Dateline Undercover on right now

[Crabcake Johnny]

You act like everyone selling annuities is going out and trying to get every last dime of money a senior has and lock it up for 16 years. This board is worse than dateline.

I'm not saying everyone out to do harm. However, the road to hell is paved with good intentions.

It's not about knowing in the ins and outs of the annuities you're selling (which most agents don't) but it's knowing, in detail, how all of the other financial instruments work.

You say, for example "CDs" as a blanket statement however there are many types of CDs.

I'm also a fan of "doctor heal thyself" which means I'd expect any agent selling annuities to own one.

 

[Guest]

But I mean really, is "Certified Senior Advisor" as rigorous a course of study as say, CLU/ChFC or CFP?

If I'm wrong, I'll admit it. What did you do to get the "designation"?

I believe you get it free when you buy YIO, but I'm not sure.

Al

 

[allhealthandlife]

Unless you are a trained financial expert you should not be handling people's money in any capacity - especially seniors. That's no dig on anyone here - just a statement of facts.

The mere fact that there's so much to to be made in the way of commission with annuities attracts the wrong element.

What i am surprised Chris Hanson didn't even touch on was not only can annuity be unsuitable for some seniors because of the high surrender fees but that very often seniors are unwittingly signing contracts that they can NEVER walk away from. I have had to explain to many seniors that they will never be able to get their principle back without significant penalty because they are forced annuitize at the end of their contract term.

For some people an guaranteed income stream is great but they should clearly understand this up front.

 

[GreenSky]

Rick, I applaud that you have the integrity NOT to do something that you don't have the training for. Ironic that you had the correct answer for period certain though...

But I mean really, is "Certified Senior Advisor" as rigorous a course of study as say, CLU/ChFC or CFP?

If I'm wrong, I'll admit it. What did you do to get the "designation"?

Of course it's not anywhere near what it takes to get a CLU. However it was a 3 day course of study and I believe valuable. I also took the MSAA class - specific to learning about and selling Med Supps. I have to believe the MSAA is more important to an agent selling supps than a CLIU would be. Two different animals.

That being said, I've dropped all designations from my business card. They only serve to impress the person with the designations and MAYBE others in the industry.

Rick

 

[GreenSky]

I believe you get it free when you buy YIO, but I'm not sure.

Al

Hey Al. Blow me.

Rick

 

[Winter_123]

I have had to explain to many seniors that they will never be able to get their principle back without significant penalty because they are forced annuitize at the end of their contract term.

Not all annnuities are Allianz.

Winter

 

[midwestbroker]

AS I see it...and mind you I am still in about 3rd grade when it comes to annuity knowledge...

If local banks are starting to offer annuities, then their popularity should be on the rise. Most seniors trust their banks. That is why they have their checking, savings and CD's there. So, if your banker is showing you a CD style annuity, they the senior will be more inclined to listen and consider it.

This dateline story will be a distant memory here in a few days and completely forgotten by most in a few months.

Good Morning America had a story on ripping apart a MA plan and I had some concerned seniors for about 2 days, after that it was not even brought up.

 

[Winter_123]

AS I see it...and mind you I am still in about 3rd grade when it comes to annuity knowledge...

If local banks are starting to offer annuities, then their popularity should be on the rise. Most seniors trust their banks. That is why they have their checking, savings and CD's there. So, if your banker is showing you a CD style annuity, they the senior will be more inclined to listen and consider it.

This dateline story will be a distant memory here in a few days and completely forgotten by most in a few months.

Good Morning America had a story on ripping apart a MA plan and I had some concerned seniors for about 2 days, after that it was not even brought up.

Many of the banks are part of the problem rather than the solution. The senior goes down to the trusted bank and doesnt understand 90% of what is being said but trusts the bank. In reality, they just have in-house zamboni's hawking anything with a commission just like many others, except that they have access to the clients accounts and know what they have in CD's and when they become due etc.

Winter

 

[Mr. Bill]

Exactly, with a twist as well. I took my mom to visit her safe deposit box and got to wait in the lobby for her, where two (one very verry wet and scarry) agents were calling the cd holders from the bank's list, trying to convince them that cd rates were expected to go down, and now would be a good time to look at annuities....

Churned my stomach.

 

[SportsNut]

Good point Winter... Like when Banks suggest a customer transfer an IRA into an annuity... (under age 65 client). Anyone doing that should be strung up, and not so subtly either.

Why on earth would you transfer funds already qualified for tax deferred treatment (IRA), into a product that offers tax deferral for an extra fee, (Annuity)...?

The equivilent of Medical Malpractice, if there was such a thing in this business. Grrr. Drives me insane and Banks are some of the worst financial practitioners there are.

SN