Left EDJ..expect the 2 certified letters!
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I forgot about Shamrock and BBQ Saturdays
My BOA always rolled her eyes at those flyers, I just threw them in the trash.
I loved those boiler room type contests!!! I loved the fireside chats from Doug Hill!! As a matter of fact, if the weather clears I’m going door to door today with the income foundation from American and see if I can’t sniff out some cd’s coming due. Borker boy, you should be doing the same or your arse will be in hot water!!! You never know, I could be the person on the other side of the street hitting those houses too Wouldn’t it suck if we had a national lets go doorknocking day…and every investment/insurance related person hit the payment. Wouldn’t that just be freakin hilarious…sprinting to the doors to see who could be first, beating the crap out of each other in the driveways…pandomonium (sp?) All in respect for EDJ’s and the GP’s…NATIONAL DOORKNOCKING DAY…APRIL 1st…lets do it!!!
[quote=now_indy]
I forgot about Shamrock and BBQ Saturdays
My BOA always rolled her eyes at those flyers, I just threw them in the trash.
[/quote]
Not to mention the RL calling you on Monday or Tuesday to ask if you are going to work (hint hint). Then telling you to sand bag a few mutual fund orders so you can put in a trade that day and win the American Express gift card or crystal ball the Government Bond dept. was giving out that day. Market timing???
Sand Bag a few mutual fund orders for a few days to win some silly prize on Saturday morning. Now that is definitely in the best interest of the client! Hopefully the client doesn’t question why the trade was not placed in a timely manner.
[quote=babbling looney]
As I said, some of the established vet Jones brokers think of the
customer first product second, but believe me that isn’t the new guys.
You are too busy trying to make your nut every month.
Babs, I think everyone would agree that doing the lame product call thing
is well…lame. BUT, you have to start somewhere. It’s like the old saying,
“one cannot walk into walking, one must learn to crawl before”…or
something silly like that. As most have acknowledged, Jones is a place
that many START. If you start from scratch, and have no idea what you
are doing, you need a way to accumulate clients and assets. Most can’t
do that through a “wholistic” planning approach - yet. Most don’t have
the knowledge or confidence yet. You need product to talk about. And I
don’t see how this would be different anywhere. I don’t think these 20-
somethings coming out of college joing a wirehouse are tapping their
vast networks of wealthy business owners. They are calling on product.
It’s how most have to start. If you are lucky enough to join a team, or be
given a book to start with, or have a good background in finance or
business (as I believe you did) you may get off the product bandwagon
quicker (or never need to go there). But honestly, how would you get
started otherwise?
It’s easy for people years into the business to talk about how they do
things, but it’s less of a reality for newbies.
One last thing; most of the vets I know with Jones haven’t done “product
calls” in years. Jones actually teaches them to get off that bandwagon
once they have a solid book of business with referrals, etc. I get the
impression that much of the “call session” push is focused on newbies
that need some structure to their prospecting. I am good friends with
one of the trainers in STL, and she told me that Jones knows that produc t
pushing doesn’t really generate business - it is a means to create activity
and open dialogue for new producers.
I always do what is in my clients best interests. I’m starving too death as a result. But I do it anyway. I don’t sell annuities, life insurance, or disability insurance. I’ve 1035 a few, but they were already burned. I sell stocks, bonds, and mutual funds. However, there is one truth in my region: the big producers are insurance sellers. Whenever you get close to one, they are expounding about the high-commission insurance deal they just screwed someone with, how easy it was, and asking me why I haven’t come to the dark side of boogey man sales tactics. Well, I just don’t want to be that guy in my community. If they truly did have a need for an annuity, I would sell one, or life insurance, ok i’d screw them w/ their permission on that too, but I don’t solicit that crap. I don’t want to own it, and I don’t think my clients should either.
[quote=EdJehovah] I always do what is in my clients best interests. I'm starving too death as a result. But I do it anyway. I don't sell annuities, life insurance, or disability insurance. I've 1035 a few, but they were already burned. I sell stocks, bonds, and mutual funds. However, there is one truth in my region: the big producers are insurance sellers. Whenever you get close to one, they are expounding about the high-commission insurance deal they just screwed someone with, how easy it was, and asking me why I haven't come to the dark side of boogey man sales tactics. Well, I just don't want to be that guy in my community. If they truly did have a need for an annuity, I would sell one, or life insurance, ok i'd screw them w/ their permission on that too, but I don't solicit that crap. I don't want to own it, and I don't think my clients should either. [/quote]
Best interests? My eye!
If you don't consider life insurance for certain clients, particulary young couples with income protection needs and elderly clients with estate planning needs you have a major problem in your practice. More importantly your clients have a major problem in the advice they are getting.
[quote=EdJehovah] I always do what is in my clients best
interests. I’m starving too death as a result. But I do it
anyway. I don’t sell annuities, life insurance, or disability
insurance. I’ve 1035 a few, but they were already burned. I
sell stocks, bonds, and mutual funds. However, there is one truth
in my region: the big producers are insurance sellers.
[/quote]
Listen, here’s the deal.
While it is harder to sell life insurance, people need it, and you of
all people should sell it. By what reason should the Metlife agent get
business you could be having?
Here’s what I would do. Call up mainstay funds (NYLIM’s outfit) and get
their lifefolio system. Start working over your existing book with a
plan. Help them collect all their financial documents and sort them out
into the folders.
If you see people who are underinsured, make a note of it. Do a
beneficiary review. Educate yourself on SPIA’s, which are a good thing
for people in the retirement red zone.
If you play it right, you can sell alot of SPIA’s to people who are +/-
5years of retirement, and position them as a way to lock in gains on
long term investments for life.
[quote=EdJehovah] I always do what is in my clients best interests. I'm starving too death as a result. But I do it anyway. I don't sell annuities, life insurance, or disability insurance. I've 1035 a few, but they were already burned. I sell stocks, bonds, and mutual funds. However, there is one truth in my region: the big producers are insurance sellers. Whenever you get close to one, they are expounding about the high-commission insurance deal they just screwed someone with, how easy it was, and asking me why I haven't come to the dark side of boogey man sales tactics. Well, I just don't want to be that guy in my community. If they truly did have a need for an annuity, I would sell one, or life insurance, ok i'd screw them w/ their permission on that too, but I don't solicit that crap. I don't want to own it, and I don't think my clients should either. [/quote]
You don't get it do you? If you only sell stocks, bonds, and mutual funds, you will never be anything more than a salesman/product pusher to your customers. Notice I said customers, not clients. While not everyone needs any annuity, there are more good reasons to own annuities today than there was 10 years ago. Did you know you can stretch a non qualified annuity like you can an IRA? Got anyone in your book with money in a NQ account that wants to pass that money on to kids but the kids don't really want to pay the tax man right now. Fine, stretch it.
Life Insurance is incredibly important. Whether it's a term policy, VUL, or UL/Whole Life you NEED to ask about it. You start asking your clients about life insurance and you won't have to worry about where your month is going to come from. I promise if you'll start asking all of them today, by mid summer you'll have closed 2-3 cases and put some nice $$ in your pocket. And you'll be helping them in the process. Life insurance is about planning, not product.
Can I call your wife and ask her if she thinks you need life insurance? Run that life needs analysis on yourself, then get back to us. If you don't want to buy it yourself, I'll get licensed in your state and buy it for you. Really, I don't mind.
uwec86,
It looks like Borker took our advice. Stay focused and stay away from this forum until you are near or have reached the point of no return. If and when you ever come back, don't forget to say hello!
I find it quite humorous that everyone continues to feed these pikers like Borker and EdJehovah… It makes me wonder who is to blame.
I think the guy on The Office put it best when he said, "Fool me once, shame on you. Fool me twice, shame on you, err us, or something like that."
It makes for entertaining reading nonethless.
Hulk,
Yes, the Executive Office.
I too miss the Incredble One.......I think he got food poisoned at the Chinese Buffet.
[quote=EdJehovah] I always do what is in my clients best interests. I'm starving too death as a result. But I do it anyway. I don't sell annuities, life insurance, or disability insurance. I've 1035 a few, but they were already burned. I sell stocks, bonds, and mutual funds. However, there is one truth in my region: the big producers are insurance sellers. Whenever you get close to one, they are expounding about the high-commission insurance deal they just screwed someone with, how easy it was, and asking me why I haven't come to the dark side of boogey man sales tactics. Well, I just don't want to be that guy in my community. If they truly did have a need for an annuity, I would sell one, or life insurance, ok i'd screw them w/ their permission on that too, but I don't solicit that crap. I don't want to own it, and I don't think my clients should either. [/quote]
So if a client dies or is diabled and has to liquidate a Jones mutual fund with a sales charge that is so much better than a tax-free death benefit....you really need to educate yourself better, or at least admit that you don't do DI or life insurance cause under the Jones system it doesnt pay you anything going through the grid and quit hiding behind this "do what's best" line that has been preached but not practiced at EDJ.
The more I think about EdJehova the angrier I get. Eddie my boy, imagine you are a complete newbie and completely ignorant (sorry, no imigination required) and google FINANCIAL PLANNING BASICS. When you have read that, then you can come on here and pretend you know what the heck you're talking about. Not only do you give us newbies a bad name but you sure aren't helping the EDJ image.
If you're gonna get drunk on the kool-aid at least add some rum.
[quote=ExPropTrader]
[quote=EdJehovah] I always do what is in my
clients best interests. I’m starving too death as a result. But I do it
anyway. I don’t sell annuities, life insurance, or disability insurance. I’ve
1035 a few, but they were already burned. I sell stocks, bonds, and
mutual funds. However, there is one truth in my region: the big
producers are insurance sellers. Whenever you get close to one, they are
expounding about the high-commission insurance deal they just screwed
someone with, how easy it was, and asking me why I haven’t come to the
dark side of boogey man sales tactics. Well, I just don’t want to be that
guy in my community. If they truly did have a need for an annuity, I
would sell one, or life insurance, ok i’d screw them w/ their permission on
that too, but I don’t solicit that crap. I don’t want to own it, and I don’t
think my clients should either. [/quote]
So if a client dies or is diabled and has to liquidate a Jones mutual fund
with a sales charge that is so much better than a tax-free death
benefit…you really need to educate yourself better, or at least admit that
you don’t do DI or life insurance cause under the Jones system it doesnt
pay you anything going through the grid and quit hiding behind this “do
what’s best” line that has been preached but not practiced at EDJ.
QUOTE]
Mr. Ed-
You REALLY need to educate yourself on topics you are going to post
about. Life insurance is not just about overpriced death benefits. It has a
very important role in wealth creation and retention, as well as estate
planning.
Yes, there are some REALLY sleazy insurance brokers out there, selling
some REALLY sleazy insurance products. But I have to tell you, my client
that just spent $50K on a $2.5mm policy so he could pass on his estate
tax free to his family is not complaining (a rather LARGE estate - and it’s
more complicated than I stated, but you get the picture).
And when it comes to basic term life, we can provide (to certain
individuals) LESS expensive term life than their employer, with a
guaranteed rate for 20 years (that term coverage would cost about 5
times as much through your employer in 20 years, since it goes up most
years on 1-year renewable as you age). Uhhh, how is that bad?
Ed, quick, what investment product has similar tax treatment to the Roth
IRA but without the low contribution and income limits? Uh Huh.
What would you do for a 40 year old that makes 250K per year, wants tax
free growth and retirement income, wants more than the growth in a
muni bond, maxes his 401K (if able to due to top-heavy issues), and can
use some death benefit also?
I am not saying life insurance can cure cancer. And I don’t use it all that
often, but man, it has some serious applications when used correctly. Is
it expensive? Yup. But I tell my clients this upfront. Can it be restrictive
due to surrenders and potential tax implications? Yup. But I tell my
clients this upfront. But sometimes the benefits are FAR greater than
those drawbacks when used appropriately.
Ed, do us more intelligent EDJ advisors a favor and just don’t talk
anymore. And your “do what’s best for client” line is a just a poor excuse
for not performing and not understanding how to be successful.
I am usually not this direct, but in this case I have to be. Ironic that it is
aimed at a fellow EDJ’er.
I echo the life and disability insurance discussion above.
Personally, I was an VA basher my first few years in the business. Then I realized that I should not be comparing annuities to mutual funds. Most of the people I sell annuities to now would be buying a CD or even a money market if they didn't buy the annuity. Would they be better off with a mutual fund? Not all of them would, but some certainly would be. However, earning 7-8% with a death benefit and tax deferral beats earning 4.5% on a CD, which is what they will buy if they don't buy the annuity.
I tell every single client who buys a VA from me that we can get the same basic investment as a mutual fund for less money. They don't care, without the death benefit (or income benefit, depending on their needs) they aren't buying any variable product, period. If they are willing to accept market fluctuations, we usually do an A share mutual fund.
Sometimes you can't do what is perfect (in your opinion) for the client, but you can still leave them a heck of a lot better than you found them if you are willing to have an open mind.
At the risk of going off topic (again), I'll echo EDJ4now. I had a client with a rollover Saturday and I after explaining the differences between a balanced stock/bond fee-based portfolio and VAs, including what the additional expenses do to a balance after 20 years, I asked him a simple question...Mr. Prospect, if I placed your $500,000 in the market, and we hit a rough patch and your investment dropped $50,000, how would you feel. He didn't hesitate to say "I wouldn't sleep for a month!"
So, do you give the client what he wants...or what you think he needs?
Quote: "What would you do for a 40 year old that makes 250K per year, wants tax
free growth and retirement income, wants more than the growth in a
muni bond, maxes his 401K (if able to due to top-heavy issues), and can
use some death benefit also? "
Buy a portfolio of no-div stocks (tax-deferral) and term insurance (cheap). You could even harvest tax losses which you can't do in annuities/VUL. No 3-4% internal expenses, no commissions, no surrender charges. Can be used as an EARLY retirment asset, max 15% cap gains not ordinary income.
Just another alternative to the annuity/LIRP...