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It is a marketing ploy. But the FMO's buy into it, at least the ones I have spoken with. When I start digging, then ask questions, the good ones will eventually admit the same.
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Looking at this from the opposite direction, retired engineers are the demographic to avoid.
They always want to know how it works. They don't really care about results, they want to understand how the watch is made.
I have one engineer who came to several seminars and in one argued with me about the concept of why losing 30% in the market requires 43% in gains to get back to even. I tried every way to explain, and so did a couple of people in the audience who were getting tired of the engineer repeating the same question in different ways.
Anyway, after a few office visits I did not hear from him in a year or so. He did call me back to ask for help. Turns out he put all his retirement money (over $1mil) with Stanford Investment CDs. If you aren't familiar with Stanford, let's just say he lost all his money overnight and it is gone for good.
When I asked him why on earth he did that, his reply was basically that he could understand a CD and he could understand why a bank in the Caribbean could pay him 8% while a U.S. bank could only go 3%. It was because of those pesky FDIC fees they didn't have to pay down there. I guess the Stanford rep had an easier concept to explain, although dishonest.
Yep, never had much success with engineers. Very bad demographic.
They always want to know how it works. They don't really care about results, they want to understand how the watch is made.
I have one engineer who came to several seminars and in one argued with me about the concept of why losing 30% in the market requires 43% in gains to get back to even. I tried every way to explain, and so did a couple of people in the audience who were getting tired of the engineer repeating the same question in different ways.
Anyway, after a few office visits I did not hear from him in a year or so. He did call me back to ask for help. Turns out he put all his retirement money (over $1mil) with Stanford Investment CDs. If you aren't familiar with Stanford, let's just say he lost all his money overnight and it is gone for good.
When I asked him why on earth he did that, his reply was basically that he could understand a CD and he could understand why a bank in the Caribbean could pay him 8% while a U.S. bank could only go 3%. It was because of those pesky FDIC fees they didn't have to pay down there. I guess the Stanford rep had an easier concept to explain, although dishonest.
Yep, never had much success with engineers. Very bad demographic.
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Charpress, IMO engineers are tied with lawyers. They both want to read the fly specks on the page.
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Have you really tried this ?!!>!
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try having a engineer as a client and selling them mutual funds, 529, VA's and life insurance. It was a disaster and still is..
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Have you really tried this ?!!>!
He is presently wanted by the FBI for a string of bank robberies. The CEOs complained that in this economy, taking away their CD money was the same as robbery.
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Early in my career we had a call in from an engineer that was given to me.
He actually refused to do business with me because I had no designations.... he was buying a term policy..... he couldnt decide between a 15 or 20 year and decided that he needed the opinion of someone with a designation to assist him with his decision!!! This is after he read a policy pretty much line for line. A CLU spoke with him and told him the exact same thing I did.. lol.
It bothered me back then because I was so green, but now I would gladly hand that client off to another agent!!!!
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