The agent is probably his brother...
Annuity Client Found a Worse Deal and May Be Leaving
The agent is probably his brother...
- 16,877
I would not make an issue of commissions. That's classic bottom-feeder.
You should be able to fix this on the merits of your relationship and what you can offer her. If she trusts the internet guy more than you, it's time for her to go.
You should be able to fix this on the merits of your relationship and what you can offer her. If she trusts the internet guy more than you, it's time for her to go.
+1 to this... It doesn't sound like a good replacement from what you described, so if you've kept up the relationship with this client you should be able to save it. What is your clients age?
The AE Bonus Gold is actually a pretty strong income annuity with a fairly low fee for the 6.5% compound IAV rider (.60). Yes it has a long surrender (16-17yrs depending on state), and what seem to be high penalties (20% yr 1) but with the 10% bonus immediatly vested the penalty is really around 10% in year 1. They also now have the income rider (4.5% compound with the death benefit for .70). If income is her goal with these funds in the future, research it and other income annuities and present her with a better option.
It would suck to lose a long time client to an agent who doesn't even know your client, but if she's sold on listening to her friends referral to the "expert", not much you can do. Good luck with conserving it!
Actually it would still be 12% unless they don't apply the surrender charge on the bonus. For example, let's say a person puts in $100,000. They would start with $110,000. If you subtract 20%, that would be $22,000 and leave the client with $88,000. That's 12% less than the original contribution.
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They don't put the surrender charge on the bonus.
- 4,132
Does she have kids?
Is she actually sound mentally to make this transaction?
good luck with this. I know it will be very tough to clear her head as she may just be so lonely that the money spent to keep this net love is worth it to her.
Maybe if it looks like she's headed that way, ask her to wait 6 months. A good deal today, will be a good deal tomorrow.
good luck a lot to overcome.
Is she actually sound mentally to make this transaction?
good luck with this. I know it will be very tough to clear her head as she may just be so lonely that the money spent to keep this net love is worth it to her.
Maybe if it looks like she's headed that way, ask her to wait 6 months. A good deal today, will be a good deal tomorrow.
good luck a lot to overcome.
- Thread starter
- #18
Thank you. Yes, she does have children and one is just a few years older than me. If I explained to him what was happening, he'd put a halt to it, but as you know, that can't be done.
Frankly, it doesn't cost me $$ for her to move an annuity that is several years old, but for her to be manipulated by a jackass like this "net boyfriend" is irksome.
It's funny to say, but I really don't fault the agent. He was just sitting around like a doorbell waiting for something to happen, and gets this thing thrown into his lap.
All decisions are emotional and then back filled with logic, whether twisted or spot on. All you can basically do in this case is present the facts you have. Bashing commissions does you no good nor does bashing the "Annuity Expert." (Even though he most likely deserves it.) The product is what it is. Is it being presented right? My guess is that it isn't. Odds are you lose this one but things have a way of working their way out. I always do the best I can for a client but have learned that there are always going to be those that will go out of their way looking for trouble whether they realize it or not.
- Thread starter
- #20
You think the way I do, but for now the crisis is averted. She is desperate to get the transaction cancelled now. I had pretty much written it off, and told her go with G-d, be happy, etc., she contacted another agent that she knew and not only did he back me up, he tossed me a bone. He told her to have me discuss an ltc annuity with her. Now, she's high on that and wants it done asap.
I'm still not really sure about any of this anymore. Older women have become such targets on the internet, I don't think it's prudent to spend those annuity commission checks to quickly.
It will be interesting to see how the agent reacts. I never gay bashed him, in fact, it's not like a typical case of "poaching".
You're sitting in your office, filing your nails and thnking about lunch and someone walks in and says "hey, I don't know you and you don't know me but I've got $400K to spend.
