123college.com Legit? Claiming $15-$20k Per WEEK

[Larry Tew]

Re: 123colege.com Legit? Claiming $15-$20k Per WEEK

The $1400 is a "college planning fee", not for participating in a seminar. This is for "123 College" to do the college aid search and plan to maximize the eligibility of aid, and to stretch it as far as possible for the best educational school and goals for the child.

If it's so good... why are they looking to recruit someone who has little to no annuity sales experience to send them $8k to "plug into" their program?

I think they're preying on newer agents who want to make the big bucks, but are too young to realize how much they don't really know.

This and Peter's post are the only useful posts in this thread so far. There is 123College, College Planning Relief, College Funding Solutions, Brian Kay, and a bunch more lesser-knowns. They all work similarly. Their value isn't just identifying moveable assets to help lower the EFC (expected family contribution), but they claim that they will assist in all facets of writing letters, obtaining grants, loans, filling out the FAFSA, etc.

The question is whether their services are worth the $700 to $1,500 they charge. Like anything else, some people swear BY these outfits, some swear AT them. They all have the same basic deal, where the agent buys in up front and pretty much all the skin in the game is the agent's.

Several months ago I was called out of the blue by one of the big players and she went down the whole "we're looking for a partner in your area" schtick. They wanted several thousand up front with ongoing fees and a contract. I countered by telling them I would pay maybe $1500 up front and if their system performed like they said it would, I would gladly buy into their program. The owner wasn't interested in my counter-offer. I told him that doing it his way, I had all the money on the line and all he had was some non-enforceable promises. I'll pass.

Having said all that, IF you decide to pursue college planning in this vein, after talking to most of the services, I would choose College Funding Solutions.

HOWEVER... you would be far better off spending less than half the money and buying into Wayne Cotton's client acquisition program. Not even a debate.

If you decide to look into Cotton, at least talk to people who actually know something about it and have seen it - better still, someone who uses or has used it. You can learn more about Wayne Cotton's program at www.cottonsystems.com.

BTW, I'm not on the Cotton payroll nor do I get a referral fee. I just believe in his program.
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...Thats where the guy says all the money is being made- the parents also pay about 1400 to sit in this seminar...

To clarify, parents pay NOTHING to attend the seminar. They pay the fee IF they decide to use the planning service. You would get about half of that fee as a commission.

 

[GAHEALTH]

This and Peter's post are the only useful posts in this thread so far. There is 123College, College Planning Relief, College Funding Solutions, Brian Kay, and a bunch more lesser-knowns. They all work similarly. Their value isn't just identifying moveable assets to help lower the EFC (expected family contribution), but they claim that they will assist in all facets of writing letters, obtaining grants, loans, filling out the FAFSA, etc.

The question is whether their services are worth the $700 to $1,500 they charge. Like anything else, some people swear BY these outfits, some swear AT them. They all have the same basic deal, where the agent buys in up front and pretty much all the skin in the game is the agent's.

Several months ago I was called out of the blue by one of the big players and she went down the whole "we're looking for a partner in your area" schtick. They wanted several thousand up front with ongoing fees and a contract. I countered by telling them I would pay maybe $1500 up front and if their system performed like they said it would, I would gladly buy into their program. The owner wasn't interested in my counter-offer. I told him that doing it his way, I had all the money on the line and all he had was some non-enforceable promises. I'll pass.

Having said all that, IF you decide to pursue college planning in this vein, after talking to most of the services, I would choose College Funding Solutions.

HOWEVER... you would be far better off spending less than half the money and buying into Wayne Cotton's client acquisition program. Not even a debate.

If you decide to look into Cotton, at least talk to people who actually know something about it and have seen it - better still, someone who uses or has used it. You can learn more about Wayne Cotton's program at www.cottonsystems.com.

BTW, I'm not on the Cotton payroll nor do I get a referral fee. I just believe in his program.
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To clarify, parents pay NOTHING to attend the seminar. They pay the fee IF they decide to use the planning service. You would get about half of that fee as a commission.

Are you talking about College Funding Solutions but Coy Howe or Collegiate Funding Solutions in NC?

 

[Larry Tew]

College Funding Solutions, Inc https://www.mycollegeinfo.com/public/home.aspx

But my recommendation is based on feedback from a few advisor friends and a couple of phone calls on my part. I've never hooked up with any of them.

 

[amirla84]

its possible but very unlikely for a new agent

 

[jwk1257]

Marym, I don't think it is such a scheme, I talked with one of their guys and he told me that it would be 1500.00 BUT! not before you got the applicant and that they charged a certain fee as their part and you kept the rest....I have not yet decided if I want to pursue it, and the thing that kinda turned me off was that the guy I talked to wanted me to set a telephone interview with the "founder" of this program.....evidently, there IS money to be made this way because I have seen on the internet through research, that there are companies out there doing it.....He said they didn't sell insurance, just the program, and then it was up to you to get them to buy whatever insurance they may need.....Sound ok to me, I just wasn't ready to talk to the "bigshot" and have him badger me to sign on.....But I do want to pursue that angle of the business...

 

[Kitty]

I too received a call today from 123 college funding - I have my insurance licenses as well as my 6 & 63. Over the past few years I have learned to be skeptical at best from these companies that promise large cash flow on a monthly basis as there is no quick way to make a buck.

People work hard for their money and when they go to somebody for advise on investments they deserve respect, consideration and the peace of mind that the right thing is going to be done by them ensuring that their money is not just plopped into an insurance product with high fees and little growth.

Annuities are fantastic when used correctly, however if people have children going into college they inevitably are looking for growth, they will not find respectable growth with minimal fees in an annuity. Life insurance has a purpose and this too needs to be sold with the right intent for the client. Unless the client can absolutely pay the maximum into those VUL and GIUL products you should not even be recommending them, chances are if they do not have the funds saved for college they can't afford these products.

There is a time and a place to use these products, by doing the wrong thing not only are you harming the clients you are also giving the products a bad name making it difficult to promote the good that can be done when used under to right circumstances.

Thank you for all your comments on this forum, it has confirmed that the well being of the client is not priority, since I like to have my clients for life through doing right by them I want nothing to do with this company.

 

[DHK]

Until you figure out that rates of return is less important than how one has structured their finances... you're right.

Until you study the tax code and FAFSA forms and how some assets are treated more or less favorably... you're right.

Here's the problem... you're not right.

And until you figure out how you're not right... the well-being of your clients won't be a priority for you.

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Oh, well since your financial background came from WFG... I suppose the reason for your lack of financial understanding... is understandable.

http://www.insurance-forums.net/for...irtual-financial-group-t63184.html#post921656

 

[Cash]

They are helping people deposition assets into products that are not affect on the FASFA. I would hope you understand that much before investing. The only one who can answer if this work for you is how many people in your area would be willing to plop down 1400 to listen to a seminar? Are people making money doing this....In a word Yes. Just like people are making money doing many things how this would translate to you is up in the air.

Bingo!

Talent is the missing piece. Someone is making $15000 a week and some marketer who doesn't believe in talent is telling you anyone can do it who wants to work hard. There are talented people in this business and you can't buy what they have.

 

[Charpress]

Nobody has brought up the obvious: getting people to invest anything significant towards college savings is hard work regardless of what method you try and use.

Just look at the demographics. Most people who are interested in college savings have kids starting high school. Frankly, not many of them have the dough to put much more than token amounts towards college. The few people who are willing to seriously sacrifice, I have to tell them that some of the government sponsored programs (this can depend to a large degree on your state) are a better deal. No commission for me, but the damn truth regardless.

Grandparents are a better source for college planning. But even then, they tend think along the lines of "once I am dead."

 

[Chuckgolf]

As an agent, I was taken for a ride with this scam. Alleged owner Ron Jay, Deerfield Beach,Florida, is a professional huckster, who thrives on taking advantage of vulnerable people. His targets--agents, students, parents looking for help with college financial planning.
Beware!