Author Topic: Mang's snarky letter to someone who 'had it coming'.  (Read 3927 times)

Mangrove

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Re: Mang's snarky letter to someone who 'had it coming'.
« Reply #15 on: November 30, 2012, 03:42:39 pm »
Although it's a sign of non-closure, it would probably be fun to see how the business fares once she's gone.

Short term - clusterfuck. They've hired 2 women to replace Mrs Mang and neither have background in the industry. Mrs Mang says they're smart and fast learners, so they have that in their favor, something cannot be said for some of the other people they've hired (and fired) in the past. Still, the learning curve for this job is steep and long and there is no way that Mrs Mang can train them in a couple of days. Thus, the new admin will be dependent on the existing staff for help which, is a potential issue because the existing admin despise the some of the planners and potentially will view their new hires as extensions of them.

Longer term - Should be ok but only if they learn some new tricks. Too many financial planners across the country have basically acted as annuity mills. They take their client's money and shove it into an annuity regardless of how suitable it is because, in the past, these products have carried high commissions for the planners and insane surrender charges for the client. FINRA are not especially pleased by this and the fund companies are getting sick of it too, so they are changing the products so that they are less lucrative and convenient. Unless Mrs Mang's former bosses start to do actual financial planning rather than just rolling the same money into different products every 2-5 years, they're going to be in trouble. For one, the regulators will call for anal probe style audits and the clients will seek other pastures.
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