Monday, October 8, 2007

Feedback from All Around

Hello Tammy, I just wanted to let you know that I heard about this program MMA last year. It only works for those that aren’t hurting for money. They also have to qualify for a line of credit. Now it’s a bit tougher to get one because of what's happened in the mortgage industries. I am in it (MMA) and it is useful in my financial planning strategies. I will use it if it can help them out. So, if you have anyone in the Midwest region like ( Illinois ) Chicago Land area that wants to know more about it, I could help them out. Give them my email or office number. Have a great and exciting day. GREAT news letter!!

(Chicagoland Area? email me for Michael's information and info about the MMA programming

Another Lousy Lead Service?

I'm in IL and was a agent who lost money on

I have yet another company that ripped me off:

Loan Source Index 2700 W. Baseline Rd. #136-196, Tempe,AZ 85281 60281
email: his name is Cris Hall. The phone message is now Presentation Lead Source at 602-606-7784.
He charges $75.00 @ lead and does not take credit cards. At first he said he did not receive the check I sent on August 27, 2007 until Sept. 19, 2007. He called me around 6 PM central time on a Saturday, Sept. 15 to inform me of the fact he had received the check.I have not heard from him since. He does not return phone calls or emails.
Any ideas for prosecuting him? Please post this so all agents are informed of this criminal.
Richard Z.

Todd V. (aka "the conscience of Financial Advisor Netzone) posted:

As you get more info on the conversion to RIA, I'd really be interested in reading it (heck, I'd even pay for it if the info is good enough)... I will be making the transition in the next year as working with clients in this capacity is, clearly, in their best interest.

Here's a quick example... There is a DPP program that many of my clients like (it is a mortgage pool that pays just over 7%)... The investment company pays a 9% commission when sold by a registered rep. However, when sold by an RIA, the 9% that would have been given to the registered rep as commission IS GIVEN TO THE CLIENT IN THE FORM OF A BONUS...

Imagine, you put $100,000 of a client's money in this investment and when they get their next statement, It shows $109,000 as the balance. By the end of the first year, they have a balance of $116,630 (they earn 7% on the entire balance).

Clearly, as a registered rep, I'd have made $9000 of immediate commission on this sale, whereas, as an RIA I would make $1000+ per year for as long as they keep the investment. Would I make more money doing it as a commission product? Probably...

However, my belief is that the happy client will tell their (rich) friends, so I will likely end up with more good clients as a result.

I look forward to reading what you learn...



Todd and others: There are only about a dozen legitimate companies I have found who exist to assist advisors in becoming RIA's. A very knowledgeable representative of one of those companies has agreed to do a webinar for FAN in November. I will post details here shortly. In the meantime, all of you who have decided you want to become RIA's should email questions to so we can address them at the webinar.

Also- those of you who are already RIA's- please post or email your experiences. It is useful to all of us who are trying to understand the process and the implications of this transition.



If you haven't already done so- sign up for the e-newsletter. I promise to keep all your information strictly to myself.

No comments: