Meet The New Owner...

[CHUMPS FROM OXFORD]

As I said...IN MY OPINION... a crook. IN MY OPINION...he knew what he was doing was wrong.

 

[moonlightandmargaritas]

Same stuff at Pru when I was leaving in '93.

The most popular life sale there was what was called a "gozinta". The dividends from the old policy gozinta the new one. More life insurance at no out of pocket cost!

Since Met didn't allow it, some guys raised it to an art form - team up with a Met guy, take divs out of the Pru policy, and use it to start one with Met!

Back when I thinking of leaving, a bunch of these policies starting imploding (it's a concept that really doesn't work for the long term), and the proverbial crap started hitting the fan.

Of course Pru's management said they knew nothing of it...rogue agents of course. I'm thinking...didn't know anything about it? You are TEACHING it!

That's when I decided to leave.

 

[Dave020]

It's like a trip down memory lane..................

David Stinnett
Dan Burnett
Tom Lipscomb

Anyone heard of these guys?

I will say NML had no problem with what they were doing as agents UNTIL the you know what hit the fan.

Stinnett is the most interesting case....he was doing "gozinto" type stuff and short-pay premium stuff. He was like #1 or #2 in production every year and there are lots of pictures of him hanging out with guys like Jim Ericson at the "cottage" LOL. What he did though was create a web site (nmlcomplaints.com) which was really into "exposing" rogue NML agent activitites. In reality, he was having people sue NML and getting a kick back off of the plaintiff. He was shut down a year or so ago and fined something like $26M he has to pay to NML.

For some reason life insurance industry produces a lot of this kind of thing.

 

[Dave020]

I was thinking about the last NML annual meeting I was at I think in 1999 and Dan Burnett was speaker one day as he was #1 in the company that year.

I remember he went on and on about how you get screwed selling term insurance to regular Joes to help their family while some guy selling def comp plans to businesses gets to be #1 agent. All the time he was looking at David Sprinkle (The Todd Org) who was also on the stage...it was freaking hilarious. I knew my GA hated Burnett so I cheered at every comment he made LOL. I was planning on leaving anyway.

 

[James]

He (Daniel "Rick" Urso) was a Met manager here on the West Coast of Florida, famous for selling life insurance as "supplemental retirement plans for nurses" (James - do you use this one?)...

Nurses make a big portion of my warm market, depending on nurse just how much warmth!

 

[arnguy]

Nurses make a big portion of my warm market, depending on nurse just how much warmth!

Huh?

 

[Newby]

It's like a trip down memory lane..................

David Stinnett
Dan Burnett
Tom Lipscomb

Anyone heard of these guys?

I will say NML had no problem with what they were doing as agents UNTIL the you know what hit the fan.

Stinnett is the most interesting case....he was doing "gozinto" type stuff and short-pay premium stuff. He was like #1 or #2 in production every year and there are lots of pictures of him hanging out with guys like Jim Ericson at the "cottage" LOL. What he did though was create a web site (nmlcomplaints.com) which was really into "exposing" rogue NML agent activitites. In reality, he was having people sue NML and getting a kick back off of the plaintiff. He was shut down a year or so ago and fined something like $26M he has to pay to NML.

For some reason life insurance industry produces a lot of this kind of thing.

Dave Stinnett is a good ol hometown boy.

I don't know him personally but everyone I ever met who bought policies from him thinks he is a great guy and would still buy from him if he were still an agent.

He must have had something special going on until he got too greedy.

 

[CHUMPS FROM OXFORD]

"He must have had something special going on until he got too greedy."

You see that a lot.

 

[Dave020]

Dave Stinnett is a good ol hometown boy.

I don't know him personally but everyone I ever met who bought policies from him thinks he is a great guy and would still buy from him if he were still an agent.

He must have had something special going on until he got too greedy.

The "Bigs" always devour their own children. To reach the top production levels at companies like NML, NYL and so on, you need an angle. Often the angle is questionable from a regulatory standpoint. However, it seems the bigs tend to look the other way until it becomes a problem for them, then they turn on the agent. Stinnett was well liked and respected by the brass right up to the point where they had to cut him loose and disclaim his sales activities. Heck, GAs used to charge agents like $1,000 (on their 120 account) to sit through a Lipscomb seminar on how to sell VWL as an investment vehicle. One GA told me how Dan Burnett once did a seminar at the annual meeting and had a security company bring in $1M in cash so the agents could see what a million dollars looks like. I know Stinnett and Burnett are no longer with NML. Not sure about Lipscomb.

I can say that in my time with said company, I was taught sales techniques that at best were borderline NASD violations.

 

[Cenla Agent]

NML wins case against Web site - The Business Journal of Milwaukee: