Question on Whole Life/Roth IRA Combo Product

[briko3]

This is why I hate insurance companies/agents.

It's definitely what gives them/us a bad name. In my opinion, it's taking advantage of people that don't know better, but trust you to do the right thing for them.

That isn't to say that the people doing it are bad...they're just misinformed as well (like the original poster). One more reason people in this industry should be required to pass a REAL test and have some education about the industry.

 

[crons79]

The problem is that they are trying to regulate something that is subjective and very opinionated. You will have one person who is like Dave Ramsey and tell you only buy term and another person who says you will need it after you die so buy whole life. The regulatory people want to keep their jobs so they inforce the rules there are, but don't really want to come out and tell you whats good and bad because they don't want to hurt the industy (and the big corporations and their lobbyists).

I thinks its tough to make a really good living in the financial sector by being honest. Not much money in it unless you are dealing with very wealthy clients with tons of money. But there are only so many of those people to go around.
- - - - - - - - - - - - - - - - - -
"This is why I hate insurance companies/agents."

Finish your sentence or thoughts next time. Try to elaborate for clarity. Thanks.

 

[Franz Kafka]

I thinks its tough to make a really good living in the financial sector by being honest. Not much money in it unless you are dealing with very wealthy clients with tons of money. But there are only so many of those people to go around.

I respectfully disagree. Irrespectfully, I think that's ridiculous.

 

[Crabcake Johnny]

Irrespectfully?

 

[crons79]

I am kinda honored. I have never been Irrespected before.

 

[bluemarlin08]

Whether an agent is misinformed, he should become informed before he goes out hawking schemes like this. I totallt agree regarding more stringent test and tighter DOI, but never will happen.

 

[moonlightandmargaritas]

I totallt agree regarding more stringent test and tighter DOI, but never will happen.

How? What do you propose?

More regulation ain't gonna fix the problem, it's not like we have too little now. How is the DOI supposed to test someone for integrity and honesty in the future when they enter the field? A background/criminal check doesn't guarantee it.

There will be abuses when you're dealing with human beings. It's an "occupational hazard" best left to the free market to correct.

 

[crons79]

I agree with moonlight. Look how stupid the Compliance Officers act or CMS.

(I always wanted to use that smilie)

 

[briko3]

I didn't mean that someone should be tested on honesty, etc. I just said that we need education to get in to the industry (like most other professional industries) so that people like the original poster aren't having to find out from a message board that plans like this aren't honest. By not requiring it, we're allowing any IMO to take advantage of new agents. There will still be some that do dishonest things, but at least we'll eliminate a lot of, "I didn't know it was wrong".

 

[Franz Kafka]

Irrespectfully?

That was a pun. I mean ... what's the word that sounds the same backward ... yea a palindrome!

Irregardless, that was irridiculous.