Thread regarding State Farm Insurance layoffs

Report to Compliance?Not unless you want to be targeted to lose your job!! My experience is if you report compliance issues, Code of Conduct issues or even fraud...you will be targeted. Guaranteed.

Next time you receive random emails from HR (enterprise wide) that say anything about any of this type issue (ie, the emails last year about not allowing bullying or retaliation & then had us watch a short video)...you can bet that a real infraction has been reported. Problem is that then management will then go after the reporter. NOT the reported!

Zero Fund Fees? That’s Just the Beginning

Fidelity, BlackRock, Vanguard, and State Street are charging less and less as investors expect more and more. What’s next? Fund companies could pay you to invest. Really.

https://www.barrons.com/articles/zero-fund-fees-thats-just-the-beginning-1535758640

Interesting group of companies for an article title “Ditch these high priced index funds now.”

Companies such as DWS, Invesco, JPMorgan, Principal, and Wells Fargo all sell S&P 500 funds with expense ratios above 1%, according to CFRA. Insurance companies Nationwide and State Farm also sell S&P 500 mutual funds with expense ratios above 1%.

How can you say the overhaul is great without saying the previous products were lame?

https://www.barrons.com/articles/ditch-these-high-priced-index-funds-now-1533553815

Hey people--for those who don't know (or many of you who just refuse to acknowledge) our investment services are currently experiencing a complete overhaul. The SF Mutual Funds are being liquidated and rolled into some of those outside companies with all the investment experience you talk about. Blackrock Funds. American Funds. Even Vanguard Funds. Expenses/fees being greatly reduced and about 82% have fees below market averages. We'll be selling the same funds, on the same platforms, as many competitors. Those relationship customers will now be able to switch their funds to their State Farm agent (because many of them really prefer having somebody to talk to, even with small accounts) without incurring any additional fees. The agent will not make a dime on that, but both SF and the agent will be able to make money on additional funds that com in. And the reason this is happening is that those Fund companies are amazed at the success State Farm agents had with a limited line of funds, in a market nobody else has ever been able to tap into.

Only the agents who want to commit to additional licensing and training will be involved in all of this.

Oh-- I'm the agent with the $1 million relationship rollover. There are plenty of us out here. I'm doing just fine thanks. And Mr. rollover is already wanting to talk about some more money as soon as we can.

Compliance dept won't do Shiite

Yea, we had this conversation already when discussing the mutual funds. This has been honing on for a long time. Wonder how that agent with the mil plus roll over into our funds based on personal relationships in doing. SEE THE SF Q2 REPORT?

Although I have great respect for our agents I find it more fitting to go with companies that have a track record on returns on investments.

Let’s not forget there could be a place for an annuity in this 90 year olds financial plan before we throw the agent under the bus, not many facts to go on here.

State farm should be ashamed of itself. The agent should lose his license.

Everything is on a script, everything is based on metrics. If it don’t fit, ship it. Thank you, drive thru. The new State Farm is not a good neighbor, just another insurance company littered with a few employees that still care.

This not to degrade OP in any way. But if this story is true I have two major problems (I’m an agent). One, we have a culture problem that forces new agents to sell the wrong product for the wrong reasons. Two, it’s disturbing to read “ I went through the script”. Customers deserve better, but employees are boxed into word tracks and procedures with no authority to actually help the customer.

The agent was correct.

No, just a relatively humble 34 year agent who tries to do the right thing.

@UR6yCpm-psb Paid corporate shill

If that was the case you should have referred this to our compliance dept. for investigation instead of shedding tears about it. They have the power to correct these situations if they find abuse has taken place. I recently placed a annuity, maybe my last as the amount of work involved to verify client suitability is now beyond rediculas, it used to be a four page application.