Your phone rings and a great client who gave you three referrals, informs you that he needs to take a $23,000 withdrawal. The tone of his voice is strained. He needs it now because something has come up. He asks if there will be any interest credited on those funds.
Or perhaps it’s the daughter of one of your clients calling. She is upset that her mother’s annuity won’t receive any interest credits this year because her mother passed away six weeks prior to contract anniversary.
These situations may occur with annuities that calculate interest credits once a year. Some new designs calculate to the date of withdrawal or death, and that is noteworthy if a client will be taking systematic income.
Choosing product designs and features, matching those with our client’s needs and keeping up with new product benefits are parts of our everyday life.
So, what’s the hot story with fixed annuities in today’s “Boomer growing” marketplace?
“There is an emotional need for feeling connected to and in control of retirement funds that is as important to clients today as the dollars and cents needed for income,” says Jack Marrion, research annuity expert.
The boomer profile of poor saving habits, coupled with demanding retirement needs and wants, adds up to a huge call to arms for financial professionals.