- 10,704
Senator Warren has annuity comp on her radar. Specifically incentives from carriers and IMOs.
Sen Warren Finds Annuity
Sen Warren Finds Annuity
Warren on the Warpath
- Thread starter scagnt83
- Start date
- 11,457
Obviously she has no idea what she is talking about. But she sure does like to get attention.
First, the government creates a mandate to lend money to buy homes to everyone with a pulse. Then the market collapses with all those derivative investments... and she wants to call these products that provided safety, security, and guarantees "second rate investments".
The hypocrisy and irony is astounding.
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This is how I'd prefer to address Senator Warren:
https://youtu.be/-lsFeVYOhl4
- 711
She is a classic Puritan er I mean Native american.
I wonder if anybody in the industry has the guts to tell her to stick it in her peace pipe and smoke it? I am guessing not.
I wonder if anybody in the industry has the guts to tell her to stick it in her peace pipe and smoke it? I am guessing not.
- Thread starter
- #6
- 10,704
The problem is "where does it stop?".
So incentives such as trips/swag go away. Then the carriers just create certain production levels to give bonuses at to make up for it. Then if that goes away the carriers just create new higher contract levels for the higher producing agents.
Short of putting a hard cap on agent comp, there will always be a work around so that a carrier can differentiate themselves from others. And that is called free market competition.
What would actually benefit consumers is an honest financial education campaign (public service type campaign). Teach them the basics of finance, of finance products, etc. Teach them to comparison shop or to find someone who is comparison shopping for them. Teach them what questions to ask and what to look out for.
An educated buyer is a lot more protected than a regulated buyer.
So incentives such as trips/swag go away. Then the carriers just create certain production levels to give bonuses at to make up for it. Then if that goes away the carriers just create new higher contract levels for the higher producing agents.
Short of putting a hard cap on agent comp, there will always be a work around so that a carrier can differentiate themselves from others. And that is called free market competition.
What would actually benefit consumers is an honest financial education campaign (public service type campaign). Teach them the basics of finance, of finance products, etc. Teach them to comparison shop or to find someone who is comparison shopping for them. Teach them what questions to ask and what to look out for.
An educated buyer is a lot more protected than a regulated buyer.
pretty soon it will be like Australia and England...no commissions
- 3,764
was warned by my manager pf this 8 years ago. I laughed at him. Now you begin to worry a little
- 711
Yeah I am afraid so. As long as the life insurance industry is not a part of Wall St we will keep getting squeezed.
Their are a lot of companies out there that want agents to go away by law. If there is no way for the majority of agents to make money then consumers will have to buy from the carriers or from big online retailers/search engines.
Less people will own life insurance and have proper coverage. Customer service will go way down but who cares? More money for the carriers, Wall St and the politicians.
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