- Thread starter
- #11
- 11,431
THIS is my solution: Put the fear of G-d in people that they'll be sued if they don't make proper recommendations... because it's true.
CA "Best Interest" 2025 Annuity CE... what a joke
- Thread starter DHK
- Start date
Victor Crain
New Member
- 8
There are three issues here:
We have $2000 certifications coming out of our ears, and most buyers don't understand what they signify, and they see people with those certifications accused of wrongdoing (either 1 or 2).
The next major scandal could wreck the annuity business.
If you've got a better idea, I'm certainly willing to listen.
- Intentional wrongdoing
- Inept mistakes
- Public trust
We have $2000 certifications coming out of our ears, and most buyers don't understand what they signify, and they see people with those certifications accused of wrongdoing (either 1 or 2).
The next major scandal could wreck the annuity business.
If you've got a better idea, I'm certainly willing to listen.
Victor Crain
New Member
- 8
And most investors don't want to plan on legal fees. Lawsuits add stress and uncertainty that in principle, annuities were designed to minimize. Put that hot mess up against the Vanguard Windsor II Fund, with an 50+ year average annual return of roughly 11.2% per year, and the customers will vanish.
- Thread starter
- #14
- 11,431
1. The industry does not foster trust. Trust is based on an individual producer/agent level, not an industry or institutional level. If it did, companies would be successful in selling without agents.
2. The public doesn't need to understand our certifications (speaking as one with three and developing one for an association). The certifications hold us out at a higher level and we will be held accountable to that level in the event of a complaint. This is existing law and procedure in the event of a complaint.
3. Rate of return is not the value-add for life insurance or annuities. That may be the area that should be addressed first.
However, the fact that most of my "competition" believes that... gives me a competitive edge.
2. The public doesn't need to understand our certifications (speaking as one with three and developing one for an association). The certifications hold us out at a higher level and we will be held accountable to that level in the event of a complaint. This is existing law and procedure in the event of a complaint.
3. Rate of return is not the value-add for life insurance or annuities. That may be the area that should be addressed first.
However, the fact that most of my "competition" believes that... gives me a competitive edge.
