Banker's Life on Inside Edition

[Daytona_Guy]

Not sure how much airplay this will actually get, because the show "Inside Edition" is not watched by many of my senior clients, I'm sure.

But this sure has some potentially damaging scrutiny on our industry as a whole, but Banker's specifically, for sure.

Here's the link to the story. It airs tonight (6/15/10) on Inside Edition.



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[G.Gordon]

Good story and a deserving target. You are right though... bad light for us all.

 

[YouGotMyMoney]

Good Lord, that's pretty bad.

 

[Norwayguy]

Yes, There is a lot that is bad in this pitch...However I loved it when the consumer advocate says no 73 year old should ever be in an annuity, without any question to suitability, risk tolerance or objective. Would they make these same remarks about Stocks, Bonds, Mutual Funds etc.

The problem I have with the article is they go for the shock value.

 

[g-squared]

Not defending the company's sales tactics..clearly they are not following the tried and true playbook of finding out what is important to the client and identifying a product or service to meet those needs.

However, the "consumer advocate" Chris Markowski (Sp?) is wrong when he is asked if there is any annuity that makes sense for a 73-year-old and he says " No, absolutely not."

What about a Single Premium Immediate Annuity (SPIA) with a period certain? That could make sense for a 73-year-old who wants to guarantee income for life and that some money could be left to beneficiaries if they die prematurely.

Obviously we don't know the specifics of the undercover client's situation. But to make a blanket statement that an annuity is wrong for all 73 year-olds is irresponsible, and it's irresponsible of Inside Edition to broadcast that statement without verifying it with a second, outside source.

 

[moonlightandmargaritas]

...it's irresponsible of Inside Edition to broadcast that statement without verifying it with a second, outside source.

I agree with all of what you said, but "Inside Edition" doesn't care - what they do isn't "journalism".

They exist solely to to try to entertain and garner ratings. A dry, factual story without hidden cameras, an ambush, and villains (bad agent/big, bad insurance company) would put most people to sleep...

In addition, the opinion of an insurance agent that sells annuities isn't any more credible as a "second, outside source" than their "consumer expert".

This stuff always blows over, just like the Dateline expose on annuities from a couple of years ago...

 

[Daytona_Guy]

I agree with all of what you said, but "Inside Edition" doesn't care - what they do isn't "journalism".

Very true... "Ambush Journalism."

Note to self - if a camera crew runs up to me on the way out of my office and ask questions in rapid fire succession, I should stop, pull up a chair and engage in a long, politically correct dialogue with them in the parking lot for fear of looking otherwise guilty as hell. What a joke that is.

With the mysterious and investigative tone the voice over guy uses throughout - the viewer just KNOWS they're guilty of something. They have no idea what, but it sure sounds like those guys are evil over there!

 

[Fisher]

WTF is wrong with taking a client to the bank?? I've done it... looked at it as value-added service. It's not like the dude was holding a gun to her head and trying to access the ATM. Sheesh.

 

[Norwayguy]

WTF is wrong with taking a client to the bank?? I've done it... looked at it as value-added service. It's not like the dude was holding a gun to her head and trying to access the ATM. Sheesh.

I've done it once for the client to get a signature guarantee. I can imagine why the agent didn't call the client back that wanted to cancel after being ambushed at the bank by the camera crew and the undercover client. If that happened to me I would definatly want to never deal with that client again.

 

[G.Gordon]

"My daughter has my check book"................

Code for.... I DO NOT MAKE THESE DECISIONS ALONE AND ALL CONVERSATION SHOULD STOP.

If a potential client says something like that I simply ask the daughters name, number, and best time for contact. No futher sales efforts are extended. That is a sure sign of cognitive disorder or limitation.