Insurance Agent Forum

[moonlightandmargaritas]

Originally Posted by senior-advisor-indiana

Period certain is for a specified period like 5 or 10 years. After that the payments cease. Now what smarty pants? My client is still getting income 15 years later, yours is not.

Wow, this is the kind of dangerous ignorance that proves that some people should NOT be selling annuities.

How long have you been doing this?

[healthagent]

Unless you are a trained financial expert you should not be handling people's money in any capacity - especially seniors. That's no dig on anyone here - just a statement of facts.

The mere fact that there's so much to to be made in the way of commission with annuities attracts the wrong element.

[moonlightandmargaritas]

Originally Posted by GreenSky

It's not fair to generalize about Certified Senior Advisors. I have that designation and choose not to do annuities - because (and you are correct) I do not have the training...etc.

Rick, I applaud that you have the integrity NOT to do something that you don't have the training for. Ironic that you had the correct answer for period certain though...

But I mean really, is "Certified Senior Advisor" as rigorous a course of study as say, CLU/ChFC or CFP?

If I'm wrong, I'll admit it. What did you do to get the "designation"?

[moonlightandmargaritas]

Originally Posted by healthagent

Unless you are a trained financial expert you should not be handling people's money in any capacity - especially seniors. That's no dig on anyone here - just a statement of facts.

The mere fact that there's so much to to be made in the way of commission with annuities attracts the wrong element.

Word.

[healthagent]

There are a few things you just don't mess with - and a senior's money is one of them.

You could not PAY ME ENOUGH to play with someone's money who busted their ass all their life to finally retire.

So what do seniors do? Contact a licensed, local trained professional who's been in the biz at least 10 years with a local physical office.

If you think you know what you're doing that's even worse. That means your dangerous due to total commitment and a lack of will to step back and realize that you're not formally trained on all financial tools. Therefore, the only time you should be in a senior's home is to visit grandma.

[allhealthandlife]

Originally Posted by SportsNut

The best part of the Dateline segment was at the end, and the cameras had come out of the woodwork... the agent was mentioning that his company had told them that they would be out there... blah, blah.

Then the cameras are basically finished filming and their story is in the can, and the agent is still asking if Auntie wants to still do the deal of the Annuity... ROFLMAO... His timing is off a bit on his closing skills, but you can't say that he didn't ask for the order...

Hillarious...

It was also quite funny when the agent in the other segment was trying to impress his prospect by showing them a copy of " Annuity Quarterly " magazine ( or whatever it was called ) with his picture on the front cover next to Fed Chairman Ben Bernanke .

He told he prospect that " this is like being on the cover of Rolling Stone Magazine " for an insurance agent.

What the agent didn't tell the prospect is that he didn't actually author the article in the magazine and in fact had paid Annuity University $ 10,000.00 to have his picture on cover of magazine. The reporter then showed the same magazine cover to the the agent with the reporters face on it next to Ben Bernanke after he paid Annuity U. to help misrepresent himself as a published authority.

So basically the agent was caught in the act of using good old fashion parlor tricks sell insurance.

[senior-advisor-indiana]

Here you go M&M. YOu could have easily looked this before opening your ignorance.

I believe what you meant was life with the period certain.
Period Certain

[midwestbroker]

I did not see dateline tonight but I wish I had...

I am learning about FIA to start offering them to my clients who want to know more about them.

In the past month, I have had 2 clients ask me about them because their bank was offering them rather then CD's. One had already bought one and I am meeting with the other next month to look over their needs (with another agent who sells them on a regular basis since I am still learning).

Anyone else see banks doing this?

[senior-advisor-indiana]

You act like everyone selling annuities is going out and trying to get every last dime of money a senior has and lock it up for 16 years. This board is worse than dateline.

[senior-advisor-indiana]

Originally Posted by midwestbroker

I did not see dateline tonight but I wish I had...

I am learning about FIA to start offering them to my clients who want to know more about them.

In the past month, I have had 2 clients ask me about them because their bank was offering them rather then CD's. One had already bought one and I am meeting with the other next month to look over their needs (with another agent who sells them on a regular basis since I am still learning).

Anyone else see banks doing this?

Yes, I have presented annuities and a week later on the follow up call they inform me they bought an annuity from the bank.

[healthagent]

Originally Posted by senior-advisor-indiana

You act like everyone selling annuities is going out and trying to get every last dime of money a senior has and lock it up for 16 years. This board is worse than dateline.

I'm not saying everyone out to do harm. However, the road to hell is paved with good intentions.

It's not about knowing in the ins and outs of the annuities you're selling (which most agents don't) but it's knowing, in detail, how all of the other financial instruments work.

You say, for example "CDs" as a blanket statement however there are many types of CDs.

I'm also a fan of "doctor heal thyself" which means I'd expect any agent selling annuities to own one.

[al3]

Originally Posted by moonlightandmargaritas

But I mean really, is "Certified Senior Advisor" as rigorous a course of study as say, CLU/ChFC or CFP?

If I'm wrong, I'll admit it. What did you do to get the "designation"?

I believe you get it free when you buy YIO, but I'm not sure.

Al

[allhealthandlife]

Originally Posted by healthagent

Unless you are a trained financial expert you should not be handling people's money in any capacity - especially seniors. That's no dig on anyone here - just a statement of facts.

The mere fact that there's so much to to be made in the way of commission with annuities attracts the wrong element.

What i am surprised Chris Hanson didn't even touch on was not only can annuity be unsuitable for some seniors because of the high surrender fees but that very often seniors are unwittingly signing contracts that they can NEVER walk away from. I have had to explain to many seniors that they will never be able to get their principle back without significant penalty because they are forced annuitize at the end of their contract term.

For some people an guaranteed income stream is great but they should clearly understand this up front.

[GreenSky]

Originally Posted by moonlightandmargaritas

Rick, I applaud that you have the integrity NOT to do something that you don't have the training for. Ironic that you had the correct answer for period certain though...

But I mean really, is "Certified Senior Advisor" as rigorous a course of study as say, CLU/ChFC or CFP?

If I'm wrong, I'll admit it. What did you do to get the "designation"?

Of course it's not anywhere near what it takes to get a CLU. However it was a 3 day course of study and I believe valuable. I also took the MSAA class - specific to learning about and selling Med Supps. I have to believe the MSAA is more important to an agent selling supps than a CLIU would be. Two different animals.

That being said, I've dropped all designations from my business card. They only serve to impress the person with the designations and MAYBE others in the industry.

Rick

[GreenSky]

Originally Posted by al3

I believe you get it free when you buy YIO, but I'm not sure.

Al

Hey Al. Blow me.

Rick