It's true.

There are Financial Services/Insurance Firms out there that can only be described as cults.

These cults come in three (3) distinct sects.

#1) There's the former A. L. Williams cult of the "Buy Term and Invest the Difference" sect. Now known as Primerica owned by Citigroup. To them ANY form of Cash Value Life Insurance for ANY reason is a rip-off. But their salesmen have no problem selling you their very expensive term insurance along with their loaded mutual funds.

#2) Then there's the Registered Representative (Series 7) crowd WHO ARE NOT INSURANCE AGENTS although they had to obtain an Insurance License to be able to sell the infamous bloated pig with lip stick known as a Variable Annuity. These are the basic stock, bond, mutual fund and Variable Annuity salesmen. To them ANY traditional FIXED annuity or FIXED Indexed Annuity is not worth the paper it's printed on. However for an average annual total fee of about 3% of your account value these salesman will sell you a Variable Annuity and are in fact the one singular group that sells the most annuities nationwide. See graphic at bottom of thread.

#3) The last sect are the so-called FEE ONLY crowd. These are the salesmen who claim they don't earn a commission and only charge an hourly rate or flat fee for the time they spend selling you on the idea of paying them a small 2% fee (more or less) on the total value of your portfolio each and every year will be better for THEM than you paying a one-time commission to the "other" guys. While these folks hold themselves out to be the "purist" of the industry they do have one theme. ANYONE who earns a commission by selling ANY financial product to ANYONE is bad. They love to sell you on the myth that their method of salesmenship compensation is a better than the rest!

Now all that being said is there anything that stands out about these cults?

Maybe it's the fact they are all salesmen of financial products and services!

EACH AND EVERYONE OF THEM.

This box rant has been brought to you by Gary D. Spicuzza, SAFE.

__________________
Gary Spicuzza, *SAFE
Copyright 1956
No Rights Reserved
*Self Appointed Financial Expert

I think that your assets should be diversified in all classes. Fixed/variable, funds, real estate, etc etc. Series 7 "guys". Cmon. I have my 7. Don't really need it anymore. I focus on fixed products. I like protecting clients principle. I do think that there is a home for all products. As for the basic salesmen type. Without them you wouldn't be getting to far. Municipal bonds don't sell themself hence making roads that are driveable. Every time you roll someones mutuals into an EIA. I am sure your not complaining about the 3-11% your putting in your pocket. I am with you on the transactional side of things. I think its more about how much gross you can do when your a stock slinger and retailing product. To each his own.

Bradenton Ins. Group I'm NOT talking about Insurance Agents here who have their Series 7.

I'm talking about the Series 7 clueless clown Registered Representatives who HAD to get their Insurance License to sell the infamous bloated pig with lip stick known as a Variable Annuity.

They are NOT insurance agents. Nor have they been trained in the insurance business. They are the typical stock, bond and mutual fund day traders playing stocks like a flea market swap meet with "other" people's money.

They have little to none real world experience or knowledge of insurance products, their uses and especially fixed annuities.

__________________
Gary Spicuzza, *SAFE
Copyright 1956
No Rights Reserved
*Self Appointed Financial Expert