Thread regarding State Farm Insurance layoffs

The new platform goes live on Monday. The latest info says agents will be the customer’s only access, and the agent needs to be available (any time) through mobile and remote access if needed. Agents also have to get new licensing, and spend hours running factfinders and providing clients with “free professional quality reports” before any actual sales discussion can occur. These reports are “free” to State Farm, “free” to Blackrock Funds, and “free” to the customer. The agent loses a lot of time (which equals money) and makes nothing unless there’s a sale. There will be very few sales. I will never see enough activity to remain current and competent. Accountability and compliance will be a less than minimum wage paying nightmare.

As soon as I figure out how to move my money, and my family’s money, onto the RBC direct platform I will do so. Then I will U5 (surrender my securities license) and my sales leader will assign the remaining accounts to whomever they choose.

I can still watch my family’s money without becoming a slave to this new system. I’ll have to pay the retail account fees now, but that’s a small price for my freedom.

Why do you think they came out with the DOL rule so regular people don’t get burn on loaded up expenses on there retirement accounts. When you have a load and expenses approaching or exceeding 8% yes you will probably lose money. Dam the market is offering close to zero expense index funds. Yes SF miss the train that has already left the station. OMG!!!!

You do understand the decisions have been made due to the Dept of Labor rule promelgated under Obama that basically made the way SF was selling investments basically no longer legal, right? It’s as if the people who lost on here have less than zero business or industry knowledge.

Now don't upset "million dollar rollover agent" who reads these posts. Her friends and family are counting on this to work. These investment instruments are a crock.

We have new agents in our market at 75 % short mileage and nobody cares anymore.

You can’t imagine what the newbies are doing it unreal. I wish someone would tell them there actions on manipulating the system is monitored. I also can’t imagine what problems are going to surface with Securities it will be enlightening to say the least.

Yeah new agents doing financial planning that’s a recipe for disaster, they are already cutting corners slipping thing into AUI and playing games on multiple lines in our business. Can’t wait to catch the next compliance video series it going to be a best of.

1izm u got that right, Run like Hell

https://www.google.com/amp/s/www.fool.com/amp/investing/2016/10/14/state-farm-mutual-funds-alternatives-to-its-high-f.aspx

Another fine example of looking at numbers and having zero comprehension of what generates the numbers. It is like a person that can do all the algebra associated with ballistics but has no idea how to shoot a firearm. People who are like that are very dangerous.

Run the numbers Then RUN

But only about 1 out of 5 agents will be involved in it. It’s not mandatory, and a great many agents will pass.

The brand new agents are probably required to do it. If there’s going to be trouble, that’s where it will happen.

They just don't get it. Maybe one outta five agents is capable of doing this in the best interests of the customer. The CFP group a few years back had less than 500 agents in it. They shoved that in the dumpster at the first sign of trouble