2024 1025 - LIFE180 - MPI Cease and Desist Order: Is MPI Dead? ATTORNEY REVIEW - [Robert Rikard] - [VIDEO-YouTube-01:11:39]
- investorloss
- agent depositions
- 7 - company training material for agents
- tax-free income that only the wealthy know
- liquidate 401ks, etc.
- savings account, bond alternative
- morality = Life Insurance Companies
- partiipating company - dividends - consumers participate in the profits of company
- 10 - AG-49 - chasing capone
- 11 - Curtis Ray - MPI - Wahington
- diversification
- whole life is exactly what you pay for
- don't put all your money into an iul
- different suitability rules
- iul challenge
- iuls are never going to perform the way they are sold
- policy values declining - math doesn't work
- 15 - creating law around the country
- 15 - Curtis Ray - MPI - Wahington - Cease and Desist
- P7 - mpi - retirement plan - 67 videos
- 18 - chris took curtis put to lunch
- insurance agents calling themselves something else
- fiduciary
- best interest - not ira or 401k to life insurance
- fiduciaries --- some of worst cases rias
- big boys dont sell iuls, wont get through compliance
- 22 - premium financing lawsuit
- not ira or 401k to life insurance
- 24 - compliance there to proect company, agents, not clients
- commissions, imos, target premium, customer complains, lower death benefit, tax-free retirement income
- people find out too late
- run reprojection
- urtis Ray - MPI - Wahington - insurance agent complained - nothing proprietary about mpi, they are just iul policies - secrect
- P6 -
- iul vs traditional ul - options budget - cap - call options -
- 32 - agent knowledge - deposition - options strategy regulations - securities license - iul very complicated - 150 pages to explain it
- sold as a simple solution - very complicated - active management -
- there is no management
- all the risk onto the policyholder
- P7 - 67 videos - Retirement Plan -
- universal life
- :wholistic" - ira, 401k
- most power in the relationship = companies
- lobbyists,
- not going to win in front of congress
- courthouse - all of the same reason
- uncle sam - partner in your pocket
- tax planner, cpa
- 41 - lawsuit - 71 yo sold tax-free inx=come
- doug andrew - 100 lawsuits in utah
- 43 - fantastic salesman - doug isnt licensed - "doug andrew" "utah securities commission" "investor
- doug andrew - mathematically wont work - wrong - misrepresentation
- chris - he knows what hes doing
- hope they will work
- 45 - case
- massive front-end commission
- wl vs iul - commissions
- P9-10 -
- 48 - curtis sent chris cease and desist orders
- 401k to iul - loan to pay taxes -
- cost of insurance - example - annual statement -
- policy loan to buy another policy?
- reloc -
- 52 - arbitrage, blowup - hyperfunding - companies dont let this happen- curtis knows exactly what hes doing.- or hes negligent - Mutual of Omaha is even worse - fiduciary - gives curtis home office assistant
- 5-pay or 7-pay 10-pay = represented as fully funded - not fully funded - big commissions [Bonk: Paid Up]
- in-force illustrations - year 6-7 -guaranteed cash value = zero
- 57 - vanishing premium, iul can never be paid up - [Bonk: Corrider] - shrink the corrider - costs neglible - surrender periods
- lapse notice - affinity fraud - inforce illustration - [Bonk: P1P2] - call the agent
- 100 - p5 P16 - Retirement Plan - Investment -
- Congress - then customers would be told what iul really is - change vovernight
- P32 -
- 104 - people losing their life savings
- Companies
- MPI, WFG, PHP, GFI, FLEX-METHOD, Doug Andrew
- Expectations
- Doug and Curtis very church going individuals