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Success story: Helping your clients SWAN (sleep well at night)

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Perhaps, sometimes, we do not realize the financial and emotional impact on peoples’ lives with the work we do. There are many planning strategies we can employ, but we don’t often see the immediate financial and emotional results on the lives of the client or heirs.

A few months ago, I had the opportunity to experience the client satisfaction, gratitude and peace of mind that our experience and caring can provide to those who ask for our help. It is truly an example of the “SWAN” concept–allowing a client to sleep well at night.

Florida couple Evelyn and Joel had just lost their jobs after many years working for the same company and at the time were just under age 59 with accumulated 401(k) account values of $650,000. They wanted safety, security and growth potential for their qualified assets, and they needed minimum income to bridge the gap until eligible for Social Security benefits. They also had a mortgage at 7.5 percent, which they attempted to refinance without success.

They had attended a financial seminar and said they wanted safety and security for their qualified assets. The “advisor” placed it in a variable annuity without 72(t) provisions and withdrawal fee-free first year access to their accounts. After the first year, the couple learned of the unexpected charges and government penalties. They were furious and bewildered and tried to get themselves out the situation but to no avail.

Several months ago, the couple attended my financial workshop and requested a meeting. Through my efforts on their behalf, all of their qualified monies (less income withdrawals received) were returned to them, including all fees and charges. The IRA was redirected to a fixed index annuity with principle guaranteed and an 8 percent income account roll-up benefit. They were relieved.

I then addressed the mortgage, which at 7.5 percent was costing them nearly $1,600 per month. I directed them to a local bank, and though they had good credit, the bank needed verification of income.

Here’s the great part: With the income stream the FIA provided, Evelyn and Joel qualified for a 0-point, 15-year fixed rate mortgage at 4.5 percent, saving them $800 a month. This now provided them an additional nearly $10,000 a year in savings and provided cash flow. That savings and their new Social Security income keeps them comfortable, and they know their FIA income account value is growing and there when they need it.

The results were astounding, and when I see Evelyn now, she is smiling, and they want to attend my other workshops to tell the participants what I did for them. Evelyn and Joel can now SWAN.


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