Advisorheads Homepage
Forum Home Forum Home > Introductions > Greenhorn Introductions
  New Posts New Posts RSS Feed - New FA
  FAQ FAQ  Forum Search   Events   Register Register  Login Login

New FA

 Post Reply Post Reply Page  12>
Author
Message
wetucker2 View Drop Down
Rookie
Rookie
Avatar

Joined: Oct/01/2019
Location: Wichita, KS
Status: Offline
Points: 2
Post Options Post Options   Thanks (0) Thanks(0)   Quote wetucker2 Quote  Post ReplyReply Direct Link To This Post Topic: New FA
    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.
Back to Top
luvindy View Drop Down
Moderator
Moderator
Avatar

Joined: May/17/2010
Status: Offline
Points: 25767
Post Options Post Options   Thanks (0) Thanks(0)   Quote luvindy Quote  Post ReplyReply Direct Link To This Post Posted: Oct/02/2019 at 12:37am
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."
Dow 13,090 S&P 1406
5/23/13 UC:Dow 20k before 20% crrectn Dow 15,
Back to Top
PEACH_cm View Drop Down
Senior Member
Senior Member


Joined: Jan/16/2013
Status: Offline
Points: 7184
Post Options Post Options   Thanks (0) Thanks(0)   Quote PEACH_cm Quote  Post ReplyReply Direct Link To This Post Posted: Oct/02/2019 at 6:55am
Hard making money providing “good” advice to poor people.
Back to Top
Iamlegend View Drop Down
Platinum Member
Platinum Member
Avatar

Joined: Mar/09/2010
Status: Offline
Points: 22532
Post Options Post Options   Thanks (0) Thanks(0)   Quote Iamlegend Quote  Post ReplyReply Direct Link To This Post Posted: Oct/02/2019 at 11:55am
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. 🤣🤣
Back to Top
spudpotato View Drop Down
Senior Member
Senior Member
Avatar

Joined: Jan/23/2018
Status: Offline
Points: 2390
Post Options Post Options   Thanks (0) Thanks(0)   Quote spudpotato Quote  Post ReplyReply Direct Link To This Post Posted: Oct/07/2019 at 7:12am
Lowest of times emotionally in life?
Back to Top
mindtech View Drop Down
Member
Member
Avatar

Joined: Feb/18/2012
Location: Canada
Status: Offline
Points: 433
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
.

Edited by mindtech - Aug/10/2021 at 2:28pm
Back to Top
Guests View Drop Down
Guest Group
Guest Group
Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Oct/14/2019 at 2:30am
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.
Back to Top
PEACH_cm View Drop Down
Senior Member
Senior Member


Joined: Jan/16/2013
Status: Offline
Points: 7184
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
Back to Top
Guests View Drop Down
Guest Group
Guest Group
Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests 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
Back to Top
advisorman View Drop Down
Senior Member
Senior Member
Avatar

Joined: Oct/22/2011
Location: Behind you
Status: Offline
Points: 4246
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?
King of sarcasm and speling
Back to Top
B24 View Drop Down
Moderator
Moderator
Avatar

Joined: Mar/09/2010
Status: Online
Points: 25749
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
Back to Top
Guests View Drop Down
Guest Group
Guest Group
Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests 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
Back to Top
Guests View Drop Down
Guest Group
Guest Group
Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests 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
Back to Top
Guests View Drop Down
Guest Group
Guest Group
Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests 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.
Back to Top
Guests View Drop Down
Guest Group
Guest Group
Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests 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.
Back to Top
B24 View Drop Down
Moderator
Moderator
Avatar

Joined: Mar/09/2010
Status: Online
Points: 25749
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
Back to Top
Guests View Drop Down
Guest Group
Guest Group
Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests Quote  Post ReplyReply Direct Link To This Post Posted: Oct/14/2019 at 1:55pm
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
Back to Top
Guests View Drop Down
Guest Group
Guest Group
Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests 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.
Back to Top
Guests View Drop Down
Guest Group
Guest Group
Post Options Post Options   Thanks (0) Thanks(0)   Quote Guests 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.  
Back to Top
Moraen View Drop Down
Admin Group
Admin Group
Avatar
Resident Sage

Joined: Mar/09/2010
Status: Offline
Points: 30786
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

Fiduciary as Fuck - iMo
Back to Top
 Post Reply Post Reply Page  12>
  Share Topic   

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 12.03
Copyright ©2001-2019 Web Wiz Ltd.

This page was generated in 0.094 seconds.