Dateline Undercover on right now

[SportsNut]

The best part of the Dateline segment was at the end, and the cameras had come out of the woodwork... the agent was mentioning that his company had told them that they would be out there... blah, blah.

Then the cameras are basically finished filming and their story is in the can, and the agent is still asking if Auntie wants to still do the deal of the Annuity... ROFLMAO... His timing is off a bit on his closing skills, but you can't say that he didn't ask for the order...

Hillarious...

 

[susieQ]

My understanding is that FINRA has their panties in a wade because they're losing money to these indexed products. And they're crusading to get more regulation on the fixed annuities. Follow the money.

Let me think about that one. When I was securities licensed I saw several cases of people's stock accounts being manipulated for commission. So wouldn't FINRA being a watchdog for the fixed annuities sort of be like having the fox watch the hen house.

I was surprised that they didn't find a lot worse agents than that. Now the guys doing the training they seemed like scum but that one little slimy guy just sort of got caught in the middle. Also the lady AG didn't seem like the brightest crayon in the box either.

 

[SportsNut]

"lady AG didn't seem like the brightest crayon in the box either"

I think that her crayon color was "tickle me pink" (real crayon color name). I only say that because Crayola has yet to come out with the color named "I graduated last in my class at law school, and now I'm the AG".

She was a real Mike Nyfong...

 

[senior-advisor-indiana]

Really? Please describe them for us, and why.

76 year old lady has $90K in a VA paying 2% in her fixed account. VA guy no longer serviceing product. She was taking out $500 or so a month because her agent set it up that way. Told her she wasn't touching the principle. He was wrong. She deposited $105K. She needed the income though, so I put her in the Multi Choice Plus with a 6% bonus and she gets 6% GLWB. She will never run out of that income. She also has CD's,checking and savings of about 60K.

Lots of seniors also have money in CD's wasting away. I have seen them renewing below 3%. Why leave it in a CD when the can get a 3% guarantee in a FIA?!?! Of course they always need money set aside for the unforseen expenses.

 

[Crabcake Johnny]

What fees are associated with that FIA?

 

[senior-advisor-indiana]

Which one?

 

[moonlightandmargaritas]

76 year old lady has $90K in a VA paying 2% in her fixed account. VA guy no longer serviceing product. She was taking out $500 or so a month because her agent set it up that way. Told her she wasn't touching the principle. He was wrong. She deposited $105K. She needed the income though, so I put her in the Multi Choice Plus with a 6% bonus and she gets 6% GLWB. She will never run out of that income. She also has CD's,checking and savings of about 60K.

"She needed the income though"

Wouldn't she be better off with an immediate annuity? That'll never run out either, and will give her higher income.

 

[senior-advisor-indiana]

None on the 3% gaurantee and I believe it is .4 on the Multi Choice.

 

[senior-advisor-indiana]

"She needed the income though"

Wouldn't she be better off with an immediate annuity? That'll never run out either, and will give her higher income.

Well here comes a little ignorance from you. What if she dies next year? What happens to the immed annuity?

 

[Crabcake Johnny]

Which one?

Mainly these fees:

Mortality and Expense Charges
Management fees including fund management
Tax on Beneficiaries
The margin or spread fee