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Old 06-18-2015, 11:24 AM   #1
RFG
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Ideas on Getting into Annuity Business Ideas on Getting into Annuity Business
Hi all,
I am a veteran life guy trying to move into the annuity business. I am with a big mutual so can't do Index Annuities, but have a 6&63. Ideas please
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Old 06-18-2015, 11:48 AM   #2
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Ideas:

1) Figure out what you CAN sell from your insurance company and broker/dealer's approved product list.

2) Learn about annuity living benefits.

3) Learn to integrate annuities into comprehensive retirement planning.

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4) Ask everyone you meet with if they have a 401k at a previous employer.
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Old 06-18-2015, 11:51 AM   #3
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Originally Posted by RFG View Post
Hi all,
I am a veteran life guy trying to move into the annuity business. I am with a big mutual so can't do Index Annuities, but have a 6&63. Ideas please
My advice is to leave mother mutual and go indy if you really want to be in the annuity business.

MYGAs are paying next to nothing these days. VAs are just really expensive Mutual Funds. Indexed Annuities are an extremely strong product and are by far the best value in the annuity market today.

Or you can just not tell mother mutual that you are selling Indexed products. When I was at NYL I knew a lot of guys who were selling indexed products and just not telling NYL about it. Almost all of the Indexed carriers offer MYGAs and SPIAs, so when they run a contracting report on you they will not know which products you are selling... obviously this is not a great idea...

There are some really crappy IAs out there right now. But there are also some really strong IAs right now. And if you are planning on selling GMWB Riders, IAs beat the VAs hands down.

But if you are deadset on selling VAs, Jackson National probably has the best product out there. LFG and Met have strong products too.

For MYGAs look at Oxford, Midland, Guggenhiem, & F&G.
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Old 06-18-2015, 02:31 PM   #4
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Thanks, I really value your input. What about from the standpoint of Marketing any ideas there. Seminars?

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Originally Posted by scagnt83 View Post
My advice is to leave mother mutual and go indy if you really want to be in the annuity business.

MYGAs are paying next to nothing these days. VAs are just really expensive Mutual Funds. Indexed Annuities are an extremely strong product and are by far the best value in the annuity market today.

Or you can just not tell mother mutual that you are selling Indexed products. When I was at NYL I knew a lot of guys who were selling indexed products and just not telling NYL about it. Almost all of the Indexed carriers offer MYGAs and SPIAs, so when they run a contracting report on you they will not know which products you are selling... obviously this is not a great idea...

There are some really crappy IAs out there right now. But there are also some really strong IAs right now. And if you are planning on selling GMWB Riders, IAs beat the VAs hands down.

But if you are deadset on selling VAs, Jackson National probably has the best product out there. LFG and Met have strong products too.

For MYGAs look at Oxford, Midland, Guggenhiem, & F&G.
Yep, been thinking about that. Working on getting some things in order to have a clear path if I decide to go that way. By the way I thought IA's were regulated by your broker dealer?

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Originally Posted by DHK View Post
Ideas:

1) Figure out what you CAN sell from your insurance company and broker/dealer's approved product list.

2) Learn about annuity living benefits.

3) Learn to integrate annuities into comprehensive retirement planning.

----------

4) Ask everyone you meet with if they have a 401k at a previous employer.
Great ideas. Will implement.
Thanks for the quick response.
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Old 06-18-2015, 02:40 PM   #5
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Ideas on Getting into Annuity Business Re: Ideas on Getting into Annuity Business
Originally Posted by RFG View Post
Thanks, I really value your input. What about from the standpoint of Marketing any ideas there. Seminars?

----------

Yep, been thinking about that. Working on getting some things in order to have a clear path if I decide to go that way. By the way I thought IA's were regulated by your broker dealer?
Marketing varies. Seminars work for some, but it is pricey and I hear it is less and less effective.

I always like non seminar postcards.

You can also buy leads... which is very hit or miss. Or just work your natural market. Ask people if they are happy with the rates on their CDs. Ask about old 401k accounts, etc.


BD regulation on IAs varies by BD. Some do not limit you or make you run them through your grid. Others do. If you are serious about the annuity market I would find a BD that lets you be free to run your fixed business how you want to.
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Old 06-21-2015, 01:00 PM   #6
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Originally Posted by scagnt83 View Post
There are some really crappy IAs out there right now. But there are also some really strong IAs right now. And if you are planning on selling GMWB Riders, IAs beat the VAs hands down.
Which IAs and riders do you like?
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Old 06-22-2015, 01:29 AM   #7
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In the business of annuity make sure you have good customers so that they should have the high yield annuities. Things to take care are: Marketing Strategy of the business, Skills, access the competition and search the competitors and know their strategy. You should target the big companies too, apart from the personal finance sector. You should also expertise on investment planning. Make your clients trustable and inspire them to use retirement calculators too.
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Old 06-22-2015, 10:39 PM   #8
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Ideas on Getting into Annuity Business
Originally Posted by FBN View Post

Which IAs and riders do you like?
You'll have to define the client goals...the answers will vary widely based on objectives.
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Old 06-25-2015, 09:11 AM   #9
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Ideas on Getting into Annuity Business
Another thing to think about... Don't most of the big mutuals require you run all marketing by them before you send it out? Especially if you are using their BD.

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Old 06-30-2015, 09:37 AM   #10
RFG
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Man these are all great ideas, I appreciate the feedback.
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