Aviva Cuts Next Tier of FMOs

[policy doctor]

"Sorry. Those c**k suckers at Aviva decided they don't want your business since 82 was OK last week but is not OK this week. Let's look for a more stable company to put your money with."

I feel your pain but I hope you use more genteel words with an 82- yr old. LOLOLOL

 

[Charpress]

You don't know this 82 year-old guy.

Whatever words I choose to describe Aviva right now will be mild compared to what his response is going to be. I still have not told him.

 

[LBJINS]

Aviva is not in financial trouble, just forced to make cutbacks do to the tie-up of capital on reserve requirements. You will start to see a lot of carriers making cutbacks if the market and economy doesn't turn around.

 

[djs]

Aviva is not in financial trouble, just forced to make cutbacks do to the tie-up of capital on reserve requirements. You will start to see a lot of carriers making cutbacks if the market and economy doesn't turn around.

Funny.... AIG said the same thing! Well that, and mark to market.

Dan

 

[Charpress]

I haven't read this whole thread since my last post, but I suppose it was mentioned or most of you know that Aviva has gone to pay for play.

That is, you have to have a check attached to the app or it is no go. They are not doing transfers at this point.

If you want to cut 80% (I'm guessing) of annuity business, just don't allow any transfers from other accounts. That would be pretty much 100% of IRA business.

 

[dwalker247]

Anyone know of some of the fmo's that were cut? I am trying to figure out who to avoid here, and anyone that based the majority of their business on AVIVA's products probably has a reduce offering. Insights?

 

[Charpress]

Aviva cut some pretty big FMOs, especially in their second round of gutting.

I would not worry about the FMOs that lost Aviva. They have all made up their business with other companies since March.

I would worry much more about doing any Aviva business as they come back begging for producers. In the next economic slump they will do it all over again.

Stay in England, Aviva. You tried to get too big too fast and we all paid the price. You took one bad company and one good company and turned them into two bad companies with yellow and blue brochures.