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elliot

403(b) Vendor Reps

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Guest Sierra

 

One of the things I find interesting about this thread is that it is titled, "403b Vendor Reps: "Information About Good Experiences ...."

 

... and, with more than 1500 views and more than 100 replies, I can't remember seeing a single post from an investor who was complimentary about his/her 403b salesperson.

 

Gee, I wonder why.

 

 

It's because there are about 5-7 people who post here who HATE anybody that works in the industry and they are the ones always replying here.

 

Like somebody else already reported AP, you and 2 others here account for 22.5% of the posts.

 

 

TR: Of all the posts in defense of the load how many are yours? 90-100 percent?

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Like somebody else already reported AP, you and 2 others here account for 22.5% of the posts.

 

This, of course, has nothing to do with why there has not been even ONE post thanking a salesperson for putting him into a loaded product, a variable annuity, a product with high 12b-1 fees, a product with surrender fees ... Anyone is free to jump in here.

 

 

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Marx suggested "getting rid" of the middleman, because agents adds nothing to the product, and promote sales of bogus "deals". I would'nt go that far, but see that where greed overcomes honest work there is the opportunity for rationalization of sleaze. The argument that someone else will shear the sheep if I don't does not wash in any moral or ethical way. The sheep are greedy too. They buy the argument that managed funds will do better than indexed and succumb to the cherrypicked portfolios presented to them. When I look at the role of greed in my own investing I see how I fell all over myself to get tech funds, and thought I made a lot of money. When the value disappeared I had the opportunity to learn from my mistakes and change my investing behavior.

 

This forum provides a way to view investing that is responsible and clean. The middlemen come and go but those who are not "on the take" give their time, energy, and passion to help us collectively do well.

 

One job of brokerages is to keep the pot stirring so there will be sufficient volatility for lots of buying and selling. The newsletter writers have the "inside information". The cost of doing business in the game of buying and selling provides lucrative incomes and bonuses, generally based on hype and greed. These values are apparently core values for the industry. Is this what makes us so "great"?

 

I continue to learn from this forum and don't know of another that is also as fun.

 

Best of fortunes, Dan

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You are missing my point. I don't think most people get into this business to screw people. If you think that why are you in the business? People get into this business to make money. Companies that make and create investment products are in the business of distributing those products. Advisors that recommend those products SHOULD do so because it's in the clients best interests. Companies can have all the sales contests they want, that says nothing about whether an advisor did the right thing for a client. Most of the fund managers of the world can get huge bonuses (including those at Vanguard, Fidelity, and TC). Are they screwing their shareholders? I think it's interesting how some of you guys in this business accuse others of being so dirty but you are so squeaky clean. Judge not, lest you be judged.

 

 

 

First, many reps come into the industry, because they see the potential for large incomes. A few may have altruistic intentions, but not many. After they go through sales training, they are solely driven by maximizing commissions and benefiting the client is a secondary concern.

 

This is a general statement. It is not true in every case, but I believe it is true in the vast majority.

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