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Usually the crappiest products pay the highest commissions.
Yep. And I know when I get the email or phone call from an FMO and they open by telling me how much commission a particular annuity pays, there's a high probability that I don't want to sell it.
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Annexus has some good annuities products
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Of course, everything is in comparison to something else.
For example, one company has a 14-year surrender schedule on a FIA that also happens to pay about the same as another company's 10-year surrender FIA. So, I would have to ask myself why I would offer a 14-year surrender FIA when my compensation is comparable?
There may be other factors as well, but look for good products, determine one or more as your "personal benchmarks" and then compare and see if they are complimentary to them or work in other niche situations... or not.
Do your due diligence on company ratings, product features, riders, surrenders, AND commissions... and then determine which ones would best fit the way you advise your clients.
For example, one company has a 14-year surrender schedule on a FIA that also happens to pay about the same as another company's 10-year surrender FIA. So, I would have to ask myself why I would offer a 14-year surrender FIA when my compensation is comparable?
There may be other factors as well, but look for good products, determine one or more as your "personal benchmarks" and then compare and see if they are complimentary to them or work in other niche situations... or not.
Do your due diligence on company ratings, product features, riders, surrenders, AND commissions... and then determine which ones would best fit the way you advise your clients.
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In the current IA landscape, there is no reason I can find to go over 10 years with a product. And there are 6/7/8 year products out there that are every bit as good as most of the 10 year products out there. My favorite products on the market right now are a 7 year and a 6 year product.
The biggest difference once you get over 10 years is the comp. I used to fall for the load of crap that carriers tell you about "longer term products will have better renewal rates"... but in my experience that is a load of sh*t. Some of my worst renewals have been on products that are over 10 years surrender.
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I have always done business by the philosophy that doing whats best for the client will make me the most money in the long run. Comp should be the last thing considered when judging suitability for a client.
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Not to mention you get to sell them again in 6, 7 years instead of 10 or 14.
Which ones are you using? I've been using Allianz 222 and the Voya Wealth Builder Plus. Always looking for more.
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Thanks for your time in replying. I make it a practice to do what's best for the client...I have to lay my head down at night and would never do/suggest anything that's not in their best interest....however, with that being said...I'm in this to make money. So if there's an option that I'm not aware of, then I certainly want to do my due-diligence. Sometimes, we're so busy that we don't look further than what our current FMO offers...that's not good practice.
Thanks again...I appreciate your insight.
Thanks again...I appreciate your insight.
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Not a fan of Voya for the same reasons as their IUL.
Allianz has strong products for income riders. But I am not a fan of locking a client into historically low interest rates for the rest of their life. So Im focusing on accumulation and not Riders.
AG Power Protector 7 and the AE Choice 6 & 8 are all great products and all have uncapped index options with very low spreads.
