Wachovia Annuity Commission

or Register to post new content in the forum

23 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.
Mar 12, 2009 10:28 am

I am wondering if there is a difference in commisson between PCG and Finet... found out yesterday that PCG cut the commission on L Share annuities from what they paid under AGE. Claim that it is so its standardized. The firm is still being paid the same from the annuity company it was under the AGE system.

 
To summarize: The Flippin WB is taking the same commission while cutting our commission.
 
THIS IS BS
 
Any FINET guys out there... what is the commission on the John Hanc*** Venture III - L share annuity? Option C where you get your trail starting in the 13th month.
 
Thank you.
Mar 12, 2009 11:14 am

I don't know about Finet, but at LPL (self-clearing) Option C (on the L share) pays 3.5% gross with a 1% trail starting month 13.

Mar 12, 2009 11:28 am

Not sure about FINET, but we don't haircut any annuity commission.

Mar 12, 2009 11:40 am

3.5% here at SF

Mar 12, 2009 11:44 am

My wirehouse pays 2%, the [email protected]#$ds.....

Mar 12, 2009 12:07 pm

That's my biggest beef with Ray Jay's indy platform.  I keep holding my breath hoping that LPL doesn't follow suit.

Mar 12, 2009 4:52 pm
Indyone:

That's my biggest beef with Ray Jay's indy platform.  I keep holding my breath hoping that LPL doesn't follow suit.




If you're with LPL, how can you have a beef with RJ?

Mar 12, 2009 6:01 pm

3.50% 1st year 1% trail starting year 2 with my b/d.

Mar 12, 2009 9:01 pm

Under AGE it ranged by carrier from highest of 4% with 1% trail in 13 month on down but Hanc*** WAS 3.50 and 1.  Under WB they have dropped it to keep all the same but of course they did it at the AGE floor of 3 & 1.  I would like to know from any Wachovia Securities guys (prior to aquisition) when do the trails pay?? Monthly or Quarterly and do all pay in the same months?

Mar 12, 2009 9:38 pm

This is so sad to read. Why would anyone be shocked about the reduction in commissions and/or payouts from your annuity business or any other products. What a sweet deal for Wachovia. They hang an almost impossible carrot out there while taking more money from you currently in case you reach that carrot in 2010 and 2012. It's a win-win for WB. If you are unwilling to truly research the Indy alternatives then just shut up and keep dialing. It seems to be a hypocrisy when you call yourselves financial advisors and can't even do proper due diligence on your own finances. Just remember that "just because your paranoid doesn't mean they are not out to get you"

Mar 13, 2009 8:18 am

if the name on your paycheck is a product manufacturer, you can bet that alignment and standardization is forthcoming.  Even the comp between prop and non/prop will be equalized.  I would bet that shelf space fees from sponsors are reducing and volumes are down, therefore the b/d will always remain whole.  Reps for firms who manufactur product, along with the consolidation of industry will most likely see a cut of some sort or at the least, revision of shelf space agreements and/or concessions reduced to what is in best interest of the firm's bottom line, rather than the rep.

Mar 14, 2009 12:22 am

The Lincoln choice plus is haircut .50 basis points on the L share to Wachovia vs the AGE payout. But not at Finet .

 
 
Mar 14, 2009 10:31 am
Redpen:

The Lincoln choice plus is haircut .50 basis points on the L share to Wachovia vs the AGE payout. But not at Finet .

 
 
 
I was wanting clarification... On the Finet side, the regular commission on the Lincoln L share is 3.5 with trail in 13th month?
 
I am thinking of making the switch to Finet and wanted a better picture of what happens on that side of the business. Thank you for your help.
Mar 14, 2009 3:23 pm

Finet...no haircuts

Mar 14, 2009 6:07 pm

3.5 no haircut at SF also..this is really a good thread so everyone can compare notes!

Mar 16, 2009 6:03 pm

There's a Commission looking into annuities?

 
About f****g time I say.
Mar 17, 2009 4:34 pm
MinimumVariance:

There's a Commission looking into annuities?

 
About f****g time I say.
 
LOL...yeah thats for sure...I know clients are pissed that they have higher living benefits values and can actually take income from their investments!
Mar 19, 2009 8:29 pm

I'm wondering how the arithmetic works where you pay a much higher fees and still have more money to live on?

Mar 19, 2009 8:51 pm
MinimumVariance:

I'm wondering how the arithmetic works where you pay a much higher fees and still have more money to live on?



LOL....how are your clients that lost 40-50% last year in "low fee" ibvestemtns going to make their income goals?

If they have a living benefit their income base  went up 6-10% from last year...did your clients accts go up that much?

I am no annuity guru or promoter, but they do have their place...and clients who had them last year are very happy right now!

Mar 19, 2009 9:30 pm
MinimumVariance:

I'm wondering how the arithmetic works where you pay a much higher fees and still have more money to live on?



It's for us to know and you to find out.