Mike Gegelman, 403(b) program

6 replies [Last post]
BlueDart's picture
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Joined: 2010-08-19

 Let me say at the outset that I"m not going to buy Gegelman's program.  It is horribly expensive and from what I've read about his other program (the annual review thing) I'm not convinced that this new one is worth much.However, I am intrigued by the premise of it - having to do with capturing 403(b) rollovers because of a change in the regulations regarding 403(b) accounts that ostensibly has taken away a certain amount of control from the plan participant and has put that control in the hands of the plan administrator.The premise is that this issue of control of the account is potentially enough of a concern to open the door for participants or retirees to want to roll over their 403(b) accounts to an IRA.   Does anyone have any familiarity with the regulations and changes (they supposedly took effect on 12/31/2009) that he is talking about?  And if so, are the changes really enough to spur participants into considering a move?  And are there any thoughts out there about how to tap this opportunity (assuming it really exists)?Thanks.

B24's picture
B24
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Joined: 2008-07-08

I would only consider it an opportunity if you have an existing "in" with the 403(b) market.  Otherwise, it's a waste of time.

kentmk's picture
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Joined: 2011-01-19

If you are considering doing business with this company do yourself a favor and contact me first for my personal experience at 216-533-9532 or e-mail me at k.klingshirn@att.net Kent Klingshirn 

iceco1d's picture
iceco1d (not verified)

The regulations did very little to affect 403(b) participants.  It changed things at the plan level mostly, and some 403(b) vendors (mostly mutual funds) left the marketplace.When I think about it, the new regs actually HURT your chances of prospecting 403(b) rollovers because the remaining 403(b) vendors (VALIC, AXA, etc.) are prospecting that market BIG TIME.  Most 403(b) accounts already have an FA (unless they are with TIAA-CREF, Fido, or Vanguard), and the participant probably already has a relationship with that FA.  You're on the outside, looking in.The real "money" in that market, isn't really the 403(b) anyway, it's usually the rollover from the state pension system that's juicy ($100K - $150K in my state).  The thing is, the 403(b) players are already doing regular seminars and prospecting the rollovers and pension max cases...and it's all they do.  So they know the system cold.  Better knowledge of the pension system and inside track on the 403(b) accounts = tough road for you.If you were going to do work this market, you should checkout the providers at local schools/colleges in your area, and see if your firm has a selling agreement with them.  Then prospect for 403(b) accounts so they are going to come to you when they are ready to retire.Like anything else, if you aren't going to dedicate serious time to a 403(b) campaign, it will be frustrating and fruitless.  Happy to elaborate more if you'd like, just shoot me a PM. 

LSUAlum's picture
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Joined: 2009-10-18

I can attest to Icecold knowing 403(b)'s cold. In fact, if it's an account with a Dollar Cost Averaging client under $100 a month, Ice is your main. He's the king of $25 DCAs!! All kidding aside, if you're looking at learning about the 403(b) market, send Ice a PM, he's as close to a resident expert in the field as you'll get on here.

Otane's picture
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Joined: 2008-08-04

I have to disagree with you guys. The new regs made it easier to prospect for 403b's since a lot of them have archaic plans. If a plan has multiple annuities, then the organization is better off on a common platform with the rules that are now qualifying some as ERISA.  As far as rollovers, that reference to the new regs makes as much sense as nothing. I would be careful of that Gengleman crap.   

JohnnyReb's picture
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Joined: 2010-11-06

kentmk wrote:If you are considering doing business with this company do yourself a favor and contact me first for my personal experience at 216-533-9532 or e-mail me at k.klingshirn@att.net Kent Klingshirn Kent, by any chance have you Googled "Kent Klingshirn" lately?Makes no difference how many leads Kent Klingshirn gets from any inhouse or external marketing program. No one is going to want to do business with Kent when they check him out.Seems to me you've not properly identified the real reason for your failure. If I were you, I might consider a career change.I'm surprised they didn't check you out before they let you in on the lead gen program.

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