Help for my sister

[MooreBonds]

Excellent...while this isn't the post that you brought up WFG in...perhaps you could explain to your clientèle that you are starting to sell life insurance because it's the (relatively) most ethical thing you can sell in this industry from the perspective of a 19 year old with few contacts, and that you would appreciate having the opportunity to meet with them again in a few years when you have more knowledge/experience and can offer them more products that are truly in their best interest.

With life insurance, it's pretty easy to compare one company to another, since most policies are the same and the price is the only difference....but with mutual funds/etc., most fees are hidden and it's not as easy to compare. So stress that you chose this route since it's ethical and honest and allows you to also meet people that you can help in the future.

 

[excellent]

You pretty much summarized what I aim to do as of now, because a client is a client for life, not just a sale. As I accumulate knowledge I will then dispense that gained knowledge to clients that I may currently be reaching out to... I actually think that that summary defines what my aims are quite nicely. Thanks MooreBonds, it seems like you know how to word intangibles quite well, I'll keep that post in mind when I am talking to potential clients who ask questions along the lines I've encountered. Have a great day!

 

[FinanceDude]

Excellent...while this isn't the post that you brought up WFG in...perhaps you could explain to your clientèle that you are starting to sell life insurance because it's the (relatively) most ethical thing you can sell in this industry from the perspective of a 19 year old with few contacts, and that you would appreciate having the opportunity to meet with them again in a few years when you have more knowledge/experience and can offer them more products that are truly in their best interest.

With life insurance, it's pretty easy to compare one company to another, since most policies are the same and the price is the only difference....but with mutual funds/etc., most fees are hidden and it's not as easy to compare. So stress that you chose this route since it's ethical and honest and allows you to also meet people that you can help in the future.

I agree that life insurance is a no-brainer to young families struggling with mortgages and credit card debt, etc..........however there's a LOT of life insurance sold unnecessarily in this country. I worked for a couple years as an NML rep..........I think we all agree they're a pretty good company.........but the abuses I saw from thir agents made me shudder...........that's another thread entirely.

Bottom line, "excellent" seems to have a good heart. I think that if he just got folks to buy 8-10X their annual household income in 20 0r 30 year term, tried to get them to budget and LBYM, showed them how to take advantage of their group benfits at work, and then moved into 401K allocations and ROTH IRA's and such, it would work.

I am leery of how the "team of advisors working for me" works. No guarantee your "team: will be as honest as you..........

 

[excellent]

Yes but I will speak softly and carry a can of whoopass for those I find trying to undermine the honesty of the entire team.

 

[FinanceDude]

Yes but I will speak softly and carry a can of whoopass for those I find trying to undermine the honesty of the entire team.

I think you will learn more and gain better experience with a firm like New York Life, Prudential, or NML than WFG.........these firms have legendary training.........

 

[old woman]

My wife's grandmother put about $100,000 in CDs at a bank in 1976 when she sold her business. 28 years later, when she died, she had about $250,000 (she never spent any of the interest, just kept "reinvesting" it). We gently tried to get her to move it, but she was loyal to the bank (now owned by someone else) because they loaned her the money to start up the business in 1932!

I estimated she would have died with about $1,4000,000 if she had invested in an S&P index fund. OTOH, it made her happy and she felt secure with what she understood.

My grandmother died last month, she was a poor women all her life. She raised kids in the depression, married in 1924, she was 98. She was widowed after 54 years and lived alone about 25 years on SS. She had a little money in the bank, she was saving for her old age. For the last 18 months she lived in assisted living paid her own expenses, never had to take charity. When she died she had 61,200 left over after her funeral expenses. Sure she could have invested the money had had a more but she fought hard to get her life savings saved and with a 8th grade education investing would have opened her to con artist. She could understand the money being in the bank and in CD's. When she got to old her son in law would go get her $100 a month from the bank to spend. He paid her bills and bought her groceries so she just had to buy herself a drink at the bar or a sandwich in town. She walked since she never learned to drive and it was a small town. Her SS check was direct deposited. Life was simple.
Sometimes enough is plenty.