Why stay at BOA any longer???

4 replies [Last post]
ezmoney's picture
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Joined: 2004-11-30

New year, get out!! When the new proprietary annuities come out it isn't gonna get any better. Look nout for your family and get out now!

leonid's picture
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Joined: 2007-12-26

I work for a firm that is being bought out by B of A.
Can you tell me a little more about these proprietary annuties???

NOFX's picture
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Joined: 2006-09-22

It has been delayed because of feedback from the field.
  Basically, the 3 and 4 year options were to be eliminated (cost) and only a 7 year would be available based on the fact that most VA sales are made based on income riders (which are inherently long term benefits).  Costs in the 7 year would be marginally cheaper - and, of course, the comp would be less.  I heard they scrapped and have statred over.  Bottom line: there are no proprietary annuities now - but rest assured, they are trying to get the companies to create a product specific to BOA.  Something like this never just goes away.

leonid's picture
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Joined: 2007-12-26

Thanks for the info!!

NOFX's picture
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Joined: 2006-09-22

NOFX wrote:It has been delayed because of feedback from the field.
  Basically, the 3 and 4 year options were to be eliminated (cost) and only a 7 year would be available based on the fact that most VA sales are made based on income riders (which are inherently long term benefits).  Costs in the 7 year would be marginally cheaper - and, of course, the comp would be less.  I heard they scrapped and have statred over.  Bottom line: there are no proprietary annuities now - but rest assured, they are trying to get the companies to create a product specific to BOA.  Something like this never just goes away.
 
I assume you are with LaSalle, if you are, I hope we start offering the brokered CDs again.  great way to raise AUM

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