Ed Slott-elite IRA Advisors

[Charpress]

The Ed Slott pitch:

"I don't sell insurance, so I have no motive in my recommendations."

Thing is, Ed got in bed with the insurance industry and that is where he is making big money. He doesn't sell it, he just recommends that you buy it from whoever paid him money for his training and appearances. Someone locally is doing a Slott dog and pony show with Slott himself as a speaker.

"I don't sell insurance so I have no motive for my recommendations. But Joe Blow here who paid a huge fee to get me to appear does sell insurance and I suggest you buy a big policy from him."

 

[somarco]

Got any suggestions on where to get a good price on Vodka for those screwdrivers?

Charpress nailed it.

Slott is running a game like Dave Ramsey.

 

[Mr. Bill]

Maybe even better. I hear $100k a crack.

 

[thcooper]

Yes Ed charges 85k to 100K for a one day talk. However look at these numbers-- Last year he had 300 agents/reps that paid annual dues of $5,000 or more in a room for 2 days. thats $750,000 a day or 1.5 million for two days. No wonder he loves life insurance. The agents are his life insurance. He talks about his life insurance, but you never get to see his cash values, dividends, death benefits. Maybe he is a term mite.

He did buy lunch for both days and you got a 3 ring binder, Oh yea, a picture with him.... The attendees had to pay for their own air transportation, taxi and room cost. His Elite Advisors teleconferences are prerecorded and you do not get to ask question "live". Probably because he is off doing a 1 day seminar for 85k.

 

[Mr. Bill]

It is customary that a speaker be paid a fee, plus expenses. Must be nice staying at the Presidential Suite and getting there by first class airfare!

Ed has created his own niche and is selling it very, very well.

 

[Freddie]

Isn't Ed also in bed with more than a few IMO/FMOs? Was Ed involved with Larry Klein and Javelin as someone suggested?

 

[Mr. Bill]

Yes. Larry Klein was kind of how Ed got his start. Seems to me around 2003/2004. Larry was a brillant marketor (meaning, he marketed brilliantly to agents!) and he already had a "system" in place - binder, cd production, seminar, and a list.

Javelin is the post NFCommunications website. Everything Larry, but I think Ed might have moved on...

 

[Freddie]

Yes. Larry Klein was kind of how Ed got his start. Seems to me around 2003/2004. Larry was a brillant marketor (meaning, he marketed brilliantly to agents!) and he already had a "system" in place - binder, cd production, seminar, and a list.

Javelin is the post NFCommunications website. Everything Larry, but I think Ed might have moved on...

I have heard only bad things about Larry. Makes me concerned about Ed. Birds of a feather.

 

[Mr. Bill]

Sadly, a lot of very smart people get schmoozled and bamboozled by a lot of other smart people. I don't know why the Ed & Larry show broke up. Would be an interesting story, I'm sure.

Sometimes, it just happens after a long day and a couple of drinks. You know, one month, the IMO/FMO is all happy with The Guru, then you don't see them advertise The Guru, and then the IMO/FMO starts advertising a New Guru. The really sad thing is how many young'uns get suckered into Guruville and then end up with an IMO/FMO who doesn't have a clue and doesn't really care.

 

[Charpress]

Sigh...

I had someone come in today who has about $2.5 million in IRAs and he had a copy of Slott's latest book. I had put together a plan for him to Roth and Life thereby reducing income taxes by $209k at today's income tax rates.

"Slott really likes life insurance", he says, holding up the book.

No disagreement so far.

"Slott even seems to like annuities, which is totally different than he used to write."

Had to suppress a guffaw at this point.

"Slott says you need to carefully choose your advisor and to look carefully for certain skill designations when you pick an advisor."

OK, gloves off at this point.

I sez: "Let me tell you how this works with Slott & Co."

I then told him about how anyone who wants to pay Slott a fee can have a "designation" and that he (the guy I was talking to) could have one himself if he wanted. I told him that Slott's advice was pretty much good, but keep in mind that he has an agenda DESPITE WHAT HE SAYS just like everyone else.

Whether I get this sale remains to be seen. Any guesses as to whether Slott is helping or hurting my chances at this point?

By the way, one of Slott's anointed ones is doing a seminar in my town this week -giving away free Slott books "if you reserve your seat right now". I have a feeling my guy will be going if he heard about it.