Security Benefit Dropping the SIA

[SanDiego619]

No, no I got what you meant. I'm kind of summarizing a certain conference call that I just got around to seeing this morning.

Seven in the circle, seven in the circle -but one to bind them all. Reminded me very much of Lord of the Rings.

That's good stuff. I figured you knew what I was saying. I was also clarifying for the sake of others reading the thread.

 

[Charpress]

Speaking of American Equity, I wonder if any of you have had the same experience I once had (and others, I am told):

I sold a bit of their product and then did nothing with them for a year. They then terminated the contract, which is to be expected. No company will keep paying the enrollment fees without business coming in.

But then a letter was sent to each person I sold a policy to that told them that I was "no longer with American Equity" and that agent Joe Blow was taking over. Now, I can't say for sure whether the letter originated with AE or with Joe Blow, but Joe Blow certainly was informed by AE that I was terminated and, I suspect, some encouragement was given.

This has never happened with any other company.

I got some upset calls from clients since the impression left was that I had done something wrong and had been fired. To me, this was extremely bad form on the part of American Equity to do this, or be a part of this, and is something I will not forgive. There are plenty of companies out there to choose from.

 

[SanDiego619]

Speaking of American Equity, I wonder if any of you have had the same experience I once had (and others, I am told):

I sold a bit of their product and then did nothing with them for a year. They then terminated the contract, which is to be expected. No company will keep paying the enrollment fees without business coming in.

But then a letter was sent to each person I sold a policy to that told them that I was "no longer with American Equity" and that agent Joe Blow was taking over. Now, I can't say for sure whether the letter originated with AE or with Joe Blow, but Joe Blow certainly was informed by AE that I was terminated and, I suspect, some encouragement was given.

This has never happened with any other company.

I got some upset calls from clients since the impression left was that I had done something wrong and had been fired. To me, this was extremely bad form on the part of American Equity to do this, or be a part of this, and is something I will not forgive. There are plenty of companies out there to choose from.

I would guess this client called in to ask some questions and was maybe directed to their agent. Well come to find out that their agent is no longer licensed with AEI. AEI usually calls an agent or sometimes an FMO that maybe close to the client. I have heard of a letter being sent saying the previous agent was terminated but never heard of the letter stating such and such is taking over. AEI usually calls me and says hey do you have an agent around this area that wants to call this "orphaned client?"

Your experience is news to me for sure.

 

[scagnt83]

Speaking of American Equity, I wonder if any of you have had the same experience I once had (and others, I am told):

I sold a bit of their product and then did nothing with them for a year. They then terminated the contract, which is to be expected. No company will keep paying the enrollment fees without business coming in.

But then a letter was sent to each person I sold a policy to that told them that I was "no longer with American Equity" and that agent Joe Blow was taking over. Now, I can't say for sure whether the letter originated with AE or with Joe Blow, but Joe Blow certainly was informed by AE that I was terminated and, I suspect, some encouragement was given.

This has never happened with any other company.

I got some upset calls from clients since the impression left was that I had done something wrong and had been fired. To me, this was extremely bad form on the part of American Equity to do this, or be a part of this, and is something I will not forgive. There are plenty of companies out there to choose from.

I have never had this happen before. I havent sold AE in almost 2 years now and still have not been terminated (although I like their new products and Index option and am thinking of pitching one tomorrow).

I think part of it has to do with your upline as well and how much business they are doing with the company.

I have heard of GAFRI doing this... I am a little over a year now on them so I guess I will find out.


Now I did have (do have) a situation with NA that was similar. The IMO I was contracted with was terminated for lack of production. The IMO gave us agents no warning at all so we could have time to transfer our contracts. So one day I get a random letter in the mail saying that my upline was terminated and so was I... I was PISSED that the IMO never said anything.


Now I have 5 contracts with NA which I have no access to their info at all. I am contracted with them on the life side, but that is a separate contract. I have thought about asking my upline to contract me on the annuity side, but honestly I do not plan to do any NA annuity biz so I dont know that its worth it. Midlands products are better than NA imo, so to me it almost isnt worth the time to fill out the paperwork.

 

[Charpress]

I would guess this client called in to ask some questions and was maybe directed to their agent.

One client actually told me this letter came out of the blue and since he knows me, he found it a bit offensive and wanted to make sure I was aware of what was going on. He told Joe Blow he had no interest in meeting with him or in talking to him -which is what the letter was suggesting.

Granted there are ways to find out who is terminated with which company by going to the state's insurance site. But that would not tell anyone who the existing clients are with addresses and phone numbers -that would have to come from American Equity.

Now, I have gotten letters from Allianz saying that a former client wanted some information and if I wasn't interested in keeping up, they would suggest someone else to take over their case. That is the classy way to handle the situation.

 

[Golfnut2112]

Speaking of American Equity, I wonder if any of you have had the same experience I once had (and others, I am told):

I sold a bit of their product and then did nothing with them for a year. They then terminated the contract, which is to be expected. No company will keep paying the enrollment fees without business coming in.

But then a letter was sent to each person I sold a policy to that told them that I was "no longer with American Equity" and that agent Joe Blow was taking over. Now, I can't say for sure whether the letter originated with AE or with Joe Blow, but Joe Blow certainly was informed by AE that I was terminated and, I suspect, some encouragement was given.

This has never happened with any other company.

I got some upset calls from clients since the impression left was that I had done something wrong and had been fired. To me, this was extremely bad form on the part of American Equity to do this, or be a part of this, and is something I will not forgive. There are plenty of companies out there to choose from.

I would call each client and tell them you are no longer selling American Equity but you can still service their accounts. I would meet with them on their policy anniversary and if they need service do a three way call or better yet have each client sign a form listing you as an authorized caller on their account. Remember these are your clients and not some IMO'S.