Annuity/investment Sales to Become Harder in MI.

[insuranceexec]

I wanted to share this with you guys. Your thoughts?




State of Michigan launches ad campaign targeting investment fraud | MLive.com

 

[hockeyday]

I think it will help not hurt, if you followed those scam and you think you selling Aunnuities can be compared to that you should really stop and rethink what your doing , heck you don't even have to touch your clients money in many casees , fact find , help them plan don't push and just sell safety and you will do fine, I sell in Michigan and Michigan rocks

 

[insuranceexec]

I think it will help not hurt, if you followed those scam and you think you selling Aunnuities can be compared to that you should really stop and rethink what your doing , heck you don't even have to touch your clients money in many casees , fact find , help them plan don't push and just sell safety and you will do fine, I sell in Michigan and Michigan rocks

I think you missed my point. I am very familiar with ABC and Diversified Lending group, as I was one of the original individuals that reported them to the SEC in 2007.

My point being is that with advertisements like this; it makes the consumer more reluctant to do business. Nothing more, nothing less.

 

[sixty6]

if anything, you could always call the office in front of them, or push them into calling the office to verify who you are
nothing but a roadblock

 

[scagnt83]

Insuranceexec,

They definitely missed the point! Did you guys even watch the clip???
GOOD GOD!!! WTF???

NAIFA, NAIA, and every financial advisor in the state should be suing to get that biased scare tactic BULL SH#T pulled!
Im in SC, and it even pisses me off!

How is anything about that clip good for any part of our industry?
Its biased, misleading, and is designed for shock value, nothing more. There was not a single non-biased informative piece of info in it.

And they will run a "check" on the advisor? What a load of crap! Most swindlers in this industry are considered upstanding by the regulators until the clients report them, or the sh#t its the fan.
As long as they are licensed you think OFIR or any other reg agency will say "no, he is a crook"? Of course not!!!! Then they would have to explain why he is still licensed!

Im all for a clients due diligence. If they asked I would gladly direct them to the Government websites where they can view my licensing status online. Its not hard to do.

I looked at the OFIR website and apparently the Governors administration is behind all of this, not OFIR.
All this commercial will do is drive people to banks..... hmmm I wonder which lobbyist group convinced the Governor to push this ad campaign??? I wonder what they bought her for?

 

[insuranceexec]

Insuranceexec,

They definitely missed the point! Did you guys even watch the clip???
GOOD GOD!!! WTF???

NAIFA, NAIA, and every financial advisor in the state should be suing to get that biased scare tactic BULL SH#T pulled!
Im in SC, and it even pisses me off!

How is anything about that clip good for any part of our industry?
Its biased, misleading, and is designed for shock value, nothing more. There was not a single non-biased informative piece of info in it.

And they will run a "check" on the advisor? What a load of crap! Most swindlers in this industry are considered upstanding by the regulators until the clients report them, or the sh#t its the fan.
As long as they are licensed you think OFIR or any other reg agency will say "no, he is a crook"? Of course not!!!! Then they would have to explain why he is still licensed!

Im all for a clients due diligence. If they asked I would gladly direct them to the Government websites where they can view my licensing status online. Its not hard to do.

I looked at the OFIR website and apparently the Governors administration is behind all of this, not OFIR.
All this commercial will do is drive people to banks..... hmmm I wonder which lobbyist group convinced the Governor to push this ad campaign??? I wonder what they bought her for?

Thank you for actually watching the video......LOL

I am responding to this thread while watching American Greed, and must say that if I was in personal practice in Michigan; I would be contacting the attorney general and raising all kinds chaos. Just a thought.
</IMG>

 

[scagnt83]

I think it will help not hurt, if you followed those scam and you think you selling Aunnuities can be compared to that you should really stop and rethink what your doing

Of course us agents know the difference! Thats not the point.
Its the clients who are clueless when it comes to this industry. They see it as being all the same, an investment is an investment is an investment to most of the general public.

When in actuality there is a very big difference between investments going through a large nationally known B/D or insurance company, and one that is held and backed by a local Investment firm or hedge fund.

But try explaining that to a 70 year old widow who just watched that commercial!! She will be on her way to the bank for a 2% CD!

 

[insuranceexec]

Of course us agents know the difference! Thats not the point.
Its the clients who are clueless when it comes to this industry. They see it as being all the same, an investment is an investment is an investment to most of the general public.

When in actuality there is a very big difference between investments going through a large nationally known B/D or insurance company, and one that is held and backed by a local Investment firm or hedge fund.

But try explaining that to a 70 year old widow who just watched that commercial!! She will be on her way to the bank for a 2% CD!

Could not have said it better myself. Thanks for clarifying.

</IMG>

 

[scagnt83]

Thank you for actually watching the video......LOL

I am responding to this thread while watching American Greed, and must say that if I was in personal practice in Michigan; I would be contacting the attorney general and raising all kinds chaos. Just a thought.
</IMG>

My pleasure.... not that it was a pleasure watching that BS! lol

Im tempted to complain, and im not in Michigan!
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I cant believe more people haven't commented on this commercial.