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Anyone done business with 300 financial? I just sat through a one-hour teleconference with them. Looks like they have some good annuity marketing ideas.
Guy ...
Anyone done business with 300 financial? I just sat through a one-hour teleconference with them. Looks like they have some good annuity marketing ideas.
Guy leading the call was Jim Dew.
Again, any knowledge or experience you can share? If you don't want to make public, please PM.
After doing some digging, it looks like Brokers International shares officers with Aviva.
I recall piece of pie marketing testifying before congress on deceptive sales practices to seniors.
Found a reference...
A. Examples of Deceptive Marketing Tools Geared Towards Senior Citizens
Examples of the marketing tools we have seen in this context are as follows:
A number of annuity salesmen are using the Certified Senior Advisor designation to give the impression that they have specialized expertise in senior affairs and that they are acting as the senior citizen’s advisor. For example, one insurance agent and security broker-dealer representative stated in his advertising materials that he “is one of 7,000 Certified Senior Advisors (CSA) in the U.S. and therefore is well trained in many issues especially senior finances.” Another agent stated that he “became a Certified Senior Advisor, and as such, he is uniquely qualified to help seniors protect their assets from nursing home costs, stock market volatility, and probate costs through proper planning and diversification.” Our investigation into the Certified Senior Advisor designation indicated that it was primarily a marketing tool, and that CSAs did not receive meaningful training on financial issues involving seniors.
The reason I would never put myself out there as a CSA.
2 • A number of annuity and insurance salesmen are using the Piece of Pie sales model, which trains them to “eliminate other advisors from the picture” and thus facilitate the sale of annuities and other insurance products. Piece of Pie seminars specifically try to scare seniors away from the financial products they currently own while the new “advisor” gains their trust. For example, Piece of Pie’s presentation includes slides warning that banks may not be safe, that the average rate of return in the stock market is “a big lie”, that the idea that stocks protect you from inflation “is a myth” and that stock brokers will gamble “your money . . . not just their own”. It also includes slides discussing the “problem with variable annuities” and the “problem with bonds”.
In addition, Piece of Pie materials bootstrap their scare tactics to other concerns that seniors might have, such as bird flu and identity theft. After the initial seminar, a salesman using the Piece of Pie model will have two or three meetings with the client, in order to gain the client’s trust, prior to pitching the annuity or other insurance product he is selling. The Piece of Pie materials and exclusive marketing territories are available only to agents who agree to sell at least $3,000,000 of annuities and insurance annually.
Hmm. 300 Financial is sticking with the $3mm annual production. Hopefully, they are diverging from the unethical areas of Piece of Pie.
They did an overview of the software and it seems interesting. It does seem designed as a wedge.
I looked into 300 financial as well. Their software and presentations are very unique (I actually listened to a 3 hour call as well as the initial one-hour). I came away from that 3 hour call impressed with their approach of building a fee-based practice alongside a commission practice.
I didn’t get the impression that they were strictly insurance-based at all (though you’re right…they require that you sign up with Brokers International (out of Iowa, not Idaho) to work with them).
They did advocate managed money and securities for growth…and it seemed like a lot more than lip service to me (just my opinion). Jim even showed software that helps you build fee-based AUM.
After the 3 hour call, Jim actually called to follow up on my interest in 300 (I told him I was interested). I just saw this post so I didn’t really ask about any of these things, but I can pass along a few things I learned from the questions that I did ask and from the 3 hour call that I was on:
Jim spent a lot of time talking about using different marketing methods, and seminars were pretty far down the list (that’s actually one of the things that attracted me to 300 in the first place…I’m not a big fan of seminars). During the 3 hour call, however, Jim did show the seminar that he occasionally uses slide by slide. He had the call attendees act as his audience and Jim’s seminar didn’t talk about any of the things you mentioned in your post.
Just by chance, I did ask about other people using the software and presentations in my area, and it turns out that 300 doesn’t offer exclusive rights or territories.
There was zero mention of the CSA designation on any of the calls I was on so we might not even be talking about the same company.
If someone wanted to take about six months to completely research what companies are in bed with what other companies, and what people are involved or formerly involved with those companies, I bet you could write a 600 page book.
Independent Brokerage likes Aviva, and just happens to have it's home office in Topeka. Multichoice Marketing says it has exclusive deals with Aviva. Allianz has purchased several FMOs. Fairlane Financial spends most of its time talking about Forethought products. I could go on all day.
I would like to at least see a program like you get at football games that spells out who is actually playing for whom.
Bottom line is that we all need to be fully aware of what we are getting into. That is actually why I came to this site in the first place: to check out some FMOs.
You are sooooo right! I'll never forget the time when an FMO rep I was talking to didn't even know that his "upline" ended at Davis Life! It was really too funny. What a turd.
It is only to our advantage that we know these things so we don't get outofcontrol GA/FMO/IMOs who don't want to release us!
I am new to this site, but I thought this looked interesting enough to at least offer my two cents.
You are right about IB being in Topeka along with Aviva...so is PBS (Allianz owned); Magellan and the group I use - Advisors Excel.
I don't know much about 300...but I like Excel a lot and I like the guy I work with...Patrick.
He came from a seminar marketing background with RME and another small shop. He has helped me with my seminars (which needed a lot of help as I was getting below a half of a percent).
He told me recently that they were changing their minimum amount of production from $2mm to $3mm starting in 2009 if you want to come to one of their trainings. Ouch!
I got in when they only required $1mm for the entire year...I was doing that in premium before. This year, I have written $5mm ytd.!!!
I don't want to sound like a commercil for them, so if you have any questions and want to ask me, please pm me.
I am a student in the MBA program in financial planning at California Lutheran University. I have been researching 300 Financial as well as several other financial marketing organixzations. There is a 86 page discription of how 300 financial compares to other financial services organizations. I think if you read it you will come away very impressed with Jim Dew's business model. I too attended his intro webinar and found his understanding of marketing and what the client wants quite impressive. Plus I have sent follow-up questions to him and he responded to each. I would reccomend you email him yourself. His approach to diversifying between FIA and AUM is quit sound. The AUM side is handled by EQIS. I checked out their background and approach to investing using ETF and found the staff and strategy good. The marketing tips Jim Dew gives for free to potential planners wishing to join him are not mere fluff but effective tools to help your practice. His method for moving client money in a few days rather than months is pure genius. I am familar with Brokers International, of Panora Iowa, which was founded by Roger McCcarty in the late 50s. It is one of the largest IMOs in the country and was one of the first to market AVIVA. They are a whoelsaler and provode the annuity product for 300 Financial. I have not seen any hint of impropriety from either Brokers International or 300 Financial. It seems that in our research of companies to work for we tend to look for the bad or sometimes confuse one company with another when there is a common word like Brokers in each. Like I said at the beginning I looked at a half dozen IMOS and found a number to be annuity only shops whereas 300 financial approachs both the insurance and financial camps. No, I haven't joined them but they are at the top of my list.
I am a student in the MBA program in financial planning at California Lutheran University. I have been researching 300 Financial as well as several other financial marketing organixzations. There is a 86 page discription of how 300 financial compares to other financial services organizations. I think if you read it you will come away very impressed with Jim Dew's business model. I too attended his intro webinar and found his understanding of marketing and what the client wants quite impressive. Plus I have sent follow-up questions to him and he responded to each. I would reccomend you email him yourself. His approach to diversifying between FIA and AUM is quit sound. The AUM side is handled by EQIS. I checked out their background and approach to investing using ETF and found the staff and strategy good. The marketing tips Jim Dew gives for free to potential planners wishing to join him are not mere fluff but effective tools to help your practice. His method for moving client money in a few days rather than months is pure genius. I am familar with Brokers International, of Panora Iowa, which was founded by Roger McCcarty in the late 50s. It is one of the largest IMOs in the country and was one of the first to market AVIVA. They are a whoelsaler and provode the annuity product for 300 Financial. I have not seen any hint of impropriety from either Brokers International or 300 Financial. It seems that in our research of companies to work for we tend to look for the bad or sometimes confuse one company with another when there is a common word like Brokers in each. Like I said at the beginning I looked at a half dozen IMOS and found a number to be annuity only shops whereas 300 financial approachs both the insurance and financial camps. No, I haven't joined them but they are at the top of my list.
If you have something of substamce to say,say it. Do't just say do more research. Is it that you have nothing of substance to add or are your opinions lacking actual facts.
If you have something of substamce to say,say it. Do't just say do more research. Is it that you have nothing of substance to add or are your opinions lacking actual facts.
Why are you so defensive?
You stated:
" It seems that in our research of companies to work for we tend to look for the bad or sometimes confuse one company with another when there is a common word like Brokers in each."
You start your post by saying that you are currently studying to get you MBA in finance. Does this make you and expert? No, In fact it means that you are quite ignorant on the subject.
(Look up the definition of ignorant before you get offended.)
You say you are studying about the different companies; where as I have actually worked with the different companies; big difference.
I have spent numerous years practicing my trade, and as a result know a great deal about the company you are referencing. You have yet to ask me, or any other, about our experience with the company. You just automatically take the defensive and start attacking. Remember some companies are not worth defending. I hope this helps.
------------------------------------ Direct 1-866.417.9580 X 109 mail@ngfgllc.com
If you have something of substamce to say,say it. Do't just say do more research. Is it that you have nothing of substance to add or are your opinions lacking actual facts.
Here's one for you - read the thread on GTBK Marketing and tell us what the intersections are. If you don't know, then you really don't know.
I'd be curious to hear what the contributors here believe are the best FMOs for an Independent agent.
The one that hasn't yet been created.
Seriously, they all have flaws. Unfortunately, there are more than a few that are hopelessly flawed. About the best you can do is read all the threads here and then start talking to marketing people at the FMO/IMOs that seem to have the fewest flaws (flaws that you can see at first). If you have been in the business for any time, you will pick up on a few things when you actually talk to some of these people. Red flags will start popping up all over the place. I've never seen an industry that was as inbred as the FMOs. In my state the legal terms for the result is "incestuous bastard."
Do the research first. You will be able to call xyz FMO and say "I see that your president Joe Blow used to be with zyx FMO. Is there still any connection?" or, "I see that you are owned by xxx insurance company. Why isn't that disclosed on your Website and why haven't you brought that up?"
You can have lots of fun with this stuff (in a very sad sort of way). In any event, there are some people here that are more or less happy with their current FMO. Put as much faith in that as asking in this Forum "Who has the best cell phone service?" People have current favorites, but that tends to change from week to week. If you dig deep, you will find people here that you can figure from their posts know what they are talking about. Weed out the posts that are probably shills for a particular FMO. If you find some common ground for praising a few FMOs, then start with the premise that maybe they are not as flawed as most in the industry.
If you attack me personally then I have every right to be defensive.
Attacking the person rather then his argument is the refuge of a weak mind.
You still have not stated suucinctly what you object to regarding 300 Financial. You state your experience. I have been in the insurance field since 1987. That doesn't mean my argument is sound. Try to focus and tell me what is wrong with 300 Financial. I wouldn't confuse opinion with fact if I were you. You seem to do that regarding me so try to resist confusing the two regarding 300 financial. Lastly since you are so experienced you will understand that there are laws to protect people from being defamed. You say you have worked for the actual companues. Did that include 300 Financial? This would be helpful to know. What did the company do that makes them unacceptable to you.Did you actually work with 300 Financial or are you saying all these companies look alike to you. facts please.
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Mr Bill,
I will check out the post GTBK marketing. That is a good example of what I meant by substance. Perhaps you could tell me what you feel the intersections are?
Last edited by Voice of Reason : 02-14-2009 at 08:54 AM.
Reason: Posts merged
... In any event, there are some people here that are more or less happy with their current FMO. Put as much faith in that as asking in this Forum "Who has the best cell phone service?" People have current favorites, but that tends to change from week to week. If you dig deep, you will find people here that you can figure from their posts know what they are talking about. Weed out the posts that are probably shills for a particular FMO. If you find some common ground for praising a few FMOs, then start with the premise that maybe they are not as flawed as most in the industry.
I hope this helps.
Thanks. All good advice. I would be interested in hearing what the current faves are among some of the regulars on this board.
If you attack me personally then I have every right to be defensive.
Attacking the person rather then his argument is the refuge of a weak mind.
You still have not stated suucinctly what you object to regarding 300 Financial. You state your experience. I have been in the insurance field since 1987. That doesn't mean my argument is sound. Try to focus and tell me what is wrong with 300 Financial. I wouldn't confuse opinion with fact if I were you. You seem to do that regarding me so try to resist confusing the two regarding 300 financial. Lastly since you are so experienced you will understand that there are laws to protect people from being defamed. You say you have worked for the actual companues. Did that include 300 Financial? This would be helpful to know. What did the company do that makes them unacceptable to you.Did you actually work with 300 Financial or are you saying all these companies look alike to you. facts please.
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Whenever you ask one for their experience; it is in fact an opinion. Many people drive the same car; yet have different experiences. Does that mean the person who did not have a good experience is liable for defamation to that company because they gave their opinion; I think not! Good try though.
I have spoken to Mr. Dew several times, and I think he has an interesting model. He is obviously an intelligent individual, but his marketing ideas mirror those of "Piece of the Pie" marketing. You can do your own research on that; as my opinion means nothing.
The real agenda is building the 300 model so that it can be sold off. I mean issuing Phantom stock (SAR) is an interesting approach to developing "ownership", but still nothing is owned until it is sold. They would then divide the sale price in half. 50% to the top executives and the remainder 50% to the 300 members.
In using the numbers that were given to me, and that can be obtained by anyone who visits their site I will give you this example. If the firm was sold for $1,000,000.000.00; $500,000,000.00 would be divided amongst the 300 advisors, netting them roughly $1,670,000.00 each. This is treated as deferred compensation so it is taxed as ordinary income. If you have developed a book of business worth $500,000.00 a year in income and you receive the aforementioned amount; would this make you happy? Not me! Some good questions to ask would be:
"What will happen to my book of business; when 300 Financial is sold off?"
"What if I am not ready to retire?"
These are a couple of questions that I asked several times, and I never received a direct response.
I never attacked you; but given that your source of experience was that of obtaining you MBA in financial planning is not credible. You can not learn to ride a bike by reading about it. Being in the insurance business since '87 gives more credibility in my opinion. How do we know that you are not Mr. Dew himself; or another top executive?
Maybe you will consider this to have substance.
Last edited by insuranceexec : 02-14-2009 at 01:23 PM.
I will check out the post GTBK marketing. That is a good example of what I meant by substance. Perhaps you could tell me what you feel the intersections are?
I know what the intersections are. You said you have been doing the research, therefore, if your research is complete, you will know.
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