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I have my last working day at IBM GBS in the month of july. Wanted to ask what documents should I carry to the office for asset return, what documents I will receive on my last working day and which ones I will receive after my lwd? Any action item to be done before my lwd apart from returning id badge and laptop ? IBM
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Anyone here in Santa Barbara CA?
Is it me or did they just scrap the DOL law?
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99% of these answers make me sick to my stomach. Yes, there should be a fiduciary rule and to reply to the comment about getting paid x% per year on AUM, at least our goals are aligned. We make more they make more. Also, we are required to do what is in their best inrerest regardless of how paid. Everyone responsible for advising people bout their finances should have that standard regardless of how they are paid.
To all the DOL comments, notice how a lot of these cases are Life Insurance. Just because we may be fiduciaries on our investment work doesn’t mean we can’t put on our sales hats and try to leverage relationships to find big life opportunities. Not shady, not slimy... in fact quite smart. I bet MM1 had a nice time celebrating that case, and nobody suffered because of it
Plus for 19 years it pays 10k per year as residual everytime he pays the premium. Annual Premium is $186,500
103k in life insurance and 74k in annuity sale
35k annually for $10 mil plus 401k plan
31k from mutual funds
16k on a huge whole life
85k. 3 annuities
27k on a GUL as a part of an estate plan
42k annuity sale.
$80k from indexed annuity sale.
18k VA
6 figure months
Vp1 you are an idiot and clearly didn’t read my post even. How can you justify someone that wants to buy and hold being in a fee based account where you are costing them way more money please explain.
Also would it make you happier if we all took our commissions with the 1% trail option instead of upfront?
FA4 must be an outstanding guy calling other advisors names for having an opinion that differs from yours. Real classy. If someone wants to buy and hold, great for them, maybe they aren't the best fit for to have an advisor. But your response is how can I find a way to make money off of them. Believe it or not, some of us actually are active managers. We trade when it makes sense not just to make a fee. Also, unlike most "financial advisors" we do comprehensive ongoing planning, which is often times as valuable if not moreso that the investment management. Our AUM fee covers that.
$29k variable life insurance
PF3 Premium Finance all day baby!
Oh I imagine that party went all night long...
I rest my case
MM1 can you explain how a $2M brokerage account with premium financing could allow that client to afford a $1.5M annual premium life policy?
LPL, Just had a client come to me worth about 1 million with a 380k premium financing deal already in tow. Makes me sick there are people out there pedaling this crap
Ahhhhh I see, was going to say he must have much higher net worth than just that one brokerage account. Makes sense now yeah we use the same lines of credit with stock/bond accounts through different custodians where they can get anywhere from 60-85% loan to value ratios depending on the investment mix.