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Friend is trying to get me into his annuities
06-04-2015, 11:19 AM
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#1
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Thinks s/he gets paid by the post
Join Date: Apr 2011
Location: Madison
Posts: 1,337
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Friend is trying to get me into his annuities
Nothing like having a friend who becomes an Insurance and Annuity salesman put the pressure on. He knows I'm worth 7 figures so I can't say I have nothing to invest.
Anyway here is his pitch. I see lots of holes in it but I'd like other input:
" I already know you are no fan of life insurance and annuities as retirement income vehicles. You should be, now that you are retired and the market has been on a rise for the last 5 years.
I hope you have minimized your exposure to the market.
Best wishes,
Tom
On 6/4/15, 7:31 AM, XXXXXX wrote:
--------------------
Hi Dan,
I thought I'd send you an update on what I am doing. My business turned 1-year old last month. It was a great year. My goal was simple: teach people how they can put their money away for retirement and safely earn market returns without putting their money at risk in the stock market. Unlike IRA & 401k accounts, my strategy gives you access to your savings every day between now and the time you retire so that you can deal with life's little emergencies, planned events, and for the more sophisticated investors, put your money to work in TWO places at ONE time.
I've been constantly surprised and humbled by how many of the people I meet on LinkedIn, who are real estate investors and also hold a life insurance license, want to join me in what I am doing. As a result, my business now includes a half-dozen agents around the country all working to spread the good word. I am grateful for their help.
Anyway, I post educational pieces periodically on my LinkedIn page, my Website and my Facebook page. These are always educational and not sales-oriented.
Here are links to each:
Blog | Innovative Retirement Strategies, Inc.
www.facebook.com/InnovativeRetirementStrategies
Be sure to like or follow one of these to stay up to date. Please share with your networks to help spread the word.
Thanks for staying connected.
XXX
and after I replied that I might look:
Hi Dan,
An IUL will match the market up to 13% and it puts a floor on your returns at zero. You can't lose principal. The market will outperform the IUL over a long enough period, but the ride is much smoother with an IUL (see the chart on this page).
Just say no… to Wall St. | Innovative Retirement Strategies, Inc.
If the market dives 25% tomorrow, you will have outperformed the market by 25%. I like zero. Life insurance fees are expensive upfront, but over the long run, the costs are less than most mutual funds. After the 10th year of a policy, for example, the cost of insurance is less than 1/4% in a properly funded policy. You can get virtually the same market exposure as your current portfolio.
There is no better way to transfer wealth to your kids. This table shows why a life insurance policy will provide about 3X the income of a traditional IRA invested in stocks:
http://innovativeretirementstrategie...IUL-vs-IRA.pdf
I've got an annuity that pays a 10% bonus with guaranteed growth of 7% on the income side. The means the payment would be 6.7% of your initial contribution if you annuitized it just one year later. If you defer longer, that goes up considerably. Payments are doubled with the wellness rider (cant perform 2 of 6 activities of daily living).
If you are healthy enough to get life insurance, creating a MEC (modified endowment contract) would get you far more income than an annuity would pay out.
XXX
All I know is there is "no free lunch" and he has a nice yacht that he send pics of on facebook all the time. I'm assuming he gets a good cut of every sale. Good for him but perhaps not so good for the customers ?
__________________
Wild Bill shoulda taken more out of his IRA when he could have. . . .
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06-04-2015, 11:31 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Aug 2005
Location: Crownsville
Posts: 3,712
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"I've been constantly surprised and humbled by how many of the people I meet on LinkedIn, who are real estate investors and also hold a life insurance license, want to join me in what I am doing. As a result, my business now includes a half-dozen agents around the country all working to spread the good word. I am grateful for their help."
For some reason, this paragraph makes me think of a combination of Amway, Ameriprise, and the Jehovah's Witnesses!
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06-04-2015, 12:25 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Location: Charleston, SC
Posts: 13,566
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Quote:
Originally Posted by Andre1969
"I've been constantly surprised and humbled by how many of the people I meet on LinkedIn, who are real estate investors and also hold a life insurance license, want to join me in what I am doing. As a result, my business now includes a half-dozen agents around the country all working to spread the good word. I am grateful for their help."
For some reason, this paragraph makes me think of a combination of Amway, Ameriprise, and the Jehovah's Witnesses!
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LOL--I was also stopped by the "good word" part!
I guess the simplest answer you can give is that you don't mix investments and insurance products, that you find it easier to buy them separately for reasons of your own.
__________________
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way
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06-04-2015, 12:29 PM
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#4
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Moderator Emeritus
Join Date: Sep 2007
Posts: 17,773
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Your friend will have a packaged response to anything you might say against his company. He is no doubt sending the same canned messages to several people. We would probably just ignore his business but maintain any personal relationship that already existed. If he won't let it rest, and if you've never involved him in any of your own business dealings, point that fact out to him.
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
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Friend is trying to get me into his annuities
06-04-2015, 12:32 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Sep 2012
Posts: 1,568
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Friend is trying to get me into his annuities
http://youtu.be/7FPELc1wEvk
Run away!
Sent from my iPad using Early Retirement Forum
__________________
You know that suit they burying you in? Thar ain’t no pockets in that suit, boy.
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06-04-2015, 02:00 PM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2004
Location: SW Ohio
Posts: 14,404
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If he's using email, I'd send him a "fresh" email (not an re: to his note). Make small talk, ask how he and the kids are doing, etc. Somewhere in there note that you've gotten his emails about various insurance and annuity products and "I hope you'll understand that I'm not interested in these. I appreciate your interest, but it is just not something I'm going to do."
That's it. I would not feel in the least obligated to provide any additional information or rationalization.
It separates your personal relationship from his business undertakings.
If you DID want products of this type (you don't), what would be the chances that his particular products (the ones paying him a healthy commission) would be the very ones you would choose? About zero, right? So save him time by cutting this off with minimal discussion.
Good luck.
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06-04-2015, 02:08 PM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
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I didn't read the advertising material. What are you trying to accomplish by posting this here? Do you want our sympathy? Do you want us to concoct a reply? How about this:
Tom, never ever again send me any e-mail, letter, or communication trying to sell me anything or to help me finically. Don't do it. Dan
PS: I will make one exception: You may send crisp $100 bills to me any time, but I will not even thank you for them, but I will spend them.
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06-04-2015, 03:31 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 4,354
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Why not just reply with your truth. You have done just fine managing your finances up to this point in your life and will continue on the same.
No reason that you have to stop being a friend/acquaintance with him, just keep it in a non-business relationship.
__________________
The problem isn't artificial intelligence, it's natural stupidity.
You can't spend yourself to prosperity.
Semi-Retired 7/1/16: working part-time (60%) for now [4/24/17 changed to 80%]
Retired Aug 2, 2017; age 53
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06-04-2015, 03:36 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Jun 2014
Posts: 1,069
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Ask to see the back testing about his vehicle, just for fun, to compare to yours. No matter what, keep asking for more numbers. He just wants you to him busy.
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06-04-2015, 03:37 PM
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#11
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,302
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Quote:
Originally Posted by dtbach
All I know is there is "no free lunch" and he has a nice yacht that he send pics of on facebook all the time.
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I am reminded of a book title. Where are the Customer's Yachts? Ask him that....
__________________
When I was a kid I wanted to be older. This is not what I expected.
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06-04-2015, 04:49 PM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Posts: 6,499
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With friends like that you don't need enemies.
__________________
There must be moderation in everything, including moderation.
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06-04-2015, 04:51 PM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
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Quote:
Originally Posted by ls99
With friends like that you don't need enemies.
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Yea, I don't think that "friend" and "annuities" can be used in the same sentence.
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06-04-2015, 06:42 PM
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#14
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Thinks s/he gets paid by the post
Join Date: Sep 2012
Posts: 1,568
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My friend told me not to buy annuities.
Sent from my iPad using Early Retirement Forum
__________________
You know that suit they burying you in? Thar ain’t no pockets in that suit, boy.
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06-04-2015, 09:45 PM
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#15
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Full time employment: Posting here.
Join Date: Jul 2013
Posts: 953
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A SIL of a friend of mine but me on his email sucker list. His newsletter shows the YTD performance of his superior plan. So far, he is down 14%.
There is no place for honest folks in the business of taking money from uneducated investors. But I do wonder if anyone has actually signed up for his service.
I put him into the ignore list. Someday I will probably meet him face to face, and then I will have to be brutally honest with him.
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06-04-2015, 09:54 PM
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#16
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gone traveling
Join Date: Oct 2007
Posts: 1,135
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Run , Forrest. Run...
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06-04-2015, 10:08 PM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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Equity indexed annuities are stupidly expensive bits of nonsense. IUL makes them look sensible. Add this dude's email address to your ignore list. His sales training is all about getting you to engage and then beating down every objection in order to make the sale. Don't engage.
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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06-04-2015, 11:43 PM
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#18
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: South central PA
Posts: 3,469
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It sounds like a multi-level-marketing annuity scam. DH and I saw a presentation along the same vein about 20 years ago. I feel sorry for the friend that is mixed up in this, actually.
Sent from my iPhone using Early Retirement Forum
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06-05-2015, 07:53 AM
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#19
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Dryer sheet aficionado
Join Date: Dec 2013
Posts: 30
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I have had a few friends get into the insurance business including one who drove a truck previously and delivered produce. Those guys lasted in that business until all of their family and friends were signed up and they weren't good enough salesmen to get new business.
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06-05-2015, 07:56 AM
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#20
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,206
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Quote:
Originally Posted by EastWest Gal
It sounds like a multi-level-marketing annuity scam. DH and I saw a presentation along the same vein about 20 years ago. I feel sorry for the friend that is mixed up in this, actually.
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You might feel otherwise if you look at the friend/sellers resume, he knows full well what he's doing.
https://www.linkedin.com/in/tomrutkowski
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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