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In Reply to: Re: Re: Re: Re: Insurance Agent earnings posted by earnings on August 23, 2003 at 14:27:49:
: #####As I stated before, Citigroup calls the shots. If C wants PFS to offer perm. products, what can PFS do say no?
: As far as the older guys, they will have to adapt or leave. From my observations there isn't a requirement to sell any certain product.
: I don't think it would be a problem with clients or agents. With the BTID concept hopefully people have aquired some wealth
: and now they are in the market for different products. (Also 2010 has to be taken into consideration) At the time that they purchased the term product, that was a good fit for them at that time.
: I know with what I just said your going to counter with convertability. That's a whole different issue that's going to have to be addressed. With the growing market of Life Settlements and ROP, products and ideas will have to adapt.
: People who complain about $199.00 don't really have a clue.
#*#*#*I could really care less about the $199 myself. The problem with your statement is that I was with Primerica in the early 90's and their whole sales and recruiting pitch was how the insurance industry is ripping everyone off with permanent products. The goal was to get people disturbed into taking action. To the best of my knowledge, this practice continues.
There is a big difference between a company evolving with the marketplace and a company doing a 180 on its beliefs. How can you have any credibility with your clients when you go back to them and now tell them that Primerica believes in permanent insurance?
I am reading your postings and the question that comes to mind is, "What is it that Primerica is giving you that you can't get elsewhere?" Also what you can get elsewhere is better and more competitive. The other companies that you have alluded to will still allow you to build, you will be totally non-captive and independent and you will receive higher commission levels. You will also own your clients and that means if you leave you can take your clients with you.
I am sure that if some of the bigshots read some of your postings they would totally disagree with you because they have to keep the masses pumped up to sell the dream. In order to do that they have to keep the company on the same course. That means they cannot change the beliefs the company was built on.
I agree with a lot of what you have to say. The problem is that Primerica doesn't agree with you. Do you realize what you are losing by not having the ability to sell fixed and equity-indexed annuities? There are tons of seniors with millions socked away in CDs that are prime candidates for the benefits provided by a fixed annuity. I know you will say that you have a fixed account in your VA, but the downside of a VA is that it has asset charges. The fixed annuities I sell have NO asset charges. This means that there is no money being taken from the account to pay someone's salary. How much do you know about fixed annuities?
By clicking on my name you will have my e-mail address. Feel free to drop me a line anytime you want to discuss what your options are.