[quote=BankFC]

LOLOL

Securities clearing is basic???  That's why even really large banks like SunTrust (National Financial) are podunk too.  LOL.

[/quote]

Yep, clearing is basic for a firm that claims to be a brokerage. So is printing your own statements. And yes, SunTrust is podunk.

[quote=BankFC]Mike, I'm glad you know EVERYTHING in the world. 

[/quote]

Everything? Nope. More than you? Why, obviously. 

[quote=BankFC]

Mike, what firm do you work for?  By the way, you asked first...

[/quote]

This is pretty old territory here, pal. Since the majors ML, MS, UBS, SB are all fairly interchangable you don't need a specific name. OTOH, you keep hiding behind your mystery bank so that you can make up the working conditions as you go along.

[quote=BankFC]

Mike, I can't say anymore.  You do plenty for me.  You are an idiot.

[/quote]

I see, so since you can explain your errors about the Hartford annuity you brought up, you just want to run away. That's fine. Enjoy the bank lobby...

No errors.  Go back and see.  I just didn't quote the prospectus like an anal rentitive codger with nothing else to do all day.

Enjoy that creamy can of Ensure for lunch.  Funny how you never did say who you work for...are you paranoid or lying?

Fact is, I don't care.  You should go home for the day.  Your wife is probably in the bed banging that young bank broker that pushes annuities all day...lol.

[quote=BankFC]

No errors.  Go back and see.  I just didn't quote the prospectus ....[/quote]

You might want to learn to, since you so inaccurately explained the "living benefit" you talked about. A simple return of principle isn't 5% income for life, much less without annuitization.

[quote=BankFC]

Joe,

I should add the the above post.

Unlike Mikey, I don't claim to have a crystal ball.  Even though I think it is HIGHLY unlikely the ins companies (like Hartford and JH and ING) would default on their guarantees...but for arguments sake I will say it is possible (as possible as Mikey having a social life, so not very). 

All else equal (we are debating the merits of the VA bene, so lets say the portfolios are virtually the same), in a down market, as a retiree which would you want?  A CHANCE at a guarantee or no chance? 

Not to mention, in the WORST CASE senario, the client could annuitize for a period certain or whatever if the market was THAT BAD.

You seem much more level headed than Mikey, so I welcome your response.

[/quote]

Thanks for the compliment.

The geographic change and firm change can make it tough to keep growing.  Trust me I know from first hand recent experience.

FWIW, if the market gets THAT BAD they client may not be able to annuitize if the insurance carrier isn't able to make good on their claims.  Eventually the state insurance commsisionsers would likely engineer a sale of the book of business to another carrier, but who knows what that would do to the product features.

I've not heard anything about the carriers you mentioned, but I've heard rumors about others being in pretty bad shape.  I've also been told that VA carriers can't really reinsure their living benefits anymore.

Back to work...

I don't think you need to bring in wives and mothers to make a point or to trash someone.

I was referring to the Lifetime Benefit Payment you moron.  I figured a advisor of your stature would be able to infer that without my holding your hand...

5% at age 60 (with annual step based on performance) until contract owner dies...cannot go down.  EXACTLY what i said.

moron

[quote=BankFC]

I was referring to the Lifetime Benefit Payment you moron.  I figured a advisor of your stature would be able to infer that without my holding your hand...

5% at age 60 (with annual step based on performance) until contract owner dies...cannot go down.  EXACTLY what i said.

moron

[/quote]

No, that's not "exactly"

 what you said;

Ex: I can invest a $500,000 rollover into the Hartford
Leaders VA, invest them in a diversified portfolio of
American Funds, Franklin Income, MFS Total Return,
etc...and GUARANTEE when they need income, they will be
able to have AT LEAST 5% a year with ANNUAL STEP UP
based on market gains THAT DO NOT GO BACK DOWN if
market contracts back. Guaranteed for life, regardless
of future market performace (or more importantly, lack
thereof).

For life w/ no annuitization and income cannot EVER
decrease. Plus I can invest slightly more aggressively
(still within risk tolerance) because they have
PROTECTION.

The Income Builder is broken into two payment types, the first is  "benefit payment" which is just another "return of principle" guarantee at 5% per year (btw, just what’s the big deal amount promising to return principle at the rate of 5% a year? Can you name a time when a regular, balanced portfolio couldn’t have provided full return of principle if you only took it back at 5% a year?) which is NOT “5% income for life”, as the withdrawals count as deductions to the contract value.<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

The second type of payment is the “Lifetime Benefit Payment” (only after the owner is over 60) which is nothing more than  annuitization at 5%.

BTW, the selection of "Income Builder" has to be made at the time of purchase, you can't select with it the PF or PFP options AND it's irrevocable.

"I've not heard anything about the carriers you mentioned, but I've heard rumors about others being in pretty bad shape."

Hi Joe, lets hear some names.

[quote=skeedaddy2]

I don't think you need to bring in wives and mothers to make a point or to trash someone.

[/quote]

Agreed.

Speaking of wives, though, did you know that Zacko bought his wife a boob job last year?  That was a topic of ongoing discussion on one of the jones threads for a while.  He never posted a picture for us, though.

[quote=Mike Damone]

"I've not heard anything about the carriers you mentioned, but I've heard rumors about others being in pretty bad shape."

Hi Joe, lets hear some names.

[/quote]

I prefer not to spread rumors.  PM me if you really want a name.

Man,

y'all are bulldogs, especially mike.  It get's jucy around here.  Where's my popcorn?

Bank broker, wirehouse broker, whatever.  Ultimately the way things are going we're all going to be bank brokers some day!  Just ask Paine Webber, Pru, Smith Barney, Shearson, Everen, etc., etc. -- you can call all of them bank brokers now because of the UBS', Wachovia's, & Citigroups of the world.

Seriously (although the above is sadly a bit serious), as someone pointed out, the bank brokerage business has changed substantially over the years.  Yes, there are still a lot of the series 6 "platform" reps in some bank programs selling MFs & VAs to bank customers with maturing CDs.  But, there now are many bank programs that have very impressive full-service brokerage capabilities and approaches to doing business little different (if at all) from the wirehouses.  So, I'd be careful about how we might pigeonhole someone just because they're working within a bank structure.

[quote=Duke#1]

 Yes, there are still a lot of the series 6 "platform" reps in some bank programs selling MFs & VAs to bank customers with maturing CDs.  But, there now are many bank programs that have very impressive full-service brokerage capabilities and approaches to doing business little different (if at all) from the wirehouses.  So, I'd be careful about how we might pigeonhole someone just because they're working within a bank structure.

[/quote]

Mikebuttler will never believe you. 

Mike Damone is right...don't even waste your time (I wasted too much today, but it still was a good day) if he refutes you...he'll either say your wrong or say you're lying. 

I don't know about that guy...he says he works for a wire, but he doesn't say which one, which lead me to believe he's the one lying.

[quote=BankFC]

he says he works for a wire, but he doesn't say which one

[/quote]

Are you guys blind?  You don't recognize that old gasbag stanwbrown in his new wig and glasses. 

[quote=jonesnewbie] [quote=BankFC]

he says he works for a wire, but he doesn’t say which one

[/quote]

Are you guys blind? You don’t recognize that old gasbag stanwbrown in his new wig and glasses.

[quote=Ron Jeremy] [quote=jonesnewbie] [quote=BankFC]

he says he works for a wire, but he doesn’t say which one

[/quote]

Are you guys blind? You don’t recognize that old gasbag stanwbrown in

his new wig and glasses.

The one and only - nice work Ron, as usual.