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Nov 26, 2008 4:08 pm

I think now would be a great time for new advisors, but only if you are telling a different story. I think pitching well known mutual funds, will get you nothing in this kind of market, because that is what everyone has…

Nov 26, 2008 4:24 pm

[quote=the word]

Originally posted by the word

No way i need to calm down.  I have to sit here and listen to Bobby spew his smartass comments from his perch on high.  You better beleive I am going to let him know when he is wrong and is lying.  As is the case in this thread.   Snags, I'm not calling my wholesaler for objective info.  All of what you said is relevant and I've heard it all before.  Like, I said we can agree to disagree.  I will not sell them until their is more clarity about the indusrty.     

Originally posted by Hank Moody
"Mr. Prospect, I can guarantee you that your worst case scenario will be a 10% lifetime cash flow on ALL of the money you have invested." How is THAT for some clarity?

What kind of clarity do you require? Do you need Balack Obama to tell you that everything's going to be ok? Personally, I'm glad that you can't figure out what to sell. Less competition for the rest of us who have figured out that clients want guarantees. I don't remember being as naive as you when I was 27.
  Originally posted by the word
You already admitted that this was a lie.  Worst case is you are stuck with your account value after the annuity company goes under.  Why do you insist on lying to your clients to make a sell?   The clarity I need is for AIG to not need to beg for emergeny capital from the US government, for ING not to beg for emergency capital from the Dutch government, for Hartford to not need emergency capital from Allianz.    I would argue that that a sell does not need to be made in every environment.      New Post: Well Hank,  above is your post from the other thread, with the lie you tell to the prospect underlined and in red.  Your words, not mine.  Please tell us how that statement is not a lie. [/quote]

It is not a lie because it is the truth.
Nov 27, 2008 4:21 pm

I’ll make it just fine. My recurring income is to the point where I can pick and choose my clients with no pressure to pay the bills. I’m a bit lazy, but i’ll grow it at my pace and have more fun doing it. i’ll be around for a long time.

Nov 27, 2008 5:33 pm


I must say, I see a LOT of fear among fellow FA's, even some veterans.  Some of them are questioning WTF they are doing.  Questioning how they got their clients inot this mess.  Many of them that have been out over 10 years made it through 00-02 relatively unscathed because they were very conservative, and fixed income and value did relatively well during that time period.  But they look at today, when even a 30/70 portfolio is down 15-20%, a portfolio that has maybe NEVER had a down year based on a 20 year backtest, and they start to wonder if times are changing.  Real fear.  But I'll be here a year from now.  My only fear is my lack of income right now.[/quote]   Interesting comment.  I had the most senior advisor in my office tell me the other day how he expects a good year in 09 to only have your production down by 25%.  He was relaying a conversation with another senior guy who thinks his production will not suffer at all next year, even though the guy has not added a new client in years.  I think the latter advisor has firmly planted his head in the ground.
Nov 28, 2008 4:30 am

How could you “not land a new client in years?”  Seriously.  I’ve been out 15 months - and I think that even if I locked myself in my closet, I’d STILL get a reasonable amount of referrals, even without asking for them.  Not a SINGLE client in YEARS (plural)?!?!?!

  Yeah.  He seems content to be doing the production of someone 5 years in although he has been in the business more than 30 years.  I think he is just burned out but feels he has no other options.