Dateline Undercover on right now

[slushhhpuppie]

Listen, we're going back and forth in a worthwhile debate - then I have to hear clever witty "you're a double-doody head" remarks from you. If you'd like, my 6 year old son gets home from kindergarten at 3pm. Maybe you two can call and trade insults

Uh oh.... somebody call a WWWHHHHAAAAAmbulance

 

[URDRWHO]

Well...you won't find me defending the big wirehouses.

I was once sitting in one of them inquiring about a job. I was sitting in their office, probably 25th floor, great view of the SF skyline and listened to the interviewer. To this day a statement he made is still in my mind. His statement went like this....Interviewer, "Having a Series 7 license is like having a license to steal."

Never inquired if they made an offer. Probably was never considered because I don't have a poker face and he probably saw my blank stare after he made the statement. So I always stayed with the independent BD's.

In all areas there are bone-heads that don't know what they are doing. I'm a car buff and know a lot about the mechanics of a car. If (a very rare event) I take my car to a mechanic and he starts telling me I need this or that, and knowing that I recently replaced that item on my own, I will get me a bit riled. Pity the people that don't know much about cars because I am sure they get raked over the coals more often than we know.

That's a great post and it will always come down to the individual however I feel the carriers have a duty to directly train their agents and not pawn it off on their GAs, IMOs, FMOs, etc...

 

[jdeasy]

Here's what the problem is...

You've got a bunch of people.."Certified Senior Advisors" if you will...with nothing to do in between Medicare Advantage seasons.

They have to find something to generate commissions in between. Due to THEIR ignorance, trusting seniors get abused.

The use of annuities is a FINANCIAL PLANNING issue, and it should be left to folks that are properly trained for that. You are dealing with people's MONEY.

VERY FEW folks doing Med Supp/MA/final expense/ltc have the requisite training to be able to advise competently on annuities and their place in the financial planning spectrum...

But they need to generate commissions...

You are exactly right on that. I did life insurance with NAA, moved into the MA and final expense business and now moving towards med sups. I have done very well with all.

I do not know anything about annuities and cannot speak to anyone intelligently about them. However, that does not keep dozens of companies from trying to get me to sell them anyway. The training they offer is how to fill out the paperwork. I can handle the paperwork, what I don't know is the nuts and bolts. I have chosen not to sell annuites until I can be educated enough to do it properly and suitably. That has been my own choice. If I wanted, I could have already sold some.

People, such as myself, should not be allowed to sell until we can demonstate competency of the subject matter.

 

[Mr. Bill]

Although I understand what you're saying, wasn't the topic of annuities covered on your insurance exam??? I've heard this before, actually used to have an employee whose husband was a teacher, and she wouldn't even handle his TSA - she passed the exam, which covered annuities, but was completely clueless about them. I don't get that.

 

[jdeasy]

Although I understand what you're saying, wasn't the topic of annuities covered on your insurance exam??? I've heard this before, actually used to have an employee whose husband was a teacher, and she wouldn't even handle his TSA - she passed the exam, which covered annuities, but was completely clueless about them. I don't get that.

Yes, they were covered on the exam. Do you really believe that what's covered on the exam qualifies one to go out and place business?

I did pass my exam on the first try. The only questions I got wrong were pertaining to annuities. Maybe in your state the exam is different than here. Passing the test does not make a person an inusrance agent, it just gives them a license to say they are one.

 

[Mr. Bill]

Okay, well, here's a website that should help a bit: index annuity jack marrion fia

 

[URDRWHO]

And we all don't want a surgeon cutting unless they have prior experience. The problem is be it the surgeons knife or an insurance agent, in the world we live in, you don't fly out the door with experience. It is a truth if you have just passed your Series 7 test, insurance test or real estate test, etc.

Life insurance is not rocket science and you should be able to get up to speed without much trouble. Just start reading about annuities, there is a wealth of knowledge out there.

The only thing I wish was that in the event of death an annuity was not excluded from the step-up in basis rule.

Still searching for the perfect product.

Today the FDA said it is safe to eat tomatoes again. Since the FDA still hasn't found the source of contamination, I'm not feeling real safe.

You are exactly right on that. I did life insurance with NAA, moved into the MA and final expense business and now moving towards med sups. I have done very well with all.

I do not know anything about annuities and cannot speak to anyone intelligently about them. However, that does not keep dozens of companies from trying to get me to sell them anyway. The training they offer is how to fill out the paperwork. I can handle the paperwork, what I don't know is the nuts and bolts. I have chosen not to sell annuites until I can be educated enough to do it properly and suitably. That has been my own choice. If I wanted, I could have already sold some.

People, such as myself, should not be allowed to sell until we can demonstate competency of the subject matter.

 

[Brokers Alliance]

This is great thread. Good discussion, even if it gets a little heated is good to learn from.

 

[RLC]

Interesting....