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wetucker2
Rookie Joined: Oct/01/2019 Location: Wichita, KS Status: Offline Points: 2 |
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Posted: Oct/02/2019 at 12:01am |
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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
Moderator Joined: May/17/2010 Status: Offline Points: 25767 |
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In first!
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8/31/12,Sportsfreak:
"If Barak wins this election, or appears to be clearly winning, we are all fucked. Market will tank big time." Dow 13,090 S&P 1406 5/23/13 UC:Dow 20k before 20% crrectn Dow 15, |
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PEACH_cm
Senior Member Joined: Jan/16/2013 Status: Offline Points: 7184 |
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Hard making money providing “good” advice to poor people.
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Iamlegend
Platinum Member Joined: Mar/09/2010 Status: Offline Points: 22532 |
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He wants to have 1000 clients and 1mm AUM. 🤣🤣 |
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spudpotato
Senior Member Joined: Jan/23/2018 Status: Offline Points: 2390 |
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Lowest of times emotionally in life?
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mindtech
Member Joined: Feb/18/2012 Location: Canada Status: Offline Points: 433 |
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Edited by mindtech - Aug/10/2021 at 2:28pm |
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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
Senior Member Joined: Jan/16/2013 Status: Offline Points: 7184 |
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Here to help |
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advisorman
Senior Member Joined: Oct/22/2011 Location: Behind you Status: Offline Points: 4246 |
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DHK, can you hook me up with one of those?
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King of sarcasm and speling
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B24
Moderator Joined: Mar/09/2010 Status: Online Points: 25749 |
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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.
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"If Bellicheat pulls that rabbit out of his a$$ with this kid at quarterback, I'll personally kiss his ring." - Sporsfreak, 09/20/16
"Jags/Vikes Super Bowl. Write it down" - Sportsfreak 01/19/18 |
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No one ever said Edward Jones but I bet you’re right. The funny thing is this guy wants to help people when they’re down and out and DHK is ready to ring the register, because that’s what they need. ...But I agree with both morals Edited by bc2051 - Oct/14/2019 at 9:14am |
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No... your envy is why you hate me.
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Why the hell would you want to sell a product that has to go through a broker/dealer grid when you don't have to? It would NOT be a good idea to do it at EDJ. It would be an incompatible business model. I simply outlined a different way for him to do what he says he wanted to do.
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And just in case it needs to be said - you can't insure a burning building.
If someone is at the lowest point in their life, and it's a heart attack, stroke, cancer, etc., you can't sell them insurance. At least not for a few years.
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B24
Moderator Joined: Mar/09/2010 Status: Online Points: 25749 |
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Damnit! There goes my entire business model!
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"If Bellicheat pulls that rabbit out of his a$$ with this kid at quarterback, I'll personally kiss his ring." - Sporsfreak, 09/20/16
"Jags/Vikes Super Bowl. Write it down" - Sportsfreak 01/19/18 |
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But you can if they are healthy and broke...and that’s exactly what you would do |
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And if you had proper ethics regarding cash flow, debt, and life insurance... you would too.
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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.
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Moraen
Admin Group Resident Sage Joined: Mar/09/2010 Status: Offline Points: 30786 |
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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.
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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
Fiduciary as Fuck - iMo |
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