Worst Thing You've Seen By Another Broker
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[quote=skbroker]
I saw a guy from pru when it was pru sell 100g in a new dividend closed end issue and than calls the client to sell after 3 months because he expects the fund to go down in price. Now he is with merrill.[/quote]
Where you rearn Engrish?
[quote=Bobby Hull][quote=Whomitmayconcer]
As to the question of anyone ever having lost money when an insurer goes belly up.
The answer is YES! YES YES YES and YES some more!
Anybody remember Executive Life? This guy was in bed with Junk Bonder Milikin and would use funds from the annuity company to buy the bonds of leveraged buyouts...
One example that I remember was a company named (IIRC) Pacific Lumber. The buyer went to Milikin and said "They have an overfunded pension fund." Well it all depended on how you looked at it, if the company assumed a 3% return, the pension plan was funded conservatively, but if you assumed a 15% return, there was way too much money in the plan.
Milikin calls Carr and sets up a $600,000,000 financing deal. Buyer buys Pac Lumb, takes 600,000,000 and funds the pension with an Executive Life Annuity (which was "paying" around 15%) pocketted the difference (which would have been several hundred millions of dollars) and pretty much shut down the company (who wanted to be stuck running a lumber company on the left coast afterall?).
Junk Bonds tanked, companies went out of business at rates never seen before and Executive life's portfolio was all of a sudden worth spit! It went out of business... guess what? The retirees of Pacific Lumber now held worthless annuity policies with a company that was out of business.
In NY, when Exewcutive Life of NY went under, the policy holders were shifted over to Met Life and got a minimal payout (used to be that 3% was seen as an impossibly low rate) and a HUGE surrender fees for about 7 years (regardless of how long they had held the ELoNY policy) and so their income went from 13,000 per year (on a 100,000 policy) to 3,000.
Be careful when you see things like "A dividend every year since 1831" in that they may have paid on in January of 1929 and then a penny in December of 1930 and they still can claim the "uninterrupted" dividend. (IIRC, Con ED was one like this, and during the 60's they were really really close to breaking the string. Not that it is a bad company today, but just be aware that there are ways to make disaster look like a happy ending.
[/quote]
Whomit said "happy ending."
[/quote]
There's a great place for "happy ending" in china town in Philly.
There's a great place for "happy ending" in china town in Philly.
Describe it to us. Spare no detail.
i had an ed jones broker 1035 an annuity from me ( I did not sell to him in the first place). the client was 81 years old and the death benefit was 85k. the value was about 40k. i even tried to call the broker who would not take my call. i explained to the client the situation and he did the 1035 anyway.
the worst i ever heard, but it may be urban legend ,was a broker who messed up a 1035 and liquidated and bought an annuity from the same company, but not the same product. sunamerca has three different channels. i heard this from a wholesaler
[quote=blarmston]
There's a great place for "happy ending" in china town in Philly.
Describe it to us. Spare no detail.
[/quote]
[quote=aldo63]
i had an ed jones broker 1035 an annuity from me ( I did not sell to him in the first place). the client was 81 years old and the death benefit was 85k. the value was about 40k. i even tried to call the broker who would not take my call. i explained to the client the situation and he did the 1035 anyway.
the worst i ever heard, but it may be urban legend ,was a broker who messed up a 1035 and liquidated and bought an annuity from the same company, but not the same product. sunamerca has three different channels. i heard this from a wholesaler
[/quote]
So what? The client doesn't care about the DB and wants to start making some money. You should've offered to help him, instead of making assumptions about what he wanted.
Like Ferris says my eyes are eyes narrow slit thats why I write in big letters. Its kind of funny how a 16 years old can touch a nerve of such a big produers who brag about their number while spending 4 hours a day waiting on the computer for others to respond to their massage. Get a life guys.
mr hull
sell with a built in double when he dies and his life epectancy is about 5 years???? maybe you would do that, i could not.
[quote=aldo63]
mr hull
sell with a built in double when he dies and his life epectancy is about 5 years???? maybe you would do that, i could not.
[/quote]
mr alpo, yes. that's what i'm saying. his new death/living benefit base will be $300,000. with the new annuity, a drop in value to anything less than $300,000 will be captured by the guarantee. if you don't do it, he'll can lose $200,000 without any protection. if i were to show him that before you, i'd get the business. you gotta use your noodle, son.
[quote=Bobby Hull][quote=aldo63]
mr hull
sell with a built in double when he dies and his life epectancy is about 5 years???? maybe you would do that, i could not.
[/quote]
mr alpo, yes. that's what i'm saying. his new death/living benefit base will be $300,000. with the new annuity, a drop in value to anything less than $300,000 will be captured by the guarantee. if you don't do it, he'll can lose $200,000 without any protection. if i were to show him that before you, i'd get the business. you gotta use your noodle, son.
[/quote]
Sorry about my illogical response. I'm thinking of something else.
Again, you're assuming that he gives a sh*t about the DB. Obviously he doesn't. You didn't change his mind, did you? If it were an older contract, you could've taken out all but a few thousand bucks, reduced the SB dollar for dollar and put the money in a new one, maintaining the high DB amount.
[quote=skbroker]stick with XP. no point in wasting money[/quote]
Too late, the computer just arrived today. It would have actually cost MORE at Dell to install it with XP. I just hope there isn't much software incompatability since we are using the Bill Good system. Anyhow, I guess everything will be made using Vista in the future, so we'll see. Being an indy, it's time to put my IT hat on and set up the system myself (it was much easier having the tech guy at Merrill do it for me in the past)
[quote=skbroker]
I dunno I rean englishee from you a muther while she was suckii mu deek.
[/quote]
If she could be doing that and still speaking, it means she didn't have much of a mouthfull!
In this country, those with tic tac sized danglers don't like to advertise that fact.
[quote=skbroker]
fyi
I m hispanic not asian. you racist pig. Have a good day
[/quote]
Hispanic isn't a race. I don't believe you anyway.
Hey Dipsh*t
hispanic is a race. Look it up. Why wont you believe me? I have been honest with you the whole time. LOL
No it isn't. The three main races are Caucasian, Negroid, and Mongoloid. There are blended, isolated and sub groups such as Amerindians, South African Bushmen, Australian Aborigines, which are classified as Caucasoid the way.
The classification of races mostly is done with the skin and meat off: by the bones, skull features and teeth. It has nothing to do with skin color or cultural attributes.
Hispanic is a culture.
You haven't been honest at all. You are the reincarnated troll echo et all.