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Re: Q re Dividends
Old 12-23-2006, 05:31 PM   #21
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Re: Q re Dividends

"I annoint you "associate anti-annuity troll." Great post."

Thanks. An Amerprise shark, got a hold of my best friend, right after his wife got a substainal inheritance. Instead of investing it for their future retirement (they are early 50s) stuck it into an immediate annuity, with the normal fees surrender charges etc.

I am beginning a CFP course, I suspect that when I got to the life insurance and annuity course, my blood pressure is going to go through the roof.

It pisses me off that we could give virtually every public services worker, Nurse, Teacher, city employee a large raise by just banning annuity salesmen from 403B plans.
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Re: Q re Dividends
Old 12-23-2006, 08:22 PM   #22
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Re: Q re Dividends

Bram -- you don't need to pull out the old S&W and blow your brains out. Lots of us have made "questionable" investments and lived to tell the tale. It is certainly true that this was not a "good" investment but if you can't back out of it without the 8% fee then take your time and learn about this stuff. Decide what to do after you better understand what the impact of the various options are. The nice thing about the people here is that they are not trying to sell you on anything so no one will intentionally lead you astray. But many of us are very opinionated - so it is good to get as much advice as you can and then decide for yourself.
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Re: Q re Dividends
Old 12-24-2006, 05:07 AM   #23
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Re: Q re Dividends

Quote:
Originally Posted by clifp
I am beginning a CFP course, I suspect that when I got to the life insurance and annuity course, my blood pressure is going to go through the roof.
I've thought about going for a CFP but it would only be for a hobby. I couldn't bring myself to charge for financial advice since I think it is so simple and obvious. I'd assign people a short reading list and send them on their way. Just reading Scott Burns' columns would do for most.

Once people hear that their is a better way, I think it comes down to personal responsibility. Anyone that isn't willing to do the trivial effort necessary to do their own financial planning probably deserves to work until they are 75 and to live out their declining years in poverty and misery. I guess I'm pretty cold.
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Re: Q re Dividends
Old 12-24-2006, 12:21 PM   #24
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Re: Q re Dividends

Quote:
I've thought about going for a CFP but it would only be for a hobby.
If I'm not mistaken, you need to not only meet the required education (pass the required exams) but also you must have 2 years or so experience in the FP business in some capacity. Anyone can take the exams, but they will not necessarily obtain the CFP designation until they have field experience of some kind for a minimum amount of time.
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Re: Q re Dividends
Old 12-24-2006, 01:06 PM   #25
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Re: Q re Dividends

Quote:
Originally Posted by donheff
Bram -- you don't need to pull out the old S&W and blow your brains out. Lots of us have made "questionable" investments and lived to tell the tale. It is certainly true that this was not a "good" investment but if you can't back out of it without the 8% fee then take your time and learn about this stuff. Decide what to do after you better understand what the impact of the various options are. The nice thing about the people here is that they are not trying to sell you on anything so no one will intentionally lead you astray. But many of us are very opinionated - so it is good to get as much advice as you can and then decide for yourself.
Yep-- it's only an education if you learn from it!
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Re: Q re Dividends
Old 12-24-2006, 02:49 PM   #26
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Re: Q re Dividends

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Originally Posted by mickeyd
Anyone can take the exams, but they will not necessarily obtain the CFP designation until they have field experience of some kind for a minimum amount of time.
Would this forum count or do you have to swindle a certain number of people out of real money?
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Re: Q re Dividends
Old 12-24-2006, 02:54 PM   #27
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Re: Q re Dividends

Quote:
Would this forum count or do you have to swindle a certain number of people out of real money?
I'm not positive on this, but I believe that if Nords signs the required papers certifying competence and 2 years of experience on this forum, it's all good.
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Re: Q re Dividends
Old 12-24-2006, 02:59 PM   #28
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Re: Q re Dividends

Quote:
Originally Posted by mickeyd
If I'm not mistaken, you need to not only meet the required education (pass the required exams) but also you must have 2 years or so experience in the FP business in some capacity. Anyone can take the exams, but they will not necessarily obtain the CFP designation until they have field experience of some kind for a minimum amount of time.
That is correct you need two years of practical experience, plus passing the ethics test (personally, I find it hard to imagine that the financial planning field has high ethical standards). Passing the CFP is actually quite difficult <60% pass rate so you need a CPA, or PHd in a related field to take the test unless you've had CFP course work.

I am not sure if this is going to be a hobby for me or a 2nd career, I'm only on the 1st course.
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Re: Q re Dividends
Old 12-24-2006, 10:21 PM   #29
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Re: Q re Dividends

Quote:
Originally Posted by mickeyd
I'm not positive on this, but I believe that if Nords signs the required papers certifying competence and 2 years of experience on this forum, it all good.
I'll happily vouch for the experience.

But competence? An ER either studying for the CFP and not using it, or studying for the CFP and using it to earn income that they don't need?!?
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Re: Q re Dividends
Old 12-25-2006, 01:36 AM   #30
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Re: Q re Dividends

Quote:
Originally Posted by clifp
That is correct you need two years of practical experience, plus passing the ethics test (personally, I find it hard to imagine that the financial planning field has high ethical standards). Passing the CFP is actually quite difficult <60% pass rate so you need a CPA, or PHd in a related field to take the test unless you've had CFP course work.

I am not sure if this is going to be a hobby for me or a 2nd career, I'm only on the 1st course.
Clifp.... this is a stat from a long time ago when I was taking the CPA, but less than 20% passed a section back then, much less the whole CPA exam...
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Re: Q re Dividends
Old 12-25-2006, 08:30 PM   #31
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Re: Q re Dividends

I want to thank you all for the time you've taken to explain & share your knowledge with me. I truly appreciate it!

I've looked over the VA contract again. The "free look" period was 10days after receiving the contract, so I'm not hopeful that I can unwind this except with that huge surrendeer charge ($8K). I don't think I can make a case that the FA "lied" to me. But I do have some questions & want some items (re)explained to me, so I will be calling him soon.

I have bookmarked the above suggested links & plan to make a very concerted effort to "get educated". I can ill afford to make this sort of blunder again.

Thanks again for you help!
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Re: Q re Dividends
Old 12-26-2006, 11:54 AM   #32
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Re: Q re Dividends

Glad this has helped you Bram.

Quote:
The "free look" period was 10days after receiving the contract, so I'm not hopeful that I can unwind this
I'd still recommend submitting a request to exercise your 10 day free look today. Forget about the 10 day part, after all, they forgot about telling you the truth.

What's the worst that can happen? They could say no and hand you a load of BS...oh yeah, they already did that.


Make sure that you send a copy to the NASD who license all of these salesmen. Also copy the insurance commissioner of your state as this is also covered by them as it's an insurance product.

If nothing else, it would alert the authorities to these guys and help others who have yet to be hurt by them as you have.
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Re: Q re Dividends
Old 12-26-2006, 02:31 PM   #33
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Re: Q re Dividends

Decided not to call the FA as I didn't want to deal with him trying to dissuade me & any answers he'd give me re the VA wouldn't change my mind.

Holding my breath here......
I just called Ameriprise 403b section. Told the man I wanted to unwind the annuity & put the $ back where it was previously. He was very pleasant, didn't even ask "why", said it looked as if I was a little past the "free look" period, but that he thought they could squeeze it thru anyway, without charge. I will get a call back tomorrow to verify with me the change & charges, if any. I am almost afraid of "how easy" this might be!!!!!!!

I imagine the FA is going to be slightly (or more?) pizzed with this?! I hope he didn't over spend for the holidays. :P
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Re: Q re Dividends
Old 12-26-2006, 02:33 PM   #34
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Re: Q re Dividends

Quote:
Originally Posted by Bram
Decided not to call the FA as I didn't want to deal with him trying to dissuade me & any answers he'd give me re the VA wouldn't change my mind.

Holding my breath here......
I just called Ameriprise 403b section. Told the man I wanted to unwind the annuity & put the $ back where it was previously. He was very pleasant, didn't even ask "why", said it looked as if I was a little past the "free look" period, but that he thought they could squeeze it thru anyway, without charge. I will get a call back tomorrow to verify with me the change & charges, if any. I am almost afraid of "how easy" this might be!!!!!!!

I imagine the FA is going to be slightly (or more?) pizzed with this?! I hope he didn't over spend for the holidays. :P
Just be prepared for the REALLY hard sell from the FA. Most likely, he will pull out all the stops.
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Re: Q re Dividends
Old 12-26-2006, 02:41 PM   #35
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Re: Q re Dividends

Well, Brewer, as your siggy line says.... "Let him bray!" My heels are in good shape, I can dig in, too!
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Re: Q re Dividends
Old 12-26-2006, 03:18 PM   #36
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Re: Q re Dividends

Quote:
I am almost afraid of "how easy" this might be!!!!!!!
I agree, unless there are other complaints that they have received on this FA and they are ready to throw in the towel on him.

Quote:
I imagine the FA is going to be slightly (or more?) pizzed with this?!
Oh, don't worry they called either him or his superior one minute after they hung up the phone from speaking with you.

Make sure that you take notes on who you spoke with @ the company and as many details as possible... in case you need to put it all on paper at some later date.

Keep fighting the good fight!

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Re: Q re Dividends
Old 12-26-2006, 05:29 PM   #37
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Re: Q re Dividends

Quote:
Originally Posted by Bram
I just called Ameriprise 403b section. Told the man I wanted to unwind the annuity & put the $ back where it was previously. He was very pleasant, didn't even ask "why", said it looked as if I was a little past the "free look" period, but that he thought they could squeeze it thru anyway, without charge. I will get a call back tomorrow to verify with me the change & charges, if any.
Expect him to say how sorry he is but the cancellation will require the full penalty. Point out to him you didn't receive the contract until (insert date) and the "free look" didn't begin until then. Mention fraud. It isn't true but it will get his attention. Also, mention you intend to write to God and everybody in the security and state agencies about this.

Don't be surprised if he doesn't call tomorrow. Follow up tomorrow on your own. Look in your contract what steps you should take to cancel without penalty. It probably has to be done in writing. If so, get it out tomorrow with a date you received the contract and that you are cancelling prior to the 10 day period. Send it Certified Mail, Return Receipt. If it ain't in writing, it didn't happen.
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Re: Q re Dividends
Old 12-27-2006, 08:48 PM   #38
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Re: Q re Dividends

I'm baaaaack!
Waited until 3:30 p.m. ... no call. So I called Ameriprise Cust. Service & asked for the same guy I spoke to yesterday. He said, "They ok'd the free 30 day look. (the contract actually said 10 days) The money will be put back in the account just as it was before & @ no charge."
When?, I asked. "In a few days."
Can you be more specific? "Well Monday is not a business day, so you should see it there by Tuesday."

He was very pleasant. Did not ask why or wherefore.
The FA usually goes on vacation this week, so I suspect that he's not around & hence no pressure call from him. BTW, the contract's only instruction for voiding was to "return the contract to our representative".

I'm a happy camper! 8) I've got some ideas to change things once I see the deed is done & I do more research on some better alternatives. And of course, I'll be asking for opinions here!
Thanks again to all who urged me to pursue voiding this VA. I wouldn't have thought I could have done it, but your encouragement spurred me forward!
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Re: Q re Dividends
Old 12-27-2006, 09:44 PM   #39
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Re: Q re Dividends

Hey it sounds great that they will unwind it... congrats...

Do some research and find a better investment...
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Re: Q re Dividends
Old 12-28-2006, 04:40 AM   #40
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Re: Q re Dividends

Quote:
Originally Posted by Bram
I'm baaaaack!
Waited until 3:30 p.m. ... no call. So I called Ameriprise Cust. Service & asked for the same guy I spoke to yesterday. He said, "They ok'd the free 30 day look. (the contract actually said 10 days) The money will be put back in the account just as it was before & @ no charge."
When?, I asked. "In a few days."
Can you be more specific? "Well Monday is not a business day, so you should see it there by Tuesday."

He was very pleasant. Did not ask why or wherefore.
The FA usually goes on vacation this week, so I suspect that he's not around & hence no pressure call from him. BTW, the contract's only instruction for voiding was to "return the contract to our representative".

I'm a happy camper! 8) I've got some ideas to change things once I see the deed is done & I do more research on some better alternatives. And of course, I'll be asking for opinions here!
Thanks again to all who urged me to pursue voiding this VA. I wouldn't have thought I could have done it, but your encouragement spurred me forward!
Well done. Well done, in deed!

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