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Axa Rep Threatens 403(b) Advocate

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Excerpt from this this story Bruce McNutt is on a crusade. He's warning his fellow teachers: You're losing thousands of dollars by paying high fees in your retirement savings accounts. But when he tried to spread that message recently, he got "threatening" e-mails from an AXA Equitable salesman who sells retirement plans in the Wayne schools.

 

Dan Otter

 

 

 

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Having had myself and my family threatened with violence, this comes as no surprise to me. I have also heard the giving advice without a license ploy used more than once. Unfortunately, most of the time, IMO, the reps actually believe what they are saying, due to an ignorance of the laws that regulate their own activity.

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Guest TR1982

I think it's a bit much to allow the suggestion that this individual was threatened, much less with violence. It's clear from the article that we have no idea what was said in those emails.

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Having had myself and my family threatened with violence, this comes as no surprise to me. I have also heard the giving advice without a license ploy used more than once. Unfortunately, most of the time, IMO, the reps actually believe what they are saying, due to an ignorance of the laws that regulate their own activity.

 

 

 

 

Having had myself and my family threatened with violence, this comes as no surprise to me. I have also heard the giving advice without a license ploy used more than once. Unfortunately, most of the time, IMO, the reps actually believe what they are saying, due to an ignorance of the laws that regulate their own activity.

 

 

 

threathened - please!

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A rep in upstate New York told me that "if he lost one client, he would come and visit me and my family in Ohio." Yes, it was definitely a threat. In a subsequent meeting, his superior affirmed that he made the threat.

 

There are a lot of commission dollars at stake, and tempers can get out of hand at times.

 

I have absolutely no doubt, based on my experience, that the rep in New Jersey was trying to intimidate the teacher. Happens more often than you may want to admit.

Edited by fischermh

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A rep in upstate New York told me that "if he lost one client, he would come and visit me and my family in Ohio." Yes, it was definitely a threat. In a subsequent meeting, his superior affirmed that he made the threat.

 

There are a lot of commission dollars at stake, and tempers can get out of hand at times.

 

I have absolutely no doubt, based on my experience, that the rep in New Jersey was trying to intimidate the teacher. Happens more often than you may want to admit.

 

 

 

if it is a threat (and your report sounds like one) then why not report the rep to the police. if someone threathened my family, that would be logical to me?

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And how would you prove it?

 

 

 

the mere reporting to the police would create the baseline (and obvious warning) if any further action was done against you or your family.

 

 

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The people I worked with knew about the threat. If anything happened, they could have reported it at that time.

 

Anyways, for the purpose of this discussion, whether or not I filed a police report is not germane.

Edited by fischermh

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The people I worked with knew about the threat. If anything happened, they could have reported it at that time.

 

Anyways, for the purpose of this discussion, whether or not I filed a police report is not germane.

 

 

 

Mark

I am on a project relating to 403b and you might be able to assist. can you tell me how I can reach you?

 

 

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Guest TR1982

The people I worked with knew about the threat. If anything happened, they could have reported it at that time.

 

Anyways, for the purpose of this discussion, whether or not I filed a police report is not germane.

 

 

That's right. And for purposes of this discussion you have no idea what anybody said and whether there was a threat. You are just assuming there was because you were threatened once and Dan Otter posted the article that said there was a threat even though there is no evidence to that fact.

 

Give me a break.

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The article stated that the teacher was told he was violating securities laws, and stated or implied that AXA's legal department would be pursuing the breach. For someone that is not versed in securities laws, this would entail a threat. The rep was trying to intimidate the teacher from preaching the truth.

 

Since I have experienced the same, I find the allegation credible.

 

Give me a break. Do you think theat the rep was trying to keep the teacher out trouble? He should know from his series 6/7 studies that the teacher was not violating any laws.

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TR1982,

 

You posted...

It's clear from the article that we have no idea what was said in those emails.

 

From story...

The e-mails from Montemurro say in part: "You may get a letter from our legal department." Montemurro said one of his superiors believes McNutt is violating Securities and Exchange Commission regulations by "giving advice on products you have no license or credential to advise the public on."

--

TR1982,

Clearly we do have an idea what was said in the emails. Are you so beholden to the industry that employs you that you can't see what this rep did was reprehensible? Are you and your industry that desperate? If anyone needs a break, TR1982, it is us from your blind alligiance to an industry that is increasingly having its curtain pulled back revealing a less-than pretty picture.

 

Dan Otter

 

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Guest TR1982

Dan,

I am not defending anyone! I just know from experience, as I am sure you do also, that there are 2 (two) dos, sides to every story. We do not know the entire contents of the emails. The statement "You may get a letter form our legal department" may be only a statement of fact. Maybe the teacher was asking for an opinion about something and the reply was that you may get a letter from the legal department. This is a classic case of massive ASSUMPTIONS about a situation we know almost nothing about. It's ironic that the article didn't include ANY other information about the emails. Why not? Maybe it was exculpatory. If the newspaper writer had any guts she would go and find out what was said in the emails before she accused anyone of making "threatening" statements.

 

I personally think the article is a bit self serving to you, Dan, since you were quoted in the article. I guess we like to see our name in print, do we?

 

Remember what you are saying here. Parents can and do make statements in the public domain about teachers that are mostly wrong. Don't jump to conclusions until you have both sides of the story.

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A typical TR post. I suppose if the teacher was reported to have been murdered by the agent, TR would have found some way of finessing things, e.g., "Well, we don't really KNOW that the teacher is ACTUALLY dead. Has anyone on this forum actually checked his pulse? Isn't there a chance that the blood on his chest could actually be KETCHUP and that he is just really SLEEPING on his sidewalk? We should withhold judgment until we know FOR SURE all of the answers to these questions."

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