Midland National to Pay $1.3 Million Fine to CA DOI

[wln417]

I appreciate your reply.

I maybe should have been more specific: Do you would recommend their Annuities Sales Excellence ToolKit?

I recently appointed with Midland. The IPS website hypes this product as "a simple, proven, step-by-step annuity marketing and prospecting system to help you become the most recognized trusted advisor in your local community".

Think it'll work? Would you recommend it?

 

[DHK]

I don't own that one... so I can't comment on it directly. You can always call Lew 877-297-4608 and talk to him directly about your situation and see if it would be a fit for you.

My litmus test would be if you're looking for a way to simplify your presentations, simplify your marketing message, and help clients make simpler buying decisions... then I would trust IPS to guide you well.

 

[wln417]

Thanks, David Kinder. (20 characters).

 

[Gulfman]

This is disturbing....how can Midland go after their agents when they underwrote the product and all disclosures are signed?

Not sure what to make of this....???

Anyone know How Midland can come after their agent who sold this ???

I'm not going to comment on the legality of the products or the sales materials provided to the agents to use.

What I find concerning is that Midland National has been settling these class action lawsuits all over the country, making refunds to the policy holders, and then CHARGING BACK THE AGENTS years later for doing what Midland instructed them to do.

I've spoken to agents that have been bankrupted by this and lost their businesses because they spent their commissions running their agencies and lost the trust of the clients they sold these products the way they were told to. Midland is also reporting to other carriers that the agent has an unsatisfied charge back on their account that makes it almost impossible to get a new GA contract.

IMO something is wrong with that picture.

To add insult to injury Midland has been VERY aggressive in their lawsuits and collection practices.

 

[Ron Van D]

I appreciate your reply.

I maybe should have been more specific: Do you would recommend their Annuities Sales Excellence ToolKit?

I recently appointed with Midland. The IPS website hypes this product as "a simple, proven, step-by-step annuity marketing and prospecting system to help you become the most recognized trusted advisor in your local community".

Think it'll work? Would you recommend it?

IPS offers a money back guarantee.

 

[AOKING]

The reason I recommend the Insurance Pro Shop so often... is because of the skills they teach in how to do a proper fact-find. While doing the fact-finding and asking great questions, you learn how to give mini-concept presentations so clients can "buy in" to various concepts.

Everything else is about marketing to seeing people who are your ideal prospect that you have the best chance of selling.

For me personally, if I were to enter the Retirement Planning market... I would use the skills taught from IPS, use the Torrid Technologies RetirementView software (the IPS recommends this too), be an RIA/IAR, and diversify the portfolio into FIAs. I'd probably use IPS newsletters as well as their booklets/seminars.

**Just curious DHK......what market do you typically practice in?**

 

[DHK]

Middle income & affluent family market.

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Before I became an independent agent, I was doing retirement planning at a credit union broker/dealer... so that does have an impact on the way I view retirement planning.

 

[Norwayguy]

This is disturbing....how can Midland go after their agents when they underwrote the product and all disclosures are signed?

Not sure what to make of this....???

Anyone know How Midland can come after their agent who sold this ???

They normally rescind the policy like it never existed and no policy no commission. Carrier has use of money for years and charges back agent.

 

[VolAgent]

They normally rescind the policy like it never existed and no policy no commission. Carrier has use of money for years and charges back agent.

Pretty profitable for the carrier if it has been a while. You don't have to pay interest or commission.

 

[scagnt83]

I need to re-read my midland contract!! Though I am sure it is not exclusive to just them.