Joey Ramone
Expert
- 59
Not even worth doing the paperwork for these tiny accounts.
- 8,707
Funny, I called a dormant orphan recently...The sv was $350 or so....I ask like I always do about other accounts and this person had small 403(b) accounts and IRAs all over the place...Met with the woman and consolidated all the accounts into 1 new IRA that she is also going to max fund each year.
Please keep ignoring small accounts!
Joey Ramone
Expert
- 59
Fascinating. I'm guessing that my calendar is a little more full than yours.
Yes Joey, after reading your posts, I concur that you are way more full of it than most of the other members here.
- 8,707
It could be....Or it could be a difference in the approach we take...I have done a lot of work in the 403(b) area setting up brand new accounts and growing with that client over time so I don't mind a person doing $25/pay I just realize there is a limited amount of time I can spend with them, but I've seemed to be able to manage it as my clients seldom leave me and we grow the accounts together.
I had a situation just yesterday, I was going to be in the Bangor area and called a client of mine from a Previous agency that I am 2 weeks outside of my Non-Solicitation and found out she had called my succesor agent a couple of weeks ago about a loan and it hadn't arrived yet...It took me only 3 minutes on the phone with the carrier to verify the reason she hadn't received the loan was because the paperwork signed by the TPA had yet to arrive. I called her back and a little more digging determined it made more sense to do a partial distribution fromt he account. As I could fit her in my schedule for the Bangor area 2 days in the future I set the appointment...The appointment was yesterday and when I finished the paperwork (still needs to get the TPA approval) I asked her if the new agent was much help and she said that all the new agent did is give her the 800# to the carrier. During our conversation she mentioned that since she started working late her pension would be very small from teaching and would need to work until she couldn't work any longer..Her existing Fixed Annuity was fully out of surrender period and I suggested since she was risk adverse moving a small percentage into a new FIA. Total time spent about 30 minutes all told, the client is happy and I'm happy about the 1K in compensation.
Joey Ramone
Expert
- 59
Thank you for your kind words. Have a nice weekend.
Okay. I don't know the entire financial or protection history of the client assets etc...but what about using a UL product for retirement?
If they are insurable, look at Aviva's Advantage Builder III with a $100,000 DB. level premium and a no lapse guarantee. This policy works exactly like a fixed indexed annuity. They could start with the insurance base amount...then add above and beyond to it for the cash value for retirement. The cash value side above the amount necessary for the life policy will grow currently at 4%-11.4% strategy with the S&P500 (for the life of hte policy without changing each year). If the SP500 drops below 4% in a year they are guaranteed 2% that year.
just a thought without knowing the entire situation you are working with.
Good Luck.
If they are insurable, look at Aviva's Advantage Builder III with a $100,000 DB. level premium and a no lapse guarantee. This policy works exactly like a fixed indexed annuity. They could start with the insurance base amount...then add above and beyond to it for the cash value for retirement. The cash value side above the amount necessary for the life policy will grow currently at 4%-11.4% strategy with the S&P500 (for the life of hte policy without changing each year). If the SP500 drops below 4% in a year they are guaranteed 2% that year.
just a thought without knowing the entire situation you are working with.
Good Luck.
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