To The Editor:

I couldnt disagree more with Barry Higgins article in the Dec. 15 issue of National Underwriter. Compliance in the securities industry is out of control, which is what usually happens when lawyers get in charge of things.

I am an ex-rep who gave up his securities license of 30 years out of disgust for the rules and regulations that my broker-dealer continued to apply. In most cases these rules were either CYA for the legal people or driven by greed.

It is unfortunate that agents have no organization to fight the unchecked spread of desire to enforce morality, when in most cases common sense and good business practices are adequate.

I for one chose to quit the game in protest. Perhaps if more of us would do it, the BD community would wake up and come to its senses.

Robert J. Cole Jr. CLU ChFC
Certified Financial Planner
Bobo Column Reverberates

To The Editor:

Jack Bobos column of Nov. 17, 2003, (“Economic Freedom: A Matter of Focus”) had many significant ideas, several of which paralleled my entry into the Life Insurance business.

Following 3 years of Naval Aircorp Service with NATS (Naval Air Transport Service), I enrolled in Western Reserve University (Sept. 46) and my career plans included following Dad into the insurance profession. Marrying Jan in June of 1947, I had 3 years to complete my education, but we compressed the 3 to 2 years. I was most grateful that Jan was able to work and supplement my Government Subsidy for Vets of $105 per month with her $200 monthly earings, so we were able to meet our rent of $35 per month. Our ice box was replaced with a 8 cubic ft. G.E. refrigerator on our 1st anniversary.

After I graduated from Western Reserve, I signed my contract with Sun Life of Canada. My contract provided me with a salary of $100 per month and a reduced commission schedule and heaps of paperwork and reports. I was able to produce at a good enough level so as to ask that my salary be cut and become a full-time commisson person, with lower levels of paperwork and reports.

Knowing that nothing happens until a person begins to save, we trained with the visual “Youll earn a Fortune.” With a missionary zeal we called on colleagues, friends, businesses and athletic contacts with whom we had competed in football and track at Western Reserve.

I took my mission seriously and started my own program, which has grown over these years to exceed 7 figures. In retrospect, the feeling that one receives when he has provided for those who survive is not measurable, but this feeling is priceless.

At times our industry stresses measurement, how much and how large, but the true satisfaction of an adequate program cannot be measured because it is the feeling one is blessed with when he has provided adequately for those he loves. The cash values in my program have allowed us to help in the education of our 5 children, help to fund investments, protect mortgages, back up funding for aged relatives needs, and fund travel. The funds stood ready to serve our needs and here again our feeling was enchanced. I, too, was able to use these values and serve as my own banker.

John R. Telich, Sr. CLU, ChFC
Euclid, Ohio


Reproduced from National Underwriter Edition, January 16, 2004. Copyright 2004 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.