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shoulder2shoulder

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  1. in my opinion it would make the most since to open a new 403b with Vanguard and roll the axa account over. bite the bullet, if you leave the account there you will be paying a $30month admin fee for a low account balance (less then 25k) for the life of the axa account. you question about you getting back what you put in, that only happens when you die. Not a great deal for you :).
  2. all annuities are not bad, there is a time and a place for any form of product. It is just my belief and that of many others that there is no place for an expensive annuity in a retirement account that you are planning on contributing to for 20-40yrs. No reason to pay 2-3% for a guaranteed death benefit on your account when we know markets will go up over the 20-40yr period! If an individual (your grandma) needs guaranteed income in the later stages of their life then an annuity does make since and they can easily roll over the less expensive mutual funds from their retirement plan into an annuity to guarantee that income. lets also be very honest and realize that not everyone is going to take the time to educate themselves on retirement planning. If an advisor form ING, Met Life, AXA, AIG....gets an individual set up and has them saving for retirement and 30yrs from now they have 600k instead of 750k, they are still far better off then they would have been if they did nothing at all!!!
  3. Jim- You are so right. When I was at AXA we used to sponsor the new hire orientation every year. We would pay for lunches and do drawings several times a day. It was a 2day event. All you had to do to enter the drawing was fill out an info card. once we got that card we would call and set up appointments and teach the new employees all about their benefits and they were happy because HR didn't have the resources to educate their new employees. I would guess that 50% of the new hires every year had an annuity 403b set up before their 1st day in the class room!! AXA was the largest provider in Denver Public Schools and all of Colorado but we weren't the only one sponsoring the new teacher orientation. AIG, VALIC, ING, MET LIFE... we were all begging to buy lunches and give away I Pods and gift cards to office depot. TIAA CREF was/is available in the district and in my 3+ years and meeting almost every teacher, janitor, admin person in the district I only met one person that had TIAA CREF. The sad thing was it took me 4 appointments but I was able to get her to roll the money into an AXA plan with me. Gosh I feel dirty even thinking about how many people I signed up in the AXA equivest 403b. We had a 12yr surrender charge on that thing!!!!!! I guess it still beats the other companies that had 5 years surrender charges that started over on every new deposit, so every pay period you got a brand new 5yr surrender charge! time to go take a ######, i feel dirty. To all the teachers that I put in expensive, long surrender period annuities I am sorry!!! I had to eat too. All I can do now is try and educate everyone and encourage them to teach their co-workers. Every teacher on here should take the time and teach one coworker (teach the young teacher, they will listen) and spread the word
  4. looks good to me, with the limited info provided. I would be worried about AIG as a company though, didn't they lose billions in the 1st quarter this year??
  5. All- since my days at AXA i have gone to work for another financial service company as a wholesaler. I am no longer advising/selling to the public but "selling/advising" the advisor. My clientele is Fee Only advisors. I must say in the beginning it was a little bit of a culture shock but I have enjoyed every moment of it.. You will always find a few bad apples but the fee only community as a whole is amazing. They are completely independent for the most part, aren’t influenced by a commission check. Their sole responsibility is to grow your investments because the more you have the more they make. A very fair tradeoff in my opinion. I would look for a fee only advisor that charges somewhere around 1% for assets under management, as I have found that is a very fair and competitive rate. Fee only advisors will do their best to get you in the best performing, lowest fee products because it will help yours and their bottom lines.
  6. JarHead- Do your wife and her co-workers a favor, dont give up!!! I am a former AXA RBG rep (Retirement Benefit Group) I was one of those preditors walking the halls in schools in Denver. AXA reps are very knowledgeable but are forced to sell AXA annuities. That is how we got paid. On the 403b plans I got paid 6% of the 1st year contribution and a 2% renewal after the 1st year. Where does your wife and sister-in-law think that money comes from. Every AXA RBG member has a mandatory goal of getting150 new clients a year. After a while you have several hundred clients, how can an advisor have 500+ clients and service them and meet with them on a regular basis??? AXA service is great in the beginning but falls of quick because of the amount of clients you have and the fact that you make 3x as much on new clients. The guy you met with told you to Google Ellie Lowder(I am laughing now), she ran our training sessions in Alpharetta Georgia!! Of course he wants you to look her up she is a paid consultant to AXA. On a side note the next time an AXA rep approaches you, tell them you don’t want to spend 45minutes seeing their “yellow pad Presentation” this is a ###### sales presentation that every rep learns before they start and is used on every new client. As to why I left AXA: Google, Gordon Moore AXA, he was our VP in Denver and was rewarded with trips to Europe, Mexico and the Bahamas for his efforts.
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