From the April 2008 issue of Investment Advisor • Subscribe!

April 1, 2008

Annuity Assistance

In a world where instant gratification is the norm, tools like AnnuityQuickQuote.com could come in handy. The site, launched in September 2007, provides immediate annuity and income planning solutions. The stated goal of the site is to educate investors on long-term planning, see if an immediate annuity is right for them, and then give them several options to consider based on the individual's specific needs. Bryan Place, founder of Place Financial, an advisory firm in Manilus, New York, and AnnuityQuickQuote.com, says that the complexities associated with variable annuity benefit riders deterred clients, who were demanding more of an "old-fashioned pension plan."

Visitors to AnnuityQuickQuote.com are told how much it will cost to get an immediate annuity that will pay a specific amount each month, based on age, gender, and amount of investable assets. "Each day we are getting 25-30 brokers requesting quotes for their clients, and plugging in what they are looking for," says Place. "We give them an instant quote, which is an average of the top five carriers. Then, the broker can fill out a form, and we will get back to them in a day or two with a prepared presentation that has their firm's name on it, so they can give it directly to their clients." There's no charge to the advisor or the investor for the service, just the hope that the broker goes through Place to buy the annuity. Place says that the next iteration of the site will include a more elaborate retirement income planning tool that will make suggested allocations to an annuity and a balanced portfolio.

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