Found innocent after being sentenced to jail for alleged bilking of an old lady, Glenn Neasham struggles to rebuild his career
Former Vikings quarterback-turned-marketer Fran Tarkenton is scrambling to help but Neasham is delivering pizzas at night
Top Executive: Fran Tarkenton
Glenn’s experience is one from which every “financial advisor” should learn. I have little doubt that Glenn did nothing “wrong” from either a legal or moral perspective, but… and this is a big “BUT,” in the court of public opinion what he did was dangerous to the extreme.
Any product that pays a relatively high commission, has a high “surrender-charge” and is highly complex and difficult to understand is a lot like flying a single-engine helicopter at extremely low levels, sooner or later it is going to create an emergent crisis. To a jury or a set of public FINRA arbitrators, there is a very high probability that the mere fact of the high commission will be deadly.
The only surprise I see in this is that there is an element of surprise at the way Glenn is being treated by the companies which employed him as their agent. I was there, and found myself thrown to the wolves by a company on whose “advisory board” I served for years and whose awards decorated my “trophy wall.” In the process of the litigation I became aware of a disdain for field agents as “greedy fools” carefully positioned between the public and the company. In literally every case of which I have been aware, the field agents/representatives are carefully kept in the dark about the under-the-table dealings that routinely go on at broker-dealers and insurance companies. From time to time the internal emails and documents are revealed in the discovery process, and when they are the agent can see what a mushroom he or she was.
Glenn, some advice: Since you have already experienced food-stamps and reduced income, you are well prepared to transition to the RIA world. I took a huge paycut to leave the retail insurance/broker-dealer world and establish an independent RIA, in which we really do put the client first. My house is now 1/3 the size and price that I had when I was a “top producer” and I drive an 8 year-old vehicle, but I now know beyond a reasonable doubt that what I recommend and purchase for my clients are the best, lowest cost, highest quality investment products I can find. It is difficult to become an independent RIA? Yes, if you do it right and take the time to understand and write your own disclosure documents and policies. In the end, the conflicts are gone, along with the mind-boggling bureaucrats at the b/d and Insurance companies. Communicating with no-load fund and insurance companies and custodians is refreshing. The assumption is that you are a responsible adult doing your best to act in your clients’ best interest rather than a greedy child who is somehow both ignorant and immoral.
What about these anonomous posters ruining your credibility, taking shots at our integrity,trust, families,ect. Who cares about the money.These miscarriages have to stop. Identifying themselves is ok if true. Anonomous lies, and derogative posts are not ok….It should be cyber bullying, and a criminal offense. Check out our website for free information about what were doing now. www.neashaminsurance.com
P.S. Fran came into my office.I didn’t show up at her house.Her boyfriend Lou was my client for ten years. He made 10% the year before, and she wanted the same type of plan other than the low paying CD.They initiated all contact.