Thursday, 29-April-2010

So we ask Boss prior to her leaving last Friday, what if someone needs a signature (ie. approved OSJ Manager signature)? Her response, "Nobody is going to need a signature and if they do they are just going to have to wait. Well, by her saying that, pretty much put the kiss of death on it. RR TG needed 2 signatures. She needed a signature for approved compliance (ie. telephone ad) and she needed a signature guarantee for an IRA Distribution. I called up our home office to talk to OSJ Supervision thinking I could get a signature for them. Nope. They referred me to another OSJ manager to have them sign it.

I dont mind taking the heat when she gets back for helping her process business. But how in the world could she just discount the fact nobody is going to need anything processed. And if they do, tell them they're going to have to wait?

Thursday, 15-April-2010

1) Boss swears you can change registration of securities (ie. JTWROS --> IRA) and use that as a prior year contribution. She recommended a client to move $6k worth of securities in the JTWROS and move that into the IRA and that would qualify as the contribution.

2) Boss said that if you file an extension on your taxes, you can still make Roth Contributions up until when you file your taxes.

Tuesday, 13-April-2010

1) 5th Client in the last few days shows up saying they had an appointment. BR looks at the appointment book and it happens to be the following week. Looks like Boss has been booking clients on the wrong day.

2) Boss does not understand RMD or MRD rules. She thinks that if the client turns 70.5 and 71 in the same year, the client needs to take 2 distributions. I tried to tell her this was not the case and tried to explain it, but no dice.

Wednesday, 7-April-2010

1) Well, today i was very sad because, I tried to convince Boss to add to an annuity instead of creating a separate annuity. She admitted that she wanted to create a separate annuity in case she wanted to do a 1035 exchange down the road. So today, she made it very obvious how she makes money, which is taking advantage of clients by churning them in doing 1035 exchanges. It saddens me that FNIC does nothing about this to prevent a representative taking advantage of clients like this especially all the 1035's that my Boss does. FNIC is no better then my Boss in my opinion.

2) During a meeting with Boss and JG, I noticed the owners of next doors Plastic Surgery office had their little husky walking around in our parking lot. I quickly ran out of Boss office to see if I could catch the dog. Fortunately, I got ahold of the dog and the dog had a collar (otherwise I would have kept him, he's pretty cute.) So I had BR call the dog tag, but no owner. I walked over next door holding 'Peyton' (no correlation to Peyton Manning) in my arms and I noticed the door was locked. Finally, one of the owners came by and opened the door. He wasn't even coming back for the dog, because he forgot something at work! So we let the dog back in and I went back to work.

Tuesday, 6-April-2010

Boss has been complaining out her schedule has been empty. At around 420pm she asked me for a list of the AAA's and AA's. I gave her the list I write the values of the portfolio each quarter. From my room, I could hear a lot of my boss saying, "I'm terribley(sp) sorry for dialing the wrong number, etc.)

Before I left, I kindly asked her to make sure she didnt lose my list (in a joking matter...not really though.) She looked at me and said, "Oh, I'll put it in your office. I'm calling clients and trying to set up meetings." HK, you like this?

Monday, 5-April-2010

1) So I fear that I'm getting 'branded' for a lot of the shadiness that I do even if I'm just assisting in the process. Today, a client called in response to a letter I had wrote per Boss. The letter was a letter of authorization to change on an existing policy with National American Insurance from one agent to Boss. Now the client had contacted me in January specifically telling me that she was not interested in doing a 1035 exchange. Boss then wanted me to do a letter of authorization for inquiry only. Last week, boss wanted me to write a letter to client to switch from rep to her. I asked her had she talked to the client JI. She said she would call (but she didn't) and then today happened. Client Janet I asked me to explain the letter I had sent to her. I tried to explain to the client what the intentions were, and the client asked why would I sign this letter? She said if I wanted you all to be the agent, I would have done that awhile ago. I did not know how to respond to the client, and I simply just asked that Boss call her back.

When Boss called JI back, all I could hear was boss trying to defend herself saying the process is 2 steps. First, it's for inquiry purposes. Second, we need to be the agent on the policy so that we can get very specifics (WRONG!) I could also tell the conversation was not going in Boss' favor, because she would railroad the conversation and ask how was their Easter or did you have a good weekend. I don't think Boss convinced her to send the letter back, because Boss did come back to my office all happy that she convinced the client to send the letter back.

2) I find it slightly disturbing that two clients called asking for CD rates and Boss tells her that she can get the client 2.25% in the form of Franklin's Federal Tax Free Fund. Boss emphasizes that everything is Tax-Free (WRONG!) I will create a chart of lost accounts versus incoming accounts each month.

Friday, 2-April-2010

1) So JL fills in for BR on Fridays. JL receives an incoming call for a client. She yells it out to Boss. Boss says who? We do not have that client here. JL gets back on the phone and then tells Boss, yes, the client does have an account here. Boss then says I dont recognize that name. I speak up and answer the call. The clients daughter was calling on behalf of the client, because her dad is 98. The client just wanted to know about CD Yields. So I take the message and then hang up. I relay the message to Boss and she just starts bashing me with the fact that I have to give ALL sales calls to her. I told her that you didn't even recognize the clients name, plus it wasn't even the client, it was the clients daughter. Boss then starts giving me the whole history of the client (ie. went to dinners with them, fishing trips, etc.) We tried to call back the number the daughter left and it was a wrong number.

2) So I'm helping out JL's husband, DL, figure out cost basis for some mutual funds that he sold last year. It's been frustrating to get these tax numbers, because DL has transferred them from firm to firm where the cost basis has been lost. In turn, I have to type these letter of authorizations signed by the client to have them mailed to the respective sponsoring firm. I sent an email last night to DL that I needed yet another sponsoring firm to try and capture the cost basis. JL asked me this morning if I could personally just "make up a number so they could use it for their taxes". I didn't know what to say, because that would be horrific if he got audited and they said I gave them that cost basis number. I told JL to just talk to their CPA for ideas.

Thursday, 1-April-2010

1) I had to download all activity (ie. DST, ING, Lincoln, etc.), because Boss did not want Branch Manager JG assist in the process since JG is on vacation. Boss said no other rep can have access to her accounts. Since I had to print everything, I am now 2.5 days behind schedule for the summaries.