Selling Annuity to Family Member

Annuity_newb

New Member
3
Hello All,

I am not an agent yet, but I've been considering getting my license for several years. I have several questions, but first, some background.

I worked for an FMO several years ago and have considered annuities to be a great tool for a long time. I am fairly well-versed in annuities from a marketing standpoint, but I've never been a producer.

A wealthy family member has been interested in annuities for awhile and has asked if I would sell them one when they retire so that they can have a great product and I get the commission.

Questions:

- Generally speaking, is it permissible to sell an annuity to immediate family members? Would there be any hurdles from a suitably standpoint or anything?

- After becoming licensed, what are the best ways to find an FMO that offers great products and incentives to agents? I really don't want to use my old company.
 
You can sell to family.

There are like 20+ FMO's listed on this website. Tahoe Ray is one I believe. He always has good knowledge to share. My dad uses Gradient and I can attest to them being a good choice.
 
Thank you very much!

Besides help with products and selling, are there any advantages to working with one FMO over another? Are there any financial incentives for agents who bring a certain amount of business?
 
You can sell to family.

There are like 20+ FMO's listed on this website. Tahoe Ray is one I believe. He always has good knowledge to share. My dad uses Gradient and I can attest to them being a good choice.

Thanks for the mention...

----------

Thank you very much!

Besides help with products and selling, are there any advantages to working with one FMO over another? Are there any financial incentives for agents who bring a certain amount of business?

Most agencies are going to start you at street. Some will have incentives for certain carriers or additional comp based on your overall production.

I'll pm you my contact info if you'd like to discuss this further.
 
Thanks everyone for the replies!

I have a couple more questions, specifically about the family member that I mentioned.

He has a "problem" when it comes to RMDs. Basically, he doesn't need them and the income is only going to become a tax problem. Is there any way around them? Or is there a good product that I can look into (like IUL or something), that might be a good buy with the RMD? He already has a pension and enough liquid cash to do whatever he wants, so he's really looking for wealth transfer at this point more than anything.
 
Thanks everyone for the replies!

I have a couple more questions, specifically about the family member that I mentioned.

He has a "problem" when it comes to RMDs. Basically, he doesn't need them and the income is only going to become a tax problem. Is there any way around them? Or is there a good product that I can look into (like IUL or something), that might be a good buy with the RMD? He already has a pension and enough liquid cash to do whatever he wants, so he's really looking for wealth transfer at this point more than anything.

Athene for the IRA. GUL funded with the RMDs. QLAC maybe? Lots of options.....
 
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