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No one has ever lost money in a fixed or fixed index annuity due to market forces.
I also really wish that they would clarify this key point.
I also really wish that they would clarify this key point.
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No one has ever lost money in a fixed or fixed index annuity due to market forces.
I also really wish that they would clarify this key point.
Also for those that say the agent didn't meet the responibilities of a RIA....At what point does the added scrutiny attach because this agent could operate as an agent or a RIA, I seem to remember American Express Financial advisors running into an issue because they would offer a "Plan" under an agreement as a RIA and then sell the products as agents.
Why do people think that when insurance agents sell an FIA, they think huge commissions??
You know what this is all about? It's about the insurance industry's idiotic obsession with projecting the image of being in the financial advice/planning business.
If the insurance industry would forsake the securities industry this crap wouldn't happen. But no, we're too busy trying to steal each other's lunches.
And the winners? Those who legislate and enforce the complicated rules that no one really understands.
And what would you call MVAs (Market Value Adjustments). I understand MVAs and can explain them to my clients but I would stay far away from a statement like no one has ever lost money in an annuity fixed or otherwise especially when State Guarantee funds don't cover 100% of some clients deposits, the loss of access to account value while a carrier is going through receivership.
Fixed Annuities are a conservative savings vehicle and leave it at that....
A few comments:
I stopped doing free lunch seminars. I do "no free lunch" seminars and advertise them as such. This is partly because there is less scrutiny, more emphasis is on education, and frankly, the tide is currently in favor of this type of seminar -oh, and no interrupting the presenter with a salad brought out too early.
I always have clients sign a secondary statement of understanding at point of sale just between them and me that says, among other things, that they know I am getting paid a commission directly from an insurance company in addition to whatever they may pay me as an advisor and that they are cool with that. In the delivery I yellow highlight everything bad about the annuity and I highlight the free look period. I spend extra time explaining penalty periods and put a star next to penalties in addition to highlighting.
I own some sizable annuities myself and discuss that with clients. Let anyone claim I sell bad products just to get a commission when I own what I recommend.
Yea being securities licensed sucks but man I just did 10k in trades today, kinda hard to let it go ya know !
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Thats awesome you do that, every annuity I sell I actually have a client sign a client rationilization that is a half a page long on word.
When I was with Ameriprision, i mean Ameriprise they really did a good job on hosting seminars that were educational, leave your check book @home type a deal. It worked well but MAN where they some plate lickkkahhzzz!!