by Insurance Expert » Thu Sep 03, 2009 12:12 pm
Gary, I asked this before inside of a thread, but didn't get a response.
I'm curious. If one does end up needing a security license to sell EIAs, will you become a registered rep or will you stop selling them?
Please don't get into a diatribe about all of the reasons why an EIA should not be regulated as a security. I'm asking you not to do this simply because I am in complete agreement. It's absolutely ludicrous.
I'm curious. If one does end up needing a security license to sell EIAs, will you become a registered rep or will you stop selling them?
Please don't get into a diatribe about all of the reasons why an EIA should not be regulated as a security. I'm asking you not to do this simply because I am in complete agreement. It's absolutely ludicrous.
Posted: Sun Feb 07, 2010 03:37 am Post Subject:
HAHAHAH! Sorry I don't woo you quite as much as Gary.
Posted: Sun Feb 07, 2010 09:43 pm Post Subject:
I would trust Gary with my money any day, rather then let a registered representative steal it or gamble it away. BNTRS do you really think you know what is happening with the money you invest for your clients? Growth funds, income funds, emerging markets funds? Can you really say "yes I know that their money is going to this particular project and that each and every one of the principals of these individuals involved do not have a criminal background or criminal intentions?" Are you so ignorant to what has happened in our stock market let alone our own politicians of our own government. Do you really think that everything is hunky dory and that these companies are going to do the right thing? Get out of your dream world or quit smokin what you're smokin and face the facts that guaranteed products are the only suitable investment. If you want to sell your junk, sell it but I don't know how you live with yourself or look your clients in the eye. You remind me of the Ameritrade commercial of the broker riding in the back of the Limo saying "you're leaving me? What about all the fun? ... The Fun! I care and respect my clients way too much to give them a line of bull that I know 100% that their money is going to a good place. For all you know the money your clients are investing could be funding terrorism. Don't tell me that the SEC insures that it doesn't, Bernie Maddoff is proof of that. The SEC has no clue.
Posted: Sun Feb 07, 2010 10:26 pm Post Subject:
Yup, because the evil securities industry just steals people's money while the insurance industry is the epidome of stewardship, and I'm smoking something?
It's all connected, don't play on the feeble minded, and if you are a member of the feeble minded, please surrender your insurance license fortwith and do the world a huge favor.
We can all point to issues with each industry, but you must know that neither industry has the 100% solution.
Again, I may be a registered rep, but I still place a lot of fixed business. I can sell equity indexed annuities, but I've never found a reason to do this.
The money placed at an insurance company goes into the market. How do you know the backgrounds of the people managing the general account. Why is it that a lot of the equity indexed products are offered by mostly second rate insurance companies?
All the attacks you have towards the securities industry could be turned around on the insurance industry. Now play nice, because nobody really likes the always unhappy critic who complains and is first on the attack, they only keep him around because he can be entertaining.
Posted: Mon Feb 08, 2010 03:34 am Post Subject:
Get real at least the money is insured when it is placed in an indexed annuity. My clients have never lost one red cent, can you say that? NO! Also, I would not call Lincoln National, Aviva, Midland National, Old Mutual, North American second rate companies. Thief I say!!!
Posted: Mon Feb 08, 2010 10:25 pm Post Subject:
Get real at least the money is insured when it is placed in an indexed annuity. My clients have never lost one red cent, can you say that? NO! Also, I would not call Lincoln National, Aviva, Midland National, Old Mutual, North American second rate companies. Thief I say!!!
Just out of stupid curiosity....what carrier do you think are good?
Posted: Tue Feb 09, 2010 02:32 am Post Subject:
The money isn't insured, the guarantees on indexed annuities are extremely low, that's why I advocate fixed annuities.
Posted: Wed Feb 10, 2010 04:27 pm Post Subject:
Now surrender your license. Indexed annuities are absolutely insured. If the insurance company goes broke the state guaranty fund guarantees the policy holders funds up to state fund limits. Let's not confuse guaranteed interest rates vs. insuring principal.
Posted: Thu Feb 11, 2010 03:36 am Post Subject:
Since you're not securities licensed, I suppose you've never heard of this organization called SIPC. It's insures against insolvency the same way the guaranty fund does, only it's $500,000 dollars worth of insurance. Some accounts can be insured beyond that limit. There's only one state in the Union with a guaranty fund that covers that amount, NY state. That insurance is per brokerage account. Most state guaranty funds offer coverage per annuitant and the majority of states cover up to $100,000.
Again, by virtue of being an equity indexed annuity there is no insurance of principal. Yes, there is the guaranty fund, but making that juxtaposition is not one that results in making insurance products looks like winners.
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