Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: looking for reliable information

Subject: Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: looking for reliable information

Comments:
: : I say do the paperwork and App as soon as possible, and tell the Annuity Co to get the funds at the specified date. : : What VA's do you use? : : Eric : : : : Jax, : : : : Wait if she is not vested. : : : : If she is, then dont wait. : : : : As a Planner you need to control the situation. A lot can happen in 6 months...do the paperwork ASAP. If she is going to do an annuity, do the annuity paperwork now & send it up, and the annuity Co. will send the LOA out at the six months. The business is yours, and you might be able to get a rate lock as well. : : : : If she is vested now, have the 401k co. send the check to you, then send it up with the app, I have found it is WAY quicker than waiting for the companies to do the transfer, and again, you are in control. : : : : Eric : : : : -------------------------------------------- : : : : : : : : : : : : : Jax, : : : : : : Correct. : : : : : : That is usually what happens. : : : : : : In a brokerage account, all $ is deposited in a Money Market. This is where trades will settle to, and where money is pulled from to buy securities, etc. : : : : : : You will fill out the paperwork to have her 401k company send a check to you (the Planner), you usually need to have the shell Rollover IRA acct set up to do this. The check is deposited in the acct as cash (which is usually the proprietary Money Market.) : : : : : : There is a catch to this however!!! : : : : : : If you plan to rollover the 401k into an annuity, you must send the money to the insurance company. If you send it to the brokerage account first, that counts as the rollover! You can only rollover once a year! So be careful! : : : : : : Eric : : : : : : ---------------------------------------------- : : : : : : : : : : : : Jax; : : : : : : : : I wouldn't, unless it was warranted. : : : : : : : : The Rollover IRA is only the way an account is registered. It is the only way to rollover a 401k or other QRP. It can be an annuity, or brokerage acct, etc. What the client uses as an investment within that Rollover IRA account can only be determined through profiling the client. I have not done any Money Markets for Clients in a long time. Whe have liguid checking accounts here at the bank that can double the interest rates found in a Money Market. The only time I use a Money Market is for the portion of a Clients portfolio needed for liquidity, but with our interest Checking, it really isnt needed. If the client is young, still working, and with 10 or more years until retirement, then maybe we will go with some Growth Funds. Again, the investment allocation can only be determined through a complete profiling of a client. If you want to give me more complete info on a hypothetical client, maybe we can do a hypothetical allocation. : : : : : : : : Eric : : : : : : : : -------------------------------------------- : : : : : : : : : : : : : : : : Sharon, : : : : : : : : : : My advice is to try your bank first. Most banks have Financial Planners in each branch. These Planners are there specifically for the clients of the bank. They are readilly accessible, and will be there the hours the bank is open. If your bank doesnt have a Planner, try a Planner that a friend or family member uses or trusts. : : : : : : : : : : The plan of action a Planner recommends should only be presented to you after a meeting or two where the Planner really gets to know you and your situation. Be very upfront with your concerns, current financial situation, risk tolerance, future needs, etc. This will help the Planner put you in a Plan that is truly suitable. : : : : : : : : : : My advice, to start the ball rolling, is to rollover your 401K into a Rollover IRA. This way, you will keep the tax deferral benefits, but have more control and choices in how your money is invested. Depending on your situation, there are a couple of things you may want to ask about: : : : : : : : : : : To move $ to heirs ask about Life Insurance. : : : : : : : : : : To preserve capital, look into Fixed Annuities. : : : : : : : : : : To get income, look into bonds. : : : : : : : : : : For growth, look into funds or VA's...but watch the expenses! : : : : : : : : : : These are generalizations, and may not suit you personally, and you may need a combination of products. This is just some info to get you started. : : : : : : : : : : Just make sure the Planner LISTENS to you, read EVERYTHING you sign, ask about CHARGES & EXPENSES $ PENALTIES, and most importantly....dont be intimidated ....ASK QUESTIONS!!! : : : : : : : : : : The Planner is there to work for YOU. : : : : : : : : : : Good Luck : : : : : : : : : : Eric : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : I need to find a reliable agent I am planning to retire in 6 months I need advise on what to do with my 401k plan and other retirement assets. : : : : : : : : : Eric, : : : : : : : : : Are you suggesting a money market fund as the rollover ira? : : : : : : : : : : : : : : What I meant was if she were to roll-over the 401k NOW (to start the ball rolling) It has to go somewhere until you find out more about her to determine the final destination. Why not leave it where it is , she has 6 mo. before retiring, until you know where the roll-over should go? : : : : : Why not wait and then do a transfer of assets, trustee to trustee, to it's final destination? : : : : : IE direct to an annnuity? : : : Why I said wait, I mean don't do anything until you know where the money to to go (investment). : : : I don't use brokerage accounts. I use transfers direct to the annuitiy co. I am assuming she is vested or will soon be. I do a lot of VA business. : Nationwide and Lincoln Benefit. : Re: expenses, Nationwides' expenses are equal to most mutual funds B shares. I keep hearing about expenses on a VA, but what if they are not any higher than MF B shares, plus look at all the other benefits you get?

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