Tough nut to crack

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MsBroker's picture
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I have a prospect I have talked to a few times. I feel like I am spinning my wheels with them. They have Putnam funds they bought over ten years ago. Her advisor hasn't talked to her about them in over a year. They lost a ton last year. I talked to her about Putnam's decline in performance and told her I believe it would be prudent for us to meet and review the funds and put together a recovery plan. She talks to her husband, and he says they are just too old to make any changes. He doesn't want to risk any more of their money. The brakes are on at this point, and I can't seem to budge them. Any advice on what I can say to get them at least let me look at things?

hamburglar's picture
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Seems to me the real risk lies with them leaving thier funds in the Putnam account that is losing value, and an advisor who hasn't taken the time to discuss the issues with them.

Incredible Hulk's picture
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Assuming they need the equity exposure, an annuity will give them a guaranteed death benefit equal to their current value. Trade up (maybe) in quality of investments, but more importantly for them (also a maybe) guarantee the current value for little Johnny.

Gaddock's picture
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Call them with very low risk products every other month until they die. If for anything else use them for practice overcoming objections. Really put it on if the husband answers.

3rdyrp2's picture
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Or a non-public REIT that will pay monthly income to them.  Put $50,000 into a REIT paying 6.5% and thats $3,250 per year, or $271/month coming into their checking account that wasn't there before.  Since they are retired (I assume since they consider themselves old), this could be attractive for them. 

Gaddock's picture
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Or a non-public REIT ?????????????
 
Doesn't quite scream low risk to a timid invester IMHO.
 
TIPS or a CD to get in the door.

MsBroker's picture
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Joined: 2009-06-02

Well, nevermind. She cashed out the Putnam funds and gave the money to a family member who needed it.

BerkshireBull's picture
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MsBroker wrote:Well, nevermind. She cashed out the Putnam funds and gave the money to a family member who needed it.

 
At least you don't have to waste your time on her anymore

Mr.Blonde's picture
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Joined: 2009-10-06

When you go to segment 2 training, they teach you how to weed out some of the crap from your lists and qualify prospects. Amazing how much time I wasted on people like this when I first started.

MsBroker's picture
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Joined: 2009-06-02

Yes, I am very good at chasing my tail. I've had about five of these letdowns today. Really, couldn't you have told me the first 15 times I called that you cashed out your 401k when you left the old job?

anonymous's picture
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MsBroker,

You never spoke to the prospect.  You spoke to the wife of the prospect.   It's a waste of time to talk to someone who doesn't have the ability to say "yes".

voltmoie's picture
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Joined: 2008-11-05

Ferris Bueller wrote:They weren't prospects. They were just people that had investments. You need to learn the difference. Remember that you are looking for low hanging fruit. Take all the easy stuff and move on to another call.   Locate people that are willing to move to you, don't convince them.That close to the best advice I've read on this board. 

Mr.Blonde's picture
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Through all of the BS that is spewed on this board, there is the odd nugget

Takingnames's picture
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Joined: 2007-11-09

MsBroker wrote:I have a prospect I have talked to a few times. I feel like I am spinning my wheels with them. They have Putnam funds they bought over ten years ago. Her advisor hasn't talked to her about them in over a year. They lost a ton last year. I talked to her about Putnam's decline in performance and told her I believe it would be prudent for us to meet and review the funds and put together a recovery plan. She talks to her husband, and he says they are just too old to make any changes. He doesn't want to risk any more of their money. The brakes are on at this point, and I can't seem to budge them. Any advice on what I can say to get them at least let me look at things?
 
You are spinning your wheels.
Get new prospects. You can spend a lot of time trying to convert people who just aren't the right clients for you, or spend your time talking to people who want what you have to offer.
 
 

Ronnie Dobbs's picture
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Joined: 2009-07-23

3rdyrp2 wrote: Or a non-public REIT that will pay monthly income to them.  Put $50,000 into a REIT paying 6.5% and thats $3,250 per year, or $271/month coming into their checking account that wasn't there before.  Since they are retired (I assume since they consider themselves old), this could be attractive for them. 

Except when they need their money back for an emergency, and they can't have it.

noggin's picture
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Ronnie Dobbs wrote: 3rdyrp2 wrote: Or a non-public REIT that will pay monthly income to them.  Put $50,000 into a REIT paying 6.5% and thats $3,250 per year, or $271/month coming into their checking account that wasn't there before.  Since they are retired (I assume since they consider themselves old), this could be attractive for them.  Except when they need their money back for an emergency, and they can't have it.
 
Not true.....you don't know what you are talking about....

Ron 14's picture
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iceco1d wrote: MsBroker wrote:Yes, I am very good at chasing my tail. I've had about five of these letdowns today. Really, couldn't you have told me the first 15 times I called that you cashed out your 401k when you left the old job? Can I chase your tail?I kid, I kid.  Besides, I'm pretty sure Volt already took that job!
 

Ronnie Dobbs's picture
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noggin wrote: Ronnie Dobbs wrote: 3rdyrp2 wrote: Or a non-public REIT that will pay monthly income to them.  Put $50,000 into a REIT paying 6.5% and thats $3,250 per year, or $271/month coming into their checking account that wasn't there before.  Since they are retired (I assume since they consider themselves old), this could be attractive for them.  Except when they need their money back for an emergency, and they can't have it.
 
Not true.....you don't know what you are talking about....

Why don't you ask my client who was sold Wells REIT II by another advisor. The "Board" voted not to let anyone have their money back until next year. Oh lets not forget the 9% penalty until 2013 and 5% thereafter. Sounds liquid to me.

deekay's picture
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Joined: 2007-05-15

Windy, shut the hell up and listen to anonymous and Ferris.  They're giving some good advice that even you of all people could use.

Ronnie Dobbs's picture
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deekay wrote: Windy, shut the hell up and listen to anonymous and Ferris.  They're giving some good advice that even you of all people could use.

You're a f***-stick. I wasn't arguing with them. I made a comment on 3rd's post. Make sure you read the thread before you try and start an argument.

3rdyrp2's picture
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Ronnie Dobbs wrote: noggin wrote: Ronnie Dobbs wrote: 3rdyrp2 wrote: Or a non-public REIT that will pay monthly income to them.  Put $50,000 into a REIT paying 6.5% and thats $3,250 per year, or $271/month coming into their checking account that wasn't there before.  Since they are retired (I assume since they consider themselves old), this could be attractive for them.  Except when they need their money back for an emergency, and they can't have it.
 
Not true.....you don't know what you are talking about.... Why don't you ask my client who was sold Wells REIT II by another advisor. The "Board" voted not to let anyone have their money back until next year. Oh lets not forget the 9% penalty until 2013 and 5% thereafter. Sounds liquid to me.
 
Who's more upset about the money being locked up?  You, because you can't put it into something else now that they're your client, or the client because they need the money?  I used the "$50,000" example because that's not a lot of money for someone who is retired and has enough money to live on.  Private REIT's play a valuable part in many a successful carve out strategy. 

deekay's picture
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Ronnie Dobbs wrote: deekay wrote: Windy, shut the hell up and listen to anonymous and Ferris.  They're giving some good advice that even you of all people could use. You're a f***-stick. I wasn't arguing with them. I made a comment on 3rd's post. Make sure you read the thread before you try and start an argument.
 
I stand by my statement.  I should have directed it at everybody who is continuing the argument about how appropriate a REIT would have been in this senario.  It doesn't matter, OP wasn't talking with the decision-maker.  Move on.

voltmoie's picture
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Joined: 2008-11-05

Another thread that will soon turn into a Windy-knows-it-all pile on ....... *yawn*

Ronnie Dobbs's picture
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3rdyrp2 wrote: [Who's more upset about the money being locked up?  ]

The client, because he needed the money and found out he'll probably never get it back while he's alive.

Moraen's picture
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Joined: 2009-01-22

Ronnie Dobbs wrote: noggin wrote: Ronnie Dobbs wrote: 3rdyrp2 wrote: Or a non-public REIT that will pay monthly income to them.  Put $50,000 into a REIT paying 6.5% and thats $3,250 per year, or $271/month coming into their checking account that wasn't there before.  Since they are retired (I assume since they consider themselves old), this could be attractive for them.  Except when they need their money back for an emergency, and they can't have it.
 
Not true.....you don't know what you are talking about....

Why don't you ask my client who was sold Wells REIT II by another advisor. The "Board" voted not to let anyone have their money back until next year. Oh lets not forget the 9% penalty until 2013 and 5% thereafter. Sounds liquid to me.

My guess is your client was explained the terms of the REIT and agreed that it was in his best interests. Just because it's not an A-share mutual fund doesn't mean it's a bad investment.

Of course, clients conveniently forget any explanation they were given.

Ronnie Dobbs's picture
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Moraen wrote: Ronnie Dobbs wrote: noggin wrote: Ronnie Dobbs wrote: 3rdyrp2 wrote: Or a non-public REIT that will pay monthly income to them.  Put $50,000 into a REIT paying 6.5% and thats $3,250 per year, or $271/month coming into their checking account that wasn't there before.  Since they are retired (I assume since they consider themselves old), this could be attractive for them.  Except when they need their money back for an emergency, and they can't have it.
 
Not true.....you don't know what you are talking about....

Why don't you ask my client who was sold Wells REIT II by another advisor. The "Board" voted not to let anyone have their money back until next year. Oh lets not forget the 9% penalty until 2013 and 5% thereafter. Sounds liquid to me.

My guess is your client was explained the terms of the REIT and agreed that it was in his best interests. Just because it's not an A-share mutual fund doesn't mean it's a bad investment.

Of course, clients conveniently forget any explanation they were given.

No, this particular advisor should not have his license. Very shady guy.

hotair1's picture
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Joined: 2009-03-12

WindBAG, why is it every client you find is dealing with a "shady" advisor?  No doubt you scare people into thinking they've been robbed and then sell them A shares.  You'll be out of the business in a year.

Ronnie Dobbs's picture
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hotair1 wrote:WindBAG, why is it every client you find is dealing with a "shady" advisor?  No doubt you scare people into thinking they've been robbed and then sell them A shares.  You'll be out of the business in a year.
 
Because this particular advisor is the one doing most of the shady business, that i have complained about. Not EVERY advisor.
 
Hotair - Suck a nut, seriosuly. Go kick a dog or something. Maybe that will untwist your panties. Because I know you aren't working.
 
I commented on a post and you guys have yet again turned this thread into another bash on me. In fact, Gaddock questioned the same thing, but no Gaddock bash.

hotair1's picture
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Ronnie Dobbs wrote:
 
I commented on a post and you guys have yet again turned this thread into another bash on me. In fact, Gaddock questioned the same thing, but no Gaddock bash.
 
That's because Gaddock does not wear his moms nightgown and rub himself down with crisco before he posts like you do.

Ron 14's picture
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hotair1 wrote:Ronnie Dobbs wrote:
 
I commented on a post and you guys have yet again turned this thread into another bash on me. In fact, Gaddock questioned the same thing, but no Gaddock bash.
 
That's because Gaddock does not wear his moms nightgown and rub himself down with crisco before he posts like you do.
 

Moraen's picture
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Joined: 2009-01-22

99 percent of advisors are good people and do the right thing. You should work for FINRA since you find all of the dirtbags.

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