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wetucker2 View Drop Down
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    Posted: Oct/02/2019 at 12:01am
Hello everyone!  I'm a new licensed FA looking to gain insight and advice to build my practice.  I'm excited about this career transition to help people like me who felt they have not received the best advice in their lowest of times in life.
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luvindy View Drop Down
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In first!
8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time."
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Hard making money providing “good” advice to poor people.
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Originally posted by PEACH_cm PEACH_cm wrote:

Hard making money providing “good” advice to poor people.

He wants to have 1000 clients and 1mm AUM. 🤣🤣
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spudpotato View Drop Down
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Lowest of times emotionally in life?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mindtech Quote  Post ReplyReply Direct Link To This Post Posted: Oct/13/2019 at 11:29pm
Originally posted by wetucker2 wetucker2 wrote:

I'm excited about this career transition to help people like me who felt they have not received the best advice in their lowest of times in life.


I commend you for being very altruistic in what you *want* to do, but being the Welfare Advisor is a quick way for you to go back to the poor house and to lose your job.

In order to be successful you need to find people who have money and at the highest time in their life. You need to find people who have no issues with paying fees and commissions. And even though you may think they are few and far between they're not.

The person with $1000 to his name will balk at you when he sees the annual admin fee. He will waste your time and even if you could somehow convince this pleb to pay you a 10% commission and you were to get a 100% payout on your firm, you'd only get $100 in your bank account.

But hey, it's your business. If you want to help the little guy out then it was nice to know you. We won't be seeing you next year.
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Sell them life insurance with accelerated living benefit riders.

A $1,000 premium for term life insurance would net you 45% with captive companies and 80%+ with independent contracts.  If they pay monthly on the policy, you can probably get 75% of the total annual commission advanced to you up front.
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PEACH_cm View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote PEACH_cm Quote  Post ReplyReply Direct Link To This Post Posted: Oct/14/2019 at 6:38am
Originally posted by D.H.K. D.H.K. wrote:

Sell them life insurance with accelerated living benefit riders.

A $1,000 premium for term life insurance would net you 45% with captive companies and 80%+ with independent contracts.  If they pay monthly on the policy, you can probably get 75% of the total annual commission advanced to you up front.
this is why people hate you
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bc2051 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bc2051 Quote  Post ReplyReply Direct Link To This Post Posted: Oct/14/2019 at 7:34am
Originally posted by PEACH_cm PEACH_cm wrote:

Originally posted by D.H.K. D.H.K. wrote:

Sell them life insurance with accelerated living benefit riders.

A $1,000 premium for term life insurance would net you 45% with captive companies and 80%+ with independent contracts.  If they pay monthly on the policy, you can probably get 75% of the total annual commission advanced to you up front.
this is why people hate you


Here to help
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advisorman View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote advisorman Quote  Post ReplyReply Direct Link To This Post Posted: Oct/14/2019 at 8:29am
DHK, can you hook me up with one of those?
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B24 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote B24 Quote  Post ReplyReply Direct Link To This Post Posted: Oct/14/2019 at 8:38am
Originally posted by D.H.K. D.H.K. wrote:

Sell them life insurance with accelerated living benefit riders.

A $1,000 premium for term life insurance would net you 45% with captive companies and 80%+ with independent contracts.  If they pay monthly on the policy, you can probably get 75% of the total annual commission advanced to you up front.

Edward Jones:

$1,000 Term Premium
70% of premium = $700
$700 x 40% payout = $280 to your W2

So, let's say you do 100 of those per year (which nobody at Jones has ever done in the history of Jones)....

That would net you $28,000 for the year. And it's going to be similar (give or take a little on either end) at most captive firms.

Moral of the story...don't sell life insurance because you think it's going to "save you".

Moral of the Story #2...don't take DHK's career or practice advice.
"If Bellicheat pulls that rabbit out of his a$$ with this kid at quarterback, I'll personally kiss his ring." - Sporsfreak, 09/20/16

"Jags/Vikes Super Bowl. Write it down" - Sportsfreak 01/19/18
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bc2051 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bc2051 Quote  Post ReplyReply Direct Link To This Post Posted: Oct/14/2019 at 9:13am
Originally posted by B24 B24 wrote:

Originally posted by D.H.K. D.H.K. wrote:

Sell them life insurance with accelerated living benefit riders.

A $1,000 premium for term life insurance would net you 45% with captive companies and 80%+ with independent contracts.  If they pay monthly on the policy, you can probably get 75% of the total annual commission advanced to you up front.


Edward Jones:

$1,000 Term Premium
70% of premium = $700
$700 x 40% payout = $280 to your W2

So, let's say you do 100 of those per year (which nobody at Jones has ever done in the history of Jones)....

That would net you $28,000 for the year. And it's going to be similar (give or take a little on either end) at most captive firms.

Moral of the story...don't sell life insurance because you think it's going to "save you".

Moral of the Story #2...don't take DHK's career or practice advice.


No one ever said Edward Jones but I bet you’re right. The funny thing is this guy wants to help people when they’re down and out and DHK is ready to ring the register, because that’s what they need.

...But I agree with both morals

Edited by bc2051 - Oct/14/2019 at 9:14am
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D.H.K. View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote D.H.K. Quote  Post ReplyReply Direct Link To This Post Posted: Oct/14/2019 at 12:09pm
Originally posted by PEACH_cm PEACH_cm wrote:

Originally posted by D.H.K. D.H.K. wrote:

Sell them life insurance with accelerated living benefit riders.

A $1,000 premium for term life insurance would net you 45% with captive companies and 80%+ with independent contracts.  If they pay monthly on the policy, you can probably get 75% of the total annual commission advanced to you up front.
this is why people hate you

No... your envy is why you hate me.  Wink
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D.H.K. View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote D.H.K. Quote  Post ReplyReply Direct Link To This Post Posted: Oct/14/2019 at 12:12pm
Originally posted by B24 B24 wrote:

Originally posted by D.H.K. D.H.K. wrote:

Sell them life insurance with accelerated living benefit riders.

A $1,000 premium for term life insurance would net you 45% with captive companies and 80%+ with independent contracts.  If they pay monthly on the policy, you can probably get 75% of the total annual commission advanced to you up front.

Edward Jones:

$1,000 Term Premium
70% of premium = $700
$700 x 40% payout = $280 to your W2

So, let's say you do 100 of those per year (which nobody at Jones has ever done in the history of Jones)....

That would net you $28,000 for the year. And it's going to be similar (give or take a little on either end) at most captive firms.

Moral of the story...don't sell life insurance because you think it's going to "save you".

Moral of the Story #2...don't take DHK's career or practice advice.

Why the hell would you want to sell a product that has to go through a broker/dealer grid when you don't have to?  It would NOT be a good idea to do it at EDJ.  It would be an incompatible business model.  

I simply outlined a different way for him to do what he says he wanted to do.
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D.H.K. View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote D.H.K. Quote  Post ReplyReply Direct Link To This Post Posted: Oct/14/2019 at 12:14pm
And just in case it needs to be said - you can't insure a burning building.

If someone is at the lowest point in their life, and it's a heart attack, stroke, cancer, etc., you can't sell them insurance.  At least not for a few years.
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B24 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote B24 Quote  Post ReplyReply Direct Link To This Post Posted: Oct/14/2019 at 12:26pm
Originally posted by D.H.K. D.H.K. wrote:

And just in case it needs to be said - you can't insure a burning building.

If someone is at the lowest point in their life, and it's a heart attack, stroke, cancer, etc., you can't sell them insurance.  At least not for a few years.

Damnit! There goes my entire business model! Angry
"If Bellicheat pulls that rabbit out of his a$$ with this kid at quarterback, I'll personally kiss his ring." - Sporsfreak, 09/20/16

"Jags/Vikes Super Bowl. Write it down" - Sportsfreak 01/19/18
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bc2051 View Drop Down
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Originally posted by D.H.K. D.H.K. wrote:

And just in case it needs to be said - you can't insure a burning building.

If someone is at the lowest point in their life, and it's a heart attack, stroke, cancer, etc., you can't sell them insurance.  At least not for a few years.


But you can if they are healthy and broke...and that’s exactly what you would do
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D.H.K. View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote D.H.K. Quote  Post ReplyReply Direct Link To This Post Posted: Oct/14/2019 at 2:28pm
Originally posted by bc2051 bc2051 wrote:

Originally posted by D.H.K. D.H.K. wrote:

And just in case it needs to be said - you can't insure a burning building.

If someone is at the lowest point in their life, and it's a heart attack, stroke, cancer, etc., you can't sell them insurance.  At least not for a few years.


But you can if they are healthy and broke...and that’s exactly what you would do

And if you had proper ethics regarding cash flow, debt, and life insurance... you would too.
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helado View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: Oct/14/2019 at 2:39pm
You know, I really can't fault DHK's $.02 on this one.  Although I suspect a "term policy with accelerated benefits rider" is probably not what he'd actually sell.  

But if you had a prospect that had $1,000 a year in free cash flow, let's be honest.  This person is never going to accumulate retirement savings that really mean anything.  They are going to have to work until 67 to get full SS and have Medicare, maybe even 70.  

I guess you could argue that over 40 years, $85/month in a Roth IRA invested aggressively could be a semi-meaningful amount of money.  But then again, we're assuming this client is in their early 20s to have 40 years.

The reality is, this person is going to have to work in other ways to better themselves (i.e. increase their income) or reduce their lifestyle drastically to be able to save an amount of money that would meaningfully impact their retirement.

In addition to that, there aren't many of us that are going to take this person as a client anyway, regardless of whether they buy a term policy or put $85/month into American Funds A-shares.  Best case scenario either way, they get someone that MIGHT take their call and sit down with them every couple of years to give them ideas on how to better their existing financial situation.  

It wouldn't be the worst thing in the world for them to have $250K as a death benefit in case they meet an untimely demise, assuming this person (or household) has someone(s) depending on their income.  

Probaby their best ROI on that $1,000 is to enroll in some type of certification program to get a better job, or start putting it towards online classes.  

Now back to what I initially said, (sorry DHK), in reality, DHK would probably only sell this solution if it's literally the only thing they could afford.  It would be a pivot to permanent insurance with a term rider with some cash accumulation if they had $2,500+ per year in free cash flow.  

And that would be a shitty recommendation.  
My posts are for abrasive entertainment only. Nothing posted is investment, legal, tax or any type of advice, nor is anything mentioned true or even based on real events. Posts are complete fiction.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Moraen Quote  Post ReplyReply Direct Link To This Post Posted: Oct/14/2019 at 2:42pm
I always tell people, I'm trying to help build the next generation of wealth, so buy as much life insurance as possible so that when you die, your kids can get a lot of money. I'll manage it into a lot more money so that we can reduce all of this wealth inequality.
I come in peace. I didn’t bring artillery. But I’m pleading with you, with tears in my eyes: If you fuck with me, I’ll kill you all. - General James Mattis

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