Any one here belong to this group. It's very expensive to join(payment every year) The info in unbelievable as I've been to his one day class but haven't done the 2 day thing yet. He;s become the IRA expert for america thru public TV. I'd like to take advantage of a connection to him (Marketing wise if it made sense money wise).any suggestions??I know some of the big producers in the senior market mag (don't want to name names) belong to his elite group and they use the connection in there seminars in various ways.I
I ask nearly everyone I meet either at a seminar or in the first meeting if they know who Ed Slott is. I have only one so far that knows, and has also read Slott's books. I then agree that Ed is a good guy and I affirm that I have also read his books and that he has a lot of good advice. I then key what I say to what I already know his leanings are if he says he likes Slott.
There, I now have nearly as much credibility as someone who is in his elite group for the one single person who knows who Ed Slott is.
People are not as savvy as we give them credit for.
Ed is a nice counter balance to Susie Ormond and to Dave Ramsey. He preaches the value of life insurance to retirees.
I agree. It's nice to see someone on the insurance agent side. Most of the so called financial guru's portrait us as evil. While I think Suze Orman has some good things about wills and seems to relate emotionally to women on finances, and Dave Ramsey seems to be great at debt reduction, they both seem to have a one size fits all plan. I think each client and situation is unique and should be handled that way.
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Originally Posted by somarco
Ed Slott's stuff is good. Probably some of the best stuff around on IRA's.
Great advice. I'm buying the books. I've never heard of him but he looks interesting. I've paid the big guru's before to go to the seminars, but it's usually just a rehash of the info in their books anyway.
I WAS ONE OF THE EARLY ELITE ADVSORS. SEEMS LIKE IT WAS ABOUT 6 YEARS AGO, INITIALLY YOU WERE REQUIRED TO ATTEND ED's TWO DAY SCHOOL TO BECOME AN ELITE ADVISOR. THE FOLLOWING YEAR HE STARTED JAMMING ADVISORS WITH LARGE FEES TO STAY AN ELITE ADVISOR. THE RENEWAL FEE LAST YEAR INCREASED AGAIN. I SAID NO THANKS TIME TO MOVE ON. AFTER ALL, YOU HAVE A C.P.A. THAT DOES NOT TALK ABOUT OPPORTUNITY COST, INFLATION, PROPENSITY TO CONSUME, USING THE VELOCITY OF MONEY MULTIPLIER! MR. SLOTT SEEMS TO MISS ALL THESE VERY REAL ISSUE'S. AFTER ALL, CPA's ARE TRAINED IN ALL THESE AREAS! WONDER WHY MR. SLOTT NEVER PUTS THESE ON HIS TABLE FOR DISCUSSION. MY EXPEREINCE WITH MR. SLOTT LEADS ME TO ONE CONCLUSION, HE IS AN "EXPENSIVE MICRO ADVISOR" AT BEST. GOOD LUCK AND BE READY FOR A LONG COSTLY JOURNEY. YOU MAY NOTICE IN HIS BOOKS HE SKATES AWAY FROM DISCUSSING OPPORTUNITY COST.
After reviewing the list of recommended books on Amazon, and seeing that # 13 was tax tips by a CPA from 1998, I decided to place an order for item # 14, a "Slotted Tip Screwdriver"... You can never have too many of those.
"I don't sell insurance, so I have no motive in my recommendations."
Thing is, Ed got in bed with the insurance industry and that is where he is making big money. He doesn't sell it, he just recommends that you buy it from whoever paid him money for his training and appearances. Someone locally is doing a Slott dog and pony show with Slott himself as a speaker.
"I don't sell insurance so I have no motive for my recommendations. But Joe Blow here who paid a huge fee to get me to appear does sell insurance and I suggest you buy a big policy from him."
Yes Ed charges 85k to 100K for a one day talk. However look at these numbers-- Last year he had 300 agents/reps that paid annual dues of $5,000 or more in a room for 2 days. thats $750,000 a day or 1.5 million for two days. No wonder he loves life insurance. The agents are his life insurance. He talks about his life insurance, but you never get to see his cash values, dividends, death benefits. Maybe he is a term mite.
He did buy lunch for both days and you got a 3 ring binder, Oh yea, a picture with him.... The attendees had to pay for their own air transportation, taxi and room cost. His Elite Advisors teleconferences are prerecorded and you do not get to ask question "live". Probably because he is off doing a 1 day seminar for 85k.
Yes. Larry Klein was kind of how Ed got his start. Seems to me around 2003/2004. Larry was a brillant marketor (meaning, he marketed brilliantly to agents!) and he already had a "system" in place - binder, cd production, seminar, and a list.
Javelin is the post NFCommunications website. Everything Larry, but I think Ed might have moved on...
Yes. Larry Klein was kind of how Ed got his start. Seems to me around 2003/2004. Larry was a brillant marketor (meaning, he marketed brilliantly to agents!) and he already had a "system" in place - binder, cd production, seminar, and a list.
Javelin is the post NFCommunications website. Everything Larry, but I think Ed might have moved on...
I have heard only bad things about Larry. Makes me concerned about Ed. Birds of a feather.
Sadly, a lot of very smart people get schmoozled and bamboozled by a lot of other smart people. I don't know why the Ed & Larry show broke up. Would be an interesting story, I'm sure.
Sometimes, it just happens after a long day and a couple of drinks. You know, one month, the IMO/FMO is all happy with The Guru, then you don't see them advertise The Guru, and then the IMO/FMO starts advertising a New Guru. The really sad thing is how many young'uns get suckered into Guruville and then end up with an IMO/FMO who doesn't have a clue and doesn't really care.
I had someone come in today who has about $2.5 million in IRAs and he had a copy of Slott's latest book. I had put together a plan for him to Roth and Life thereby reducing income taxes by $209k at today's income tax rates.
"Slott really likes life insurance", he says, holding up the book.
No disagreement so far.
"Slott even seems to like annuities, which is totally different than he used to write."
Had to suppress a guffaw at this point.
"Slott says you need to carefully choose your advisor and to look carefully for certain skill designations when you pick an advisor."
OK, gloves off at this point.
I sez: "Let me tell you how this works with Slott & Co."
I then told him about how anyone who wants to pay Slott a fee can have a "designation" and that he (the guy I was talking to) could have one himself if he wanted. I told him that Slott's advice was pretty much good, but keep in mind that he has an agenda DESPITE WHAT HE SAYS just like everyone else.
Whether I get this sale remains to be seen. Any guesses as to whether Slott is helping or hurting my chances at this point?
By the way, one of Slott's anointed ones is doing a seminar in my town this week -giving away free Slott books "if you reserve your seat right now". I have a feeling my guy will be going if he heard about it.
Ed Slott-elite IRA Advisors
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