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"But it's such a great product and helps a lot of people!!"
- Management after telling me to not do so much advisory business
I think the days of proprietary products being tied to distribution are going to be numbered. Can’t act in best interest and sell proprietary products. Doesn’t even matter if the product fits. The conflict is too great.
But advisors who can only sell propriety products are beginning to see their business shrink. Clients have access to so much info nowadays they are doing their homework know what they want and what to expect. It’s a huge competitive disadvantage for some advisors whose company restricts them like that
Our annuities are great and anyone who doesn't have one or doesn't want one is missing out!
I would leave any firm offering any sort of proprietary product. Even in house money management is a conflict.
If I sell a VA, all I have to do is tell compliance the client wants guaranteed income for life and therefore is in their best interest. Unless advisors are capped on how much they can sell per year the cycle will continue.
My previous firm is proprietary annuities(very vanilla though), paid more on proprietary funds, and 80%+ prop funds in the managed program. I'm very curious to see what they do moving forward