Jones average pay: $65k?
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[quote=Ronnie Dobbs][quote=fa09]
Are you hitting seg 3 numbers already? 8 months out? Thats killer man, when did you give up on doorknocking? Or do you still do that as well?
[/quote] I hit Seg 2 numbers already, but I still have a month left to "wait" in Seg 1. The first month out in Seg 2, I will have posted somewhere around $80,000 Gross that month. It might get split up but nonetheless, I'll have seg 3 numbers first month out. Seg 3, in 10 months. Then I have to "wait" 3 more months. I doorknock, just target doorknock. Not wondering around aimlessly.[/quote] Your tone has changed so suddenly. It's not the fact you were wrong, it's your pompous attitude and unwillingness to take responsibility. I can just imagine the conversation with a client the first time a stock or fund goes down, "but Alan Strainka said" or "the wholesaler said it was a good fund"Pompous my ass, just answeed the question given and my tone is the same. I didnt expect the policy to post for awhile. I’ll find out how much it is and let you guys know. How about you just ignore the thread. I’m not getting into any of the old arguments.
There’s a pretty easy way to find out if Windy’s telling the truth. Alot of regions email a monthly recap of the regions FA’s production and AUM. If we could just find someone in OK who could post the email…hmmmm.
Anyone…Anyone…Bueller…Bueller?
[quote=Ronnie Dobbs]Thats ok with me. Joneslink says 70% of “commissionable target premium”. Someone wants to help me with that, i’d be greatful.
Hotair - I don't have to prove you won't, because i don't care. Have fun rollin coins buddy...[/quote] The "commissionable target premium" is based upon someone paying every year. It's only going to be a couple of thousand. You will then get a small % on every dollar above what is being contributed. Even if this case goes through, you should only be expecting to make a few thousand. Be careful with insurance. A little bit of knowledge is a dangerous thing. Also, you need to decide whether you are comfortable knowing that you can't do the best for her. If I'm not mistaken, your choice of carriers at Jones is limited which almost certainly means that your client could do better for herself if she used a different insurance agent.Wind, you need to find out what the target premium is - you get 70% of that. If you have the illustration, it shows on that what the target premium is. But most likely, it is much less than the cash value, however, without knowing all the details, I can't really say. Insurance can be quirky. Make a quick call to the internal. Either way, good month.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.
[quote=anonymous][quote=Ronnie Dobbs]Thats ok with me. Joneslink says 70% of “commissionable target premium”. Someone wants to help me with that, i’d be greatful.
Hotair - I don't have to prove you won't, because i don't care. Have fun rollin coins buddy...[/quote] The "commissionable target premium" is based upon someone paying every year. It's only going to be a couple of thousand. You will then get a small % on every dollar above what is being contributed. Even if this case goes through, you should only be expecting to make a few thousand. Be careful with insurance. A little bit of knowledge is a dangerous thing. Also, you need to decide whether you are comfortable knowing that you can't do the best for her. If I'm not mistaken, your choice of carriers at Jones is limited which almost certainly means that your client could do better for herself if she used a different insurance agent. [/quote] Hanc***, Genworth, Hartford, Protective, Lincoln, Met Life. How many other insurance companies do you need? Honestly. Everyone has their favorites, but out of these 6, I can't imagine not being able to find one that works for a simple cash value life case.The only issue I have is: WHAT IS THE LIFE INSURANCE FOR?
That hasn’t been explained.
This, coming from the guy who says that we don't NEED anything other than clothing and shelter. Does it really matter? If it's something the client wants, they'll buy it. If it's something Ronnie is pushing to generate a commission, and has no viable benefit to the client, he'll get caught, canned, and barred. If I had to venture a guess, they are 1035ing the CSV into a new policy that gives better guarantees or lower target premium.The only issue I have is: WHAT IS THE LIFE INSURANCE FOR?
That hasn’t been explained.
Field supervision wouldn’t let him do anything with it unless there was a benefit to the client. DK is more than likely correct.
Moraen - Life insurance is a product used to either protect your loved ones, or pass on money to the next generation. That's what it's for.[quote=Spaceman Spiff]Field supervision wouldn’t let him do anything with it unless there was a benefit to the client.
[/quote] That's funny right there, I don't care who you are! UITs are the wrong option for that big client by the way - Field Supervision going to stop that Spiffy??? DOUBT IT! -- Who cares what the life insurance is for. Windy and the client made a decision that they feel will benefit the client, he does not have to justify it to us. It's too bad he does not know what he's selling but we all start somewhere.[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!!!
[quote=Moraen]The only issue I have is: WHAT IS THE LIFE INSURANCE FOR? That hasn’t been explained.
This, coming from the guy who says that we don’t NEED anything other than clothing and shelter. Does it really matter? If it’s something the client wants, they’ll buy it. If it’s something Ronnie is pushing to generate a commission, and has no viable benefit to the client, he’ll get caught, canned, and barred.
If I had to venture a guess, they are 1035ing the CSV into a new policy that gives better guarantees or lower target premium. [/quote]
Guesswork? Is that what we’re doing now?
You tell me, what do you NEED?
Still doesn’t answer the question. Spiff posted a couple of possible answers. What if she doesn’t have any heirs? We don’t know any of that.
You are all right though. Who cares? I’ve seen Jones guys do some shady stuff with life insurance is all. Go ahead and not question it. After all, does it really matter in the big scheme of things?
Of course FS isn't going to stop it. Your OPINION is that UITs aren't appropriate for big money. If you think that and you land a $2MM account, don't use UITs. I don't really think you're qualified to pass judgement on whether they are or not. Once you've had some good quality bonds go from 98 to 25 or even worse, bankruptcy, then perhaps you can make a call like that. Have a couple of conversations like that with your $2MM client and then tell us what you think about UITs. I personally think that it's a wise move to include something besides individual bonds and bond funds into the mix for a client that size. My OPINION is that he should have put at least some of that money into Advisory. But then, she's not my client, so I don't get to say.
I don't believe he ever said he doesn't know what he's selling. I think he is mistaken on how much he's going to get paid. I remember selling my first 1035 LI policy thinking the same thing. I was suprised when the payout hit my commission screen. And not a little disappointed. My guess is he grosses somewhere near $7-8K rather than $35K.[quote=Spaceman Spiff] Field supervision wouldn’t let him do anything with it unless there was a benefit to the client. DK is more than likely correct.
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I hope you are joking about FS. Is that in between their shifts at Wal-Mart?
DK may be correct. But if I know newbie brokers (and I do), he likely is just listening to some crap he heard from some wholesaler about why you need to do this for your client. Take the $50k and put it in one of OUR policies.
The reason I asked why? Because I don’t think he knows why.
And why would you not ask, “What is the purpose of THIS life insurance?”.
You’re assuming that he didn’t. And you know what they say about assuming.
FS is going to ask him why he's 1035ing the policy. If there is a benefit, like a lower annual premium or a greater death benefit, then they'll OK it. If there isn't or if the client takes a big surrender to do it they probably won't let it go through. I don't think they'll let him do it only because he can make some money for it. They have to answer to the regulators on why they let it go through. I think shady stuff gets done with insurance all the time, not just at Jones. I have a buddy that works in the insurance side of FS and he has some stories that just make me chuckle. And I'm sure our FS department isn't alone with those types of stories.He's exchanging a $100,000 policy thats got $50,000 CV. If its option 1 then its only $50,000 of actual insurance. Unless the client is 90 yrs old, aint no one grossing $8k off of that.My guess is he grosses somewhere near $7-8K rather than $35K.
Ronnie,
It doesn't matter what anybody on this forums says, good job on a hell of a month. You are accountable for the things you sell, and if you feel good about the fact that you did what's best for the client, that's all that's important. Congrats.[quote=Spaceman Spiff] You’re assuming that he didn’t. And you know what they say about assuming.
][/quote]
Spiff, I didn’t assume that he didn’t. I SUSPECT that he didn’t. But I asked, “what is the purpose of the life insurance?”. I didn’t ask him why he didn’t ask her.
What if there is no surrender charge? They don’t care then.
There are any number of reasons for life insurance. For instance, mine is so that my wife can go sailing around Corsica with young foreign men when I die (At least that’s what she tells me).
What I’m saying is that Jones thrusts people into a role of GREAT responsibility and doesn’t prepare them for it. This is people’s LIVES and MONEY we are talking about.