What happened to SKRAINKA?
ez - not too late. Best reps are replaced by other best reps. That's just the way the industry works. Every issue of this magazine talks about some big broker leaving some firm. We've lost some of our big guys, but we still have a lot.
I've heard rumors as early as next spring we'll have something fee based. No specifics yet. In fact I was at a meeting over the summer with our GP over compliance who said Weddle told her that if they can figure out how to make it make sense for the clients from a cost perspective we'll get it done. Weddle moves faster than Bachman or Hill ever did. Stay tuned.
I can only venture a guess that it is simply pressure from us IRs that forced the change. Of course when you talk to brokers who left and they say fee based is one reason they jumped, hopefully someone listens. I love my company but sometimes I hear echoes of the seven last words of a dying church - "We've never done it that way before."
Have a nice weekend. I'm off tomorrow to meet with a client's father who's gonna clear a million from a land sale. If I don't get it now, I'll get it when he passes away.
If you where with a real firm you could propose a 1031 and save the client a ton on taxes! Some day you will figure it out in the mean time your clients loose!
BR, many of the Jones IRs will tell you that fee based is not right for their clients because that is the message that Jones has been feeding them for several years. Its not the IRs fault, if your work there and respect the company you will tend to buy into their line of thinking. No one controls the message as well as Jones.
[quote=vagabond]BR, many of the Jones IRs will tell you that fee based is not right for their clients because that is the message that Jones has been feeding them for several years. Its not the IRs fault, if your work there and respect the company you will tend to buy into their line of thinking. No one controls the message as well as Jones. [/quote]
I couldn't agree more. Well-positioned propaganda (for lack of a better term) can have a huge impact in matters like these.
Its been some time since I last posted and I must say that I have not missed it, since I have been reading this forcum for 2-3 years and it NEVER changes. Jones this and Jones that. As for American Funds, I agree that size may matter, BUT it is difficult to argue against their performance. Are they the best in every ever category? No, but close. As for selling to every Tom, Dick and Harry. I will argue that over 75% of the people with a rollover in the next 15 years will be an average person with a hoousehold income under $100k. You will NEVER hurt a client selling CIB, Cap. World, New Persp. and Inc. Fund. Never. WIll you always do the best? Nope. DOnt care too. Clients leave b/c they stop liking you!! And from some of the ignorance on this forum, its no wonder. As for fee based, I agree that we should at least offer a platform of some sorts. I’ll defer to Weddle on this one. As always, if you’re not happy, either stop bitching or make a change. Either way, you’ll still be bitching in 5 years about something.
Greenbacks - either your fingers or too fast or your brain is too slow, but one of them needs to catch up with the other one.
According to IRS rules the 1031 exchange has to be like property for like property. Hard to do that when the client doesn't really want to own any more property and he's trying to sell off what he has.
Instead of hurling insults maybe you can give the rest of us some insights on how to sell a property you've owned for 50 years, not pay taxes, and then pass the proceeds on to your kids. I'll retract my "your brain is too slow" comment if you would enlighten me, please.
1031 exchange funds is what Greenbacks is reffering to (I think) Spaceman Spiff. You should look them up.
Instead of hurling insults maybe you can give the rest of us some insights on how to sell a property you've owned for 50 years, not pay taxes, and then pass the proceeds on to your kids.
You might be able to purchase a private annuity through an irrevocable trust (sometimes called Private Annuity Trusts). There's still a RMD type event but it greatly reduces the taxes payable by the owner and can pass to the heirs with a large number of tax benefits. There's a company called NPAT (National Private Annuity Trust) that offers a turn-key program, and has a ton of info available on this. I think their site is www.npatplan.com... yup, just clicked it and it is.
Not really appropriate for all clients, but definitely works from time to time.