Purchasing an Annuity For Myself

[The Wise Buck]

As a licensed agent who is considering purchasing a EIA for myself, how are commissions paid in this situation?

I would just run the business through the IMO I'm currently using - just wasn't sure if it's "okay" for me to do so. Anyone else know how this is best handled?

Thanks

 

[DHK]

They are paid to you like on any other annuity.

Probably won't count towards any selling bonuses or other promotions since it is controlled business.

 

[C4Texas]

May want to confirm any questions you have with the IMO first but most pay full commissions.

 

[Norwayguy]

May want to confirm any questions you have with the IMO first but most pay full commissions.

They better pay full commission or offer some other incentive because unless they waive the surrender charge they are making as much money off an agents controlled business as any other business.

 

[TerenceBeltran]

EIA is complex financial instruments that have characteristics of both fixed and variable annuities.

The average commission for an EIA is in excess of 10 percent; nearly twice as much as the commissions paid on fixed annuities. While financial advisers are entitled to make a living off, of a fair commission, the astronomically high commissions associated with equity indexed annuities result in offensive sales tactics that aggressively push an integrally complex product to investors, particularly seniors.

Therefore, purchasing an EIA is the best deal.

 

[Norwayguy]

EIA is complex financial instruments that have characteristics of both fixed and variable annuities.

The average commission for an EIA is in excess of 10 percent; nearly twice as much as the commissions paid on fixed annuities. While financial advisers are entitled to make a living off, of a fair commission, the astronomically high commissions associated with equity indexed annuities result in offensive sales tactics that aggressively push an integrally complex product to investors, particularly seniors.

Therefore, purchasing an EIA is the best deal.

Say what? You contradict youself and are inaccurate with your statements.

 

[scagnt83]

The average commission for an EIA is in excess of 10 percent; nearly twice as much as the commissions paid on fixed annuities..

That is completely false. The average IA comp is around 6%-7%. It is true that is is higher than traditional MYGA comp, but that is just the nature of the product. many carriers are right in line with VA comp.

 

[Newby]

EIA is complex financial instruments that have characteristics of both fixed and variable annuities.

The average commission for an EIA is in excess of 10 percent; nearly twice as much as the commissions paid on fixed annuities. While financial advisers are entitled to make a living off, of a fair commission, the astronomically high commissions associated with equity indexed annuities result in offensive sales tactics that aggressively push an integrally complex product to investors, particularly seniors.

Therefore, purchasing an EIA is the best deal.

You are way out of reality.

You can sell any product aggressively. Most EIAs are sold exactly how they should be.

Commissions are much lower than you state as fact.

 

[jmhalvo]

EIA is complex financial instruments that have characteristics of both fixed and variable annuities. The average commission for an EIA is in excess of 10 percent; nearly twice as much as the commissions paid on fixed annuities. While financial advisers are entitled to make a living off, of a fair commission, the astronomically high commissions associated with equity indexed annuities result in offensive sales tactics that aggressively push an integrally complex product to investors, particularly seniors. Therefore, purchasing an EIA is the best deal.

wrong. One of the better selling EIAs at GALIC has a 4.75% commission. None of mine are over 7. And after 10 years of competing for investment business I can tell you that some of most satisfied people are those than went with an EIA as their friends freaked out over investment volatility. EIA holders do not sell out in 2009

 

[DHK]

It's okay guys... he's gone now.