Skip navigation

State Farm out of securities business?

or Register to post new content in the forum

17 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Apr 14, 2008 7:55 pm

Had another agent tell me that State Farm will no longer be selling securities only servicing excisting accounts, anyone else heard anything?

Apr 14, 2008 8:13 pm

I bet with this downturn, many Insurance companies..selling mf's, will abandon this idea because of cost of compliance and litigation concerns.  I see the pendalum(sp) swinging back to a more focused product line and I THINK the agents want this.  THey don't like investments in general.   Just as the newby off the street thinking our industry is "COOOL", the agents have come to find out that clients will call and bitch when the mf they sold to them last June is down and has been down....alot!!  How often do you see your insurance guy/gal...If it wasn't for some new property being purchased in 07, It would have been 4-5 years since my last face to face with my agent.  You can't treat your investment clients like this...and build a lasting business.  I hope all the State Farms, Country Companies and similiar insurance companies decide the investment business is not where they want their agents focusing. 

Apr 15, 2008 3:49 am

Could it be over their supervisors having the troops due their firm element CE for them?

Apr 15, 2008 2:02 pm

My agent told me that if you had your series 6 then you could keep it, but that they were no longer allowing people to become licensed. 

Apr 15, 2008 6:20 pm

[quote=iceco1d]Thank god.  Every SF agent I know (which, granted, is only about 4) doesn’t have a clue; they are just mutual fund peddling robots (when it comes to securities - insurance is a whole other ball game).

  One agent (and maybe this is all SF offices?) has a client fill out a risk profile and account app, and then sends it in to HQ.  HQ then sends back the proposal (i.e. picks the funds and allocations) for the client to sign.  Same office, the agent was unfamiliar with 12b-1 fees, and the difference between a ROTH and a traditional IRA, among other things.  The Series 6 must be quite a joke.   BTW - the annual new assets goal for the office in question?  $250K...why bother?  [/quote]   Wait, what is the difference between a Roth and a traditional IRA???  Is this something I need to know??? ;)  
Apr 16, 2008 2:36 am

Some State Farm agents just might surprise you.   Many have annual new AUM over $1MM.  For a P&C company, this is pretty darn good.  They are not out of the securities business.   

  Sounds like someone out there is in the monkey business!   
Apr 16, 2008 3:03 am

Huh…why am I dumb?

Apr 16, 2008 3:06 am

Annual new AUM of $1mm being pretty darn good.

Apr 16, 2008 3:08 am

For an insurance agent, this is acceptable.  For a financial advisor, this would be a time for a career change.  There are different professions reading these posts.  Open your minds.

Apr 16, 2008 2:23 pm

[quote=Ferris Bueller] [quote=birdies no bogeys] Some State Farm agents just might surprise you.   Many have annual new AUM over $1MM.  For a P&C company, this is pretty darn good.  They are not out of the securities business.   

 
Sounds like someone out there is in the monkey business!     [/quote]

Don't take this the wrong way, but you're dumb.[/quote]   I can't possibly imagine how he would have taken that the wrong way.    I see his point.  Flip the tables.  What would the agents at State Farm say about us if Wall Street suddenly started selling P&C?
Apr 17, 2008 3:10 am

Huh, so agents that have ChFC or CFP dont know what they're doing?  Interesting.  Guess you got me there.  Good luck in your career.  

I'm assuming ur a rookie, 23 yrs old, and just shy of $10MM in AUM.  My insurance friend did $40MM in one year....guess your doing better than that.  HA!
Apr 17, 2008 12:40 pm

[quote=birdies no bogeys]

Huh, so agents that have ChFC or CFP dont know what they're doing?  Interesting.  Guess you got me there.  Good luck in your career.  

I'm assuming ur a rookie, 23 yrs old, and just shy of $10MM in AUM.  My insurance friend did $40MM in one year....guess your doing better than that.  HA![/quote]   Your assumpution would be wrong.. You know what they say about people that assume,  they makes an ass(of)-u-(and)me.   I agree with Ferris, being a chFC or CFP doesn't make you any better at our job. Get a clue!   Miss J
Apr 19, 2008 7:11 pm

You took the bait and proved my true feeling. 

  A CFP, ChFC, or ten years in the business with only $120 AUM means little to me.  So does the rhetoric about how one thinks they are superior to other professionals when giving advice on financial matters.  There are good advisors and bad, and many of them have experience with $120MM AUM or more.   As a consumer, I want to know if you care about my financial matters and if you will put me first, not your own pocket.    An insurance professional can or cannot give just as valid advice as a financial professional.    Beware of the self-proclaimed experts and those with black/white opinions.   Now let's talk about whole life insurance......
Apr 19, 2008 7:35 pm

Look, I think it’s a good thing that State Farm exits the securities business.

  Have you seen SNPBX - the biggest ripoff of an Index Fund?   I would venture to say that MOST SF reps have no idea about securities.
Apr 19, 2008 7:35 pm

[quote=birdies no bogeys]You took the bait and proved my true feeling. 

  A CFP, ChFC, or ten years in the business with only $120 AUM means little to me.  So does the rhetoric about how one thinks they are superior to other professionals when giving advice on financial matters.  There are good advisors and bad, and many of them have experience with $120MM AUM or more.   As a consumer, I want to know if you care about my financial matters and if you will put me first, not your own pocket.    An insurance professional can or cannot give just as valid advice as a financial professional.    Beware of the self-proclaimed experts and those with black/white opinions.   Now let's talk about whole life insurance......     Only $120mm AUM does not impress you???  There is the second statement you have made that makes you look stupid.     
Apr 20, 2008 2:16 am

[quote=birdies no bogeys]

Huh, so agents that have ChFC or CFP dont know what they're doing?  Interesting.  Guess you got me there.  Good luck in your career.  

I'm assuming ur a rookie, 23 yrs old, and just shy of $10MM in AUM.  My insurance friend did $40MM in one year....guess your doing better than that.  HA![/quote]   Great!  Another CFP doing $40mm per year of equity indexed annuities.  I'm sooooooo impressed! 
Apr 20, 2008 10:22 am

“Now let’s talk about whole life insurance…”

  Ok.  You start.