Correct me if I'm wrong but I hypothesize that you find a lot of people, in your words, "arrogant, whiny, and unlikeable." See my reply to "rabbi" above. You might want to follow his lead. I suggest it.
Al
I've seen your website. You're a bearded liberal from California, that parts his hair in the middle. You've been indoctrinated into thinking that you can't come by wealth, honestly. I take back the arrogant comment - I realize that you can't help yourself. I pray that you recover from this self-limiting kind of thinking.
- - - - - - - - - - - - - - - - - -
Originally Posted by GreenSky
It's typical Al. He posts a question, gets some answers, and then argues that the answers are wrong. It's his way of telling all of us that he's the only guy with ethics.
Rick
Guys like him are a dime a dozen. They blame their failure on the fact that unethical salesmen are making all the sales that they should be making, but they can't compete with people who work hard.
Last edited by dannysdad : 10-01-2008 at 04:43 PM.
Reason: Automerged Doublepost
FIA's have a minimum guaranteed rate of return - think 2-3%.
The one from Lincoln Benefit did not have a minimum interest rate per period... like say 2% and that is what the client was looking for... just something other than a goose-egg during a down year. It took me a while to find in the illustration was that it had a 2% minimum return... which I took to mean that if you put in $100K for X years the very worst you would get at end of term was $102K.
***
How gloomy is your client?
Pretty darn gloomy. He is about my age and remembers the sideways market we had from about 1973 until about 1981.
As shown with the example above, one down year can still outperform an myg annuity.
Your numbers and total example is quite persuasive.
Thank you for taking the time to put this all down in an easy to understand format. I'm about half finished reading Jack Marrion's Index Annuities: Power and Protection (Midland sent me a free copy last year as part of a sign-up promotion) and while his numbers are a bit dated (and his style a bit dense) I can almost see where you are coming from. In another three or four months I should have most of this figured out to where I feel comfortable presenting FIAs.
I'm old school. I study the hell out of a product and try to learn it well before I step out and try to spring it on a real person who is serious. The "client" I'm dealing with now is an old friend and neighbor whom I use to role play with (usually over Jack Daniels with ice.)
The one from Lincoln Benefit did not have a minimum interest rate per period... like say 2% and that is what the client was looking for... just something other than a goose-egg during a down year. It took me a while to find in the illustration was that it had a 2% minimum return... which I took to mean that if you put in $100K for X years the very worst you would get at end of term was $102K.
Pretty darn gloomy. He is about my age and remembers the sideways market we had from about 1973 until about 1981.
Your numbers and total example is quite persuasive.
Thank you for taking the time to put this all down in an easy to understand format. I'm about half finished reading Jack Marrion's Index Annuities: Power and Protection (Midland sent me a free copy last year as part of a sign-up promotion) and while his numbers are a bit dated (and his style a bit dense) I can almost see where you are coming from. In another three or four months I should have most of this figured out to where I feel comfortable presenting FIAs.
I'm old school. I study the hell out of a product and try to learn it well before I step out and try to spring it on a real person who is serious. The "client" I'm dealing with now is an old friend and neighbor whom I use to role play with (usually over Jack Daniels with ice.)
Al
- - - - - - - - - - - - - - - - - -
Originally Posted by dannysdad
Where is your website? Who are you? Where do you live?
By the way...I've looked at some of your newsletters. You give advice on VUL's, mutual funds, ETF's, etc.... Did you know that it is a crime for you to do that? How can you call into question ANYONE's ethics when you are giving advice, illegally? And don't tell me that it's because you are a democrat. Not all democrats are unethical.
By the way...I've looked at some of your newsletters. You give advice on VUL's, mutual funds, ETF's, etc.... Did you know that it is a crime for you to do that? How can you call into question ANYONE's ethics when you are giving advice, illegally? And don't tell me that it's because you are a democrat. Not all democrats are unethical.
See how helpful I am?
OK, well turn me into the authorities if you think that's what I'm doing. Nothing stopping you. I'm fine with you doing it.
As for your ethics, I didn't question them. You have given me no reason to. I'm sure you are as honest as the day is long. I think you do a high-pressure kind of sale, but I have no questions about your honesty or your ethics.
However, I do question your character... taking cheap shots at me by posting from the shadows. A "stand up" guy does not do that. A man with integrity says what he has to say to the other man's face... not behind his back... and not from behind a cloak. Only a coward does that.
That said, you are in good company in this venue as that is the modus operandi for so many who post here.
Not I. You know who I am and where to find me. I'm many things, and I have many flaws, but I'm not a coward.
OK, well turn me into the authorities if you think that's what I'm doing. Nothing stopping you. I'm fine with you doing it.
As for your ethics, I didn't question them. You have given me no reason to. I'm sure you are as honest as the day is long. I think you do a high-pressure kind of sale, but I have no questions about your honesty or your ethics.
However, I do question your character... taking cheap shots at me by posting from the shadows. A "stand up" guy does not do that. A man with integrity says what he has to say to the other man's face... not behind his back... and not from behind a cloak. Only a coward does that.
That said, you are in good company in this venue as that is the modus operandi for so many who post here.
Not I. You know who I am and where to find me. I'm many things, and I have many flaws, but I'm not a coward.
Al
Ok, I will. I will contact the California Department of Insurance, FINRA, the SEC and the California securities board. You can bravely fight to keep your insurance license.
I would not wish an SEC or FINRA complaint on my worst enemy.
Don't let Al get to you. You haven't been here long enough to understand.
Al is unethical. He gives investment advice without a license and he has lied about his experience on his website. He's been in business for two years, but says it's been 25 years. People like him make the rest of us look bad and he's got to go.
Al has earned his comeuppance. I've already spoken to the CA insurance people and will contact FINRA and the SEC tomorrow.
Ok, I will. I will contact the California Department of Insurance, FINRA, the SEC and the California securities board. You can bravely fight to keep your insurance license.
Well, if nothing else, I believe you would have to identify yourself so at least I'll learn who you are and where you are. I suppose my attorney will want that information for her records. (I don't think you can make an anonymous complaint to these regulatory agencies, can you?)
I don't know why you want to make so much trouble for me but I suppose anyone can turn in anyone for anything if they want too. If you really think I'm committing a crime, I suppose it is your civic duty to do what you think is right.
Before you do all of this and start something you may wish you hadn't, I only suggest you consider what is sometimes called the "law of unintended consequences."
I'm sorry you feel the need to take the action you are taking, but I have faith in the system and that I will be vindicated. I don't feel I've done anything wrong. If I have... well then I suppose they will tell me. They will fine me or take my license away... and that will be that. The world won't stop spinning, my life won't end. When you reach a certain age you just don't let stuff like this bother you too much.
Of course I'd rather you not put me through whatever you are hoping I will go through, but like I said, I'm fine with you doing what you think you have to do.
Personally, I don't think we should threaten people here with the "I'm telling the teacher" routine, but if this is what you feel is the right thing to do, what can I say?
Just remember that what goes around... comes around.
Well, if nothing else, I believe you would have to identify yourself so at least I'll learn who you are and where you are. I suppose my attorney will want that information for her records. (I don't think you can make an anonymous complaint to these regulatory agencies, can you?)
I don't know why you want to make so much trouble for me but I suppose anyone can turn in anyone for anything if they want too. If you really think I'm committing a crime, I suppose it is your civic duty to do what you think is right.
Before you do all of this and start something you may wish you hadn't, I only suggest you consider what is sometimes called the "law of unintended consequences."
I'm sorry you feel the need to take the action you are taking, but I have faith in the system and that I will be vindicated. I don't feel I've done anything wrong. If I have... well then I suppose they will tell me. They will fine me or take my license away... and that will be that. The world won't stop spinning, my life won't end. When you reach a certain age you just don't let stuff like this bother you too much.
Of course I'd rather you not put me through whatever you are hoping I will go through, but like I said, I'm fine with you doing what you think you have to do.
Personally, I don't think we should threaten people here with the "I'm telling the teacher" routine, but if this is what you feel is the right thing to do, what can I say?
Just remember that what goes around... comes around.
Al
Beardboy, I'm not putting you through anything. You've put yourself through it. You failed to "teach" yourself how to comply with the law. And, yes, I did give my real name to the state. I take your "unintended consequences" comment as a threat to my physical safety and will treat it accordingly.
Beardboy, I'm not putting you through anything. You've put yourself through it. You failed to "teach" yourself how to comply with the law. And, yes, I did give my real name to the state. I take your "unintended consequences" comment as a threat to my physical safety and will treat it accordingly.
I've never been called "Beardboy" before. I've been called a lot of things... but not that!
Your physical safety? Be serious. Did you really think I was going to come after you with a weapon? I'm flattered. As a short, skinny, balding Jewish guy, I'm not exactly the "Dirty Harry" prototype!
These days we use lawyers to fight our battles. Far more civilized, wouldn't you say? As for "unintended consequences" ask your own attorney what your liabilities might be. Now that you've lodged a formal complaint against me, what choice do you leave me?
You know that no "good" is going to come out of all of this. But you've made your decision so we'll see how it plays out. Maybe you will "win" and they will revoke my license. On the other hand... well let's not get ahead of ourselves.
I've never been called "Beardboy" before. I've been called a lot of things... but not that!
Your physical safety? Be serious. Did you really think I was going to come after you with a weapon? I'm flattered. As a short, skinny, balding Jewish guy, I'm not exactly the "Dirty Harry" prototype!
These days we use lawyers to fight our battles. Far more civilized, wouldn't you say? As for "unintended consequences" ask your own attorney what your liabilities might be. Now that you've lodged a formal complaint against me, what choice do you leave me?
You know that no "good" is going to come out of all of this. But you've made your decision so we'll see how it plays out. Maybe you will "win" and they will revoke my license. On the other hand... well let's not get ahead of ourselves.
Al
I lodged these complaints in good faith and you have no recourse. It's not between me and you. It's between you and the regulators. Do you really think you can take action against someone who reports your criminal activity? It's not my fault that you're starting to look like Rob Reiner.
Enjoy your wait for the other shoe to drop. Did you know that the state does not have to tell you who I am? I report, they investigate, they sanction. I don't have to testify against you. Your own written word is what will hang you, not anything I said. Res ipsa loquitur.
FYI- I'm also a Jew with a family full of lawyers. Don't even think of playing that "my lawyer says" crap. It just makes all of us laugh at you more than we already are.
Enjoy your wait for the other shoe to drop. Did you know that the state does not have to tell you who I am? I report, they investigate, they sanction. I don't have to testify against you. Your own written word is what will hang you, not anything I said. Res ipsa loquitur.
FYI- I'm also a Jew with a family full of lawyers. Don't even think of playing that "my lawyer says" crap. It just makes all of us laugh at you more than we already are.
Well, you may be right about the DOI. I do not underestimate you or your knowledge of the process. But you must know there is no total anonymity on the internet. I have to believe that a competent PI will be able to find you. It may take a while but eventually you will be unmasked.
Of course if you believe in your heart of hearts that what you are doing is right, then you must do it and let the chips fall where they may.
As I say... what goes around... comes around. Patience is a virtue.
There's lots of amazing stuff out there (and coming out Tuesday) that makes the old FIA look like a Model A jalopy.
Please keep us posted . . .
So - for someone that wants "protection" or "safety" - which type of annuity would you write tomorrow? Not so much a "growth" plan but a "savings" plan?
I lodged these complaints in good faith and you have no recourse. It's not between me and you. It's between you and the regulators. Do you really think you can take action against someone who reports your criminal activity? It's not my fault that you're starting to look like Rob Reiner.
Don't insurance agents have a fiduciary duty to the general public to report "bad apples?"
I for one believe that Danny is proud of his father for protecting the public and doing his duty.
Rick
------------------------------------ ILIAA
Training, Community, Support, and Success Independent Life Insurance Agents Assn rick@iliaa.org
So - for someone that wants "protection" or "safety" - which type of annuity would you write tomorrow? Not so much a "growth" plan but a "savings" plan?
Tom
American Equity has a 4.9% five year traditional fixed annuity now. I guess Allianz has one for 5% but who wants to represent Allianz. Lincoln Life has a five year product for 4.2 but it allows a 10% free withdrawal. I think Standard Life of Indiana has a 5% fixed product but they are not an A rated company. I think Genworth has a similar product as well.
I think that the Lincoln product with the 10% withdrawal bears some looking at based on what clients tend to want. I am not speaking in favor of it. Just saying I am looking at it.
Winter
------------------------------------ Spending Our Way to Prosperity
Re: Question for annuity pros
Linear Mode
