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Bank Secrets Revealed Part I

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Feb 16, 2007 9:48 pm

Karon, how would you feel if they were called what they should be called  “Fixed Index Annuities”?

Feb 19, 2007 6:30 am

I personally can’t stand the fixed annuities that have a 1 year bonus rate, then renew at a measly 3% or less.  Classic bait and switch.

There are fixed annuities out there that fill a niche as BankFC said, Step-5 being one of the few.

Feb 19, 2007 2:25 pm

[quote=bankrep1]You know I sold a crapload of fixed annuities in 2001. I sold the Nationwide Platinum V it is a step up annuity I think most of the people started at 5% and it went up .15% every year, so for you home gamers that means those people earned 5% then 5.15% when there friedns were getting 2% (waiting for rates to rise) and their stuff is coming due and they are earning 5.75%... Who do you think they are going to call? Wait, I call them it's called a 1035... [/quote]

I like the way you think, for once.

Feb 19, 2007 2:26 pm

[quote=Kargon]Hopefully they will regulate EIA's soon.  If it's pitched like an investment, it's an investment.  We aren't talking sub-accounts here.  Look at the name "EQUITY indexed annuities"  Big word being equity, little one being indexed, like an index fund.[/quote]

Can't compete without big brother lending you a hand?

Feb 19, 2007 5:13 pm

[quote=My Inner Child]

[quote=Kargon]Hopefully they will regulate EIA's soon.  If it's pitched like an investment, it's an investment.  We aren't talking sub-accounts here.  Look at the name "EQUITY indexed annuities"  Big word being equity, little one being indexed, like an index fund.[/quote]

Can't compete without big brother lending you a hand?

[/quote]

I would love to see how these EIA salesman compete once the lights are turned on.  I assume they'll scurry under the cabinet and find something else to sell. These guys have been duping the public for the last few years.  At least I haven't heard the "all of the upside of the stock market with non of the risk" commericals on the radio in a while.

Feb 19, 2007 5:23 pm

[quote=now_indy][quote=My Inner Child]

[quote=Kargon]Hopefully they will regulate EIA's soon.  If it's pitched like an investment, it's an investment.  We aren't talking sub-accounts here.  Look at the name "EQUITY indexed annuities"  Big word being equity, little one being indexed, like an index fund.[/quote]

Can't compete without big brother lending you a hand?

[/quote]

I would love to see how these EIA salesman compete once the lights are turned on.  I assume they'll scurry under the cabinet and find something else to sell. These guys have been duping the public for the last few years.  At least I haven't heard the "all of the upside of the stock market with non of the risk" commericals on the radio in a while.

[/quote]

Same way they compete now...figure out what people want and sell it to them. It's not rocket surgery, you know.

Feb 19, 2007 6:02 pm

[quote=My Inner Child][quote=now_indy][quote=My Inner Child]

[quote=Kargon]Hopefully they will regulate EIA's soon.  If it's pitched like an investment, it's an investment.  We aren't talking sub-accounts here.  Look at the name "EQUITY indexed annuities"  Big word being equity, little one being indexed, like an index fund.[/quote]

Can't compete without big brother lending you a hand?

[/quote]

I would love to see how these EIA salesman compete once the lights are turned on.  I assume they'll scurry under the cabinet and find something else to sell. These guys have been duping the public for the last few years.  At least I haven't heard the "all of the upside of the stock market with non of the risk" commericals on the radio in a while.

[/quote]

Same way they compete now...figure out what people want and sell it to them. It's not rocket surgery, you know.

[/quote]

I think you mean, they'll figure out what people want, and then sell them something that looks and sounds just like it, but is something totally different. And, the people don't realize it until they've already bought it.

Feb 19, 2007 9:07 pm

[quote=now_indy][quote=My Inner Child][quote=now_indy][quote=My Inner Child]

[quote=Kargon]Hopefully they will regulate EIA's soon.  If it's pitched like an investment, it's an investment.  We aren't talking sub-accounts here.  Look at the name "EQUITY indexed annuities"  Big word being equity, little one being indexed, like an index fund.[/quote]

Can't compete without big brother lending you a hand?

[/quote]

I would love to see how these EIA salesman compete once the lights are turned on.  I assume they'll scurry under the cabinet and find something else to sell. These guys have been duping the public for the last few years.  At least I haven't heard the "all of the upside of the stock market with non of the risk" commericals on the radio in a while.

[/quote]

Same way they compete now...figure out what people want and sell it to them. It's not rocket surgery, you know.

[/quote]

I think you mean, they'll figure out what people want, and then sell them something that looks and sounds just like it, but is something totally different. And, the people don't realize it until they've already bought it.

[/quote]

I'm sorry that you live in a world where honest people can't make a lot of money.

Feb 19, 2007 9:14 pm

[quote=BankFC]

It’s easy to distinguish between those on this board who have been in the business, have knowledge, etc and those who don’t isn’t it…

[/quote]

You bet!