The move has been interpreted by some as a signal the insurance-led asset manager is exiting the mutual fund business.
However, the firm may also be looking at the industry in a more holistic way with an eye toward financial planning and fixed fees.
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Sales of annuities are a great source of revenue for brokers but sources say State Farm also hopes to derive fees from its advisory business with an innovative sliding scale. I'M VERY GLAD THIS POOR OLE LADY STOOD UP FOR HERSELF. This is strictly anecdotal and I have not attempted to confirm but it makes sense.
The pricing strategy on the asset management portion, shared with RIABiz by a source, goes like this: A person with more than 0,000 in assets would pay just 25 basis points with higher prices charged at breakpoints lower than that. even payed for towing i called gave me that young guy and he hung up phone just because I told him that he was wrong I paid for it 30 years. i got every tthing by him word by word fron bunch idiots call staff. SHE IS SO VERY RIGHT, STATEFARM NEEDS GET RID OF THAT AGENT. He also said it was State Farm that would not allow.
Now the MGP approach can yield a quickie plan that just helps a young person plan out how to pay off their student loans."What they've started to do is really a game changer," he says. State Farm is mutually owned by its policy holders who purchase its insurance, unlike fierce competitor Allstate, which is publicly owned. HOW WOULD HE FEEL PAY EXTRA 300 ON HIS HOUSE BECAUSE OF IT. SO HE BETTER START PRAYING IN ORDER GET INTO HEAVEN, HE NOT STOPPING THERE HE'S GOING PASS HIT HELL WIDE OPEN IN CHESTNUT CASKET POPPIN & CRACKIN. They could get the CFP because we know the board will let them sell stuff with some exemption.
State Farm executives aren’t ready to talk about the Money Guide Pro phase of the program or the funds that will be available in the program says Dundov. I'll bet though, that only 20 percent of those agents could pass the CFP exam.
Sources said when State Farm announced it was selling its mutual funds, its agents were upset because they wanted to stay in the wealth management business.
State Farm appears to be appeasing its staffers and raising them one."State Farm was one of the first to prohibit their agents from putting CFP on their business cards because of the fiduciary standard the CFP required, yet State Farm could not own up to that standard," he explains.