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Also, Fidelity Guarantee Life has a MYGA special right now on a 5 year. 3.25% per year to the client, and commission is (I think) 2.5% or 3.0% to the agent (no trail).
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1 yr brokered CDs are at 2%
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PEACH_cm
Senior Member Joined: Jan/16/2013 Status: Offline Points: 7184 |
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He asked about fixed annuities.
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I get that, but how do you put someone in a 3-5 yr annuity at the same rate as a 1 yr CD.....to get paid better? |
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Iamlegend
Platinum Member Joined: Mar/09/2010 Status: Offline Points: 22533 |
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Brokered CDs have market fluctuations and fixed annuities don’t. |
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Touché. Do these fixed annuities have surrenders or no? I’m in a “training wheel” world when it comes to this type of annuity |
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Yes.
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RIArules
Platinum Member Joined: Mar/15/2010 Status: Offline Points: 36499 |
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Yeah, but what kind of market fluctuations are you really worried about with 1 year maturities??
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Is it too late to exhume Ken Starr?
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#1 with Diet Coke super-sized. I think you, or whoever said it first, was right. Don’t shit-slam the guy in an annuity. Can’t see how anyone sells a 3-5 yr annuity at 2% right now |
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Iamlegend
Platinum Member Joined: Mar/09/2010 Status: Offline Points: 22533 |
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I thought we were talking 5 year? |
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Iamlegend
Platinum Member Joined: Mar/09/2010 Status: Offline Points: 22533 |
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Yes 10% free withdrawal. |
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I was halfway being sarcastic, but EJ fixed annuities do suck. Just to be clear tho, we’re talking 1 yr CDs vs 3-5 yr annuities both at 2%. I’ll deal with fluctuations |
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Iamlegend
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We have a 3 year on our platform paying 2.7% I think. Forethought |
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This is one answer. But I've been using the Pac Life product myself. Similar or slightly better rate. Allows 10% free each year. And *IF* rates keep going up, they can bump the rate up. If rates go down, they are guaranteed the current rate for the surrender period. A buddy of mine uses that Security Benefit Rate Track product. Pretty cool concept. If LIBOR moves, it moves. I haven't used the Fidelity product. But let's be realistic. 3.25% is more than 50% better than 2.0%. That's a big move in rates to make up that kind of ground in the next 5 years. If you are talking big money, 1.25% difference in interest is a big deal. The other products, like the flexible premium ones...they are for small accounts. I'm not doing brokered CDs for a Roth IRA contribution. It is what it is. And you certainly aren't going to DCA into a CD.
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B24
Moderator Joined: Mar/09/2010 Status: Online Points: 25756 |
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I've sold a shit load of these over the past few years. It was usually 3.15%, but they would run specials at 3.25%. |
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"If Bellicheat pulls that rabbit out of his a$$ with this kid at quarterback, I'll personally kiss his ring." - Sporsfreak, 09/20/16
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Darngoner
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Some people need to get off their moral high horse. Just admit you’re doing for the money and if you don’t you’re either lying to me or lying to yourself. If you want to go into a business where the aim is to help people financial services isn’t for you. You service clients well and take care of their needs because service begets business.
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Iamlegend
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No one sells fixed annuities for the money. If you wanted to do something for the money, we would do an A share or advisory. At WFA the comp on a fixed annuity is 2% and no trail. I do brokered CDs quite a bit lately as well. A few weeks ago I did 200k in short term CDs for a client and my comp was less than $100 I think. I usually don’t even look at the comp or know exactly what it is because it is about doing what fits for the particular client. |
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You’re a welcome addition to the industry. We need more like you |
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Macduff
Senior Member Joined: Oct/27/2013 Location: United States Status: Offline Points: 1140 |
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I do brokered CD's occasionally and I can't stand them. Going forward, I'm not going to do them unless the client has other money with me. The short duration CD's end up being a loss for me in most instances because of the $40 fee that my BD charges. If I'm making money elsewhere then I'll eat it but I'm not going to be doing only CD's for anybody. Sorry, I'm just frustrated by the last client for whom I bought CD's.
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“I was born for the storm, and a calm does not suit me.”
― Andrew Jackson |
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