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https://www.facebook.com/100000429356283/posts/2410296588994629/
Poet John Gartland.
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Nasty King Cobra.. "Dead Man Walking " if his grip slips..
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My younger brother Rick... Still Rocking.. Happy of July Brother! https://www.instagram.com/p/4wH1XHAlym/?utm_source=ig_tumblr_share&igshid=7atb4ib5d0yo
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Part 2..Broken Promises, Broken Dreams
A Retiree's Crucible.
I became a client of Edward Jones Investments in 2006/07 as best as I can remember.
My life had changed dramatically in a financial sense, after a successful Civil Litigation.
I hired Edward Jones to manage my estate, and significant liquid assets ( Cash).. Having limited experience with planning for the future or how to manage my now rather robust bank accounts.. I needed professionals to guide me.
The Financial advisor was Frank E. ( I'm not sharing his full name )!
If any of my readers have had any experience with Edward Jones investments, they will know that the financial advisors who work for them are much like "Jehovah Witness", and the Mormons, they do a lot of door-knocking to get neighborhood clients..
If you're new to the retail investing, with a half a million dollars burning a hole in your pocket, then running into an" Edward Jones financial advisor," is like "Manna From Heaven", because they are so believable!
My relationship with Edward Jones and Frank E. Was all about " trust, trusting, and fiduciary responsibility"..
Edward Jones investments runs a tight ship.
I'm here to tell you, "they protect their clients"! . I really don't have anything negative to say about Edward Jones or Frank E.
I think it's important to note, all documents had a qualifier attached, that read " Investing comes with risk of loss of Investments" i. e. Cash$$$...🤔 LOL!
Yeah, I read this again in 2009 after the stock market crash of 08,
Needless to say, I was fully invested in 2008 for the tune of about 5-6 hundred thousand dollars, having obtained another 300k in a second Civil suit.
Edward Jones Investments had managed well over 600 grand by the time the Market Crashed..
Yes I got whacked pretty significantly, (100++k)lost in the crash..
I don't blame my financial advisors for my "Financial Losses"!
If you invest in the stock market, you have a chance of losing those funds.
Unfortunately, I lost 100, 000 plus dollars in a very fast way.. Just gone😭
I flew home from Thailand in 2009 to try and sort out my financial situation and plan for my continuing retirement plan ( Married and living in Thailand).
This is the part where "John Hancock Annuities" comes into the picture.
I was invited by Frank to meet with a John Hancock annuities representative.
John Hancock Annuities had a veritable annuity, that would fit my retirement plans.
My retail investing portfolio Edward Jones managed, was market based mutual funds and stand-alone stocks type of investments.
This is what the variable annuity was based on, this Market performance " Variable Annuity" was guaranteed interest of 7% over a certain time period.
This product had " Income for Life" Rider attached, and you could contribute to the annuity ( extra cash) also.
All in all, it seemed to be a fantastic opportunity for my retirement plan. My best laid plans, have at times failed to materialize..
I could at whatever point, after two years, annualize a contract over 20 years, take monthly payments.
Of course all of this comes with a price tag!
You can buy into a annuity typically, if you pay anywhere from 7% to 10% fee up front, sometimes more.
My Hancock variable annuity was priced initially at $100,000 with the option of adding more funds up to a certain period of time.
I purchase this veritable annuity, and I paid approximately $10,000 for it. I added another 80,000 US dollars, plus another 20 thousand in 2011/12
I decided to part company with Frank E. and Edward Jones 2011 / 2012. ( I'm risk-averse, I just didn't know it until the market crash)!
I was turning 62. I wanted to take my Social Security at it earliest legal availability, which was age 62.
I instructed Edward Jones to start the process for annualizing my 20-year payout from the annuity I had purchase in 2008, from John Hancock and that was managed by Edward Jones.
Frank set this up for me, he cobbled together different Financial products I was involved in, sold them off, and put the assets in the variable annuity, increasing the value in the 230k. territory..
We also managed to receive in the neighborhood of "30,000 US dollars in appreciation "for the annuity over the time I own it. (7% guaranteed interest based on market performance)
I made some money, so we added everything together an annualized this 20 year variable annuity
I had my Social Security direct deposit set up with Bangkok Bank public Company Limited here in Bangkok Thailand.
The routing of funds to a dedicated savings account was in place for my federal government Social Security benefits.
Frank, and John Hancock Annuities Service Centre, decided that since this route was already in place,
they would "piggyback" my funds directly into this account. ( obviously, Social Security had the correct IAT format, Federal Routing Numbers Beneficiary Bank, addresses of said bank, plus the recipients name, account number and Thailand address..
The above scenario is the correct format for International Direct deposits.
Basically, my best guess is " John Hancock Annuities Service Centre" did not have the correct IAT format, so they took the convenient way, using my Social Security to direct deposit funds in Bangkok Bank PCL Thailand, without using a dedicated account, which they should have done from the start!
They set this up without my input basically.
I had little personal input or participation.
Definitely had no idea that it was not the correct way to do things!
Unfortunately expediency, is the way things get done sometimes.
When you're no longer a client, you know it's like "let's get it done, and get it out of the way"!
I understand this thought process, and at the time, I was okay with it.
I didn't know any better!
Fast forward to 2017, Bangkok Thailand,.
Bank Public Company Limited main branch contacted me over these funds being piggyback, informing me me in no uncertain terms, I needed to change the " John Hancock Annuities Direct Deposit" to a dedicated savings account, not piggybacked with the Social Security DD.
I contacted John Hancock annuities service center.
They sent me ETF forms. I filled them out, and" DHL" back to them.
JHA change the account number, no problems, everything done!
So I thought!
That was 2017. This now 2019. Bangkok Bank has /is making changes on how we can do the routing.
They ( BBNY) have to follow United States government rules on Outward Bound money, meaning money wired from the United States, the government wants to know where it's going and who's receiving it!
"All banks,and every financial company that has a fiduciary responsibility knows about these federal laws! "
Retirees living in Thailand, ten thousand miles away, would not have any inkling of what's going on!
it's not my job, it's the job of John Hancock annuities!
Needless to say, I discussed in detail, part 1" Broken Promises, Broken Dreams"
how, International ACH transfers coming to Thailand via " Bangkok Bank branch of New York" to the main branch of Bangkok Bank public Company Limited Bangkok Thailand come with detailed information on the need to format " IAT and Federal Routing Numbers, along with pertinent beneficiary bank account and address and beneficiary personal name and residence address in Thailand.
It was by total accident I even came across this information.
One would think, a very large financial Products Company, like "John Hancock Annuities," the fiduciary in all of this, is provided information and detailed instructions, on how to comply with the new federal laws!
However, it was their client(Me) a seventy-year-old retiree, who had to notify them... Sad, but true!
A lot of this information is redundant that I'm talking about.
It's important to note, I have provided all the information that was provided to me by the beneficiary bank here in Bangkok.
I pass this information along to the headquarters of John Hancock annuities service center, and to the supervisors, ( Mr Wijaya & Richard Ambrosio) who control how funds leave John Hancock annuities.
I provided contact information detailing routing numbers and pertinent information.
ETF Forms for John Hancock Annuities were provided for me via email from my friend at Edward Jones ( Frank E.).
They (ETF Forms) were completed and sent directly to the headquarters of John Hancock Annuities Service Centre.
It's now the 12th of April, my payment was due on the 5th of April.
All the information that I've shared on this post, was provided to John Hancock annuities service center, prior to April 5th, to no avail.
I'm now facing credit defaults starting on April 14th.
Basically I'm in a bad way.
It's now the 22nd of April.
My April 5th payment arrived on the 17th.
I checked with" BBNY help desk" in regards to the format.. No answer yet if it's correct.
The "help desk" informed me that " John Hancock Annuities",wasn't the "Sender"... 🤔
So now I'm faced with the possibility of a" third party "being involved in my monthly annuities payment.
I'm assuming,"This third-party" is related to John Hancock in some form?
I hope so.
Having a few bad dreams about service fees being deducted from my annuity account..
A "third-party " Payment, might very well be coming out my funds.
Welcome to my Crucible.
luckkyy-buddha999
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