- 9,744
Aha! Someone with half-a-brain. Bet you don't work with Banker's do you?
Banker's Life on Inside Edition
- Thread starter Daytona_Guy
- Start date
Aha! Someone with half-a-brain. Bet you don't work with Banker's do you?
I hate BLC, but this is a freakin' hit piece...
"She can't withdraw from this until 2019"
"if she lives that long"
Their whole argument as to why this is a scam is based on those 2 bits of misinformation. They completely IGNORE that she can take out 10% a year without penalty and then imply if she dies Bankers keeps the money.
Chris Markowski is a local radio host in Sarasota, FL. He has cleverly hidden its real purpose (to shill for his Markowski Investments stock-broker firm) in a message of consumer advocacy. I remember hearing his show once and it was the usual "invest with me...I'm good, everyone else is bad" message.
"She can't withdraw from this until 2019"
"if she lives that long"
Their whole argument as to why this is a scam is based on those 2 bits of misinformation. They completely IGNORE that she can take out 10% a year without penalty and then imply if she dies Bankers keeps the money.
Chris Markowski is a local radio host in Sarasota, FL. He has cleverly hidden its real purpose (to shill for his Markowski Investments stock-broker firm) in a message of consumer advocacy. I remember hearing his show once and it was the usual "invest with me...I'm good, everyone else is bad" message.
- 8,707
True, I found it interesting that they mention the appointment lasted 2 1/2 hours and they mentioned that Bankers was only there for annuity business and the clip starts "You need to have a fixed Annuity" sounded a little strange like maybe there was a leading question to it. The fact is that this type of program is not going to give a good light to the industry. If I was the agent and they didn't get me on any gotcha moments they will just keep setting appointments until they find some gotcha.
I hate Bankers more than anybody, but this is over the top. In the end it hurts all of us, not just Bankers. And it's a joke how they say it was "isolated to one branch" give me a break.How about we expose this guy for making a blanket ignorant statement about annuities. Do you want grandma to put all her money in the stock market?
- 14,808
I hate these kinds of pieces because there's no perspective. Did they visit, 10, 25, 80 offices that were fantastic to find one that wasn't?
Did they set up hidden cams and find nothing wrong with 10, 20, 40 others agents before they found one they had an issue with?
Basically, I want the total picture. Say a business has 100,000 clients and you find 2 who are upset. Without perspective you could run a story on those 2 PO'd clients and paint a totally false picture.
Where are the stats? How many annuities has Bankers written over the past 3 years and how many formal complaints have been filed?
Did they set up hidden cams and find nothing wrong with 10, 20, 40 others agents before they found one they had an issue with?
Basically, I want the total picture. Say a business has 100,000 clients and you find 2 who are upset. Without perspective you could run a story on those 2 PO'd clients and paint a totally false picture.
Where are the stats? How many annuities has Bankers written over the past 3 years and how many formal complaints have been filed?
- 9,744
Forget the 10% withdrawal, it's irrelevant. There's no way it's "suitable" because she can take out 10% without penalty. That's the kind of logic that the Banker's folks use.
This woman was a prospect (maybe - not enough facts to say with certainty) for an immediate annuity - but here's the problem; the BLC rep is probably totally ignorant of them, and the comp is usually lower.
The only way to prevent these abuses is if the senior is smart enough to get some input from a trusted family member, friend, etc. - which is what the smart ones do.
- 14,808
...someone on this board thinks it's an appropriate sale for this lady to have access to 10% until 2019?
- 8,707
I think they felt it wrong that it was painted as no access to any money for 9 years. Beyond the 10% most deffered annuities I've sold can also be annuitized to provide an income. That being said I would never think of putting any where close to a clients entire liquid cash into an annuity.
But once again I have a real problem with a blanket statement that no 73 year old should ever be in annuities with out some sort of statement about suitability, risk tolerance objective and time frame.
- 4,746
I did glean one thing from this thread. The next time someone doesn't have their checkbook, I will offer to drive them to their bank
I never thought of that.
I never thought of that.
Of course not... but I didn't see that it was stated that the 74k+ was her entire liquidity. Maybe, maybe not. Selective journalism at it's finest.
