501(k) plans are better than 401(k) plans??? TikTok garbage

[Allen Trent]

I can only imagine if these kinds of claims were how stocks were sold back before the Securities Act of 1933 and licensing was required before selling stocks? Just about anyone could say anything back then.

Difference then is that it was almost all 1 on 1 verbal conversations with regulators 4 days away by horse/train. today, it is broadcast all day long on tik tok, youtube, instagram & defacto endorsed by the platforms on some of the sponsored content on facebook using the algorithms to put the Roth 501k & TFRP posts that stay up for years unchecked or even fact-checked by the fact checkers too busy with political nonsense

 

[Allen Trent]

freely talking about product

in many more social media posts, they dont even talk product or mention life insurance. they give a bullet list of bad things about other investments & then use fictitious names of their plan like TFRP, etc without ever mentioning it is life insurance or a carrier/custodian or product name

 

[scagnt83]

in many more social media posts, they dont even talk product or mention life insurance. they give a bullet list of bad things about other investments & then use fictitious names of their plan like TFRP, etc without ever mentioning it is life insurance or a carrier/custodian or product name

Agreed. Both are out there. But even the ones mentioning product name are wildly inaccurate or misleading much of the time.

Calling life insurance anything other than life insurance, last I checked, is a big compliance no no. I dont see how a carrier does not check to see if that agent is contracted with them... and yank the contract.

 

[DHK]

Not enough manpower to do all that. The higher the insurance company's operating expenses, the less the policies can perform (generally).

And generally, insurance companies won't do anything until there's a complaint.

 

[scagnt83]

Not enough manpower to do all that. The higher the insurance company's operating expenses, the less the policies can perform (generally).

And generally, insurance companies won't do anything until there's a complaint.

Maybe its because Ive never worked inside a big bureaucracy. But I dont get it. I can go on tiktok and find 10 agents right now telling complete lies to solicit business. If I was a compliance officer, all I have to do is cross reference that persons name and info with the carrier database. If contracted, send them a termination letter. Literally a single person could fulfill this role with most carriers imo.

I think its because they dont want it to stop. Plausible deniability. Get the money while its there. What they dont know wont hurt them... for now.

 

[DHK]

Fake names and profiles though.

 

[Allen Trent]

Fake names and profiles though.

not all of it. Some of the stuff on Facebook is directly from legitimate firms & "financial planners" paying Facebook ad money to get in the algorithm, etc

 

[WinoBlues]

This will only add to the class action suits against IUL carriers. Mark my words, give it about 10 years.

Flash back to our UL days of the mid 80s.

 

[scagnt83]

Fake names and profiles though.

Then submit a request and track it back to the agent.

I guess some are lead vendors. Lots of popped up recently selling IUL leads. Makes sense this is where they are coming from.

 

[maxherr]

I've tried for years to get regulators to put the cuffs on these "Bank on Yourself" schemes . . . to no avail. Without regulators that give a D*** it will only get worse. Too much emphasis on insane concepts like "social justice", "climate equity", and other woke nonsense is diverting attention from real problems facing insurance consumers.