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Maybe they're seeing the writing on the wall more and more. The DOL ruling certainly doesn't help.
Hey! All Securities Guys! What's The Deal?
- Thread starter Bob_The_Insurance_Guy
- Start date
Maybe they're seeing the writing on the wall more and more. The DOL ruling certainly doesn't help.
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Medicare guys can do very well with no stress about market conditions. A good friend of mine has 1500 Medicare policies on the books each paying around $27 per month. The best part is they don't need to be sold, they call him and he just a signs them up. Also one of the very best way to into the securities market is thru the Medicare Market because you are dealing with the age group that has the money. Still to this day around 95% of my clients are over 65.
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Having a securities license sounds so great and much cooler than just doing insurance. Once you have it you find out what a pain in the rear it is.
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Comp in the securities industry has been getting cut a good bit over the past 5 years. Add in the extra regulations and it is a lot harder to make it.
Also, the term "millionaires" is very subjective. Someone with $2mm in retirement savings is not rich. I wouldnt even consider $5mm rich... they are well off... but not rich. Also, often wealthy people do not put all of their assets with just 1 advisor. So he might have just a few million out of the clients tens of millions.
Take a $1mm account.
If they sell mutual funds then they might make $20k-$30k in first year comp. But then only around $2k per year in trails.
So if they have $20mm in assets (which sounds like a lot to most people), they might only be pulling in trails of just $40k per year.
If they are an Adviser under an RIA, then they would make anywhere from $5k-$10k per year for every $1mm they have under management. But this business model is virtually impossible to start out on unless you have other sources of income or just a lot of assets waiting for you to immediately start managing.
So it is very likely that their pipeline of new assets has dried up and they are living on trail income that is dwindling. They might see Med Sups as a way to not just gain income, but to gain new assets via cross-sells.
Also, the term "millionaires" is very subjective. Someone with $2mm in retirement savings is not rich. I wouldnt even consider $5mm rich... they are well off... but not rich. Also, often wealthy people do not put all of their assets with just 1 advisor. So he might have just a few million out of the clients tens of millions.
Take a $1mm account.
If they sell mutual funds then they might make $20k-$30k in first year comp. But then only around $2k per year in trails.
So if they have $20mm in assets (which sounds like a lot to most people), they might only be pulling in trails of just $40k per year.
If they are an Adviser under an RIA, then they would make anywhere from $5k-$10k per year for every $1mm they have under management. But this business model is virtually impossible to start out on unless you have other sources of income or just a lot of assets waiting for you to immediately start managing.
So it is very likely that their pipeline of new assets has dried up and they are living on trail income that is dwindling. They might see Med Sups as a way to not just gain income, but to gain new assets via cross-sells.
