The Danger Zone
Closing the gap
Mix it up
Bank Me
Walking Talking 529s
Show me the $$$
Final Jeopardy
100
What is the most recent inflation rate?
What is 2.97%
100
What is the flat value of a CC and what has to occur for you to get credit for it?
Usage--$20k
100
True or False:
MESP and MGIA campaigns must be closed out on the very last day of the month.
FALSE!
Friends don't let friends wait 'til the last day. Be a pal and close your campaigns on time.
100
What are FCMS and RMS paid for a quality referral to a FSA?
RM- $30
FCM-$50
100
True or False
As of the 09/01 update- 529 plans are now able to be opened on the MGIA platform through collaborate?
What is false
100
A deposit is made on Monday. What is the last day that I can have a quality convo, trigger it for the center, and create an opportunity?
What is Friday of that week.
100
Please provide your response to this common client question:
Tell me, why should I invest with you over the competition?
Well done!!
200
State your dual disclosure.
I work for both Bank of America and Merrill which mean I can talk to you about checking savings and credit cards on behalf of Bank of America. Stocks bonds and mutual funds on behalf of Merrill.
200
What is the flat value for an auto loan and when is it credited?
25k--application & funded
200
When do you state RSNIP?
Regular Basis
Sales presentation
New Account Opening
Introduction
Placing Trades
200
True or False?
Once a referral is marked non quality, the FSA can go back at any point during the referral window and update the status to quality awarding the referring associate credit.
FALSE
200
For 2023, what is maximum annual contribution allowed before triggering federal gift taxes or exhausting your lifetime estate or gift exemption?
$15,000 ($30,000 for married couples electing to split gifts).
200
For accounts opened by GWIM how long does BG track for you? What do you need to do after that time period to claim credit?
Tracks for 6 months
Active for 365 after 6 months you need to do a CHECS claim
200
When do you NOT have to state your dual disclosure while on a recorded call?
When you have given DD in a prior conversation and that conversation is recorded on CMC.
300
State RSNIP.
Investments sold by Merrill are not FDIC insured not guaranteed by the bank and may loose principle value
300
What are the three factors considered in GBAA?
What is Time Horizon, Confidence Level, and Goal Target
300
How do you get licensed in a state for a prospect/client? When do licenses need to be renewed? Who do you contact?
Fill out email template and send it to Jonathan and Yesica
You need to renew it every year
300
How long does new money need to stay in a checking account to ensure the center gets credit? To ensure you get credit?
What is
4 weeks—center
8 weeks—advisor
300
What flat value will you receive for a 529
What is 10,000
300
A client comes into the FC and opens a $500,000 estate account with a RM. Of the $500,000, how much goes to the RMs scorecard?
ZERO!!
300
What are the five rollover options you need to discuss with clients?
1.Leave assets in your former employer’s plan
2.Withdraw the assets in a lump sum distribution
3.Rollover to new firm
4.Rollover to Traditional IRA
5.Rollover to Roth IRA
400
What is the most recent 30-year fixed average MTG rate?
Give or take.2%
7.125%
BOA
400
What are the eligible account types under MGIA (hint: 6)
What are CMA (single, joint and custodial), IRA, Roth IRA, SEP IRA, Simple IRA, Trust
400
These five metrics make up our Balanced Performance Metrics and directly influence FSA Ranking.
What is Quality Products, Balance Growth, Partner Referrals, Client Care, Risk Management.
400
When can you qualify a referral?
After having a meaningful conversation
400
The earning portion of withdrawals not used for qualified expenses is subject to income tax a what % of additional penalty/tax?
What is 10%
Always refer clients to speak to tax advisors before making any tax related investment decisions.
400
Balance growth is capped at $_____ for deposits and investments per _____.
What is 3 million per PID
400
What sales method & sales cycle do you log to capture new money in an existing account after having an investment conversation?
22 field FSA-New Money Existing Account
Make sure to add the account number
500
Why has the jobs and unemployment number been such a hot topic?
Increased unemployment / lower newer jobs means the economy is slowing.
When the economy slows, the Fed can start to take their foot off the break and stop raising rates. Hooray Markets.
500
What is the flat value awarded for an LMA? What steps do you need to take to ensure you are given credit?
What is 250k and connect with your GWIM team/ submit a CHECS ticket
500
What are the behavioral metrics/expectations?
Future appointments? Client meetings? Outbound Calls?
Future appointments 125-26 weeks
Client meetings: 25 meetings-weekly
10 calls weekly (90 sec +)
500
True or false?
A client comes into the FC and is referred by a RB1 to the FSA. The FSA marks the referral quality but no business is completed. 181 days later, the client comes back in and is, again, referred to the FSA by a RB2, who marks the referral quality and completes a MGIA.
RB1 & RB2 will both get quality referral credit.
FALSE
Quality referral credit is awarded once per 12 months (365 days). Duplicate referrals will not result in additional incentive and are determined by party ID.If a customer (party ID) is referred more than 1 time within 12 months (365 days) the employee with the first quality referral will get the credit.
500
In order for you to receive credit for a 529 how much does a client need to deposit?
What is $100
500
How much do you need to deposit into an MESD, MGI or MGIA to receive credit?
What is $1000
500
What sales method & sales cycle do you choose to qualify an incoming referral?
10 GRE-Client contacted
600
How would you explain the image below?
What is holding stocks over a one-year period has led to a wide range of both positive and negative returns. However, holding them for any 20-year period between 1926 and 2019 has generated a much narrower range of outcomes.
TIME IN THE MARKET!
600
What is the flat value of a US TRUST deal?
What is 3 million
600
True or False
Program minimums can be reached by aggregating across accounts enrolled in both MGIA and MESP programs?
True
600
What is the time frame that a FSA has to mark a referral quality?
What is 90 Days after the referral is submitted
600
Explain how an account owner can accelerate their gifting time table to a 529 plan in one year.
What is by contributing the 5 year gift tax rule ($75,000 individual/$150,000 married couples electing to split gifts).
600
How long does an investment account need to be funded in order for you not to get a reversal? What is the minimum that should be in the account?
Quality adjustments are reviewed 181 days from account opening and adjustments will me made if account balance is less than $50
600
State your value prop
Well done!!
700
Talk to me like a client:
The dangers of "waiting it out on the sidelines"
700
What is the flat value for a Purchase, REFI & HELOC? When is it credited?
What is a purchase is $300k--once funded
Refi is $200k--once funded
Heloc is $125k--once funded
700
The Premium Rewards credit card can repair, replace or reimburse you, if an eligible item purchased with the card is stolen (Porch Pirates) or damaged within 90 days of purchase.
This feature will provide reimbursement up to what dollar amount per claim?
What is $10,000
700
Two Part Question:
What is the Cap for Consumer Balance Growth AND What is the Cap for Small Business Balance Growth for the FC per Party ID per tracking period?
Consumer- $250,000
SB- $1,000,000
700
You can use up to $XX.XX in 529 assets per calendar year per beneficiary to help pay for tuition at an elementary or secondary school.
What is $10,000?
700
How many days do you have to fund an account to ensure you get credit?
What is 180 days
700
What are the 8 TAE steps in order
Step 1: Position a trust-building value proposition
Step 2: Resolve immediate need
Step 3: Transition service to deepening
Step 4: Discover life priorities and goals
Step 5: Prioritize goals and identify solutions
Step 6: Deliver life-priorities-based advice
Step 7: Fulfill recommended solutions
Step 8: True Advisor client engagement