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October 30, 2018 at 11:39 PM
Fifteen years ago, many financial professionals tried to meet clients’ needs with variable annuity contracts that could do everything.
Advisors dreamed of annuities that could help clients save for retirement, collect income in retirement, pay long-term care bills, pass estates on to heirs, and, possibly, hammer nails, cut wires and open wine bottles.
Today, the variable annuity multi-tool strategy is out. A modular, Lego model is in.
(Related: Welcome to the 21st Century YOYO Retirement Plan)
Annuity distribution specialists talked about that shift Monday, in New York, at an annuity session at LIMRA’s annual meeting.
John Galvin of Capital Management Group said the best way to sell annuities is by helping clients analyze their cash-flow needs, then by showing how annuities and other products can help clients meet those needs.
“It’s not the product that makes the sale,” Galvin said. “It’s the financial planning framework.”
Galvin suggested that, these days, clients may need several different annuities, with different strategies, to meet different types of income needs, and other financial needs, at different stages of their lives.
