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In Reply to: Re: Re: Re: Re: Re: Ripped off posted by tvo on August 26, 2001 at 15:16:34:
Believe is spelled with the i before the e. Perhaps they didn't mention that as you were collecting diplomas. I feel compelled to point out that I have never attacked or questioned your competence, or that of any other financial services professional. You are the one that seems bent on attacking Primerica reps, possibly because they represent strong competition. If they did not, you would not attack their credibility with such cavalier arrogance.
I acknowledge that it takes additional commitment to add the various professional credentials to one's personal repertoire. I already hold a real estate broker's license. Anyone who can breathe steam on a mirror can get one, too. I also held a CRS designation...(Certified Residential Specialist). Know what that took? About 8 weekends of course work and a small test at the end. Big deal. Did that really make me a better real estate broker? Not really, but I suppose some people feel that those with fewer credentials should have dropped down and their knees, extended their arms, and done the "We are not worthy" wave to me. Bullshit. If you are a good financial planner, people will discover that. When I owned a RE/MAX agency, I used to exhort my agents to point out that our largest competitor, Century 21, was in the routinely hired part-time agents. I told them to point out to our potential customers that having a part-time brain surgeon made no sense, and neither did having a part time Realtor. The fact was, though, that some of those C-21 people were as competent and talented as some of our agents, and sometimes they nearly outsold some of my full time people.
I learned a valuable lesson from that, and so should you. I don't worry about the "credentials" of competitors anymore. I look for people with commitment, sincere regard for the client's best interest, and integrity. We are kicking butt out there, and it is pretty rewarding to watch it happen. I'm sure you'll get your share of clients also, unless you spend the bulk of your time posting disparaging remarks about a company you know little about and about over 100,000 PFS reps you have never even met.
: : For someone who asserts that he is a PROFESSIONAL, you should be more cautious not to misrepresent so much. PFS has some part time people, but they passed not one but two criminal background checks, as well as a minimum of three State required examinations to get their licenses. If the issuing state believes that to be sufficient to work with clients, I do not believe that someone else is necessarily better qualified because he has some ridiculous acronym after his/her name...because ANYONE can get that and it does NOT make you more honest, sincere, or dedicated to look out for the client.
: : By the way, I have been full time with PFS for years, and I think I am every bit as qualified as you are to represent clients and serve their needs. You should be more careful before you spout sweeping generalizations and take heroic leaps in logic.
: : : : This gentleman had courage to admit what he had done to his friends and family. And, he did what thousands of other people are now doing, following their enlightenment by firms such as Primerica Financial Services and from articles in many independent financial publications...he got rid of his "trash" value life insurance and bought term. Nearly any term policy is a better deal for the consumer than whole life policies, IF they turn around and invest the difference in premium in a quality stock or mutual fund portfolio. Insurance companies HATE to sell term, not because it makes good sense for their customers, but because it has a LOW profit margin for the agent and the company.
: : : : There IS one customer type that a cash value policy MIGHT make sense for, and that is one that is simply too undisciplined to save money in a worthwhile investment vehicle. Those people are simply stupid, and even with their "cash value" policies, they are doomed to retire financially dependent on others for their long term well being.
: : : Ron speaking as an industry "insider" which I am -- life insurance companies WANT to sell TERM insurance and Variable Universal Life insurance as these products use "lapse supported pricing". Meaning that they know a certain of the policies will lapse without a claim ever being filed. Insurance companies are in the business of risk -- they want to lower theirs -- roughly 93% of all term policies lapse without claim after 7 years -- the company keeps the premium and never has to pay a death benefit. With VUL -- they get to tie up money for longer preiods of time and collect fees. Contrary to popular belief whole life is VERY expensive for the insurance company to manufacture and maintain, and the break even point for the company does not occur until after 7 years at the least.
: : : Now my commants are not meant to make a planning or product recommendation -- I am simply stating a fact. A product is not inherently good or bad -- it is a product. A proper strategy that takes into consideration an individuals unique resources circumstances want goals and desires, there can be no "blanket" financial planning formulas for anyone because every person has unique circumstances.
: : : Moreover, so-called "independant financial publications " ( Kiplingers, Smart Money, Money and the ususal slew of personal finance magazine to which you probably refer )are far from indepandant. There magazines have ADVERTISERS who pay the bills and therefore dictate the editorial direction of the magazine. I read EVERY monthly mainstream publication EVERY month and have for 5 years I have found numerous mathematical, legal, and editorial errors AND BLATANT CONTRADICTIONS in them over the years. Magazines are written by JOURNALISTS not FINANCIAL PROFESSIONALS, and are paid for by ADVERTISERS -- how unbiased is that?
: : : For true cutting edge ideas and tactics one must look to trade journals ( Trust and Estates, Journal of Financial Planning, Journal of Finacial Services Professionals ) for thoughtful unbiased exploration of the issues involving personal finance.
: : : The purpose of my post was not to promote one product or strategy over another -- the purpose of my post was to point out that financial advice ought to come from a degreed and certified and committed PROFESSIONAL -- not a part timer looking to make a few extra bucks or and organization that only provides proprietary products and look-alike products as PFS does.
: Ron,
: Is that why you are not a lawyer? Because you didnt want a ridiculous acronym after your name?
: No the mark of a true PROFESSIONAL is DEDICATION to the PROFESSION -- true, designations do not make one better than the next BUT the pursuit of education and the accompanying designations is a strong indicator of one's level of committment.
: My credentials I believe are evident of my committment. ( BA - philosophy, University of Michigan 1991, MS - economics University of Chicago 1993, CFP - College for Financial Planning 1996, CLU, ChFC - American College Bryn Mawr, Pa. 1995, MSFS ( Maters of Science in Financial Services )American College Bryn Mawr, Pa. 2000 , RHU, REBC ( registered health care underwriter, and registered employee benefits consultant ) 2001-2002. Additionally I am securities ( 6,63,7,65, 24 ) and insurance licensed in 10 states where I conduct business. I am also Property and casualty licensed in 2 states. I am currently studying to get a real estate license.
: I beleive if I am going to talk about finances taxes and investments I should be an authority.
: It is true that anyone can get these "acronyms" if they are willing to take the time and energy ( I personally study 6-8 hours/week ) but few do because few really care or are committed.