Bank Secrets Revealed Part I

Compare this to the pitch of an indy:



I have this product that allows you to participate in the market with no losses ever. (They fail to mention the caps, what happens in years when the market has begative returns or the fact they are earning 11%+ commission)





Oh and the wirehouse pitch:



We have all these resources, we are wall street. Our stock picking abilities will only lose 1/2 your money this year or I can put you in this account managed by someone else and collect 1.5% per year for doing nothing.

Rankstocks,

You seem quite childish.  Brokers move from channel to chanel, and it doesn't change what they do or how they do it.

Being indy doesn't make you any better morally.  A couple months ago, I was helping a lady with her mother's estate, and she mentioned her husband was rolling over his 401K with a indy here in town.

I called him, and over the course of our conversation, I learned it "tracked the stock market (S&P),"  "guaranteed never to lose any money" and was a 20 year surrender.

I almost fell out of my chair.  An EIA with a 20 year surrender, sold by a "financial planner" at an indy.

Was it you?

[quote=BankFC]

Rankstocks,

You seem quite childish.  Brokers move from channel to chanel, and it doesn't change what they do or how they do it.

Being indy doesn't make you any better morally.  A couple months ago, I was helping a lady with her mother's estate, and she mentioned her husband was rolling over his 401K with a indy here in town.

I called him, and over the course of our conversation, I learned it "tracked the stock market (S&P),"  "guaranteed never to lose any money" and was a 20 year surrender.

I almost fell out of my chair.  An EIA with a 20 year surrender, sold by a "financial planner" at an indy.

Was it you?

Its quite amusing how some on this forum feel the need to constantly trash other channels and ways of doing business. There are some deep rooted issues going on there…

[quote=BankFC]

I almost fell out of my chair.  An EIA with a 20 year surrender, sold by a "financial planner" at an indy.

[/quote]

What kind of commission do you think that thing paid out?

[quote=BankFC]

Being indy doesn't make you any better morally.  [/quote]

Really!?  On this board I get the distinct impression that if you aren't indy you are just a step above Jack the ripper.  If you're with Jones you're one step below. 

There are two things I detest: 1. people who stereotype. 2. primerica reps.

[quote=skolbrother]There are two things I detest: 1. people who stereotype. 2. primerica reps. [/quote]

I think any rational person on this board can admit, there are good advisors at every firm and channel, and bad advisors at every firm or channel.  Bashing a firm or channel based soley on the actions of an individual is stupid at best.

[quote=joedabrkr]

[quote=BankFC]

Rankstocks,

You seem quite childish.  Brokers move from channel to chanel, and it doesn't change what they do or how they do it.

Being indy doesn't make you any better morally.  A couple months ago, I was helping a lady with her mother's estate, and she mentioned her husband was rolling over his 401K with a indy here in town.

I called him, and over the course of our conversation, I learned it "tracked the stock market (S&P),"  "guaranteed never to lose any money" and was a 20 year surrender.

I almost fell out of my chair.  An EIA with a 20 year surrender, sold by a "financial planner" at an indy.

Was it you?

Actually, the EIA whores and “senior specialists” that love them are generally not securities licensed at all.

Uh guys...I'm pretty sure that rank isn't indy either (which means the next thread is probably "Indy Secrets Revealed Part I").  As I recall, rank is an EDJ rep and has a real burr under the saddle regarding Raymond James...used to have a tag line that said something to the effect that you could work at a bank or out of your house if you worked with RayJay.

Regardless of where he works...he's an idiot.

[quote=gad12]

[quote=skolbrother]There are two things I detest: 1. people who stereotype. 2. primerica reps. [/quote]

I think any rational person on this board can admit, there are good advisors at every firm and channel, and bad advisors at every firm or channel.  Bashing a firm or channel based soley on the actions of an individual is stupid at best.

Indyone,

    If you can't take the heat....... 

    Let's be honest, how many brokers with over 5 years experience haven't run across several of these annuities paying 3% or 3.5% that were sold by a bank broker promising big rates?  If you haven't seen several of these, I'd like anyone to post the contrary.

[quote=joedabrkr]

I would add, too, that sadly the EIA whores and “senior
specialists” that love the EIA products are, unfortunately, most
concentrated in the indy channel, mostly at the smaller b/d’s that will
tolerate that crap.
[/quote]



http://ir.american-equity.com/phoenix.zhtml?c=147784&p =irol-irhome



Why fight it, when you can own it?

[quote=rankstocks]

Indyone,

    If you can't take the heat....... 

    Let's be honest, how many brokers with over 5 years experience haven't run across several of these annuities paying 3% or 3.5% that were sold by a bank broker promising big rates?  If you haven't seen several of these, I'd like anyone to post the contrary.

[/quote]

I wasn't a bank broker 5 years ago, however, I have found it HARD TO COMPETE with fixed annuities coming out of there five year surrender sold back in 2001-2002.  They have been getting 4% plus and 5% plus when CD's were paying next to nothing.

Don't believe me?  Call Lincoln, and ask them about where their Step Five contracts have been over the past five years, and compare that to the national CD average over the past five years.

The fixed annuities OUTPERFORMED the CD rates. 

[quote=rankstocks]

Indyone,

    If you can't take the heat....... 

    Let's be honest, how many brokers with over 5 years experience haven't run across several of these annuities paying 3% or 3.5% that were sold by a bank broker promising big rates?  If you haven't seen several of these, I'd like anyone to post the contrary.

[/quote]

You know the real issue that no matter what channel you can say the same..How many wirehouse accounts have you seen that have mutiple A share purchase at full load.. ect .. Like it has been said again and again. .IT IS the people period

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…

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...

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.

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

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.

[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.

[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=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=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=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=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.

[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…