This is Working for Me

[Stephen]

First of all, congratulations on the activity. I am assuming that you are new(ish), due to your age, and the fact that you are counting appointments being set as a win, which you should at this stage in your career.

The problem I see is that you are trying to sneak in through the back door. By this I mean that you are making statements and asking questions that would lead almost anyone to become under the impression that you are a financial advisor, when in fact you are an MOo agent looking for life premium.

My prediction is that the guys with securities licenses are going benefit from your efforts more than you are unless you alter your pitch or get licensed youself.

 

[unic.consulting]

This post was not meant to start an argument and I hope it doesn't discourage anyone. If you aren't comfortable mentioning an association endorsement.....then don't. I don't feel deceptive and my clients don't feel deceived. This was meant to help the agent who has been calling business owners with no success.

I'm sure that most of you have had the experience of having someone truly thank you and recognizing that you helped them get to where they want to go in life. And when they give you referrals because they want their friends meeting with you, you know you're doing something right.

"free" retirement planning-its self explanatory. I know CFP's who charge $1000 per plan. That is ridiculous and I don't get it(well i get it, but i think its gouging unless you only do fee based planning). obviously the money managers are going to be paid and there are investment platform costs, all retirement accounts have this and you can't get away from it.

I'm not scamming anyone, I don't make false promises to get appointments. I only offer A rated carriers, and provide conservative investment products. If someone wants to go aggressive I bring in a series 7 advisor to select growth oriented funds.

-on a side note, about a week ago I spoke with a 61 year old guy who was very interested and opened up to me over the phone, stating that he has been contributing to a 401k plan over the years, and that's all he had. he knows he's been foolish with his money and hasn't been saving properly and he thinks its "too late" to do any planning. The sad fact is he would be in a much better spot if he met with an advisor 15 years ago and he knows this. I'm meeting with him next month.

the point is these guys need to meet with us. They will be better off for it.

Knowing the people on the forums, most of them are simply trying to warn you off behaviors that could possibly get you in trouble at some point. I'm glad your strategy is working for you, but be careful about the phrasings you use. They can cost big $$$

 

[DHK]

First of all, congratulations on the activity. I am assuming that you are new(ish), due to your age, and the fact that you are counting appointments being set as a win, which you should at this stage in your career.

The problem I see is that you are trying to sneak in through the back door. By this I mean that you are making statements and asking questions that would lead almost anyone to become under the impression that you are a financial advisor, when in fact you are an MOo agent looking for life premium.

My prediction is that the guys with securities licenses are going benefit from your efforts more than you are unless you alter your pitch or get licensed youself.

Not necessarily true. However, you may need to check with local state securities laws about whether or not you can call yourself a financial advisor without being registered with an RIA (series 65 or 7/66 license required).

Non-registered Group Variable Annuities CAN be sold without a securities license to business owners. Why? Business owners are considered "sophisticated" investors according to the SEC - even if it's a sole proprietorship. Of course it does depend on which state you're in.

Retirement planning is not limited to those who are securities licensed. You simply cannot give advice, including buy/sell recommendations about their particular investment holdings. You CAN offer alternatives, but not based on their current portfolio.

This can become a big grey area, so treat lightly and be very clear in what you can and cannot do.

 

[cowgoesMoO]

I actually just became securities licensed not too long ago, but thanks so much for your concern, in fact in my division office, they make you get your 6 within the first year.

statistics show that a securities licensed advisor will produce more life sales than one simply equipped with a 215.

think about it, if someone has the funds, it makes a whole lot of sense to over fund a UL, however you need to be dealing with the whole financial pie to get those deals regularly. Do you realize what the tax implications of only having tax deferred money at retirement. social security and 401k's and IRA's all pass by uncle Sam's desk when you take your retirement income, lets have a life insurance policy that you can borrow against tax free so that some of your money goes right in your pocket.

When you approach clients in this manner, handling their IRA's and giving them an analysis to educate them on what they should be contributing to their 401k's. It is very easy to say, "you know, putting $1000/mo into this UL makes a whole lot of sense."

And the investment advisors have made some dough off of my clients, they let me write a life deal for their clients every now and then. again, thanks for your concern.

 

[briko3]

I actually just became securities licensed not too long ago, but thanks so much for your concern, in fact in my division office, they make you get your 6 within the first year.

statistics show that a securities licensed advisor will produce more life sales than one simply equipped with a 215.

think about it, if someone has the funds, it makes a whole lot of sense to over fund a UL, however you need to be dealing with the whole financial pie to get those deals regularly. Do you realize what the tax implications of only having tax deferred money at retirement. social security and 401k's and IRA's all pass by uncle Sam's desk when you take your retirement income, lets have a life insurance policy that you can borrow against tax free so that some of your money goes right in your pocket.

When you approach clients in this manner, handling their IRA's and giving them an analysis to educate them on what they should be contributing to their 401k's. It is very easy to say, "you know, putting $1000/mo into this UL makes a whole lot of sense."

And the investment advisors have made some dough off of my clients, they let me write a life deal for their clients every now and then. again, thanks for your concern.

You talk too much. I'm not saying that to take a jab, but I can tell by how you write about stuff that you talk too much to prospects. Ask more questions and you'll sell more. Take it from someone who has struggled with the same thing.

Maybe I'm wrong and it's just the way that you write that's wordy, but I've been doing this long enough to know I'm probably right.

 

[pcbinsurance]

"statistics show that a securities licensed advisor will produce more life sales than one simply equipped with a 215."
***************
Were you beat up a lot as a kid?

 

[cowgoesMoO]

You talk too much. I'm not saying that to take a jab, but I can tell by how you write about stuff that you talk too much to prospects. Ask more questions and you'll sell more. Take it from someone who has struggled with the same thing.

Maybe I'm wrong and it's just the way that you write that's wordy, but I've been doing this long enough to know I'm probably right.

The whole reason for this post is because I was having success and wanted to share, isn't that what this community is about? I guess I won't make this mistake again. but really, thanks for your concern.

Thanks to anyone who had something constructive to say.......I think there was one of you....

 

[briko3]

The whole reason for this post is because I was having success and wanted to share, isn't that what this community is about? I guess I won't make this mistake again. but really, thanks for your concern.

Thanks to anyone who had something constructive to say.......I think there was one of you....

Don't be so defensive. I was trying to help you. Take the constructive criticism and get better. THAT is what this forum SHOULD be about.

Good luck.

 

[GreenSky]

I had nothing constructive to add. Saying you're with an association when you are not is an out and out lie. Period.

That kind of sh*t doesn't belong in this or any industry.

Rick

 

[cowgoesMoO]

I had nothing constructive to add. Saying you're with an association when you are not is an out and out lie. Period.

That kind of sh*t doesn't belong in this or any industry.

Rick

OK, After your sage advice I've decided to amend my strategy.

1)Call them, Tell them I'm with the lottery commission and only need a few signatures.
2)show up, push them into a huge WL policy.
3)MY buddy works at a viatical brokerage. sell the policy through him(spilt the commish of course).
4)Then take that lump sum and drop it into an annuity with a 20yr surrender period.

What d'ya think?

Seriously, your the one that needs to quit this business and become a priest old man. I'll be your boss one day. literally laughing out f$%king loud.