Wachovia Annuity Commission
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I am wondering if there is a difference in commisson between PCG and Finet… found out yesterday that PCG cut the commission on L Share annuities from what they paid under AGE. Claim that it is so its standardized. The firm is still being paid the same from the annuity company it was under the AGE system.
To summarize: The Flippin WB is taking the same commission while cutting our commission. THIS IS BS Any FINET guys out there... what is the commission on the John Hanc*** Venture III - L share annuity? Option C where you get your trail starting in the 13th month. Thank you.I don’t know about Finet, but at LPL (self-clearing) Option C (on the L share) pays 3.5% gross with a 1% trail starting month 13.
That’s my biggest beef with Ray Jay’s indy platform. I keep holding my breath hoping that LPL doesn’t follow suit.
[quote=Indyone]That’s my biggest beef with Ray Jay’s indy platform. I keep holding my breath hoping that LPL doesn’t follow suit.[/quote]
If you’re with LPL, how can you have a beef with RJ?
Under AGE it ranged by carrier from highest of 4% with 1% trail in 13 month on down but Hanc*** WAS 3.50 and 1. Under WB they have dropped it to keep all the same but of course they did it at the AGE floor of 3 & 1. I would like to know from any Wachovia Securities guys (prior to aquisition) when do the trails pay?? Monthly or Quarterly and do all pay in the same months?
This is so sad to read. Why would anyone be shocked about the reduction in commissions and/or payouts from your annuity business or any other products. What a sweet deal for Wachovia. They hang an almost impossible carrot out there while taking more money from you currently in case you reach that carrot in 2010 and 2012. It’s a win-win for WB. If you are unwilling to truly research the Indy alternatives then just shut up and keep dialing. It seems to be a hypocrisy when you call yourselves financial advisors and can’t even do proper due diligence on your own finances. Just remember that “just because your paranoid doesn’t mean they are not out to get you”
if the name on your paycheck is a product manufacturer, you can bet that alignment and standardization is forthcoming. Even the comp between prop and non/prop will be equalized. I would bet that shelf space fees from sponsors are reducing and volumes are down, therefore the b/d will always remain whole. Reps for firms who manufactur product, along with the consolidation of industry will most likely see a cut of some sort or at the least, revision of shelf space agreements and/or concessions reduced to what is in best interest of the firm’s bottom line, rather than the rep.
The Lincoln choice plus is haircut .50 basis points on the L share to Wachovia vs the AGE payout. But not at Finet .
[quote=Redpen]The Lincoln choice plus is haircut .50 basis points on the L share to Wachovia vs the AGE payout. But not at Finet .
[/quote] I was wanting clarification... On the Finet side, the regular commission on the Lincoln L share is 3.5 with trail in 13th month? I am thinking of making the switch to Finet and wanted a better picture of what happens on that side of the business. Thank you for your help.3.5 no haircut at SF also…this is really a good thread so everyone can compare notes!
[quote=MinimumVariance]There’s a Commission looking into annuities?
About f****g time I say. [/quote] LOL...yeah thats for sure...I know clients are pissed that they have higher living benefits values and can actually take income from their investments!I’m wondering how the arithmetic works where you pay a much higher fees and still have more money to live on?
[quote=MinimumVariance]I’m wondering how the arithmetic works where you pay a much higher fees and still have more money to live on?[/quote]
LOL…how are your clients that lost 40-50% last year in “low fee” ibvestemtns going to make their income goals?
If they have a living benefit their income base went up 6-10% from last year…did your clients accts go up that much?
I am no annuity guru or promoter, but they do have their place…and clients who had them last year are very happy right now!
[quote=MinimumVariance]I’m wondering how the arithmetic works where you pay a much higher fees and still have more money to live on?[/quote]
It’s for us to know and you to find out.