam . which I might add was the talk of Jones when I started. When I left&nbsp;I took the portion of the book I&nbsp; wanted and left the 5k kmart rollovers at Jones . Now&nbsp;I have the tools to do some real help for the clients. I under stand onion head makes mistakes . My question is when is he going to get one right ? Thats right you arent a salesman your an order taker just like McDonalds !!!!

Aug 18, 2006 2:48 pm

Newbie


Can you super size that?

Aug 18, 2006 2:57 pm

Newbie Maybe you should go back to serving ICE CREAM!

Aug 18, 2006 2:57 pm
FREE AT LAST:

NEWBIE, Actually I learned that speech from Jones. Along with Mrs .Smith those sure are some nice flowers you have there. As for throwing darts and getting lucky on stocks . Maybe that is what you do ,I started in july of 2000 smart ass . Im one of the people that started as a new, new, worked out of my car for 6 months . Then I got my nice Jones office.&nbsp;A fallen down building that should have been close 50 years ago. I grew my book to approx 25 million in spite of Jones recommended stocks & their wonderful pick of mutuals like Putnam . which I might add was the talk of Jones when I started. When I left&nbsp;I took the portion of the book I&nbsp; wanted and left the 5k kmart rollovers at Jones . Now&nbsp;I have the tools to do some real help for the clients. I under stand onion head makes mistakes . My question is when is he going to get one right ? Thats right you arent a salesman your an order taker just like McDonalds !!!!



Does that look as if it was written by somebody who got A's in high school English?  How about C's?

Aug 18, 2006 3:12 pm

Newbie, maybe my english isn`t the best.  I can live with that. Are you an Ivy league student? Or did you go strait from high school to the McDonalds training program, and then to Jones.

Aug 18, 2006 3:18 pm

Newbie................. you ignorant sl#t!

Aug 18, 2006 3:21 pm

Newbie


Do you have your call list ready for Monday? or are you working the saturday promo at the drive thru at McDonalds?