Embed Size (px)
Citation preview
1 | Open MIC notes for the Crew
……15 Years and still rolling…….
Open MIC is open for anyone.
9:00: AM Pacific Thursday 800 504-8071 Code is 5556463
IF YOU WOULD LIKE TO FIND OUT MORE ABOUT US
CALL OR EMAIL
ANTHONY OWEN
888-74AGENT (24368)
OR VISIT OUR WEBSITE
1 Open MIC notes for the best crew in the business
BBQ with Dave, Chad and Anthony in Austin, this is the grill at Salt Lick BBQ. All you can eat for $20, they lost $ on us.
“It takes a village to raise an annuity agent”…..Bill Broich
It's Open MIC Time! 9:00: AM Pacific Thursday 800 504-8071 Code is 5556463#
2 Open MIC notes for the best crew in the business
Won’t be long now…..
Words of Wisdom On hot days, drink lots of water and lay under a shady tree…. My dog Pete
The lead flow is growing. It wasn’t too long ago that we were at 10-15 leads per day. Today we are at 68 and on our way to 100. I have several partners that are receiving 5 lead per week.
Get the leads and work the numbers. There is nothing more expensive than nobody to call and an empty calendar.
Anthony Owen
3 Open MIC notes for the best crew in the business
Yes
No
Yes Why?
The whole thing has always bugged me, we can tell the prospect
about the State Guarantee Fund AFTER they buy and we can tell
them if they ASK, but we are not allowed to compete on a level
field with banks (FDIC).
How can that be fair? I recently inquired and have enclosed
responses; I did inform them I wrote about annuities to annuity
agents. I have taken their email contacts out and their names out.
To me, this is beyond ridiculous and when you see some of the
answers I have received, your blood pressure will also rise.
Could it be that this is done to not allow a level playing field with
the banking industry? Could this be some level of conspiracy?
Who knows, but I do know that this is not fair and we should start
4 Open MIC notes for the best crew in the business
making noise, see the terrific NAFA article which I have included
with links….and join NAFA! It stands for National Association of
Fixed Annuities, is that what you sell?....BB
FDIC: you see it on the front door of the bank, on their marketing pieces
and on anything that can make a depositor feel safe and yet we are not
allowed to discuss our safety net. Why?
NCUA is on the front every credit union door in America. Why? So the
depositor feels safe and knows about the safety net.
I have written about this injustice many times, I have complained to the
insurance commissioner and still no one really knows why it was in acted.
I wrote the associate ion and their answer is they would only discuss this
with a credited journalist. What am I chopped liver?
I think their ruling is unfair.
To get answers form the association is very difficult, they will not explain
other than to say that is the rules.
Here is a recent letter to NOLHGA
Hello
I write an insurance column for annuity agents. I have been asked many times by agents
why the State Guarantee Fund cannot be discussed with a potential prospect regarding the
safety net for annuity products prior to a sale. I have read several reports and quite frankly
I am at a loss why the rule is in place.
Please, can you explain to me why the State Guarantee Fund cannot be discussed prior to
an annuity sale?
Thank you, I would appreciate your explanation.
Bill Broich
5 Open MIC notes for the best crew in the business
Their Reply
Mr. Broich:
Most state guaranty association statutes have what’s called an “Advertising Prohibition” that prohibits the use of the guaranty system in the sale of insurance products. I believe the prohibition is in place to minimize moral hazard and encourage consumers to base their purchases on the financial strength of an insurance company and not on the promise of guaranty association protection, which could lead consumers to purchase products without giving appropriate consideration to the creditworthiness of the issuing insurer.
I hope this is helpful.
My next letter
xxxxxxx
I suppose the logical question should be:
Why is FDIC on every front door of every bank in America? Why is NCUA guarantee on the front door of
every Credit Union in America? Should depositors also need to make an independent choice before
deciding if a bank or credit union is a choice? How are they different?
Annuity agents should be able to compete on a level playing field would you not agree, all three systems
are merely safety nets. Our readers should get a better answer to my question. Can you please respond?
Bill Broich
Their response
Mr. Broich:
As you know, the Advertising Prohibition is part of the NAIC’s Model Act on life/health guaranty associations. My response was my understanding of how the provision came about, but if you need more information on the thinking behind it, you might want to contact the NAIC (www.naic.org) or even the ACLI (www.acli.com) to get their view on the need for the prohibition.
xxxxxxx
6 Open MIC notes for the best crew in the business
I have also written to the suggested resources….BB
The Plot Thickens….
@ FW: State Guarantee Fund Question Date: Tue, 23 Jul 2013 19:28:09 +0000
Mr. Broich – your question is best addressed xxxxxxx at NOLHGA, the National Organization of Life & Health Guaranty Associations. name [email protected], or perhaps the NAIC.
But, the simple answer is that it violates state regulations.
The prohibitions are based on the idea that consumers should factor in a company’s credit-worthiness in the buying process. Advertising the guaranty associations can affect that process.
The insurance business is not like banking. Insurers do not have the FDIC. So, our customers cannot be like bank customers, many of whom pay little heed to their bank, as long as it has the FDIC logo in its window.
I attempted to give a small picture of what is behind the regulations, see BF. Put simply, insurers
compete for business based on credit worthiness. The regulations are based on the idea that
publicizing the backstops is at odds with encouraging consumers to do their due diligence pre-
purchase.
If consumers ask about them, agents and others will fully explain them.
I hope this helps.
Regards,
xxxxxxxxxxxxxxxxxxx
My reply
Thank you for your reply, actually NOLHGA referred you to me. Other than it is against regulations, there seems no common sense reason for the rule and prejudicial in favor of other safety nets.
7 Open MIC notes for the best crew in the business
A recent article in NAFA suggests the same conclusion.
Thanks
Bill Broich
I urge you to join NAFA, $195 a year….BB
I urge you to subscribe to NAFA, magazine is free to industry….BB
http://annuityoutlookmagazine.com/2013/07/its-time-to-remove-the-gag-oder-on-guaranty-fund-disclosure/
It’s Time to Remove the Gag Order on Guaranty Fund Disclosure
by Kim O'Brien 0 inShare
Section 19 of the NAIC LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION MODEL ACT 520 prohibits
the “advertisement of the Insurance Guaranty Association in insurance sales.” The Act specifically states that:
“No person, including an insurer, agent or affiliate of an insurer shall make, publish, disseminate, circulate or place
before the public, or cause directly or indirectly, to be made, published, disseminated, circulated or placed before the
public, in any newspaper, magazine or other publication, or in the form of a notice, circular, pamphlet, letter or poster,
or over any radio station or television station, or in any other way, any advertisement, announcement or statement,
written or oral, which uses the existence of the Insurance Guaranty Association of this State for the purpose of sales,
solicitation or inducement to purchase any form of insurance covered by the [State] Life and Health Insurance
Guaranty Association Act.”
What this means is that insurance agents are prohibited from disclosing to a potential purchaser of an insurance
product — including annuities — the fact that state Guaranty Associations, which exist in all 50 states, provide some
financial protection to policyholders and annuity owners in the event that their insurance carrier experiences serious
financial problems. Most states protect annuity holders for 100% of their losses up to $100,000; approximately 30
states offer a guaranty in excess of that amount.
And yet, (Federal Deposit Insurance Corporation FDIC) stickers in every bank in America promise that every
“depositor is insured to at least $250,000.” This is a promise that’s “backed by the full faith and credit of the United
States government.” Every bank customer is made aware by the sticker pasted on the door as they enter their bank
that they should limit their savings and assets in any one bank to $250,000. If by some chance the bank customer
missed the sticker, there are millions of bank product advertisements in all forms that prominently display “FDIC
8 Open MIC notes for the best crew in the business
Insured,” and it would be only the most unobservant and obtuse bank customer who didn’t understand that it would
be prudent to place savings above $250,000 somewhere else.
Meanwhile, owners of annuities have no such conspicuous reminder for their protection. You aren’t made
aware when you move your retirement nest egg into an annuity that you, too, might be wise to diversify your savings
between more than one annuity contract or annuity carrier. You may find out after the fact, but the law is clear; you
may not be informed by your annuity professional or your chosen insurance company BEFORE purchase.
Compounding this anti-consumer policy is the fact that if you learn about your guaranty fund protection limits after
your free-look period, you could incur charges if you try to diversify and protect your retirement. How is this helpful to
annuity consumers? How is this helpful to Americans using annuities to save for retirement?
How Protected Are You Really?
Dare we ask how “protected” and “insured” you are by the FDIC? A recent article by Alex J. Pollock, a resident fellow
at the American Enterprise and CEO of the Federal Home Loan Bank of Chicago from 1991-2004, sheds some light
on what this “promise” actually amounts to and what its “full faith backing” really means. Mr. Pollock walks us through
an interesting history:
1980 The Savings and Loan crisis began resulting in hundreds of S&Ls throughout the United States going insolvent.
1982 Congress passes a joint resolution stating that it was the “sense of Congress” that insured deposits were
backed by the credit of the United States.
1987 Congress passes the Competitive Equality Banking Act of 1987 stating, “It is the sense of the Congress that it
should reaffirm that deposits up to the statutorily prescribed amount in federally insured depository institutions are
backed by the full faith and credit of the United States.”
1989 The Federal Savings and Loan Insurance Corporation—the U.S. government’s deposit insurance fund for the
savings and loan industry became insolvent and required a taxpayer bailout. Congress included the requirement that
every savings bank “display at each place of business a sign” saying that “insured deposits are backed by the full
faith and credit of the United States Government.”
2005 Housing bubble caused Congress to amend the Federal Deposit Insurance Act to include “all banks.”
Words Matter
At NAFA, we stand by the axiom “WORDS MATTER,” and the words mentioned here are particularly interesting.
Congress chose the word “backed” not “contractually guaranteeing.” Without those two critical words, it is hard to
determine where the real insurance is with the FDIC. Those of us who have made our careers in the industry
understand and know the term “insured” to mean a contractual promise between an insurance company and the
policy owner guarantees protection of assets from peril by providing stated benefits following a loss. Life insurance
promises protection from a premature death, home insurance promises protection from a fire or tornado, all annuities
promise protection from living too long, and fixed annuities additionally promise protection from investment risk.
Yet, bank deposits are “backed by the full faith and credit” of the US government. A backing that isn’t as reassuring
as it once was, given the level of debt we hold and today’s economic realities with our government’s other promises
of Social Security, Medicare, etc.; not to mention what we’ve seen happen to other nations such as Cyprus, Greece
and Ireland. Mr. Pollock tells us that around the world there have been more than 250 defaults on government debt
since 1800, an “average of about one sovereign default per year.”
Consumer Protections in Our Industry
Meanwhile, back to the insurance industry consumer protections: a recent report at the NAIC Spring Conference last
9 Open MIC notes for the best crew in the business
April to the ERISA Retirement Income Working Group by Peter Gallanis, President of the National Organization of
Life & Health Insurance Guaranty Associations (NOLHGA), informed us that NOLHGA’s member guaranty
associations hold over $10 billion in annual assessment capacity with a fraction of that amount reported as
assessments called. Even with these high levels of capacity, only 10 insolvencies involving NOLHGA occurred
between 2008 and 2012 a time typically referred to by the media as the “worst financial crisis since the Great
Depression.” Jack Marrion, NAFA’s Director of Research and President of Advantage Compendium, who tracks bank
failures and insurance company insolvency, reports that none of those insolvencies involved annuity carriers. During
that same period, 465 banks failed.
NAFA is working with members of the NAIC to put some disclosures in place to inform annuity purchasers and those
considering the purchase of an annuity of the secondary insurance guarantee of the State Guaranty Fund. We have
been told by reliable individuals informed about the workings of the NAIC that its members do have interest in
putting a Guaranty Fund disclosure in place.
In fact, when working on the new NAIC Buyer’s Guide, a mention and explanation of the Fund and its coverage limits
was included and was later removed. The NAIC reliable source tells us that a few insurance companies with strong
ratings were concerned that the disclosure may be misused by insurance companies (or their agents) with less-than-
strong ratings to lure consumers into companies with low ratings. Those of us old enough to remember know that an
A+ rating didn’t protect customers when their insurance company went insolvent in the 90s. NAFA argues that the
new NAIC Buyer’s Guide can address both the “does a good rating protect you” and “using the Fund to create rating
complacency” concerns. As our members know, NAFA worked hard with industry and fellow trade partners to come
up with all of the improved language in the NEW NAIC Buyer’s Guide (due out this fall) including the following:
“Insurance companies sell annuities. You want to buy from an insurance company that is financially sound. There are
various ways you can research an insurance company’s financial strength. You can visit the insurance company’s
website or ask your annuity salesperson for more information. You also can review an insurance company’s rating
from an independent rating agency. Four main firms currently rate insurance companies. They are A.M. Best
Company, Standard and Poor’s Corporation, Moody’s Investors Service, and Fitch Ratings. Your insurance
department may have more information about insurance companies. An easy way to find contact information for your
insurance department is to visit www.NAIC.org and click on “States and Jurisdictions Map.”
Let’s Remove the Gag Order
How many bank customers of the 465 failures were made aware of the bank’s poor standing? Did they know
how to find out how strong their bank was? NAFA believes it would be easy to address any concerns with disclosing
the Guaranty Fund by simply adding a paragraph explaining the Guaranty Fund protection and amending the Guide
or including a separate disclosure document, including both paragraphs to be given at or before the application for
insurance (the timing requirement for the Buyer’s Guide).
When our competitors argue that our insurance guarantees are “only as strong as the insurance company making
them” they’re right, but they’re leaving out two critical facts. One, the strength of the insurance industry has a long
and proven track record and, two, should the worst happen, consumers have a secondary protection from their State
Guaranty Fund. Today, our insurance companies and annuity professionals are limited to correcting only the first
omission.
NAFA actively advocates the removal of the gag order on Guaranty Fund disclosure and allow responsible
information that helps the customer understand how to research the strength of the company they’re considering (not
just rely on a single rating), and the important protection information on how much savings they should place with any
one contract or carrier.
10 Open MIC notes for the best crew in the business
Until then, the NAIC Model makes it clear that the law doesn’t apply to “any other entity which doesn’t sell or solicit
insurance.” Therefore, NAFA remains committed to promote the information at www.annuityed.org through its
education partner SAFE, the Society for Annuity Facts and Education, an organization the NAFA initially formed in
2011 as a separate 501c3 consumer education non-profit. Also, look at NAFA’s consumer website,
www.fixedannuityfacts.org, for a state-by-state listing of the Guaranty Fund limits and accompanying explanation on
the protections afforded by the Guaranty Fund. Check out our Consumer Tips article on Guaranty Fund Protection at
nafa.com and the aforementioned websites.
Bravo…..BB
----------------------------------------------------
Stan is a very progressive thinker, lets examine what we can do to remain successful and viable….BB
“Annuity agents are the next typewriter...and they have themselves and the lack of industry oversight to blame”.
STAN THE ANNUITY MAN
Annuity Critic-Annuity Consumer Advocate-Annuity Expert
800-509-6473 www.stantheannuityman.com
I am sorry to say, he is correct, but options still exist.
Remember a few weeks back when we talked about what the future of
annuities was evolving to? How eventually our industry could have a large
direct selling side to it, leaving the agent out? How our industry could
evolve to a transactional industry? What would be needed for this to
happen was a simpler, no load product. It is now beginning to emerge.
Here is an article about that evolution of product change beginning to
happen, have a look:
11 Open MIC notes for the best crew in the business
http://www.marketwatch.com/story/fee-killing-no-load-annuities-are-pro-consumer-2013-07-23
“No-load annuities follow the lead set by no-load mutual funds, which provide full liquidity and don't
require meeting with an agent or adviser”
How do we avoid this future, simple.
Stay focused on marketing and relationship building, you must make the changes. One huge change that you CANNOT miss is the social network evolution. To prove my point the story of the new movie RIPD which was released last month was panned by a few users on Twitter and it spread like wild fire. Now the movie is considered a huge flop (NY Tines yesterday).
You must have a business Facebook account; you must cross market your blog with your Facebook account. (it can be automatic)
You must register with Gravatar
You must blog, probably the single most important thing you can do You must use RV, you must add and you must glean
You must remarket you blog via social media and RV
You must increase your marketing budget; I would now recommend now at least 20% of your gross income.
And finally, you must be a relationship seller, build the relationship and NEVER sell via the product route, sell annuities based on their benefits.
Tax deferral, income for life, probate avoidance, guarantees etc etc etc…
12 Open MIC notes for the best crew in the business
Here is how RV can help you by remarketing your blog and other messages. BTW, new addition to RV coming, a local events notice page….always improving.
Subliminal Messaging
of Spaced Repetition
(MSSR)
Subliminal Messaging of Spaced Repetition (MSSR) – almost sounds spooky. It's the stuff my father (and proud co-owner of a fallout shelter) told me the commies would do to brain-wash us with their Propaganda.
In all seriousness MSSR is the lifeblood that supports our economy. Get your message out and your business will grow.
It's not brain science (or maybe it is) to know that the more often a consumer sees your message in the right proportions, the more likely it is that your message will come to mind when the timing is right.
Here are some example:
FedEx — The FedEx logo hides an arrow in its
negative space. Even a glance subliminally inspires
thoughts of efficiency and forward motion.
13 Open MIC notes for the best crew in the business
Amazon — The cleverness of this logo is twofold. The
arrow points from a to z, referring to all that is
available on Amazon.com, and it doubles as a satisfied
smile (with dimple).
Subliminal Messaging of Spaced Repetition (MSSR) – almost sounds
spooky. It's the stuff my father (and proud co-owner of a fallout shelter)
told me the commies would do to brain-wash us with their Propaganda.
In all seriousness MSSR is the lifeblood that supports our economy. Get
your message out and your business will grow.
It's not brain science (or maybe it is) to know that the more often a
consumer sees your message in the right proportions, the more likely it is
that your message will come to mind when the timing is right.
14 Open MIC notes for the best crew in the business
So what’s the correct recipe that will implant your message firmly, but not
too firmly, in the cerebral chowder of your target market?
Well, for our warm target market once per week would seem like a good
number. That’s not just a guess. It's based on years of consistent statistics
that show who, how many, and number of times someone will look at and
actually pay attention to your cry’s for attention.
The industry standard would show that 10% is a reasonable expectation.
That’s net after junk filters, bad addresses etc….
In general, smaller warm target market lists perform better than larger
broad reaching lists.
Ask yourself these questions…
What's your message?
What's your level of marketing expertise?
Do you need to outsource to industry specialists?
Are you willing to glean your database and throw out the non-
responders? Tossing out the non-responders will force you to
“freshen” your database.
What's a reasonable expectation for results? On a low end, if you can make
2 extra sales per year that you otherwise would not have, you have paid for
a huge chunk of your marketing. Not to mention a healthy income = Happy
Family, Happy Life.
And….how many sales are influenced and closed that are not a direct result
of your messages but due to space repetition marketing. Did I say that
already……?
The beauty of our business is that we have “high risk reward”. This keeps
our ranks thin to the advantage of those who prevail. In other words our
cost per sit down is enormous but the rewards can be great. Not to mention
that it feeds our passion for the “immediate gratification” mentality that
most sales people have.
15 Open MIC notes for the best crew in the business
So does our system Retire
Village really work?
http://trtplanning.retirevillage.com
Rick Taylor
TRT Planning
32592 Meadow Road
Polson, MT 59860
(406) 261-5832
Rick Taylor called to say that he made his second sale from his RV site drips – 49K and 95K – he also expressed gratitude for the sales guidance that Tony have given him – this is true testament that it does “Take a Village to Raise an Agent”…. what about all the sales that weren’t a direct result of a drip but due to the subliminal messaging of spaced repetition marketing….
Think of the power of this system!
16 Open MIC notes for the best crew in the business
-------------------------------------------------
Private Equity deal, Aviva Athene backstory
http://online.wsj.com/article/SB10001424127887324144304578621832154719890.html
Because Athene's funding comes largely from an affiliate of Apollo Global
Management LLC, a giant private-equity and investment firm, regulators
have been probing whether Apollo and other nontraditional buyers of
annuities businesses may be taking excessive risks in pursuit of short-term
profits. The regulators' concern, which surfaced in a speech this spring by
New York Department of Financial Services Superintendent Benjamin
Lawsky, is that these new owners may be trying to meet the short-term,
high-return expectations of their own investors, which could
increase the possibility an insurer fails.
------------------------------------------------------
17 Open MIC notes for the best crew in the business
Big Truck Partners Partners,
I am behind on this year so I am showing Chad’s stats for 2012. The appointments include multiple appointments with same clients as do sits. Apps include multiple apps with the same client. The average written app is per app, not client. Average written app per client is probably over $300K.
In a nutshell you should have 1 appointment for every 2 leads and roughly 1 app for every 2-3 times you sit down with someone. This is based on radio leads and Annuity.com scrubbed leads or pre-qualified Advisor World leads. More Branded leads might decrease the conversion ration but increase the ROI because of the low cost compared to revenue. Chad runs Branded leads too this year. Once I get caught up on 2013 stats I will try and remember to share them.
Agent Name
Leads Appts Sits Apps Appt
% Sit % App %
Written $ per App
Sold
Chad 558 262 192 78 46.95% 73.28% 40.63% $191,155.10 $14,910,097.95
In reference to average written app I will just say that some of you could double your production simply by getting more of the clients’ money. Make sure your client solutions include the use of every penny they have in retirement. That does not mean you are putting every penny they own into an annuity, obviously not.
What I am saying is that you have to organize and present a solution with every dollar they own or is coming in. List out their social security, the pension money, emergency money, and even the risk money. List out every source of money that is needed to create the solution, not just the money going into the annuity. Use the money for the annuity that is required to get them the solution they need. If someone has a million dollars and it will
18 Open MIC notes for the best crew in the business
take $700K of that money to create an income solution through the annuity don’t sell them a $100K annuity. Sell them a $700K solution with whatever annuities provide the solution. Product selling instead of solution selling is the quickest way to a low average case size.
*****With your notes is a PDF on the next page, please open it now, Annuity Income Illustrator.
This link accompanies it:
http://www.annuityis.net/Products/AnnuityIncomeIllustrator
Free for contracted agents.
Anthony R. Owen
Annuity Agents Alliance, Co-Founder
Forcomparativeusebyalicensed agent only.Notvalidwithoutcarrierapprovedillustration/brochure.Input Criteria
Client Age:60(youngestifjointpayout)Payout Type:IndividualPremium:$250000Qualified
Ratesaresubjecttochangewithoutnotice.Rateguaranteesandincomepayoutsaresubjecttothefinancialstrengthoftheissuingcarrier.(refid:72313.9.5)
AnnuityIncomeIllustratorforstateofCOAllianz Allianz Pref AEL AIL ET FT GALIC NWL NAC Phoenix
FIA bonus
MasterDex X5.0%
365i5.0%
Retirement Gold8.0%
IncomePreferred
Bonus4.0%
Market TwelveBonus
6.0+2.0+2.0+2.0%
Income125+0.0%
American Valor 102.0%
Ultra Future9.0%
Charter 103.0%
Personal IncomeAnnuity0.0%
LIBR bonus
Simple IncomeOption 1FIA%
Income MaximizerOption 1
FIA%
LIBR6.5%FIA%
LIBR7%FIA%
Income EdgePlusFIA%
Income For LifeFIA%
125+GLWB
FIA+25.0%
IncomeSecureFIA%
IncomeSustainer
PlusFIA%
IncomeOutlookFIA%
IncomeOutlook Plus
5FIA+5.0%
Income PayOption 1FIA%
Income PayOption 2FIA%
Income PayOption 3FIA%
IncomeToday
FIA+30.0%
IncomeTomorrow
0.0%
Yrs Age Income Income Income Income Income Income Income Income Income Income Income Income Income Income Income Income0 60 $13,125 $13,125 Deferral Deferral $11,700 Deferral $14,062 $11,475 Deferral Deferral Deferral Deferral Deferral Deferral $12,382 $9,600
1 61 $13,912 $13,781 $12,940 $13,000 $12,402 Deferral $14,766 $12,903 $12,668 $14,453 $14,820 $11,546 $11,655 $11,628 $13,266 $11,001
2 62 $14,700 $14,438 $13,781 $13,911 $13,146 $14,072 $15,504 $14,382 $13,903 $15,326 $15,413 $12,181 $12,413 $12,354 $13,855 $12,416
3 63 $15,488 $15,094 $14,677 $14,884 $13,935 $15,286 $16,279 $15,912 $15,178 $16,246 $16,029 $12,851 $13,219 $13,127 $14,455 $13,845
4 64 $16,275 $15,750 $15,631 $15,926 $14,771 $16,280 $17,093 $17,493 $16,493 $17,214 $16,670 $13,557 $14,079 $13,947 $15,216 $15,288
5 65 $17,062 $16,406 $18,496 $18,934 $17,397 $19,265 $17,948 $19,125 $17,850 $18,235 $19,071 $15,986 $16,758 $16,562 $16,035 $16,745
6 66 $17,850 $17,062 $19,698 $20,260 $18,441 $20,517 $18,845 $20,808 $19,247 $19,309 $19,834 $16,865 $17,847 $17,597 $16,875 $18,538
7 67 $18,638 $17,719 $20,979 $21,678 $19,547 $21,851 $19,787 $22,542 $20,686 $20,440 $20,627 $17,793 $19,007 $18,697 $17,415 $20,344
8 68 $19,425 $18,375 $22,342 $23,196 $20,720 $23,271 $20,777 $22,976 $22,165 $21,630 $21,452 $18,771 $20,243 $19,866 $17,960 $22,366
9 69 $20,212 $19,031 $23,795 $24,819 $21,963 $24,784 $21,816 $23,409 $23,684 $22,883 $22,310 $19,804 $21,558 $21,107 $18,723 $24,352
10 70 $23,100 $21,656 $27,875 $29,212 $24,445 $29,034 $22,906 $23,842 $25,245 $24,202 $25,312 $23,092 $25,377 $24,787 $19,501 $25,247
11 71 $23,966 $22,378 $29,687 $29,212 $25,912 $30,921 $22,906 $24,276 $26,846 $25,590 $26,325 $24,362 $25,377 $26,336 $20,295 $26,332
12 72 $24,832 $23,100 $31,617 $29,212 $27,466 $32,931 $22,906 $24,710 $28,489 $27,049 $27,378 $25,702 $25,377 $27,982 $21,059 $27,436
13 73 $25,699 $23,822 $33,672 $29,212 $29,114 $35,071 $22,906 $25,143 $28,988 $28,585 $28,473 $27,116 $25,377 $29,731 $21,837 $28,500
14 74 $26,565 $24,544 $35,861 $29,212 $30,861 $37,351 $22,906 $25,576 $29,488 $30,200 $29,612 $28,607 $25,377 $31,589 $22,863 $29,824
15 75 $27,431 $25,266 $41,664 $31,868 $34,271 $43,395 $22,906 $26,010 $29,988 $31,899 $33,362 $33,055 $27,793 $36,760 $23,913 $31,171
16 76 $28,298 $25,988 $44,372 $31,868 $36,327 $43,395 $27,997 $26,444 $30,488 $33,686 $34,697 $34,873 $27,793 $39,058 $24,987 $32,419
17 77 $29,164 $26,709 $47,256 $31,868 $38,507 $43,395 $27,997 $26,877 $30,988 $35,564 $36,085 $36,791 $27,793 $41,499 $26,084 $33,625
18 78 $30,030 $27,431 $50,328 $31,868 $40,817 $43,395 $27,997 $27,310 $31,487 $37,538 $37,528 $38,814 $27,793 $44,093 $27,204 $34,851
19 79 $30,896 $28,153 $53,599 $31,868 $43,266 $43,395 $27,997 $27,744 $31,987 $45,355 $39,029 $40,949 $27,793 $46,848 $28,763 $36,672
20 80 $34,650 $31,500 $61,840 $34,524 $50,031 $47,011 $27,997 $28,178 $32,487 $41,796 $43,713 $46,958 $30,210 $54,105 $30,414 $38,526
21 81 $35,595 $32,288 $61,840 $34,524 $50,031 $47,011 $27,997 $28,611 $32,987 $44,088 $45,461 $49,540 $30,210 $54,105 $31,472 $39,886
22 82 $36,540 $33,075 $61,840 $34,524 $50,031 $47,011 $27,997 $29,044 $33,487 $46,498 $47,280 $52,265 $30,210 $54,105 $32,530 $41,310
23 83 $37,485 $33,862 $61,840 $34,524 $50,031 $47,011 $27,997 $29,478 $33,986 $49,029 $49,171 $55,140 $30,210 $54,105 $33,588 $42,735
24 84 $38,430 $34,650 $61,840 $34,524 $50,031 $47,011 $27,997 $29,912 $34,486 $51,689 $51,138 $58,172 $30,210 $54,105 $34,222 $43,642
25 85 $39,375 $35,438 $61,840 $34,524 $52,116 $50,628 $27,997 $30,345 $34,986 $54,483 $56,982 $61,372 $30,210 $54,105 $34,910 $44,548
Highest Income Second Highest Income
19 Open MIC notes for the best crew in the business
-----------------------------------------------
Here is a piece you can use in your off week drip and as a
marketing handout….BB
Don’t Gamble, Leverage like Buffet
Warren Buffett and other smart investors, make money by borrowing to invest in low-risk, low-return securities, sort of like a “specialized “margin” account. Other folks, who don’t have enough borrowing power to play the leverage game (interest rates on margin accounts can be high for the little guy), can only generate profits by investing in riskier assets.
The irony about risk taking is that most of us are in the second group, small investors. But it can also include professional investors such as many mutual fund managers. If they don’t take some risk, they don’t make money. Often time the reason the market will move in a stock is because the demand for a better return triggers the increase in it’s valuation. This of course drives up the prices of those assets, thus reducing their returns.
That all sounds well and good, but what is the answer? How can you leverage your funds and take advantage just like the big players?
One way is to look at your money from a different point of view, not as money but as “what is the money for?” Have you ever considered why investors like Buffett try and make so much money? Does it mean they can eat better, sleep better, take more vacations?
Their goals are different than the goals of most of us, we want and use our money for life’s demands, education, food, housing and retirement. Their money is for two things keeping score and their legacy.
So how do we “game” the system? Like I said, looking at the reason for using money from a different view. Why not look at your retirement money not from how much you can accumulate but by how much income it can provide?
Think of your money for its intended use and for most of us it is retirement income and money to enjoy the security of later in life. There is a way to beat the system, it is easy, simple and the big boys won’t know about it. Why won’t they? Because they don’t care, they only care about their reasons for their money.
How would you like to “earn” 5-7% on your retirement account? You can, it is available and it is guaranteed. How can that be? Simple, if you use your funds as an income instead of a pile of money, many insurance companies will pay that rate on the funds
20 Open MIC notes for the best crew in the business
which will be used as retirement funds, it is called an Income Rider and it is available as an add on with annuities. The amount earned in your account stays in the income accumulation side, the amount you actually can receive as retirement is based on other factors such as age. Many contracts are different so do your research.
How can they do that? Insurance companies know how many people will use these funds for this use, they plan for it and they reinsure their liability in the event things change and they pay out more than planned. They insure their obligation just like you can insure your retirement income.
Who do they reinsure the retirement obligations promised to you; yes you guessed it, the Warren Buffett’s of the world insure the companies promises.
Want to know more about how these products work, here is an easy to understand video.
https://www.youtube.com/watch?v=ChHaRxguEkM
------------------------------------------
These stories are daily, when you can’t depend on a contractual guarantee,
what can you depend on?....BB
VA customers irate about rule changes
Advisers, regulators crying foul as insurers seek alterations
http://www.investmentnews.com/article/20130721/REG/130729998
Mr. Snodgrass had hoped to put $500,000 into the annuity over time to produce an annual income stream of about $32,500. But the insurer put a stop to that when it decided to deny additional contributions.
Now, Mr. Snodgrass can expect to get only about $16,250 out of the contract per year, a significant hit to his retirement income stream.
“I'm sure the insurer notified us, but not in the matter that I as the customer would pick up on right away,” he said.
21 Open MIC notes for the best crew in the business
------------------------------------------------------
Suitability: Coming to a career near yours http://www.lifehealthpro.com/2013/07/09/spotlight-on-annuity-suitability?t=suitability
ANNUITY SUITABILITY – This article does a good job of summarizing the type of client information an advisor must collect and analyze before making a product recommendation. This information includes age, other investments, financial situation and needs, tax status, risk tolerance, investment objectives and experience, time horizon and liquidity needs. It may not be in your state requirements yet, but it is coming, so start now, great business practice and it can be based on your fact finder….BB
Client suitability under FINRA 2111 states that, “a broker-dealer or associated person has a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer.” This past year, the rule was expanded to provide explicit guidance on the type of client information an advisor should obtain and analyze to determine suitability (referred to as the customer investment profile).
The following table reflects the information an advisor must attempt to obtain under FINRA 2111. The additional requirements, which were added under the new rule, are indicated by an asterisk in the Customer Investment Profile table below (age, investment experience, time horizon, liquidity needs, and risk tolerance).
--------------------------------------------------------------
22 Open MIC notes for the best crew in the business
We Recommend:
www.annuity.com/agenttools If you are not using this "Free" resource you are missing out....did I mention it is free? There is a ton of info here, it requires no password and it is up to date information.
----------------------------------
23 Open MIC notes for the best crew in the business
Disclaimer:
My opinion or numerous sources complied by me
I obtain information from many sources, print, internet, agent gossip and other media. I always try and provide the original source or the link but my note taking habitually is lacking.
Much of the content on Open MIC is written by me and is my personal opinion. You should never consider that I am the world’s greatest authority or expert on anything. Always consult professionals who are licensed to give correct advice regarding taxes and securities and other topics of great importance.
I am an authority in lead generation and marketing annuities and am fully licensed as an insurance salesman. I sell state approved annuity products provided by licensed insurance companies.
I am also NOT an economist by license, only by hobby. If you decide to make decisions based on my particular view of the world, you should get it verified by licensed professionals or get your head examined.
Open MIC is and was created for the entertainment of our agents, family, friends, guests, industry spies and myself. Be careful with the information contained in Open MIC and always get advice from licensed professionals. You never know, sometimes I might make something up….so always verify!
Also, the information used in Open MIC is free; I assert no copyright or literary rights. Copy away.
Our competitors will copy Open MIC anyway so I might just as well give it away, saves so much mental anguish and sleepless nights.
24 Open MIC notes for the best crew in the business
More Legal Stuff...
Be responsible... we cannot know your individual situation, always do your own due diligence before responding to any offer or investing any money.
I can't accept responsibility for the profitability or legality of any published articles or opinions published in Open MIC. Nothing in these Open MIC notes should be considered personalized advice. Although I may answer your general questions, I am not licensed under securities laws to address your particular situation. No communication by me to you should be deemed as personalized advice.
And, although all of the articles have been selected for their content, however in the interests of balanced reporting we often publish articles we may not agree with, the publishing of such articles within Open MIC notes does NOT constitute a recommendation of the products or services mentioned or advertised within those articles.
We make no compensation for the publishing (or hosting) of Open MIC Notes.....in fact it costs us for the phone "call in" system...oh well...
