Suck ass training programs
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[quote=Put Trader] [quote=Roger Thornhill]
Incorrect. NAIFA is ex NALU, which is the oldest organization of financial services professionals in the United States.
[/quote]
NALU has been around forever, but NAIFA is new, even though it's nothing more than a renaming of an old organization.
NAIFA is approaching banks and brokerage houses in an attempt to build participation in their local chapters--something NALU did not do, or was unable to do.
Several of us went to a NAIFA gathering on Long Island--we were unimpressed with the quality of the "professionals" we met. Poorly dressed, poorly spoken, poorly educated--but a possible source of referals.
We would never hire them, but we were more than willing to attempt to exploit them.
In any case, if a stock broker type--say with Merrill--wants to access the LUTC training program it is my understanding that they will have to join NAIFA. Am I right?
[/quote]
No, you are not right.
They offer a discount on course tuition to NAIFA members.
If you are going to make sarcastic remarks and answer questions that are not put to you, it might be advisable to know more about the subject than the questioner, which you clearly do not. Just a nickel's worth of free advice.
[quote=Starka]
If you are going to make sarcastic remarks and
answer questions that are not put to you, it might be advisable to know
more about the subject than the questioner, which you clearly do
not. Just a nickel’s worth of free advice.
Let me see if I have this right. You indicated that you had no idea what LUTC meant and had never heard of NAIFA.
I indicated that I was aware of both, and had actually been to a NAIFA
expo thing on Long Island and you’re whining that I should know what
I’m talking about?
We’ve gone through the looking glass.
When did I say I wasn't aware of either? I was asking if the training was geared specifically to insurance. I never mentioned the NAIFA.
Read before pulling the trigger there, junior.
[quote=Starka]
When did I say I wasn’t aware of either? I was
asking if the training was geared specifically to insurance. I
never mentioned the NAIFA.
Read before pulling the trigger there, junior.
[/quote]Seeing as NAIFA is almost unknown name, even in the insurance industry, it defies credulity that a moron such as yourself would have heard of it.
As for LUTC, you had no idea what it meant--so how in the world would you have known anything about the insurance side of the biz?
You're a joke Starka, everybody knows it.
By the way, you forgot to say if your mother was married to your father or was he just a guy who passed through her life for a few weeks years ago? You know how it is in the community and all.
[quote=Put Trader]
[quote=rightway]I started in a bank, and I was told to read series 7 material in week
1, take a week long review class in week 2, then take the 7 on that
Saturday…which my group did. 10 out of 13 passed.
[/quote]
Let’s see if that makes sense. Nah, it doesn’t…
…meaning fat and ugly smart-people who were capable of passing
Series 7 while the folks out pressing the flesh found that it took them
two or three times to pass the Series 6, but at least they’re not fat
and ugly.
[/quote]
I started as I stated. No series 6, just a 7,63,life and variable
contracts…circa early 1990’s. Series 7 was REQUIRED in our
program, series 6 was not enough. We did not all sit in branches,
we had separate investment consulting centers around town as well as
branch office locations.
As for the 7, we got the books and did out best to read them during the
1st week, but we passed based on the 1 week review course. We all
took our exam on Saturday, all done in just over 2 weeks.
Period. I am not proud of this, I actually think it is sad.
As for bank programs, I was the first batch of reps in the program and
watched it grow all through the 1990’s. Put, your description is
more of a structure today, but not then. An it certainly is not a
depiction of the program I was a part of.
Your right…I disdain bank programs as a whole. This has alot to
do with the fact much of the management spews un-informed garbage like
you. This is unrelated to the accuracy of my own beginnings
though. You all can take it as you wish.
[quote=Put Trader] Let me see if I have this right. You indicated that you had no idea what LUTC meant and had never heard of NAIFA.[/quote]
I know for a fact that Starka is aware of both, since we've both posted about it before, so you're pulling this out of your arse.
That means you do not have it right. Again.
[quote=Put Trader] Seeing as NAIFA is almost unknown name, even in the insurance industry, it defies credulity that a moron such as yourself would have heard of it.[/quote]
Seeing that you don't know much about the insurance industry, perhaps you should stick to a subject you know something about.
NAIFA is most certainly well known among the life insurance industry.
Like most associations, some chapters are stronger than others. I've been to some that were lacking (like yours in Long Island), and I've been to some that were superb.
Unlike you, I don't judge a book by its cover. Some of those people you were making fun of earn more in a month than you earn all year long.
[quote=Put Trader]
[quote=Starka]
As for LUTC, you had no idea what it meant–so how in the world would
you have known anything about the insurance side of the biz?
You’re a joke Starka, everybody knows it.
[/quote]
Put-
A few weeks back you failed to be able to articulate basics of Alpha,
St. Dev, and a few other basics anyone who took a series 7 or
understands a Morningstar report could understand. I believe your
answer was “beats the hell out of me” then you dismissed your
ignorance by claiming it was not important.–so how in the world would
you have known anything about the investment side of the biz?
Answer? You don’t. So, Put- take a minute and look up a few
more definitions and make your next post. We all are waiting…
[quote=rightway]
Put-
A few weeks back you failed to be able to articulate basics of Alpha,
St. Dev, and a few other basics anyone who took a series 7 or
understands a Morningstar report could understand. I believe your
answer was “beats the hell out of me” then you dismissed your
ignorance by claiming it was not important.–so how in the world would
you have known anything about the investment side of the biz?
Answer? You don’t. So, Put- take a minute and look up a few
more definitions and make your next post. We all are waiting…
[/quote]
Failed to articulate the basics of Alpha, Standard Deviations, and the
like? No I didn’t what I said was that in the hands of amatures
such things have a way of blowing up.
You are a rank amature and seem to be on a frenzy of wanting to “add
alpha” to your client’s portfolios. I supect you read about it in
a newsletter and decided that that is what your clients need.
All I am saying is that alpha works both ways–if you can goose your
portfolio by an additional 10% in a rally you will slam dunk it an
additional 10% in a decline.
I am saying that you are too stupid to know what you’re doing and it’s
best to stay away from it. I’m not stupid by any means, in fact I
am so smart that I know where I do not belong–and making amature
attempts to add alpha is not where I belong.
Finally, it would be fun to hear what you think is a sample Series 7 question dealing with Alpha.
[quote=rightway]
As for the 7, we got the books and did out best to read them during the
1st week, but we passed based on the 1 week review course. We all
took our exam on Saturday, all done in just over 2 weeks.
Period. I am not proud of this, I actually think it is sad.
[/quote]
I’m sixty, and I do not think I have ever encountered and individual so pathelogical in their desire to lie.
Rightway was given every opportunity to back away from stupid
comments–but instead he reinforces them–the sign of a true
pathelogical liar.
Tell me, if you read an entire Series 7 textbook in a week–when did you do sample questions?
Tell me, if you were in a week long cram course from Monday through
Friday, then took the test on Saturday just when did you to sample
questions?
And finally I will cut to the chase–you are a liar regarding a bank
program that requires people to get a Series 7. There is NO BANK
PROGRAM–not one–that requires a Series 7.
I suggest you’re so stupid you don’t even know that all you hold is a Series 6.
[quote=Put Trader]
[quote=rightway]
As for the 7, we got the books and did out best to read them during the
1st week, but we passed based on the 1 week review course. We all
took our exam on Saturday, all done in just over 2 weeks.
Period. I am not proud of this, I actually think it is sad.
[/quote]
I’m sixty, and I do not think I have ever encountered and individual so pathelogical in their desire to lie.
Rightway was given every opportunity to back away from stupid
comments–but instead he reinforces them–the sign of a true
pathelogical liar.
Tell me, if you read an entire Series 7 textbook in a week–when did you do sample questions?
Tell me, if you were in a week long cram course from Monday through
Friday, then took the test on Saturday just when did you to sample
questions?
And finally I will cut to the chase–you are a liar regarding a bank
program that requires people to get a Series 7. There is NO BANK
PROGRAM–not one–that requires a Series 7.
I suggest you’re so stupid you don’t even know that all you hold is a Series 6.
[/quote]
Your wrong.
[quote=Put Trader]
And finally I will cut to the chase--you are a liar regarding a bank program that requires people to get a Series 7. There is NO BANK PROGRAM--not one--that requires a Series 7.
[/quote]
Large banks with serious trust departments have portfolio managers that are required to have a 7. This isn't new, either. They've had 7s about as long as one could take the test.
You must live in a small town.
A VERY small town.
Judging by the kind of nonsense that ClerkBoy puts out Roger, I’d wager that he lives in a small universe, which is to say, his own little malfuntioning universe.
[quote=Roger Thornhill]
Large banks with serious trust departments have portfolio managers that are required to have a 7. This isn't new, either. They've had 7s about as long as one could take the test.
You must live in a small town.
A VERY small town.
[/quote]My building has more residents than a small town.
Tell me, is there a difference between a portfolio manager in a trust department and the job that Rightway is talking about?
Also, why would a portfolio manager need a Series 7, what with being on the buy side and all?
[quote=rightway]
[quote=Put Trader]
I suggest you’re so stupid you don’t even know that all you hold is a Series 6.
[/quote]
Your wrong.
[/quote]
It’s you’re, as in you are.
In any case, I reiterate that you simply do not know that you only have
a Series 6. It is impossible for 10 out of 13 people who spent no
time doing sample questions to pass Series 7.
Every piece of advice given on this forum is to do sample question
until you can’t stand it any longer, then take a break followed by
doing some more.
Yet you, fool, actually believe that the rest of us think that you did
it without doing a single sample question. And are you not also
the goof who claims that you passed while allowing no more than 15
seconds per question.
I repeat–it’s pathelogical lying on parade.
As for the 7, we got the books and did out best to read them during the 1st week, but we passed based on the 1 week review course. We all took our exam on Saturday, all done in just over 2 weeks. Period. I am not proud of this, I actually think it is sad.
I don't know about passing the 7 with this type of program. But I can tell you that that was how my bank platform did the insurance licensing, many many moons ago. About 15 yrs ago they sent us to a half day cram course where they basically force fed us the answers to the insurance exam for life, health and property/casualty. We crammed the info into our heads from 8to 1:00 and then got up and walked directly into the next room, took the test (rather puked up the answeres) and if passed got fingerprinted on our way out the door. On Monday the manager of the program said "OK, go sell annuities. Here is one with a bonus rate." Many of the crew were: "Duh, what is an annuity?"
And so, a sales force of untrained, ignorant used to be tellers and loan officers were unleased on the unsuspecting yet oddly trusting Bank customers. Is it any wonder that the insurance/annuity/bank platform has a terrible reputation. Also it is no wonder that now to get your insurance license it requires accredited classroom time and requires more hours of CE to maintain a license. That is actually a good thing.
There is NO BANK PROGRAM--not one--that requires a Series 7.
I believe that you are right. In fact, most Bank programs actively discourage Series 7 due to compliance and the need to have adequate tech infrastructure to support it. Usually in the Bank programs only the manager has a 7 and rarely use it. However, anymore, Banks outsource or contract their programs to independent firms. Raymond James and Financial Network are two that come to mind in my local area.
[quote=Put Trader]
[quote=Roger Thornhill]
Large banks with serious trust departments have portfolio managers that are required to have a 7. This isn't new, either. They've had 7s about as long as one could take the test.
You must live in a small town.
A VERY small town.
[/quote]My building has more residents than a small town.
Tell me, is there a difference between a portfolio manager in a trust department and the job that Rightway is talking about?
Also, why would a portfolio manager need a Series 7, what with being on the buy side and all?
[/quote]
Forget the portfolio manager for a moment. A client comes in with a CD for 100K and in the process decides to transfer $200K in from another firm. In that account, there is a concentrated position in 1 stock. They wanted the consultants to be able to advise on situations beyond mutual funds and annuities. A 7 is required for this, and that is what was, and is, required for that program.
As for portfolio managers (outside of covenants of the Trust Indenture Act), there are discretionary programs in banks where a 7 and 65 are required.
[quote=babbling looney]
I don't know about passing the 7 with this type of program. But I can tell you that that was how my bank platform did the insurance licensing, many many moons ago. About 15 yrs ago they sent us to a half day cram course where they basically force fed us the answers to the insurance exam for life, health and property/casualty. We crammed the info into our heads from 8to 1:00 and then got up and walked directly into the next room, took the test (rather puked up the answeres) and if passed got fingerprinted on our way out the door. On Monday the manager of the program said "OK, go sell annuities. Here is one with a bonus rate." Many of the crew were: "Duh, what is an annuity?"
And so, a sales force of untrained, ignorant used to be tellers and loan officers were unleased on the unsuspecting yet oddly trusting Bank customers. Is it any wonder that the insurance/annuity/bank platform has a terrible reputation. Also it is no wonder that now to get your insurance license it requires accredited classroom time and requires more hours of CE to maintain a license. That is actually a good thing.
[/quote]Puked out the answers--what a great line.
There are a couple of things worth noting. Insurance licensing exams are administered by state government--and state government is obsessed on leveling the playing field and as a result the questions are in the public domain. Those old fashioned cram school literally taught the test and it was possible to do exactly what Looney is suggesting.
That was NEVER the case with securities exams. First they are administered by a private organization--the NASD is not government--and steps have alway been taken to keep the exams as secret as they can be.
If a certain question gets answered correctly too much--determined by the computer--it is deleted because apparently it has leaked out to the training departments and independent schools.
Similarly, if a question is missed too frequently it is also reviewed for clues as to why.
Years ago a question was "Prior to opening a new options account, the registered representative should....."
It was a Roman numeral type question and the answers were not all that hard so we couldn't figure out why it was missed so much.
Finally somebody suggested that the phrase "Prior to opening...." should be changed to "Before opening....." That seemed to be the problem because as soon as "Prior to" was changed to "Before" the percentage of people getting it correct increased.
And to think that there are those who believe that younger people don't have the basic skills.
[quote=Put Trader]
[quote=babbling looney]
I don't know about passing the 7 with this type of program. But I can tell you that that was how my bank platform did the insurance licensing, many many moons ago. About 15 yrs ago they sent us to a half day cram course where they basically force fed us the answers to the insurance exam for life, health and property/casualty. We crammed the info into our heads from 8to 1:00 and then got up and walked directly into the next room, took the test (rather puked up the answeres) and if passed got fingerprinted on our way out the door. On Monday the manager of the program said "OK, go sell annuities. Here is one with a bonus rate." Many of the crew were: "Duh, what is an annuity?"
And so, a sales force of untrained, ignorant used to be tellers and loan officers were unleased on the unsuspecting yet oddly trusting Bank customers. Is it any wonder that the insurance/annuity/bank platform has a terrible reputation. Also it is no wonder that now to get your insurance license it requires accredited classroom time and requires more hours of CE to maintain a license. That is actually a good thing.
[/quote]Puked out the answers--what a great line.
There are a couple of things worth noting. Insurance licensing exams are administered by state government--and state government is obsessed on leveling the playing field and as a result the questions are in the public domain. Those old fashioned cram school literally taught the test and it was possible to do exactly what Looney is suggesting.
That was NEVER the case with securities exams. First they are administered by a private organization--the NASD is not government--and steps have alway been taken to keep the exams as secret as they can be.
If a certain question gets answered correctly too much--determined by the computer--it is deleted because apparently it has leaked out to the training departments and independent schools.
Similarly, if a question is missed too frequently it is also reviewed for clues as to why.
Years ago a question was "Prior to opening a new options account, the registered representative should....."
It was a Roman numeral type question and the answers were not all that hard so we couldn't figure out why it was missed so much.
Finally somebody suggested that the phrase "Prior to opening...." should be changed to "Before opening....." That seemed to be the problem because as soon as "Prior to" was changed to "Before" the percentage of people getting it correct increased.
And to think that there are those who believe that younger people don't have the basic skills.
[/quote]
Hence my dislike of bank programs as a whole.