DOL Fiduciary Rule Halted by Texas Court!
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Or, What if Client Wants Another Adviser at the Meeting
It would go something like this…
I would LOVE to have your other adviser there, but let’s meet 30 minutes early first. That way I can explain the plan I’ve come up with, and you can ask all the questions YOU have—without someone else asking questions from an entirely different perspective. Plus, by taking the time to be sure YOU fully understand the plan, the questions your other adviser asks will make more sense—and so will my answers to them.
If all of us meet at the same time, you will be trying to understand the plan I’m showing you—while also trying to learn and understand the nuances of the questions your other adviser has. I’ve tried it before, and it can become too overwhelming and confusing.
Choosing the Best Income Rider For Each Case
Believe it or not, there is no single income rider that is the very best for every client situation. There are several factors that will help determine which income rider to choose:
Client ages, dollar amount, qualified or not, single or joint payout, how long before turning on income, surrender penalties on current funds, if clients have a reverse mortgage, how certain income will be turned on, percentage of clients’ total assets the annuity will hold, level or increasing income payments, LTC type benefits needed, crediting methods available, rollup rate, rollup duration, age payout factors, carrier ratings, client gender. All these factors can significantly influence the selection process to find the very best income rider for each client.
Unfortunately, it can sometimes be difficult for agents to try to sort through all these factors to select the absolute best fit.
Sometimes a huge bonus or a very high rollup rate can make a rider appear to be superior to the rest, but upon further investigation it turns out that the other factors applied to that particular rider make it fall short of many others.
Here’s a hypothetical example:
One rider has a higher rollup rate than any other on the market, but the age payout factors are significantly lower than others available. Consequently, for a client wanting to start income in 7 years, the rider with the highest rollup actually comes in 9th place behind several others with lower rollup rates but much higher age payout factors.
We at TWH are experts at applying all the factors in order to determine the best income rider for every case you come across. It is one of the reasons we maintain top level contracts with all the top carriers offering annuities with income riders. And remember—lifetime income riders offer an opportunity for clients to be 100% certain they will not outlive their money, without giving away access to the cash accumulation value in the account (unlike annuitizing the contract).
For more, give us a call or send us an email.
800-200-9194
info@twhagency.com
~ Greg Skogsberg
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We now have annuity contracts with FORTY-ONE carriers. More than any other FMO! And this is just one of the reasons we are The #1 Concierge FMO in America!
Gregory B. Skogsberg
Greg is the President of TWH Agency with 20+ years of professional experience. Greg is a seasoned management consultant who has worked for organizations of all sizes in locations all across the country.
