Blarm,

That's only assets that are annuitized.   I've brought in another 1M outside of our annuitized program.

I've also "lost" about 500k in assets that were assigned to other reps or because clients passed on.

I'm about on track for where I need to be in 2007.

I'm looking at around 350k in gross this year of which about half is in recurring fee business trails.

That's somewhat below where I thought I'd be at this point in my practice but it's in the ballpark.

scrim

You’re doing it the right way Scrim.

Thanks for the sincere encouragement Hoop.

May is off to a solid start in my world as I've added about 350k to my fee based business just this week.

It's amazing to me how things tend to run in bunches sometimes, not unlike grapes and home runs

scrim

180  13.4M

The first half of May was great for gathering new assets.  

Unfortunately, assets are also walking out the door as well.    Since my programs have no handcuffs when "something suddenly comes up (thank you Brady Bunch)"  it's sorta easy to liquidate.

Comes with the territory I know.

I always make sure my clients have an emergency account but that doesn't always work.

It's all good though....the trend is my friend.  

Enjoy the summer.

Scrim

I added 4 accounts Monday and Tuesday this week...250K, 200K, 150K on Monday and another 250K yesterday...all 401(K) rollovers.  First two went into Variable annuities @ 18K gross and 1% trail starting next year.  The $150K went into the fee-based platform at 1.25% and the 250K went into the fee-based platform at 1.00%.  Scrim, this pitch is for you...the two VA accounts were pitched a fee-based account at another institution and didn't like that neither income nor principal had any guarantees and thus, kept shopping.  They loved the idea of the VA even though I told them it may lag general market performance by 2% or so due to the cost of the guarantees.  The guy pitching the fee-based program won't see them again...versatility is your friend...

Total score this week in new business...18K gross for this month and $8,875.00 per year in trail income.  Overall assets now over $37 million with a budget of $40 million by year end...I think I'll easily knock that out of the park...even with a 10% correction.

Nice work Indyone.

Indy,

Are those 401k rollovers from existing relationships?

I get maybe one of those per month.

Thanks for the VA advice.   I still have a problem with the whole concept especially in IRA's.  

Great job!

All four were new business referrals...one from an existing client and three from CPAs that I work with...that's almost like being in a bank!

On VA's...just keep an open mind and don't listen to that garbage about buying a tax-deferred product in a tax-deferred account.  Very, very, very few of my VA clients buy the VA for tax deferral.  Almost always, they are buying the VA for the ability to participate in the market with some assurances that they won't lost their nest egg.  I've said it before, but I was once you...didn't believe in VA's at all.  Thankfully, I kept an open mind and eventually, I figured out where they make sense...

Keep doing the good work and always be on the lookout for what is best for your clients...you'll be fine...

Thanks.

I still haven't figured out how to partner with COI's.   I have some of clients and keep in touch with them, but for some reason we still have a disconnect as it pertains to referring to one another.

As far as VA's go, I still don't see the value when compared to the costs.   Having a well diversified portfolio of stocks, bonds and cash also ensures they won't lose their nest egg as far as I'm concerned.

Naive?   Maybe?

scrim

I still have a problem with the whole concept especially in IRA's. 

You should then have the same problem with growth stocks inside of an IRA.  How something gets treated outside of a qualified account should have zero relevance as to its appropriateness inside of one.

Having a well diversified portfolio of stocks, bonds and cash also ensures they won't lose their nest egg as far as I'm concerned.

You may be correct, but as you should realize, and you have been told many times, this will very much limit their upside potential.  How much cash should someone have in their retirement account?

[quote=scrim67]

As far as VA's go, I still don't see the value when compared to the costs. [/quote]

Perhaps, but will your prospect see the value?  I always give my 401K rollover prospects the choice of mutual funds or a va with some type of living income benefit.  In the end, I don't care which one they choose.

[quote=anonymous]

I still have a problem with the whole concept especially in IRA's. 

You should then have the same problem with growth stocks inside of an IRA.  How something gets treated outside of a qualified account should have zero relevance as to its appropriateness inside of one.

Having a well diversified portfolio of stocks, bonds and cash also ensures they won't lose their nest egg as far as I'm concerned.

You may be correct, but as you should realize, and you have been told many times, this will very much limit their upside potential.  How much cash should someone have in their retirement account?

[/quote] I was pertaining VA's in IRA's based on the cost structure.  I can do an entire portfolio for an IRA at 160 bps.   VA's inside an IRA will be atleast 200bps.

Cash inside a retirement portfolio would of course vary based on age, risk tolerance, etc.     Under any scenario I would never suggest more than 10-20% cash or cash equivalents for retirement assets even when in distribution phase.

scrim

[quote=Mike Damone][quote=scrim67]

As far as VA's go, I still don't see the value when compared to the costs. [/quote]

Perhaps, but will your prospect see the value?  I always give my 401K rollover prospects the choice of mutual funds or a va with some type of living income benefit.  In the end, I don't care which one they choose.

[/quote] I hope it's evident that I give my clientele choices.   They are free to choose between conservative, moderate, aggressive choices.   To help them make a choice I do a risk tolerance evaluation which hopefully most advisors do.

I just have issues with products I'm not comfortable with for whatever reasons.    Va's and EIA's head the list.   

scrim

Scrim is it worth 40 bps to the client to have a guarantee to not lose money?  

The answer is going to be "yes" for many of your clients. 

The death benefit guarantee also has value.

Your clients will pay more money, but ultimately they will have a higher return because the guarantee will have a positive impact on investor behavior.  This is the real hidden benefit of the living benefits of VA's.

The arguments against them always focuses on investment performance instead of investor performance.

[quote=scrim67][quote=Mike Damone][quote=scrim67]

As far as VA's go, I still don't see the value when compared to the costs. [/quote]

Perhaps, but will your prospect see the value?  I always give my 401K rollover prospects the choice of mutual funds or a va with some type of living income benefit.  In the end, I don't care which one they choose.

[/quote] I hope it's evident that I give my clientele choices.   They are free to choose between conservative, moderate, aggressive choices.   To help them make a choice I do a risk tolerance evaluation which hopefully most advisors do.

I just have issues with products I'm not comfortable with for whatever reasons.    Va's and EIA's head the list.   

scrim

[/quote]

I can't think of a better reason not to sell them.

[quote=anonymous]

Scrim is it worth 40 bps to the client to have a guarantee to not lose money?  

The answer is going to be "yes" for many of your clients. 

The death benefit guarantee also has value.

Your clients will pay more money, but ultimately they will have a higher return because the guarantee will have a positive impact on investor behavior.  This is the real hidden benefit of the living benefits of VA's.

The arguments against them always focuses on investment performance instead of investor performance.

[/quote] Maybe I don't give investors enough credit.   I really think most of them have no clue is 40 bps worth it not to lose money.  

Remember, the most important point in my case is that I'm not comfortable with the product.

I would hope most advisors would not present a product they are not comfortable in owning themselves.

scrim

Scrim,

I'm in complete agreement that you should not be selling the product since you are not comfortable.

I would respectfully suggest that you gain some expertise with VA's so that either you can be comfortable with selling them, or just as importantly, you can become comfortable in knowing that it is in your clients' best interest not to buy them.

[quote=anonymous]

Scrim,

I'm in complete agreement that you should not be selling the product since you are not comfortable.

I would respectfully suggest that you gain some expertise with VA's so that either you can be comfortable with selling them, or just as importantly, you can become comfortable in knowing that it is in your clients' best interest not to buy them.

[/quote] While maybe not an expert since I don't sell them, I know enough about them to make an informed decision.    I've actually read an entire contract.    It made me very tired.

scrim

[quote=scrim67]

Remember, the most important point in my case is that I’m not comfortable with the product.

I would hope most advisors would not present a product they are not comfortable in owning themselves.

scrim

[quote=joedabrkr] [quote=scrim67]

Remember, the most important point in my case is that I'm not comfortable with the product.

I would hope most advisors would not present a product they are not comfortable in owning themselves.

scrim

[/quote]

It's funny that you close with that thought.  Why? Because in the last year or so, as I've been learning more about annuities, paying more (current) taxes, and thinking about my retirement, I've begun to think seriously about funding an annuity myself as a supplemental retirement vehicle.
[/quote] What kind of annuity?

scrim