You are an employee
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your wife is seriously underpaid.
I never came close to 500,000 per year. 350,000 However I am still upset about the rules. I am an old jarhead 1964-1968 and have a tough time with double standards.[quote=jcordova]I dont know about you but I get a 1099. If you get a W 2 then you are an employee. NUff said.
I am talking about the hundreds of thousands of reps who are independent contractors. And the Insurance industry is getting ready to get hit as well. If FINRA has their way Index Annuities will require a series 6. That would make the entire book of business of Index Annuities of an Index Annuity sales person the property of the Broker Dealer that now holds their Series 6[/quote] Good cause a lot of the people who sell them are idiots and push everyone regardless of age and need into them because they sound good... They should require the 7....I still don’t understand the crux of this thread. I perceive that you’ve been directly effected by some detail of FINRA rules that have yet to materially affect most of us. The rest of us have the right to negotiate the sale of our book within contract law (at least the “us” whose practice is structured under a truly independent arrangement). We, likewise, have the ability to insure, to some degree, our practices from errors and omissions using, oddly, E&O insurance. Your argument that we are all potential victims of ruination because a recommended investment lost a client money, at any point, is frankly over the top. If we follow the Know Your Customer Rule, act in the best interest of said client, keep detailed records, and the market works against him/her, unless we get an embittered arbitrator (hmmm)…the system will work properly.
I think one fact that you overlook is that, as a wise man once said, “You can sue a ham sandwich”. If your beef is that, under FINRA rules, arbitratrion can supercede civil law, then, perhaps your problem is with the FINRA arbitrators…hmmmm.
P.S. Above and beyond that, my family and I thank you for your service, Marine!
[quote=Squash1][quote=jcordova]I dont know about you but I get a 1099. If you get a W 2 then you are an employee. NUff said.
I am talking about the hundreds of thousands of reps who are independent contractors. And the Insurance industry is getting ready to get hit as well. If FINRA has their way Index Annuities will require a series 6. That would make the entire book of business of Index Annuities of an Index Annuity sales person the property of the Broker Dealer that now holds their Series 6[/quote] Good cause a lot of the people who sell them are idiots and push everyone regardless of age and need into them because they sound good... They should require the 7.... [/quote] Squash, do you really believe that FINRA should oversee Index Annuity sales?You mean Fixed Annuities, right, anonymous? After all, surely both advisor and client are always fully aware that that is exactly what “Index Annuities” are, right?
[quote=YHWY]You mean Fixed Annuities, right, anonymous? After all, surely both advisor and client are always fully aware that that is exactly what “Index Annuities” are, right?
[/quote]
Why not just get rid of indexed annuities. At the end of the day the returns are no better than a regular fixed annuity. The only dif is that scumbags can get people to believe they’ll get stock market returns with zero risk.
I just threw up in my mouth thinking about those &$%#@@# things.
[quote=anonymous][quote=Squash1][quote=jcordova]I dont know about you but I get a 1099. If you get a W 2 then you are an employee. NUff said.
I am talking about the hundreds of thousands of reps who are independent contractors. And the Insurance industry is getting ready to get hit as well. If FINRA has their way Index Annuities will require a series 6. That would make the entire book of business of Index Annuities of an Index Annuity sales person the property of the Broker Dealer that now holds their Series 6[/quote] Good cause a lot of the people who sell them are idiots and push everyone regardless of age and need into them because they sound good... They should require the 7.... [/quote] Squash, do you really believe that FINRA should oversee Index Annuity sales?[/quote] Someone should... I don't mind the product for certain people, the problem is that it generally gets sold wrong by people(insurance salesman) who don't understand it, to clients(elderly) that don't understand.. Now it is everywhere, I run into these once a week... Some insurance guy put a realtor's SEP IRA in an indexed annuity, didn't even know that was possible...she is locked in for 13 more years....just stupid...