Candid Camera

Nov 30, 2007

  1. Mr. Bill
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    Rumor has it that Dateline NBC is targeting insurance agents selling annuities to seniors, so far in Alabama and Arizona. Not that this should concern any of us, but I'm sure they will get a lot of crap agents out of the business.
     
    Mr. Bill, Nov 30, 2007
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  2. Mr. Pink
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    I can tell you that my FMO had a conference call yesterday to let everyone know that the Chris Hansen story was real. According to him, Chris Hansen has appeared out of the "closet" on as many as 50 agents. He thought it occurred mostly in AZ and MN, and that a series of seven shows would air in March. No doubt this industry is in need of a cleaning. I hope he is fair and doesn't crap on the industry in general.
     
    Mr. Pink, Dec 19, 2007
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  3. Mr. Bill
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    I had heard AZ and New Mexico. Wouldn't be surprised if there are 8 seasons worth of it!
     
    Mr. Bill, Dec 19, 2007
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  4. Crabcake Johnny
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    First of all, this is a witch hunt. If you dig hard enough you're gonna find the dirt in any industry and I'm sure when the story airs it'll give the illusion that "most" agents selling annuities are unethical. Dateline has a HUGE audience and is absolutely capable of putting a noticeable dent in annuity sales depending on how they spin the story.

    That being said, just around 2 years ago I looked into selling them myself and was put in contact with a marketing organization. Take a guess - all they talked about was how rich I'd get at 10% commission and a ton of bonuses.

    They told me I'd need very little training because the products were easy to understand and sell and their entire pitch was "all upside and no downside" for the seniors.

    Then it gets nasty. He talks about how they have a third party company that moves all the senior's money out of other investments before their broker can find out about it and told me it was imperative to get all the money before relatives - especially the senior's children found out.

    So how much should the senior put into an annuity? Ummmm, everything. All of their stocks, bonds and CDs. This guy went on and on about agent they had writing 1 million dollar annuities and making $100,000 in a single commission. BS? Probably but this was the pitch I was getting.

    I confirmed: "So if they have $200,000 in stocks and $100,000 in CDs I suggest all $300,000 go into the annuity? Bingo - all of it. Why? Because I get more commission - and yes, that's exact what his reason was.

    So when you have clowns out there like this manager you can see the need for an investigation.
     
  5. Mr. Pink
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    Read the Cold solutions thread and you can see why the need for a sting exists. If all the carpet baggers could be culled from this industry, then it would one day have a good name. All insurance products were develpoed to meet a need. Too many times they are being sold without a need being met.
     
    Mr. Pink, Dec 20, 2007
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  6. floridabroker
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    How right Mr. pink!!!

    I am sure that Aviva Sun Life and other reputable annuity companies just cringe hoping their names won't be used in a story.

    You know they have PR people on standby for the day this airs!!!!
     
  7. Mr. Bill
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    Which is why I keep getting all those stupid policy emails from Allianz.

    Can anyone say crap in the pants????
     
    Mr. Bill, Jan 26, 2008
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  8. Mr. Bill
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    Word is, airs this Sunday....
     
    Mr. Bill, Apr 10, 2008
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  9. senior-advisor-indiana
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  10. senior-advisor-indiana
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    Just set the DVR to record it. It's on at 7pm Sunday.