300 Financial

[padthaiforlunch]

Anyone done business with 300 financial? I just sat through a one-hour teleconference with them. Looks like they have some good annuity marketing ideas.

Guy leading the call was Jim Dew.

Again, any knowledge or experience you can share? If you don't want to make public, please PM.

 

[Mr. Bill]

Re: 300 Financial?

Jim is a really nice guy.

They don't have anything really "special" to offer.

His marketing ideas come from Kaselnak, the guy who used to (might still) own "Piece of Pie" marketing.

They use Brokers International (nope, not Tyrone Clark) out of Idaho for the FMO.

 

[padthaiforlunch]

Re: 300 Financial?

After doing some digging, it looks like Brokers International shares officers with Aviva.

I recall piece of pie marketing testifying before congress on deceptive sales practices to seniors.

Found a reference...

A. Examples of Deceptive Marketing Tools Geared Towards Senior Citizens

Examples of the marketing tools we have seen in this context are as follows:

• A number of annuity salesmen are using the Certified Senior Advisor designation to give the impression that they have specialized expertise in senior affairs and that they are acting as the senior citizen’s advisor. For example, one insurance agent and security broker-dealer representative stated in his advertising materials that he “is one of 7,000 Certified Senior Advisors (CSA) in the U.S. and therefore is well trained in many issues especially senior finances.” Another agent stated that he “became a Certified Senior Advisor, and as such, he is uniquely qualified to help seniors protect their assets from nursing home costs, stock market volatility, and probate costs through proper planning and diversification.” Our investigation into the Certified Senior Advisor designation indicated that it was primarily a marketing tool, and that CSAs did not receive meaningful training on financial issues involving seniors.

The reason I would never put myself out there as a CSA.

2 • A number of annuity and insurance salesmen are using the Piece of Pie sales model, which trains them to “eliminate other advisors from the picture” and thus facilitate the sale of annuities and other insurance products. Piece of Pie seminars specifically try to scare seniors away from the financial products they currently own while the new “advisor” gains their trust. For example, Piece of Pie’s presentation includes slides warning that banks may not be safe, that the average rate of return in the stock market is “a big lie”, that the idea that stocks protect you from inflation “is a myth” and that stock brokers will gamble “your money . . . not just their own”. It also includes slides discussing the “problem with variable annuities” and the “problem with bonds”.

In addition, Piece of Pie materials bootstrap their scare tactics to other concerns that seniors might have, such as bird flu and identity theft. After the initial seminar, a salesman using the Piece of Pie model will have two or three meetings with the client, in order to gain the client’s trust, prior to pitching the annuity or other insurance product he is selling. The Piece of Pie materials and exclusive marketing territories are available only to agents who agree to sell at least $3,000,000 of annuities and insurance annually.

Hmm. 300 Financial is sticking with the $3mm annual production. Hopefully, they are diverging from the unethical areas of Piece of Pie.


They did an overview of the software and it seems interesting. It does seem designed as a wedge.


Anyone else have know anything?

 

[Art]

I looked into 300 financial as well. Their software and presentations are very unique (I actually listened to a 3 hour call as well as the initial one-hour). I came away from that 3 hour call impressed with their approach of building a fee-based practice alongside a commission practice.

I didn’t get the impression that they were strictly insurance-based at all (though you’re right…they require that you sign up with Brokers International (out of Iowa, not Idaho) to work with them).

They did advocate managed money and securities for growth…and it seemed like a lot more than lip service to me (just my opinion). Jim even showed software that helps you build fee-based AUM.

After the 3 hour call, Jim actually called to follow up on my interest in 300 (I told him I was interested). I just saw this post so I didn’t really ask about any of these things, but I can pass along a few things I learned from the questions that I did ask and from the 3 hour call that I was on:

Jim spent a lot of time talking about using different marketing methods, and seminars were pretty far down the list (that’s actually one of the things that attracted me to 300 in the first place…I’m not a big fan of seminars). During the 3 hour call, however, Jim did show the seminar that he occasionally uses slide by slide. He had the call attendees act as his audience and Jim’s seminar didn’t talk about any of the things you mentioned in your post.

Just by chance, I did ask about other people using the software and presentations in my area, and it turns out that 300 doesn’t offer exclusive rights or territories.

There was zero mention of the CSA designation on any of the calls I was on so we might not even be talking about the same company.

Just my two cents.

 

[Charpress]

If someone wanted to take about six months to completely research what companies are in bed with what other companies, and what people are involved or formerly involved with those companies, I bet you could write a 600 page book.

Independent Brokerage likes Aviva, and just happens to have it's home office in Topeka. Multichoice Marketing says it has exclusive deals with Aviva. Allianz has purchased several FMOs. Fairlane Financial spends most of its time talking about Forethought products. I could go on all day.

I would like to at least see a program like you get at football games that spells out who is actually playing for whom.

Bottom line is that we all need to be fully aware of what we are getting into. That is actually why I came to this site in the first place: to check out some FMOs.

 

[Mr. Bill]

You are sooooo right! I'll never forget the time when an FMO rep I was talking to didn't even know that his "upline" ended at Davis Life! It was really too funny. What a turd.

It is only to our advantage that we know these things so we don't get outofcontrol GA/FMO/IMOs who don't want to release us!

 

[Annuity guy]

Hey all...

I am new to this site, but I thought this looked interesting enough to at least offer my two cents.

You are right about IB being in Topeka along with Aviva...so is PBS (Allianz owned); Magellan and the group I use - Advisors Excel.

I don't know much about 300...but I like Excel a lot and I like the guy I work with...Patrick.

He came from a seminar marketing background with RME and another small shop. He has helped me with my seminars (which needed a lot of help as I was getting below a half of a percent).

He told me recently that they were changing their minimum amount of production from $2mm to $3mm starting in 2009 if you want to come to one of their trainings. Ouch!

I got in when they only required $1mm for the entire year...I was doing that in premium before. This year, I have written $5mm ytd.!!!

I don't want to sound like a commercil for them, so if you have any questions and want to ask me, please pm me.

 

[Voice of Reason]

I am a student in the MBA program in financial planning at California Lutheran University. I have been researching 300 Financial as well as several other financial marketing organixzations. There is a 86 page discription of how 300 financial compares to other financial services organizations. I think if you read it you will come away very impressed with Jim Dew's business model. I too attended his intro webinar and found his understanding of marketing and what the client wants quite impressive. Plus I have sent follow-up questions to him and he responded to each. I would reccomend you email him yourself. His approach to diversifying between FIA and AUM is quit sound. The AUM side is handled by EQIS. I checked out their background and approach to investing using ETF and found the staff and strategy good. The marketing tips Jim Dew gives for free to potential planners wishing to join him are not mere fluff but effective tools to help your practice. His method for moving client money in a few days rather than months is pure genius. I am familar with Brokers International, of Panora Iowa, which was founded by Roger McCcarty in the late 50s. It is one of the largest IMOs in the country and was one of the first to market AVIVA. They are a whoelsaler and provode the annuity product for 300 Financial. I have not seen any hint of impropriety from either Brokers International or 300 Financial. It seems that in our research of companies to work for we tend to look for the bad or sometimes confuse one company with another when there is a common word like Brokers in each. Like I said at the beginning I looked at a half dozen IMOS and found a number to be annuity only shops whereas 300 financial approachs both the insurance and financial camps. No, I haven't joined them but they are at the top of my list.

 

[insuranceexec]

I am a student in the MBA program in financial planning at California Lutheran University. I have been researching 300 Financial as well as several other financial marketing organixzations. There is a 86 page discription of how 300 financial compares to other financial services organizations. I think if you read it you will come away very impressed with Jim Dew's business model. I too attended his intro webinar and found his understanding of marketing and what the client wants quite impressive. Plus I have sent follow-up questions to him and he responded to each. I would reccomend you email him yourself. His approach to diversifying between FIA and AUM is quit sound. The AUM side is handled by EQIS. I checked out their background and approach to investing using ETF and found the staff and strategy good. The marketing tips Jim Dew gives for free to potential planners wishing to join him are not mere fluff but effective tools to help your practice. His method for moving client money in a few days rather than months is pure genius. I am familar with Brokers International, of Panora Iowa, which was founded by Roger McCcarty in the late 50s. It is one of the largest IMOs in the country and was one of the first to market AVIVA. They are a whoelsaler and provode the annuity product for 300 Financial. I have not seen any hint of impropriety from either Brokers International or 300 Financial. It seems that in our research of companies to work for we tend to look for the bad or sometimes confuse one company with another when there is a common word like Brokers in each. Like I said at the beginning I looked at a half dozen IMOS and found a number to be annuity only shops whereas 300 financial approachs both the insurance and financial camps. No, I haven't joined them but they are at the top of my list.

Do some more research!

 

[Mr. Bill]

Do some more research!

You are SO right!!!