Answering my own questions since 2001

You’d Be Wise to Avoid Freedom 55 Financial

We’ve just finished writing a lengthy letter to Freedom 55, owned by London Life, describing their widespread incompetence. I’ve CC’d a number of people within the organization, including the CEO, who has the unlikely name of Raymond L. McFeetors.

I’ll spare you the tedious details, but suffice it say that Freedom 55 Financial did their very best to prevent us from giving them our money. They wasted our time with a half-dozen calls and a face-to-face meeting. They failed to explain their byzantine organizational structure. I received calls from no less than three different organizations–Freedom 55, The Cooperators and Benefits by Design. Worst of all, they advised us to cancel our previous insurance before our current plan was approved and in place.

I know that insurance companies are a racket, but Freedom 55 Financial exceeded my expectations in bureaucracy and general ineptitude.

UPDATE: Because people keep asking for it, here is the letter of complaint we sent. I’ve anonymized it using names of characters from The Sound of Music. Enjoy.

Dear Ms. Schneider,

On Monday, July 25th we spoke about Baroness Laderhosen Inc’s extended health and disability benefits, which had been unsatisfactorily dealt with before our account manager, Rolfe Von Trapp, left for holidays on Friday, July 22nd.

As I explained on the phone, myself and my colleague, Sister Berthe, met with Mr. Von Trapp at your Vancouver offices on Thursday, July 5th to sign final documentation. Furthermore, we gave Freedom 55 a cheque to sign-up for a Freedom 55 extended health and disability plan for Baroness Laderhosen Inc. At that time we were told that everything was in order and that our health plan would begin on August 1st. Mr. Von Trapp advised me at that time that I should cancel Baroness’s existing extended health benefit plan with ManuLife.

Despite knowing from the start that two of the three Baroness employees are married, Mr. Von Trapp called me on July 12th to say that because of the “high family content” we would have to complete medical forms. This delayed the process and Mr. Von Trapp then left on holidays without informing us whether our medical benefits would start on August 1st. In fact, they will not start on August 1st and we no longer have coverage by ManuLife, so we are without coverage.

Our experience with Freedom 55 has been unsatisfactory in the following ways:

* When I signed up with your competitor, ManuLife, all that was required was one form and a 10-minute phone conversation. Conversely, Mr. Von Trapp set up far too many meetings, called me at least five times and required a face-to-face meeting to initiate the benefits plan. As a small business owner this process took far too long and took away from time I could spend with my own clients.

* From the start of the process, Mr. Von Trapp was aware that myself and my business partner, Herr Zeller, are married and so should have had us complete the proper forms before telling us that everything was in order and advising me to cancel our current insurance. By not doing so, he further inconvenienced us and put our insured status at risk.

* Mr. Von Trapp should not have left for holidays without advising us that we would not be covered on August 1st due to his administrative error. He assured us that we would receive an answer regarding our status before his departure. We did not.

* Ms. Schneider told me on Monday, July 25th that this was Freedom 55’s problem to solve and that a new representiative would sort out the problem for us.

* The new representative did call us; we were then contacted by Benefits by Design who told us that our benefits would not start on August 1st. No one from Freedom 55 followed-up with us to find out what had happened, or to apologize for the time that we spent tracking down this information after Mr. Von Trapp left on holidays.

* We were forced to deal with three different agencies–Freedom 55, The Cooperators and Benefits by Design–through the course of this debacle. The relationship between these organizations was never made clear to us, a fact which only compounded our confusion and frustration.

We now have no health coverage for this month and will not be using Freedom 55 for our benefit plan, or recommending Freedom 55 to anyone. In fact, we will go out of our way to describe your organization’s incompetence to our friends and family, and encourage them to spend their money with your competitors.

Please return my cheque along with a written letter of apology. Having spent far too much time on this matter, I do not wish to be contacted by phone by any representatives of Freedom 55. All further correspondence is to be by mail.

318 Responses to “You’d Be Wise to Avoid Freedom 55 Financial”

  1. yah right

    WOW curtis… I will try and help you do the math child… obviously you need the help.

    The average person makes $40,000. In which province do you think the gvt takes $15,000 of it. Let’s use accurate numbers please…. it will actually make you look like you know what you are talking about. At most they would take $10,000. In ON they would take $6000 for taxes (combines fed and prov), $2000 roughly for CPP and $700 (roughly) for EI.

    Curtis try and have the actual numbers.
    How do your numbers work with the bank…. hey.
    Ok, the average person making $40,000 likely can’t afford a mortgage and likely has no assets to speak of, so really that person only gets service fees… until they get married or have enough money to start to save for their retirement and can afford a house.

    How do you see the numbers? Do you live in the same world as the rest of us? When you earn enough money to buy your first house… let me know what your rate is and how much mortgage you have… then do the math. Once you are able to save some money and buy investments… what do you think that is free? There is management fees, that either the bank or LL or whomever collect… here I was using a low MER because we are talking the bank.

    Curtis… it was obvious you worked for LL and obviously you were not very successful and now you are blaming everyone else. I do tons of volunteer work on financial literacy and will be designing a campaign for a large association in Canada that will be used likely be its members across Canada… much of what we can talk about (on this site) will benefit Canadians.

    Curtis, you are sadly mistaken… I make way more money on money products than I do on life insurance, and I am a proponent of buy term and invest the difference for a large % of Cnds, but not all. I easily sell 60-80 term policies per year and perhaps 20 or so 20 pay lives per year…. In the right situation they can be the right product.

    None of what I sell is tied selling… what are you talking about? I did not say that I earned $11,500 per client for my advice, but if I had 10,000 clients paying my firm $11,500 per year, we would have CFAs on staff for investments, CAs on staff for tax planning, estate planning lawyers available if needed, business valuators, etc… all the top in their field to add value to our clients, why does the bank not? Why do you think the bank doesn’t? We would also offer them the best savings rates in Canada. What your bank pay you on your savings account? I can get you 1.75% on any deposit… no minimums, no fees, etc… and I don’t need to take a reduced commission to do it, don’t need to “negotiate”. The bank (once you buy your first house you’ll see) will pretend like they are giving you the best mortgage rate they can… (don’t forget they have everything else and get $$ from you for various things), but you can get a better rate (without this silly negotiation – its like buying a car) from a mortgage broker right off the top.

    I am not a shark in a suit Curtis… but it sounds like you may have been one. Once you earn a decent or we can pretend… I am happy to analyze your situation here in this public forum to show you the added value I (or any good advisor) can bring to a situation. Willing to play the game… Really you only have net worth to gain… and I nothing (because you’ll never become a client) to gain, except your thanks for making you better off.

    As to why I don’t publish my name, I think that;s obvious… nothing for to gain and frankly I don’t need tons of clients. My business is built on in-depth knowledge and advice for a limited amount of clients. Unlike the banks, I believe clients need guidance, and having 10,000 clients and 4 advisors if not giving clients what they need.

  2. yah right

    Curtis,, sorry the reply was so long… so buddy up for it… here’s your chance to either make a fool of me… or grow your net worth…. REALLY you have nothing to lose… either way.

    But I would ask at the end if you honestly fell (and be honest and open minded) . Don’t forget everyone will see your results here in public for them to judge whether I have added value. If you fell like I have added value to your situation, you owe the board an apology and saying perhaps I was wrong… that’s all I ask for. Got it in you??

    yah right Reply:

    here your chance Curtis… 2012 can be the year that will make you a millionaire… Ready?

    Curtis Reply:

    Your logic lacks the most basic display of common sense. Also, do you think I want an advisor whose name is “yah right”. Nope, you sound like a child. A Freedom 55 Financial “advisor” is just a salesman that has his targets and his products that pay him more than the others.

    Go sell your 20-pays and shitty DSC’d Quadrus funds to the uneducated public jagoff.

    How do you sleep at night?

    Curtis Reply:

    ps. Tell the public how what your commission structure is for the following:

    1) TFSA’s

    2) RRSP’s, non locked-in

    3) RRSP’s, locked-in Quadrus Fund Units

    4) Whole Life

    5) “20-pay” whole life

    I already know the answer, but how about you tell the public…and then continue on to try to explain your purely “unbiased” financial planning. ha ha

    As a Freedom 55 Financial Salesman you start off with a 3 week training program and you require no degree or diploma of any kind. During this training they teach you how to hold meetings and what to say to clients in order to get them to buy – certain products. This is how you get paid as a F55F person. There are plenty of advisors who have no clue what a mutual fund even is – but they will sell you one!

    Think about this structure for a while – is this a credible honorable company? lol.

    yah right Reply:

    Ok… talking about common sense… I have offered to help you become a millionaire and all you do is open your stupid mouth… hey stupid do you want to be a millionaire or not?

    I don’t sell Quadrus funds moron… I don’t have to.

    yah right Reply:

    Hey Curtis… targets and products…

    Tell everyone on this post Curtis… which company do you know that does not have products or targets?

    CAn’t wait to hear this one…. come on Curtis shows us all how smart you are???

  3. yah right

    I am happy to tell the public.

    1) Usefully sold FEL zero % commission.
    2) RRSPs depends what the clients wants… see that’s is what you missed when you were an advisor… you forgot about the client… not surprised offered to make you a millionaire and all your go off about things that don’t matter. Once again… I will sell DSCs or NO load, but my advice is not free…so once again, you tell me how you prefer to pay for my advice… fee for service or DSC because once again (not surprised you were not successful – you don’t listen) my advice is not free… want free advice go to the bank… (but they will not draft a financial plan, will have no ideas of how to add any value to a client’s situation (just like you did not when you were an advisor). You want advice that will increase your overall situation it’s not free.
    3) Don’t sell Quadrus funds (as I mentioned), but again available under either load structure, and again (maybe the 5th time I say it), you don’t get my advice that will add value to your situation, for free, so you (the clients) have a choice on how you pay for the advice … a DSC or fee for service… you decide… don’t think the advice is worth it… go see Curtis at the bank…. he is an expert at nothing, and earns nothing.. so the bank can continue to make record profits.. Curtis will not even understand the cost structure, of how banks make record profits, will have no idea which funds are good ones, and of course will only sell his bank’s funds.

    4) whole life. Over 100% of the premium. Answer this bonehead… if your client dies with $1,000,000 in RRSPs how much does his kids get? (assume he has 2 kids and they are his beneficiaries)

    5) 20 pay life (almost the same as 4)…. again answer my question…

    Hey… the advice is unbiased, because I only sell the product that is the right fit for the clients situation…. unlike you did. If the client does not need permanent life insurance (or affects cash flow too much), sell them term insurance… if the need is for permanent insurance, I sell them permanent insurance… depends on the need… that’s the part you never listened to when you were an advisor… you have to understand the client’s position before you try and sell them a product. You obviously did not listen to your clients and try to sell them the wrong product, and now you are surprised you were not successful… how do you sleep at night…knowing you were a salesperson and have no integrity and could even do that well?

    How do you sleep knowing someone was willing to help you (likely make you a millionaire). Help you get your wife nice things, help your kids get a post secondary education, etc… all achievable for you, but you were too stupid to listen…. you have no idea how much money you need to retire, gave CRA $750,000 more than you needed to, continued to help the bank make record profits, never got advice that could help your family for many, many generations all because you were too stupid to listen to someone that has made many millionaires… because you were too proud to say maybe there is good people out there… and a company that has existed for 150 years…maybe knows what they are doing. Maybe, just maybe it was YOU that did not know what you were doing, and that is why you’ll never be well off.

    I don’t need to think about the structure you clown, I understand this industry… perhaps you should get your head out of your a$$ long enough to think before you speak. You still don’t understand how banks make money, and that the banks make way more money off their client than any advisor does, and they offer zero added value to anyone’s situation.

    If an advisor does not add value to a situation, why would you even want that advisor???

    Do you think the banks do not teach their advisors that hey should try and ask for all the clients investments? Except they do not think their advisors need to take continuing education, most people at the bank don’t even have a CFP (which is minimum standard in my mind) to work with the general public… Why do you think the banks don’t make that mandatory for their employees?

    Again if the advisors adds no value, why would you del with them… can you please answer that question?? Try and actually answer a question… I have answered all yours…

    Just so you know… my offer is off the table to help you with your situation… you have lost out again on something to make your situation in life better off… because of your mouth… I am sure you have heard that before, but I suspect you are fine with that because Curtis knows everything!!!

    5)

  4. yah right

    Here is something for you to see the added value Curtis (someone informed can offer their clients – unlike you).

    Check out this fund were recommend (ad have for 3 years truthfully) to our clients. RBC Canadian Equity Income.

    There I have added more value to all the people on the post than you have in one recommendation….

  5. yah right

    Curtis… you likely (if you are lucky and smart with your money) build your net worth (in your lifetime to $250,000)… had you taken me up on my offer… I would have likely grown that to over $1M.

    Now the fact that I get paid (DSC or fee for service) perhaps $10,000 over the next 10 years with this type of client really matter? Is this client happy to have quadrupled his net worth? (and likely believes I have earned that money).

    See Curtis this is the type of advice a good financial advisor can add to a client’s situation… the people at the bank (and you) would have just had the client grow their net worth to $250,000 and you’ll wonder why you never seem to get ahead…. it’s really your fault… you had the chance, but due to your stupidity (and coming on a site just to bad mouth a company because you were an unethical advisor) you’ll never build any real net worth. Going in and looking for the quick sale (like you did, Mr. One Trick Pony) is not helping Canadians.

    All this I would have proved to you and offered to, but you wouldn’t take me up on the offer… and then you wonder why you were not successful as an advisor, why do I never seem to get ahead financially… Curtis it’s your fault!!! Now how do you sleep knowing had you taken me up on the offer, you’d be on your way to being a millionaire?

    I sleep fine and my clients (who I have paved their ways to being millionaires) sleep nicely too… (and you’ll see by that fund, one of many of the funds we use) knowing someone they can trust is helping them achieve their goals (for some of them, the goals are larger than they would have imagined… just like yours could have been)

    That one recommendation (RBC Canadian Equity Income) for our clients that have used this fund will have added more value to people that took our advice than all the advice you gave in your whole career with London Life likely. I would also say once I review a client’s cash flow, we usually are able to free up $2000-$3000 per month of cash flow… See Curtis again solid advice, that you never gave, or the bank will never give.

    Sleep well Curtis… knowing you could have been a millionaire.

    yah right Reply:

    As for the name yah right… Curtis again stupidity on your part. If my name was Boris does that mean the advice would be better?

    Curtis the advice is the important part, not the name, but again you have missed out because of your blindness and stupidity.

    Good luck to you in life Curtis… just a last comment (than I will not respond to any of your posts because you are waste of time) Curtis when someone is trying to help you out… maybe you should listen instead of just shouting off your …

    You will benefit way more by listening to an expert than making yourself look like a fool because you think you know everything.

    Curtis Reply:

    You sound like a bumbling untrustworthy indiot. I would’nt trust you with my money for a New York second. Making bold claims of making people millionaires, you are laughable at best.

    You have shown your true colors – further embarrassing yourself and your company Freedom 95 Financial.

    Sarah Reply:

    There is a need to change. What in your opinion could London Life do to make it’s Freedom 55 Financial channel work better for both the advisor and their client? Please be completely candid. I am very interested in hearing any thoughts on this subject.

    Curtis Reply:

    SARAH, Here’s a start?

    Here is a post from ‘Former Advisor’ September 9th, 2011:

    “I was an advisor for Freedom55 or Pyramid55 Financial to more correctly name this company.

    Every customer is a possible scalp. They will try to sell you permanent insurance, because this pays the advisor and the advisors manager the most amount of money in commissions (Inflation makes those cash values worthless over time). Advisors are on ZERO salary so 100% commission – so talk about a PRESSURE SALESMAN!!!! lol, don’t be fooled by their suits and ties.

    Stay far away :-)”

  6. yah right

    Still avoiding answering any questions hey Curtis… tell everyone why you won’t answer any questions?
    The reason is because you don’t know the answers… there is the idiot in you.

    The only one that sounds like a bumbling idiot is you…. and you could have been one of those millionaires… I have made many, my clients know who they are.

    Curtis Reply:

    Are you a millionaire?

    yah right Reply:

    Are you? Never mind I know the answer…

    What do you think clown.. if my advice has made many of my clients millionaires…

    Still avoiding answers moron??

    Why don’t you speak to the par fund and the investments it holds? Help us understand what investment option within the same risk (lower volatility and standard deviation that a 1 yr GIC) category would have outperformed the par fund.

    Instead of bashing a company and its products… help everyone benefit from your vast knowledge?

    Come on Curtis… help the bloggers here… add some value to their life instead of just blaming a company because you can’t pay your rent.

  7. Syed

    I will take the chance to make some clarifications:
    Freedom 55 Financial (F55F) doesn’t have any product at all, unless the mother company London Life’s products will be considered as F55F’s product.

    I even called my adviser from F55F at 1.00am and talked to me for more than half an hour so politely and answered all my concern. Finally asked me to go for a good sleep. Unbelievable that he called me at around 11.00am just to ask me if I am ok, as I may not have enough sleep last night and may be I am worrying too much about anything.

    My Adviser from F55F, always call me at least once in every month just to have a chit chat. Once I asked for a insurance product, he advised that I don’t need anymore, he even didn’t care about hes commission from sales.

    So, I never can agree anything against F55G. But the truth is that is a huge big truck of fruits, some bad fruits will be there, very natural. So, we should not blame the company for that.

    For Curis, ……… try to be gentle to people.

    I retired as a CFO of one of the largest life insurance company in North America. Its really shows the cheap mentality and your own status of a uncultured, bad mannered man. I never consider these people as a social human being.

    Hope we all will be good enough to others if expect same to us from society.

    Trevor Reply:

    You can’t speak proper English and you were the CFO of the largest life insurance company in North America…

    And I have a pet dinosaur that can fly.

    Curtis Reply:

    lol!!!!

    yah right Reply:

    Don’t waste your time Syed… these losers (no education, no money) spend their time on sites bashing companies and good people instead of ever trying to help anyone or taking good advice.

    Syed be comfortable knowing that you have a good successful advisor that add value to your situation and it just happens he works for F55F.

    These guys all worked for F55F, were not successful because they did not do what was in their client’s best interest, and now won’t take responsibility for their actions… instead its a company that has been around for 150 years, has the most policyholders in Canada fault.

    These are the same guys that complain about not getting ahead in life, but have not put any “real” effort and expect everything to be given to them.

    We are wasting our time trying to help them.

    Salamon Reply:

    I thought you said you worked with people who didn’t know any better and show them how to grow their money?

    Now you are calling them “losers” with no money.

    You are a joke. A truly disgusting example for Freedom 55 Financial. You are a perfect fit for Freedom 85 Financial. They would love to fill their offices with guys like you. Naive enough to buy the whole “you’re a business owner, you are special.” They rotate through guys like you over and over, wanna-be rich business owners with no clue.
    In a couple years you will be in debt and looking for a job that pays you money.

    good luck scalping clients.

    yah right Reply:

    Salamon (really Curtis under another name as is Jason) No, I am calling you, Curtis and Jason losers.

    I am actually incorporated… so how do I incorporate and not be a business owner. I am also not the guy that came on this site saying that really advisors are not business owners and that LL makes their advisors pay for their expenses. With expenses well over $200K per year, I am happy to know the names of those businesses you talked about where I do not need to pay my expenses… that would be just extra money for my pocket…

    I am actually what most people would consider rich. No, actually they rotate guys like you over and over again (just like they did) that think they can be rich (Like me) but have no business plan, no work ethic, no desire to truly help clients.

    You are those guys that think everyone will do it for yous. Welcome to the real world.

    Quick give me those names… I am waiting and holding my breath I am so excited!!!

    In a couple of years (just to correct you) I will be in a position where the day to day stuff of the business will be taken care of by either my operations manager or a subagent and I will just see my top clients and give the long term business vision and direction. I likely will not have any debt, and a business worth millions and a bank account to match.

    Where will you be in a couple of years?

  8. Jason

    Wow…I see a lot of F55 advisor trying to hide the truth by bashing reality. Syed, seriously you were CFO …and now you spend your time on blogs defending F55. LOL!

    Salamon Reply:

    Where you a client? I was almost one, but I looked into things for myself after my first meeting with their salesman.

    Suze Orman (popular CNBC Financial Planner) along with many other financial experts believe that permanent insurance is one of the worst deals out there for the customer. However, Permanent Life Insurance is at the core of Freedom 55 financial’s Corporate Income sheet, their real “money-maker”. So, naturally their commission structure is set up in a way to represent this fact.

    Their Salesmen often come with nothing more than a high school diploma or a 2 year art degree. They go through a 4 to 6 week training and then they are ready to hit the sales meeting rooms with anyone they can coax into coming to meet with them. From there they proceed to swoon the potential customer towards the permanent life insurance product, or if that fails, an equity based in-house mutual fund that is a locked-in investment (untouchable without heavy penalties for 7 years, this product is second place in the commission food-chain).

    Shockingly, about 90% of their salespeople are forced to quit within 9 months of starting with the company due to personal income shortfalls. Therefor, the company markets their sales positions aggressively throughout the job market. Often targeting jobless sites and college sites, as well as high school job posting sites, they end up with an interesting group of personalities on their salesforce. Competition is cutthroat though and sales results are posted for all to see.

    Salespeople are on 100% commission and, most surprisingly, they are forced to cover all their own expenses. Office space, secretary costs, coffee costs and office costs run on average around $500 a month – putting extreme financial pressure on the financial advisors to sell.

    This is what I found out about the company so I chose not to go with them.

    Salamon

    yah right Reply:

    Salamon… you know Suze Orman is American right… and only came to popularity because of Oprah right? You also obviously know she grew up on the poor side of the track in Chicago (where Oprah’s show was shot, right).

    I assume as well you know she talks to the average american (not the well off) and that her advice is generic and not specific to anyone’s situation right.

    I would change her mind and have her agreed that permanent insurance (LL or any other company) can be the right product in the right situation. Certainly its not for everyone, but it does have a role within most financial plans. Salamon… can you confirm t me that one day you will actual die?

    You also know more than all of us about business clearly… I am considering a career change and want to be an entrepreneur… so you must know of places where I can be a business owner, have my own office with my own phone system, a couple of secretaries, my own photocopier, fax machine, phone lines, etc… all for less than $500/mth. Let me know which genuine business that is, and send me their website so I can sign up?

    Thanks for the insight, we are so lucky to have guys like you add value to the bloggers situation. Wow I thank my lucky stars!!

    As an independent advisor and entrepreneur London Life has made me pay for my own office space, believe it or not I even have to pay my secretaries… I know it’s criminal!!

    Salamon Reply:

    How do you sleep at night? You’re Pathetic.

    yah right Reply:

    Come on Salamon still waiting for the name of those businesses?

    Wait a minute… who’s pathetic, never has and never will be successful. I sleep nicely as do my clients.

    Syed Reply:

    Dear Mr. Soloman,

    For your comment like “As an independent advisor and entrepreneur London Life has made me pay for my own office space, believe it or not I even have to pay my secretaries… I know it’s criminal!!”

    I can easily go to court, mind your language please before you will face any legal issue.

    If I had your address, definitely I would receive the legal notice from my lawyer.

    -Syed

    Syed Reply:

    Dear Mr. Soloman,
    I honor to your opinion. But I will appreciate if you will try to know all details before you make any comment and compare them with industry details.

    Thanks
    S Syed

    yah right Reply:

    Jason you are so right…

    What would you do for a client that has $2,000,000 in his RRSPs and does not need the money… he will die with that asset (ignore growth or any withdrawals for easy sake).

    What would your suggestion be? I want to learn from the best!

    Jason Reply:

    Everybody knows this ‘yah right’, the things you are speaking about are very very basic financial facts. Yet, you speak of them like they are great mystical secrets of which only you know the answers.

    I bet you just finished your 4 week Freedom 55 Financial training and now you are ready to take on the world!

    lol

    yah right Reply:

    Ok… so if they are so simple why are you not giving the answers?

    So what would you do?

  9. Rockinon

    I’ve been following this thread for some time. In 2009 I blogged about my investment in Freedom 55. At the time, it was down more than any of my other investments. Since then, it has rebounded but not as much as my other investments. My guess is that the commission structure of the Freedom 55 fund is one of the things holding it back. If one must invest in a fund there are far better choices, especially if one is saving for something as important as retirement.

    yah right Reply:

    Commission structure is the same as every other investment company. The performance of your fund has nothing to do with compensation, mers on segregated funds are certainly higher than mutual funds and I would say that London Life segregated funds are on the low side vs. most other companies as example Manulife GIF, etc…

    Which fund are you holding?
    That is the real reason for underperformance is the manager of the fund.

    Curtis Reply:

    This is not true. You definately just finished your 4 week Freedom 105 Financial training.

    Quadrus has some of the highest funds (same with london life seg funds) and have some of the lowest performance when compared to peers.

    Try again.

    yah right Reply:

    Again, bold statements with no proof…
    Which peers… explain

    What right, you clowns I have 6 designations and have been in the industry for over 15 years, I am actually an expert in this industry with extremely impressive pedigree… unlike you clowns

    yah right Reply:

    It is 100% true. Most fund companies (there is some exceptions) pay a 1% trail on equity funds and 1/2% on fixed income funds to the dealer. That is certainly the case 100% with QGOF and FF.

    In fact some of the funds I sell from other companies actually pay more than do the QGOF.

    The increased mers do not make their way to the investment advisors…

    Wow I am so surprised Curtis was wrong again!!! Curtis did you actually pass the 4 week course?The more you write the more you seem to be an embarassment (and mistake) that you actually ever got hired!

    yah right Reply:

    Yes, I have stated we have been recommending RBC Canadian Equoity Income for the last three years to our clients.. there has been no better choice… this has been the #1 cnd equity fund over the last three years, averaging over 30% per year. Now I am not guaranteeing the future returns of this fund. When we first recommended it it had about $250M under management, it is now over $1B.

    As you can see this is not a Freedom Fund, not a segregated fund and this fund is not for everyone and certainly not the only fund we recommend even on the equity side, but an advisor whether it be from F55F or other can add value to a client’s situation, and I am an advisor who’s corporation has a contract with F55F and those coming on saying that F55F is a bunch of crooks (who ironically are all past unsuccessful agents) is really not adding any value to the bloggers…

    I have even offered to allow them to make a fool of me, or allow them to become millionaires and they still would not take me up on my offer…. you can clearly see the immaturity and stupidity of not taken me up on the offer…. really they had nothing to lose.

    They complain about permanent inusrance without any true knowledge of how the par fund works, why it is set up that way, how it has performed to a comparable benchmark, how a rise in interest rates would affect the fund, etc…
    If they came with some insight or an viable alternative, actually answered questions, instead of just adding stupid, unfounded remarks they may actually gain some credibility, but both you and I know they won’t, because they don’t know how it works. These morons are not comparing it to a comparable benchmark, when they were advisors they abused their clients, and then put the whole blame on the insurance company instead of taking their responsibilities.

    67% of London Life segregated funds and 63% of Quadrus Group of Funds were ranked first or second quartile in 2011, not a bad stat… this was confirmed by winning an Lipper Award for one of their funds as well.

    yah right Reply:

    I can also say Rockinon that if my funds had performed as badly as yours apparently has, I would move to another fund (at least), likely another institutions and as a rep for Freedom 55, I am not happy with how your experience has gone… its the fault of your agent (assuming he has never followed up and reviewed things) for chasing the latest trend, but I can tell you that happens not only within F55F.

    Curtis Reply:

    You sound like a brand new salesman. Many things to learn, you have.

    He is speaking about the underperformance of Quadrus funds and the high fees Freedom 95 Financial salesmen take from the clients. The client does not DIRECTLY see this, but it trickles down to them via poor fund performance.

    Either, you are very new and not aware of how things work yet, or you are blatantly lying about these things to keep potential victims coming into your office.

    yah right Reply:

    Funny my stuff is the actually factual… when do you think Curtis you will actually give any facts?

    Which fund… which peer fund?

    As I stated above 67% of FF are 1 or 2 quartile, 63% of QGOF are 1 or 2 quartile. The numbers don’t lie… they are the facts… you on the other hand never give any facts… wonder why?

    I know as I stated you never will because you don’t know any… just came on the site to whine about not being successful… need a soother??

    And I have stated over and over again that I actually do not sell QGOF, I sell almost exclusively third party funds.

    Actually Curtis you sound like a brand new bad salesmen… I am willing to beat my next paycheque…. never mind you don’t have one, that you are under 30, lasted with LL no more than 18 months… tried unsuccessfully to sell permanent insurance where it was not in the client’s best interest, tried to sell funds that were under-performers (QGOF) and then wondered why you could not sell anything. Instead of using your mouth, maybe you would have served yourself and your clients better if you had actually used your head.

    Then you decided (although you were responsible for everything you did when contracted to LL) that it’s the company fault because it could not be yours…
    You likely never took a course towards any designations, never tried to improve your knowledge (that’s obvious based on your comments here) to better serve your clients, and just expected to be successful…

    Hate to break it to you…. you will never be successful without hard work, some knowledge, a business plan… Why don’t you share what your business plan was Curtis… let me guess you never had one, you slept in, went out late to the bars, and then spent your time on websites like this instead of delivering on a business plan.

    Funny I started with the same company over 15 yrs ago, and sell first quartile funds (I think you can see that by the RBC fund) and even gave you the name of one of the funds we recommend…. to prove to you… gave facts about the fund, know who the manager(s) are, know their history, know their investment philosophy, know how active they are as managers, know what their mandates are, have interviewed them repeatedly, have them under constant analysis

    Why did you recommend the funds you did
    what is the asset composition of the par fund
    How do rises in interest ates affect the par fund

    All the question you constantly avoid… because you can’t answer them.

    We as salesperson’s never take any fees from any client… you likely were again doing stuff that was illegal and not in your client’s interest. Again, the funds we recommend (if you actually look at the fund I have stated repeatedly) have very low Mers (relatively) and actually pays me more than any QGOF… at 1.15% trail.

    I am not new… I think the board realizes that by my knowledgeable answers… on the other hand my guess about you is likely bang on… I knew you were a F55F advisor (or a past one) even though you came on this site and pretended to be a client, and I am very aware how things work… I am a member of some of the very elite advisor groups in Canada, and anyone that comes into my office (and my clients know it) will only get the best recommendations an expert like me recommends for their situation.

    I think the fact that my core clients have been with me for well over 10 years speaks for itself… and all of them have provided referrals for me.

    They all also know my business plan, in fact some are members of my board of directors.

    How many of your clients were your buddies getting drunk with you at the bar instead and bounced their 20 pay premiums because they needed to buy their next case of beer?

  10. Erik

    Nathan perhaps you would be so kind to clarify what a “dividend” is in the insurance industry. NOT the same thing as a stock dividend. Unless you were not aware… dividend from a “participating policy” is overpaid premiums that are paid back to the consumer. Good to know that for 150 years F55 had been returning peoples hard earned money to them, interest free :)

    Jonathan Reply:

    Yes its Overpaid premiums as a technical standpoint and it grows over time. Currently hovering around 7.61% return.

    I have clients who pay $681 into their policy yearly and get $622 back into the policy in dividends. In this case the person is using the dividends to buy paid up additions which is more insurance so the policy death benefit grows. So even if we just look at dollar for dollar they’re paying 681 and getting 622 = $59 so they’re paying 59 per year for an insurance policy. Sounds like a pretty good deal to me.

    Especially since when they buy their paid up additions its about 3-1 ratio of insurance to dollar so every dollar buys them 3 dollars of insurance extra. So if their death benefit was 15k base and they got 50$ dividends that year they’d now have 15,150$ death benefit.

    Insurance is only a scam if you don’t know how it works and I’m sad to say your advisor did a pretty piss poor job of explaining it to you. If you would like more info I will happily explain it to you in more detail. jonathan.bullock@londonlife.com

    yah right Reply:

    Erik… little uninformed… Dividends are not overpaid premiums.

    Do yourself some favours and get informed about the industry you are in. I know Primerica does not believe in permanent insurance but that does not mean its bad.

    Go study a little… or you won’t last in this industry. Make your own decisions… don’t think Primerica (or any insurance company) is in it to help you. They exist to make profit… like every business. If you help them make profits, they’ll be happy… but you need to take responsibility for yourself…. be comfortable with what you are selling, not because you don’t understand the other companies products, but because you have studied them in-depth and know where they can be appropriate. If your target market is not good candidates (although everyone dies) for the product, say it is not for your target audience.

    Make up your own mind about permanent insurance vs. term… but try and understand both sides. What do you do to protect estates, what is your view on a back to back that returns in excess of 10% for your GIC client (pretty much guaranteed… will depend on when they die). Why pay $ for $ for final expenses when you can pay 25% of the cost? What other fixed income investment has outperformed LL’s par fund in the last 10 years with same volatility? How do par funds smooth returns, why? What has happened to UL in the last 3 years (industry wide), what will happen to premium rates for UL, term is interest rates stay as low for a long period of time? Why? What will happen to par insurance? Why?
    Why is the government (this years budget) reducing the amount of money that that can stay tax sheltered in a permanent life insurance policy? Why does the gvt say they are doing it because rates as so low…. if rates are so low, why bother?

    I could give you a million more questions…. to think about. I think you get the idea… I am not saying Primerica is good or bad…. but the advisor makes the difference…. just be informed, you owe that to your clients.

    yah right Reply:

    Erik, why are you not part of an association that has a code of ethics and that believes in protecting the consumer’s interest?

    Why does Primerica not promote an association that believes in protecting consumer’s interest? Why does Primerica allow advisors to work part-time? How does that help the consumer?

  11. Sam

    I still dont understand how F55 and others survive when the products they provide are inferior in quality and pricing. I also am puzzled why so many uneducated, ‘down on luck’, mostly new immigrants get sucked into working for this company? (oops I just answered my quesion :-)

    @Ya Right…you seemed very frustrated in life. Maybe you need to go out and get a real job rather than scamming people of their hard earned money and fooling desperate people by offering them “business” to run…

    Curtis Reply:

    They have the highest turnover rate in the industry – in any industry! More so than used car dealers.

    New advisors come and go faster than Kane on a breakaway.

    many of them with only a high school diploma, some don’t even have that!

    Freedom55 is a dog, a worthless company full of sales hacks.

    Stay FAR away folks.

  12. yah right

    Sam you are right… I will stop scamming people and helping them become millionaires.

    You’re a clown!!

    Frustrated in life… not so much I’m the rich guy… juts makes me laugh when I see losers come on a site (like you) come on a site and bash products without any other alternatives because they are so uneducated (just like you).

    Hey Mr. smart guy… which has been a better equity fund than the RBC Cnd Equity income? Come on shows us your brilliance and add value to the discussion. Maybe I should get a job like yours that pays me $50,000/yr. Your right why would I want to earn over $400K when I can earn $50K. You are so smart!!

    Which participating fund has been better than London Lifes… come on again add value with an explanation…come on brains.

  13. Sam

    @Yah Right: I am sure with your rude attitude, you are scrapping the barrel with your clients ;-)

    And when did RBC Canadian Equity become a F55 mutual fund? Lol!

  14. yah right

    Don’t have a rude attitude with people worth spending time with… and you can see by my repeated FACTS that I do what is in my client’s best interest and my persistency speaks for itself.

    Sam still no comparable products hey…
    Any F55F advisor can sell almost any mutual fund he wants… so it may not be home grown it is product available through F55F.

    I guess Sam on your comment you obvious agree that F55F does have some great agents and of course some bad ones… but to label them all bad is not accurate, and the whole point of this discussion.

    Funny you guys added to the brand when you worked at F55F apparently negatively (essentially fuelled the fire) and then come on the site and blame the company… sad really!!

    I will be done with this site as to get you guys to actually backup any of your statements is never going to happen. You guys can keep come on sites and just say whatever you want without ever having to prove what you say… apparently you guys don’t believe in actually proving or backing up your statements… and wonder why you were not successful advisors…

    The type of guys that say stuff without any proof are exactly the guys that try and scalp their clients… those that use the FACTS can’t snow their clients, because the FACTS are not disputable.

    I think anyone intelligent that comes across this site will realize your guys are a waste of time, and just a bunch of sour grape whiners.

    I’d wish you good luck, but I think that is again a waste of time… so good just goodbye!!

  15. Sam

    @yah right

    Fact 1: You sell products which have the highest MER in the industry
    Fact 2: The quality of people working is pretty shady
    Fact 3: Flipping, switching , baiting are commonly used tactics to increase commission
    Fact 4: Asking agents to pay close to 500 for a ‘shared table’ (yes, you do not pay for an office but a shared table space), outdated laptop and age old software which have not been updated in aged is quite shameful

    yah right Reply:

    Sam you have much to learn young Jedi!!

    1) TD and RBC have the amongst the lowest Mers in the industry and the funds I sell (at least fixed income). My mers for a balanced account are 2% (all in). That is way lower than the average. The average MERS on a balanced fund in Canada are about 2.5%. You do not know what you talk about. I also know you could sell any fund you want. Sam just because you sold QGOF does not mean the good advisors do, it means you do/did.
    I will still entertain your none FACTS facts… where does QGOF rank in the industry in Canada for MERS? I know you don’t know the answer, but say they have the highest MERS in the industry… if you are going to state FACTS… might want to actually know what they are. Just a thought!

    2) Joe Pal, Bruce Etherington, Michael Vukets, David Forrest (I could add hundreds to the list) myself…. shady… you know not what you speak of.. you used to work here and you were shady… but you don’t work here anymore, or at least not for long… that makes us less shady.
    Again you speak with no proof, and certainly not all the cases and have you heard of Earl Jones, David Karas, Jennifer Killins, Sam from this blog… I could add lots more… none of them F55F advisors. Not going to say we are perfect, but there is lots of other companies that have bad apples.

    3) Not by me… perhaps you used to… I can also say that happens everywhere not just F55F… I assume you are still in the industry and not working for LL now, so it happens at the firm you work for now too. Check the MFDA site for people being caught doing things they should not. All the major arrests in Canada, none have been of F55F advisors to my knowledge. I would beat Freedom 55 Financial people are a very small %. I can also say, I know a very successful advisor that Freedom 55 canned for doing stuff that was boarder line and he just moved his licence to another provider… in this case London Life walked away from over $200K of FYC per annum… the other companies were tripping over themselves to contract him. I do not think he was out of business for more than a week.

    4: $500 in the grand scheme of things is extremely inexpensive to run a business. If you were serious in any business including this one, the recommended % of revenue that should be allocated to overhead (all overhead) is about 42% (on revenues under $1M) and 35% on revenues over $1M (source: Practice Made Perfect – Moss Adams). So if $500 is more than 42% of your revenues… you should quit and do something else. My expenses (and I pay nothing for any table) are over $15,000 per month… I wish they were only $500. Ask a realtor how much desk fees are for them?
    You are an independent contractor…I use exclusively a desktop and buy and install the software I want… why don’t you? I can also say, the laptop will disappear in the coming years… really you only need it to run in-force ledgers… most other companies (I assume you know this) you need to order in force ledgers and wait up to 10 business days to get them… convenience does come at a price.

    Any other “FACTS” you need some more knowledge on??

    yah right Reply:

    4: Just add to the realtor.. ask him how much he/she spends on marketing… ask them how much they would like to have trailers on their sales or renewal commissions.

    I think you get the point…

  16. yah right

    http://www.morningstar.ca/globalhome/Industry/News.asp?Articleid=ArticleID6620031641

    An article on MERS in Canada…. as you can see QGOF and/or London Life do not figure on the most expensive list as per your “FACTS”.

    Sam Reply:

    You have posted a link to a 2003 article…hmmm…not surprised given you guys are used to working with outdated information :-)

    …the world has moved on from the once glorified FA. Consumers are smarter, more informed and there are zillion discount brokerages who can do a better job at a lower price. Financial Advisory is a sinking ship …This is the plain truth.

    You talk about realtors…really? Realtors have a different business model and it is like comparing apples to oranges

    How do you feel about forcing a new recruit to cough up $500 a month on things they do not need, when they have had no sale….? On top of that these recruits are made to feel that the org. is doing them a favour…no wonder over 95% leave within 6 month.

  17. yah right

    You state that much has changed from 2003… okay what has? Mers certainly have not gone down… in my estimation (informed) they have actually gone up.. products like GMWBs certainly have increased the average Mers. Recently Quadrus announced a round of cut to their MERS… a couple of funds were affected.

    As for the Real Estate it’s sales … sales is sales!!
    It’s in another industry, but it’s a sales job.

    I have no problem… the new recruits are business people… to my understanding they also get about $9000 and additional bonuses (I think up to like $50,000 if they max them out) to help them early in their careers. Certainly way more bonuses than when I started.

    You understand that you are in business right? If you bought a subway… do you think your landlord would give you a break on rent or Subway would say look we know you are new, so for their first 5 yrs. we will not charge you for supplies. Its just not the way business works.

    You know the answer is no… London Life invest the $9000 (or whatever it is), the extra bonuses, pays for your hotel room while you study for your licence, has people help you past your licence… those are some significant expenses.

    At what point would you draw the line? How much would you invest into a new recruit before you turned the tap off?

    If the recruit invested as much as London Life does in their first years into their career came with a formal business plan (perhaps LL could help with this.. I have no idea if they do or not).

    At the end of the day you have to take responsibility for your business. I also know they have managers that are suppose to support you (like a coach) throughout your first year and your career. I know the office in the city I practice does almost daily education sessions for the new recruits, some managers even do joint field work. I think it would be nice and smart if they had a successful advisor speak to them at least weekly (most guys like me are happy to help them out… perhaps they should pay us to help).

    In my experience hearing how other advisors have had success is the best learning tool. You know very few other organizations do this right.

    Curtis Reply:

    You’re a joke. A perfect example of why turnover is so high in Freedom 85 Financial. Lot’s of arrogant young bucks that charge into the company thinking they are going to y multi-millionaires in a couple years. Clueless and arrogant they find after 6 months or a year or two that they aren’t making money and they are losing $500 per month ontop of that paying to shares the “team table” sales table.

    Yah Right, judging by your mindless posts you are a newbie who is surely soon to be looking for a real job.

    You, and your company, are pathetic.

    Curtis Reply:

    ps. I know all the sales people at freedom 85 read this site – but only ONE will stand up for their shitty company. A child-like man boy named ‘yah right’

    They know that it is nothing more than a sales pyramid with most of the money flowing to the top.

    With the current state of the world economy, I suspect it is getting harder and harder these days to lure unsuspecting victims into your office to sell permanent insurance which is shitting the bed right now cause interest rates are so low. a terrible investment permanent insurance – same with locked in quadrus mutual funds.

    Yah right's Mom Reply:

    Yah Right’s mom here…his real name is Marc (see much earlier posts), please ignore his posts he has nothing better to do in life than shoot crap out of his backside. He has failed at everything in life and now F55F, Primerica and Amway are the only companies that he is any worth to. Would you believe that his dream is to be the next Bernie Madoff.! If I had known he would have turned out like this, I would have strangled him at birth. Once again I apologise for his actions.
    Now, a question for the moron who claims to the an ex CFO of the biggest insurance company in the US, could you please enlighten us as to what happened to the largest insurance company in the US/world about 3 years ago.

    yah right Reply:

    Curtis anyone that thinks they will be a millionaire a couple of years into building a business is clearly not the right guy to be in this industry or in business. It takes time to learn the stuff you need to, takes time to build the right staff, processes, etc…

    The guys coming in to this industry (whether F55F or other) expecting to be millionaires overnight are exactly the guys the consumers should stay clear of. They are in it for themselves and not their clients. Can you agree this can happen not just with F55F? Which is really the whole point of this post!

    Unless you are extremely lucky, or have a great idea (tough in our old industry to have that NEW great idea) it takes time to build a proper business.

    I agree 100% with you that the guy wanted to be an instant success is a scary proposition to their clients, and one I would be wary of.

  18. yah right

    Yah right’s Mom

    Look A$$hole… really think you should brings mothers into stuff… that mighty big of you. Nice to be tough on a site like this… Wow that’s is impressive.

    Not Marc… that being said… What have your succeeded at in life except being the biggest A$$hole on this post?

    Buddy… I have turned down senior management at many banks, they would pay me less than you make. I know you’d take it. As for you to be successful you need someone to tell you how to do everything.

    Successful… I guess it determines your definition? If it means having a great wife, great kids, being a millionaires, living life to its fullest… I guess I have been successful. If it means something else… you’re right A$$hole, maybe I have not been.

    I would say so far the only thing not successful is trying to help you understand that Freedom 55 Financial is certainly not perfect, but to say all representatives are bad… really is idiotic. But based on your idiotic comments, it’s clear I will lost that battle… really no point in trying. I bet I am not the first guy that gave up on you!!!

    I consider myself relatively successful at just about everything including with London Life. The posts are clear. Jealousy is not only a deadly sin, but apparently it also makes you an A$$hole to bring family members into a discussion that needed not be.

    If you have all the answer moron… why did you not fix the financial meltdown before it happen?

    Let me guess.. out with buddies at the bar hey… getting drunk whining about not making money, then go on sight and add no value to them, just make yourself look like a fool.

    Instead of Bernie Madoff… if Freedom 55 is so bad, why don’t you use an example of one of their salespersons? Come on smart guy…impress us with your vast knowledge..

    Curtis to your question (my so unknowledgeable young one)… it is actually easier to sell permanent insurance nowadays than perhaps ever before. Curtis if you actually understood the industry you would know exactly why!

    What is the alternative to permanent cash value insurance… (but again I should remind you I still sell 70% of my sales in term insurance) if the need is permanent?

    Universal Life… what happens to Universal Life in a low interest rate environment? What does a company that needs to show shareholder value do to their Universal Life products that impact their share price?

    Curtis… I have asked you many times (still have not answered any questions – why don’t you just answer one… I know you don’t know the answers) what is the par fund (use London Lifes) invested in?
    How have it performs vs. other similar investments?

    Still no answers… spend some time young one… try to find the answers. had you done this work and looked for the answers when you worked for F55F you may actually have been successful.

    As for the Quadrus funds… you really don’t listen do you? I don’t really sell them for (at least) the fifth time. Again my retention of clients tells the story on how successful I have been. that being said… 60% of Quadrus funds were 1 or 2nd quartile in 2011… not a bad actual stats.

  19. yah right

    I am really done with this site… this is really just a bunch of ex London life salespersons that were unsuccessful, apparently (instead of trying to do what is right) continued to poorly impact the brand, and now feel a burning desire to go on sites and whine and cry and blame the company.

    I think any “real” worthwhile client for London Life will realize just that.

    Unfortunately I came across this site and have wasted some energy on a bunch of losers… have always been, will always be.

    I am convinced the smart consumer will make their own choices, just glad to see these uninformed morons are now out of our company… that should give consumers the confidence to know that eventually the morons get filtered out.

    You really should do your homework when choosing a financial advisor. As you can see from the guys on this post, don’t look for someone new in the business, they are uninformed and do not have the ability to give good advice.

    Look for someone that has invested some time into this industry, has some credentials, ask for referrals, and ask them tough questions about their business model, experience, what is their service standard, what are the deliverables, what makes them different, what is their unique value proposition, etc…

    nigel Reply:

    Why deal with anyone in an organization that nurtures new representatives so poorly that “they are uninformed and do not have the ability to give good advice”?

    Curtis Reply:

    Freedom 55 Financial, primerica, and transunion are all terrible companies that make their profits by fleecing the middle class.

    Don’t fear the truth.

  20. yah right

    All these guys that come on the site whining about having to invest in their business wanted (I am not sure how much) London life to invest more in them (Although it seems they won’t invest in themselves).
    You know you are in business right… Mommy is not there to help you out (well most of you). You are in the big leagues now!!

    Hey you know what we should ask…. is that the NHL give rookies a different colour helmet… so guys will know they are rookies and they are not allowed to hit them, give them more time and space.

    You know you have to baby professionals… whether they be hockey players or guys trying for the big leagues with LL.

    Maybe I’ll start a website where guys that never really made it to the NHL can come and blame the NHL, their coaches from Novice, Initiation, their parents, Santa (for not bringing them the net they asked for)… because the guys that get to the NHL are really all a bunch of crooks.

    I bet Curtis, Yah right’s Mom, Sam, and others will be the first guys to blame everyone else. As the saying goes…. Excuses are like a$$holes, everyone’s got them! These guys just have them in spades!!

    skinny Jim Reply:

    Get a real job Yeah Right!!!

    you pathetic loser.

    yahright Reply:

    Don’t you find it shocking Salamon (who claims he was only going to be a client) seems to know the internal workings of this company….

    Obviously he worked for F55F, was not successful (how can anyone be surprised, he is a liar) and now its London Life’s fault… like thye are the ones that taught him to lie.

    Anyone else shocked he was not successful??

    yahright Reply:

    Actually Skinny Jim… I’m a millionaire… you the pathetic loser! I don’t make excuses and blame everyone else for not being successful… I have gone and made it happen.

    You can visit the McDonald’s I own where Curtis and his loser friends sweeps my floors to save some money to go drinking at the bars on the weekends!!

    Peter Parker Reply:

    Please provide the location address as I plan a) to visit and b) to check that you really are the franchise owner as you claim!

  21. Yahright's Mom

    My son has lost it. He is obsessed with this site and write’s every 15 minutes on it. Let me go lock the basement door so that he does not get to the computer this time.

    Guys please find him a real job.

    Curtis Reply:

    LOL

    Yah Right will be working at McDonald’s in 6 months. Freedom 85 will drain him dry.

  22. jacques silbenn

    I have been a financial advisor at Freedom 55 Financial and Quadrus Investments Inc. for over half a decade. I sold my portfolio of more than 700 clients and X $Millions assets bringing in over $100K/year in royalties to a trusted colleague only because I had an offer as a CFA elsewhere that I could not refuse. Several of my former clients still keep calling me, once in a while, to tell me how my replacement is doing servicing them. I don’t know how training of new recruits is now, but the old London Life Freedom 55 used to invest immensely in selection, training development, and mentoring new advisors. I had the opportunity to work with and learn from the top people in the industry. As the guy said the apple does not fall far from the tree. Previously to becoming a financial advisor and mutual fund broker I had 2 university degrees and kept investing in my career, now as CFA with my own suite of wealth management consulting pursuing Leadership Excellence in my industry, If I had to go back I would.

    Peter Parker Reply:

    Yah Right Jacques!!! If what you say is true then: 1) – why didn’t you state the actually amount of assets? 2) – Since when did the finance industry pay royalties?? What did you invent that you earned $100K in Royalties? The finance industry pays commissions and trailers – I doubt you are successful if you didn’t know even this simple fact. 3) – It is a proven fact that the most commonly used income value by lairs is $100K per year (source: University of London) .
    Do us all a favour and taking your stinking lies elsewhere MORON!!!!!!!

    yah right Reply:

    Jacques, you need to help the site like Mr. Peter Parker does… I love the added value he brings to the table… don’t you?

    Jacques take comfort in knowing you did well in the industry and continue to… ignore the guys that wish they could be you…

    A loser that could not sell anything, come on a site and instead of helping the consumer with why London Life is bad or good… why permanent insurance is good or bad… add no value to the discussion. My guess is this is likely exactly what he did for his clients… add no value.

    So Mr Peter Parker why don’t you impress us with your knowledge. Help explain why yesterday I met with a client that has a 20 pay life (sold before I was in the industry) and his IRR is 5.4% (on his CSV). I would say that is very attractive in today’s environment.

    Can you name an investment that would guarantee him anywhere near that number? What would your advice to this client be… kill the policy (take a $40K gain and then invest $80K outside your RRSPs and get 2% GIC? That is good advice Spiderman… my spider sense is tingling…Peter Parker is a moron.

    The growth rate on his death benefit was only 2.5% (which I was a little surprised).

    I would say that CSV growth is a nice number… I am sure even you would admit it is.

    I will give you roughly my AUMS… about $60M and I bring in about $8M on new money yearly and write about $250K of FYC in life/living benefits. My renewal stream is closing in on 350K. My block is about 60% FEL and about 60% Equity. That should be enough for you to confirm my renewals. This month along I have brought in roughly $1.5M and have done about 10 life cases for about $30K of FYC. So I think when I say I can add value to this site… I speak from a strong position. You on the other hand are likely an advisor that failed at this industry… forgot to see people, forgot to treat them like you wish to be treated…and then blamed London life for your errors…

  23. jacques silbenn

    By the way, I don’t know many companies these days that offer 20 Pay Life. All my kids have one. Once they become 20 years old, their insurability is protected for the rest of their lives and they would not have to pay a cent from their pockets, and can tap in the money to buy a first house, pay their university or else in case of an emergency.

    Tell me more…

    Rob B. Reply:

    Here is Suze Orman’s opinion on Whole life insurance (20-pay)…

    http://www.youtube.com/watch?v=WzgtWfQngII

    And here is Dave Ramsey’s opinion of the 20-pay (permanent/whole life Insurance) (permanent means whole life, same same.)

    http://www.youtube.com/watch?v=C7VOZnJy7lE

    Funny coincidence that you would pump the 20-pay’s tires. A lifetime of pushing high-fee/low performing/high commission making Quadrus mutual funds has clouded your brain my friend.
    DSC’d leverage loans and 20-pay life insurance pays the most money so these are the two products that the carsalesmen at freedom 95 financial. You have got to be kidding, freedom 55 financial has a terrible reputation among the respected investment community. A bunch of hacks with 6 weeks of sales training let loose on the public to see how much they can see, it’s the wild west!! a free for all!

    You have made yourself alot of money Jacques, but you are not financially intelligent. You are simply a good salesperson. A money shuffler, skimming indirectly from the funds of your clients like a leech.

    Those 20-pays will have their value eroded in 10 years 20 years anyways so they are essentially worthless in the future – with current world inflation rates.

    You will have the pleasure of finding out first hand over the next 5-15 years why your 20-pay product is not the be-all end-all. It is actually a terrible investment, it consists of 86% bonds and savvy investors know that the bond markets day of reckoning is approaching with speed.

    Have a good day bud. Good luck selling and managing stocks and funds as an IA with that CFA, better hit the phone! ha ha.

    yah right Reply:

    to add… the commissions on the QGOF mutual funds are no different than any other broker selling any other fund. In fact many funds I sell, pay more than QGOF does. To say that Quadrus would actually pay advisors more than someone else is not understanding Great West Lifeco at all.

    There is 0% chance they would ever pay more than any other company. They pay a competitive compensation, but by no means will Great West Lifeco EVER be confused with a company that pays more compensation than what is required.

  24. yah right

    Just to correct the uninformed… The Par fund (london Life’s) is NOT made up of 86% bonds. It has about 10% policy loans (at 8% .. not a bad guaranteed return) and another 4% private lending (it help fund part of the 407 that bypasses TO), and they have also added commercial real estate into the fund. To get actual facts check out the real information

    http://www.londonlife.com/web5/groups/iiiplifeinsurance/@public/documents/web_content/s5_008228.pdf

    I would also correct Rob B… Mrs Suze Orman has never spoken against 20 pay life, she speaks against whole life insurance in the US. I cannot speak to the US whole life (no more than Suze can speak to the Cnd one) as each country has their own regulation and the product can be vary different… so again if you are going to quote someone perhaps you should understand what they are talking about. The same goes for Dave Ramsey. I can tell you when Ted Rogers (who is Cnd) died that was the largest payout of permanent insurance in Canadian History. Why would I guy so wealthy have so much insurance. If you know how Ted got his start, he was able to borrow from his deceased Dad’s trust only by having life insurance on himself to protect the trust… so in fact he likely would not have become one of Canada’s wealthiest people without the use of whole life insurance. I could state many, many more Cnd cases.

    As far as the future for Whole Life… I believe it is as bright and even more bright than it has been. If you compare the returns to GICs (which many, many cnds hide from the volatile markets in) it has easily outpaced GICs over the long term, and the death benefit is a huge extra, The ability to do back 2 back and guarantee the right client in excess of 7% return for a GIC person is still very attractive.

    The problem I see with guys like you Rob B (who obviously worked for LL and was not successful) is that after your 6 weeks course in London, you did not put anymore effort into actually getting yourself informed about how things work, alternatives, why are the TOP DOGS selling so much permanent insurance what I am missing… you on the other hand try to sell this in the wrong situation (lack of integrity and personal pride in your career). Instead of taking five years to get yourself up to speed (education) you thought they gave me a licence to go wild on the Canadian public… and then you blame London life for your mistakes. I agree they should not hire hacks like you that don’t have the drive or integrity to do what’s right for the client, but unfortunately it is a sales job.

    If your thesis is that inflation will become very string any time soon.. that would also explain why you sold the wrong investments… in which world to do live in?? Inflation in North America will not be strong for many years… governments has built up huge debts and if inflation become a factor interest rates would rise (which of course would be great for the par fund) governments would need be financing those debts at higher rates and thus using more of their tax revenues to finance that debt…. essentially they would be cut of their nose to spite their face.

    So my suggestion to you is watch and see what happens over the next 5 years… if inflation gets to over 7% (core inflation… I am sure you know what that is) than come in call me a liar and I will accept that I was wrong. My guess is I will be close to 100% right and the par fund vs GICs will fair well… I am not saying it will return 10%, but then again neither will GICs… it will perform (as its long term trend has been) 3-4% better than GICs (which for the same level of risk… I think just about anyone (including you) would be happy with… 4% better than an investment with same level of risk is a great investment no matter whether you live in Canada or the US)

  25. yah right

    Check this out…

    http://watch.bnn.ca/moneytalk/may-2012/moneytalk-may-14-2012/#clip677726

    Actually speaking to Canadians (wealthy ones)

    yah right Reply:

    Suze Orman (I don’t really know Dave Ramsey, but assuming he sings from the same Hymn book as Suze), they talk to the average US citizen and I agree with them for the majority. Look if you earn $50,000 or $100K/yr and you are dumping $500/mth to a 20 pay… and you are not maxing your RRSPs, TFSA, don’t have a need for permanent insurance… your advisor is a shark and no different than those realtors that sell you the house outside your financial comfort zone. I suspect this is what the unsuccessful people try to do… sell the wrong thing to the wrong person. Then when it blows up on them… of course it’s not their fault.

    This is what Suze Orman has big issues with, as would anyone with half a brain. You should 100% pay down debts and pay yourself first (to RRSPs, TFSAs, etc..) before you entertain any significant life premium.

    If you are a business man, have a holding company to which you move millions to each year and want a conservative investment within your portfolio, 20 pay life can be extremely attractive piece of your portfolio. It has its place… when sold right (of course this would pass by the business man’s CA before the application is made) it can be a nice piece of an overall financial situation. Sold in the wrong place, it’s the wrong product… just like anything else. That is why Cnds need trusted advice, because there is a myriad of choices out there…

    The guys that had training didn’t even understand in which situation a 20 pay can make sense, how could they advise their clients.

    Peter Parker Reply:

    Hey Yah Right on March 8th you wrote, “I am really done with this site…” so what the f??k are you still doing here? Got nothing better to do you loser? How much longer are you going to live in you parents’ basement and write nonsense every few minutes? Get a life man, or get professional help!

  26. yah right

    Actually trying to help people Peter Parker, what did I write that is not 100% true?… so why don’t you swing from your webs and help people… the Peter Parker I know would be ashamed of you.

    You’ve heard the impression those in glass houses… you have nothing better to do than come on a site and blast people.. perhaps smart guy the site and consumers would be better off if you actually added some value.

    Buddy, my basement is bigger than both your and your mother’s house combined.

    Those looking for professional help should actually come and see me as my advice is actually professional and factual (unlike all the guys that quote or say things without any proof, rhyme or reason)… you on the other hand have added no value at all to this site… let me guess another failed financial advisor??…

    I know it’s not your fault, your parents abused you, your manager asked you to work (instead of playing video games), the $500/mth they wanted from you for expenses (for your business) was eating your rent and beer money, you finished the 6 week course and knew everything there was to know, you actually never came out of your basement because the video games are just to gripping and now that you are not selling anything to anyone (thank God for that), it’s London Life’s fault. They forgot to tell you that you have to see people, that playing video games all the time will not sell anything to anyone! Now I know why you are so upset… you’re the loser!

    Why don’t you help people Peter Parker, like your name suggests?

    Peter Parker Reply:

    Hey Yah Right, thank you very much for clearly describing YOUR life story and living conditions, it was very revealing, not that it would have been too hard to guess anyway……Keep dreaming loser!

    Peter Parker Reply:

    “I am really done with this site…” – what did I write that is not 100% true?… LOL keep trying you’ll figure it out someday.
    Anyway, swap the word “write” with “say” and I guess thats your typical response to clients when they have just realized that they have just been screwed!

  27. Jorge Herrera

    You can search anything on the internet and find a website that says your subject is a scam. To call F55 a “scam” is ignorant. London Life has been around for so many decades and it has stood the test of time. So, who would I believe, a proven institution like F55/LondonLife or some random guy on the internet?

    For those of you who really want to learn about this company, read Stephen Pustai’s book “Dreams Can Come True.”

  28. Jorge Herrera

    yah right is RIGHT.

    I love and follow Dave Ramsey’s philosophy. :)

    yah right Reply:

    I also know Stephen Pustai and have read his book. I fact I had him sign a copy for all my associates. He is certainly an inspiration.

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