Jones average pay: $65k?
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Never said youngest ever, youngest at the point I was there. Not only can you not sell you can't read. I'm seeing a trend here.[/quote][quote=Still@jones] [quote=voltmoie][quote=Still@jones] [quote=voltmoie] …My goal in this business has never been to make the most money, to be the biggest producer. Even now I work less than many of my peers. It’s simply to get my business up to 175k net per year and prop my feet up. Windy and many others have different objectives, I respect that. I’ve spent the last 10 years in corporate America rising to the ranks of Sr. VP (youngest in a fortune 100 company), working 80hr weeks, and now understand work/life balance. To each their own.
[/quote]
Youngest EVER!!!
Volt must have gotten into Jones and HARVARD!!!
there's no way you made sr vp in a fortune 100 company with that sentence structure; unless, they were giving out titles instead of raises...
"Sorry Mr. Volt, we can't move you to Mailroom3 this year because of budget constraints. So instead, we are going to move you to Senior Vice President of Packages. The pay will be the same; but, you get business cards."
[/quote] You have a job yet?[/quote]
Thanks for asking, Harvard.
I have 3 offers...just figuring out which is best for me.
[quote=Ronnie Dobbs]Taking her income from $35,000 a year from her old funds to $120,000 with my portfolio, Getting her out of 90% Index funds at 70 years old (that she ultimately liquidated because we couldn’t hold them), Consolidated all 7 of her accounts and more importantly being the person that she knows will do whats best for her.
WHOA!!! 90% of $2,000,000 is $1,800,000. How much of that $1,800,000 you had her liquidate is non-qualified, and how much capital gains is she exposed to? I’m guessing if she’s 70 then not a whole lot of it was qualified money. [/quote]
All of it is in an IRA. So no capital gains. She has another Non-Qualified account that has $300,000 in Bonds that she just takes the income from. I didn’t have her liquidate any of her prior funds. We couldn’t hold the funds she had, so she liquidated it because she wanted to transfer it to me.
$2 million in an IRA? I’ve seen some pretty big IRAs, but for her to have $2 million after likely a 30% or more loss - her other advisor was doing so much Magic, he probably has HIV.
$2 million in an IRA? I’ve seen some pretty big IRAs, but for her to have $2 million after likely a 30% or more loss - her other advisor was doing so much Magic, he probably has HIV.
She had no advisor. It was at Vanguard. According to her, it was worth alot more.
Vanguard with 2mm and they didn’t assign her to admiral shares or hook her up with one of their CFPs? Windbag you get better every moment. Did you talk to her about fishing to land the account?
Actually, you can use others, but these are the “preferred” vendors. They automatically get you appointed with all of them, but you have to go through the appointment process if you want to use others. The deal is, they work to get us a lot of wholesaler help from these vendors (hence, the insurance haircut). So they are the easiest to deal with. For the guy that does the occassional insurance case or basic term, I don’t think you want to go through the process of vetting all of the insurance companies yourself. Now, if insurance is a major part of your business, you will spend more time focusing on it. But Jones is not going to go through the review process on 50 different carriers just for a few people to write term on each carrier.
Out of curiousity, if you won't use any of these carriers, which one's are you using?Don't keep us waiting, Ronnie!It is whats best for the client. We’re trying to lower the over all premium. You said you get 70% of the 1st years premium, but I think whats been said to me is that the $50K cash value is paid in a lump sum and you get 70%. I’m not sure. I will find out exactly tomorrow. Regardless, $48,000 month. I’ll let everyone know what it is exactly tomorrow.
Don't keep us waiting, Ronnie![/quote] Alright Guys. I have talked to 3 FA's and the wholesaler from Hartford and Protective (which the payout is the same at Jones for both companies). Here is what I have been told AGAIN, from all 5 people. They are both competing for the policy. The $50,000 in cash value from the old policy will be used as a single lump sum premium for a new policy, with a better death benefit and no annual premium. Since we get 70% of the first years premium, my gross would be around $35,000. I know we'll get another 4 pages of how this is "BS", but thats what i was told, time and time again. We'll see how it turns out.[quote=Ronnie Dobbs]It is whats best for the client. We’re trying to lower the over all premium. You said you get 70% of the 1st years premium, but I think whats been said to me is that the $50K cash value is paid in a lump sum and you get 70%. I’m not sure. I will find out exactly tomorrow. Regardless, $48,000 month. I’ll let everyone know what it is exactly tomorrow.
Ronnie - what does it say on the policy at the bottom of page 14 or so? There are a bunch of numbers preceded by letters. TCP, FCP, etc. Those numbers will determine what you get paid. Still a big ticket, but not $35k I would guess.
Really, the insurance company is not getting paid enough to pay out that much.
Actually he’ll get between 70% and 72% of the FCP and then between 2% and 4% of the excess premium.
Wind - unfortunately they're correct. Hartford just sent me an illustration for a $30K cash value w/a $2500 a year premium UL 1035 exchange. I'd gross $4600 on it. Moraen is correct about the letters at the bottom of page 13 or so. FCP and ECP ($5369 @ 70% and $27,131 @ 3.89% on my illustration) is what Hartford lists. I'm not sure about Protective. I did a big lump sum policy that was ten times what you have and it was only $45,000 in commissions. Hate to say they're right, but maybe you're not asking the right questions to the other FAs or the wholesalers.I remember the first big insurance policy I did at Jones - I was told the same thing - 70% of the premium. It was my 3rd month and I thought I was going to sh*t a brick.
Wind - the only time you get 70% of the premium is on term insurance.
Also, Spiff I believe BioFreeze and you are both correct. If you look at the TCP on that page, that number times .7 will equal the numbers you quoted. Approximately. Something I noticed while I was there.
Hey retard-windy! How difficult is it to pull up an illistration and read it? Then go to Jones link and look at the commission structure for life insurance.
You are not qualifed to handle people's money.Alright, when I get the paperwork i'll take a look. I asked the right questions. Just didn't get the right answer I guess. Everyone is saying 70% of the "Cash Value", not Target Premium. Thanks guys.
Hotair - Eat a d***. You are not qualified to breath.Wind, do you still standby the other 40k u plan on grossing this month or was that insurance too? 40k is still seg 5 numbers… wouldn’t worry too much about the naysayers…
[quote=Ronnie Dobbs]
Alright, when I get the paperwork i’ll take a look. I asked the right questions. Just didn’t get the right answer I guess. Everyone is saying 70% of the “Cash Value”, not Target Premium. Thanks guys.
Hotair - Eat a d***. You are not qualified to breath. [/quote]
You don’t have the illustration? What did you show the client?
Windybag is so full of crap. He offered some 70yr old lady a life insurance policy but has not run an illistration? He has no idea if she’ll be approved or even what 50k will buy her in death benefit. He has no idea what the commision structure is yet he comes on here bragging about his KILLER month.
I say again, you are dangerous. You take peoples life savings and have NO IDEA what you are doing.