[quote=jones&out][quote=Big Taco]

I think most of the national brokerages, banks, insurance firms (their investment side) and indys suck in my area, at least judging by the statements that I've sent up with ACAT forms.  and a few of them I think are just plain crooked.  but I'm not about to paint every office accross the country with the same brush.

that would be pretty stupid, wouldn't it?

[/quote]

I always love statements like this.  How many ACATS do you perform in one week.  Is there really enough to consider the reps criminals or how many people have you put out of business for doing so many bad things.  Obviously you are going to get the people to ACAT who feel as though they have been wronged or ignored, sometimes justified.  On the other hand, you weren't sitting in on the first meeting to find out why the investments were set up in the way they were.  One indy guy in my area is deemed as a crook city wide but the only thing I have seen him do is be to aggressive in his recommendations, that doesn't make him a crook, it makes him bad at explaining what he means as aggressive to the person across the table.  On the other hand, we have a group of reps in town who have been investigated by the state insurance departent for hosting "senior lunches" and inappropriately selling Index Annuities.  I am personnally cleaning up four of them they sold, the worst of which was a 18 yr surrender sold to a 78 year old lady as an IRA.  The lady is now 82 and still has a surrender charge of 22% and taking the 10% free withdrawl, we have been able to get about 35% of the money away from the insurance company, this product should have never been sold to this lady.

On the very last note, I always found when I was at Ed Jones that most brokers didn't understand most of the products/platforms they were talking about.  When they didn't understand them, they instantly classified the people who used them as criminal.  Knowing that AMP isn't far from the apple grove that Jones is planted in, I'm guessing that Taco falls in that category.

[/quote]

So if people don't understand something, they classify it as criminal?  And if someone wasn't in the same room with another broker to see why they recommend a product, they'll ignorantly classify them as criminal?  Okay.... If you don't know me, but think you know where my "apple" came from, it's safe for you to classify me?

Do you sound this stupid in person, or just on the internet?

[quote=AllREIT] [quote=jones&out]On the very last note, I always found when I was at Ed Jones that most brokers didn’t understand most of the products/platforms they were talking about.  When they didn’t understand them, they instantly classified the people who used them as criminal.  Knowing that AMP isn’t far from the apple grove that Jones is planted in, I’m guessing that Taco falls in that category.

[/quote]

Versus the smart thing to do which is to educate yourself about them.

AMP requires a greater level of willful ignoranance, because if you really knew how bad the IDS VUL was you could never sell it.

In that respect EDJ is more harmless since mostly they pack people into decent mutual funds and then leave em alone. As we used to say in medical school, that doctor doesn't know enough medicine to harm the patient. [/quote]

Blanket statements sound stupid.

[quote=jones&out][quote=Big Taco]

I think most of the national brokerages, banks, insurance firms (their investment side) and indys suck in my area, at least judging by the statements that I've sent up with ACAT forms.  and a few of them I think are just plain crooked.  but I'm not about to paint every office accross the country with the same brush.

that would be pretty stupid, wouldn't it?

[/quote]

I always love statements like this.  How many ACATS do you perform in one week.  Is there really enough to consider the reps criminals or how many people have you put out of business for doing so many bad things.  Obviously you are going to get the people to ACAT who feel as though they have been wronged or ignored, sometimes justified.  On the other hand, you weren't sitting in on the first meeting to find out why the investments were set up in the way they were.  One indy guy in my area is deemed as a crook city wide but the only thing I have seen him do is be to aggressive in his recommendations, that doesn't make him a crook, it makes him bad at explaining what he means as aggressive to the person across the table.  On the other hand, we have a group of reps in town who have been investigated by the state insurance departent for hosting "senior lunches" and inappropriately selling Index Annuities.  I am personnally cleaning up four of them they sold, the worst of which was a 18 yr surrender sold to a 78 year old lady as an IRA.  The lady is now 82 and still has a surrender charge of 22% and taking the 10% free withdrawl, we have been able to get about 35% of the money away from the insurance company, this product should have never been sold to this lady.

On the very last note, I always found when I was at Ed Jones that most brokers didn't understand most of the products/platforms they were talking about.  When they didn't understand them, they instantly classified the people who used them as criminal.  Knowing that AMP isn't far from the apple grove that Jones is planted in, I'm guessing that Taco falls in that category.

[/quote]

The best part is that jonesout is qualified to evaluate whether or not the local financial people in his area are criminal or not.  but everyone else is probably just ignorant.

[quote=Big Taco][quote=AllREIT] [quote=jones&out]On the very last note, I always found when I was at Ed Jones that most brokers didn’t understand most of the products/platforms they were talking about.  When they didn’t understand them, they instantly classified the people who used them as criminal.  Knowing that AMP isn’t far from the apple grove that Jones is planted in, I’m guessing that Taco falls in that category.

[/quote]

Versus the smart thing to do which is to educate yourself about them.

AMP requires a greater level of willful ignoranance, because if you really knew how bad the IDS VUL was you could never sell it.

In that respect EDJ is more harmless since mostly they pack people into decent mutual funds and then leave em alone. As we used to say in medical school, that doctor doesn't know enough medicine to harm the patient. [/quote]

Blanket statements sound stupid.

[/quote]

In the event you hadn't noticed, that's a blanklet statement that you've just made.

Ironic, isn't it?

Interesting post about The Mutual Fund Sore. They ARE only RIAs who throw

darts at Mr. Bold’s MF picks.



Word is that after Summit Partners recently invested capital in The Mutual

Fund Store, the SEC is looking into the store for lack of compliance. A month

ago they were advertising for their first nat’l compliance official on their

website. They are working towards 100 stores all over the country and have

no compliance!!!



Bye Bye Mutual Fund Store!