Hoping to swing my first deal!!!

[James]

"Your only choice's would be to go Indy, second tier out fit (H&R Block..etc)or a Bank."


The above statement was geared towards the financial planning/securities field.

They frown on firm hopping. If you couldn't make it at AG Edwards how will you at Smith Barney?

Hell insurance companies will take pretty much any live body with a list of names to hound. Personally don't think much of NYL as they try to use life as an investment/ retirement vehicle.

Of course this is all done with a .../wink.

That my friend will get you in court and your manager will of course blame you.

Sure there are folks making 80k+ but they also spend tens of thousands on marketing and seminars so take that with a grain of salt.

Here is a good story for you-


http://registeredrep.com/mag/finance_scary_story/index.html

B/S!

Go over to places like financial-planning.com, you'll find people that have been to many differing BD's. Don't even get me going on that RR board, its utterly useless!

Fact is, W/L or a Ins. Contract has more then one value to it, it may even be used as a solid Savings Account/Retirement Vehicle. Lets face it, TAAMRA or ERISA was nothing more then the Banking and Securities Industry demanding protection as they felt that too much money was being placed within Ins. Contracts. So all those people were wrong and you and your ilk is correct and that isn't even debateable? Sounds a bit narcisstic to me.

 

[MIBizInsurance]

"you'll find people that have been to many differing BD's. Don't even get me going on that RR board, its utterly useless! "

/boggle


The whole point is moving around in the insurance field is no big deal.

FA's do move around but not a whole lot or at very least not like insurance pro's do. The ones that move around allot for the most part cant cut it. I'am not talking about moving every 7-10 years but 2-3.

I didn't refer him to the board but the article. The article is to clue him in that E&O won't help in "you told me to do this".


No matter what you or nhb think, feel the law regarding this can't be passed over with the /Wink.

It will comeback to haunt you as it has many others.

 

[James]

No matter what you or nhb think, feel the law regarding this can't be passed over with the /Wink.

It will comeback to haunt you as it has many others.

How many others? I don't know of many W/L or UL opponents going to jail? I know that the Andrew guy with the Missed Fortune is facing a few Civil Suits but outside of that I am ignorant so if you know of a substanial amount please let me know.

Yes, the law would seem as though one can't promote the Ins. Contract as an investment, totally bizarre to my way of thinking but I call it Savings and Retirement Funding. I simply fail to see how or what law I'm breaking, or for that matter the spirit of any law. What I can't do is presume unrealistic assumptions, something the insurance agent can't hold up in comparison to his cousin the financial advisor! If I assume a 6% and he the cousin assume his M/F at 12% who is being more assumptive?

Yet though, I use DB, everything else is simply frosting on the cake.

 

[NHB_MMA]

Here is a good story for you-


http://registeredrep.com/mag/finance_scary_story/index.html

The article starts out with a story about an agent that recommended LTC, the prospects declined, and then the son later sued him. We're obviously talking about a scumbag son and a crackpot judge. Things like this have to be the exception and not the rule, or we'd all be out of business.

 

[NHB_MMA]

No matter what you or nhb think, feel the law regarding this can't be passed over with the /Wink.

It will comeback to haunt you as it has many others.

What are you referring to? Selling permanent life as an investment or something else?

 

[James]

Here is a good story for you-


http://registeredrep.com/mag/finance_scary_story/index.html

The article starts out with a story about an agent that recommended LTC, the prospects declined, and then the son later sued him. We're obviously talking about a scumbag son and a crackpot judge. Things like this have to be the exception and not the rule, or we'd all be out of business.

LOL, you know I didn't even check out the link, I assume he would post something of relevance? I guess that is what I get when I assume, maybe he just mix up the links???

Well whatever I suppose, hell of a story though!

 

[NHB_MMA]

LOL, you know I didn't even check out the link, I assume he would post something of relevance? I guess that is what I get when I assume, maybe he just mix up the links???

Well whatever I suppose, hell of a story though!

What happened in that story could happen to any agent, as the agent did nothing wrong. Perhaps, it shows the importance of getting signed statements when prospects decline coverage, which can also be a sales tool.

 

[MIBizInsurance]

LOL...OMG.

NHB your not go to see the "writing on the wall" till it hits you smack dab in the face.

The article is just an example of how you can will be held responsible for what you recommend or hell just any thing the client makes up.

As you like/need things detailed out - Be very carefull what you (or Manager) recommend to make a sale.

Good luck.

 

[Crabcake Johnny]

You can be sued for basically anything the client dreams up as long as they can find an attorney to represent them. You might win $40,000 later.

If I'm selling life I never compare it to financial vehicles. First of all, I'm not a licensed financial advisor. Secondly, UL has nothing do to with investments - it's frick'n life insurance and I sell it as life insurance. Shut up about 401K's, CD's and investments. One has nothing to do with the other.

For health, I do not sell plans that limit in or outpatient procedures. If I HAVE to sell one of those plans I get a disclosure signed that basically states this:

A: My agent showed me a variety of plans that did not include limitations for prescription drugs, outpatient or inpatient procedures.

B: My agent explained the limitations of the "XYZ" plan including the "$5,000 limit on outpatient procedure, $100,000 limit on inpatient procedures and $2,000 on medications. I have been so advised that in a medical event I might incur financial liability after the limiatations are reached."

C: Upon comparing the "ABC, DEF and GHI plans, I am choosing the XYZ limited plan."

It's pretty funny when I break that out when I have disinterested clients who only care about price. Great reaction.

That's the basics. Trust me when I tell you that the insurance company will be the first one to roll you under the bus:

"WHAT? You're telling me your agent didn't go over that with you???"

 

[NHB_MMA]

LOL...OMG.

NHB your not go to see the "writing on the wall" till it hits you smack dab in the face.

The article is just an example of how you can will be held responsible for what you recommend or hell just any thing the client makes up.

As you like/need things detailed out - Be very carefull what you (or Manager) recommend to make a sale.

Good luck.

Understand I'm very new to this. I briefly sold MEGA eight years ago, and I haven't done anything with life insurance or any other products. I'm here to learn.

If it is that easy to get sued, what are you doing to protect yourself? I see John talks about a disclaimer he has prospects sign. I have in mind to do a similar thing with life insurance saying I recommended X amount but the client opted for Y amount and I have advised that Y might be inadequate. I don't know if NYL will like me making up a disclaimer, but I'm not comfortable not doing it.