Annuities suffer from an image problem: They're incredibly versatile products that can solve a multitude of problems, yet they often are seen as a one-trick pony.
When I was in college at an engineering school, my father bought me the latest electronic calculator. It could do 50-plus functions. The instruction book was almost half an inch thick.
I used it to add, subtract, multiply, divide and store numbers in the memory. I was ignoring 90% of its (expensive) functionality!
People who oversimplify annuities are making a similar mistake.
For seven situations where an annuity can play a major part of solving life's problems, see the gallery accompanying this article.
Bryce Sanders, president of Perceptive Business Solutions Inc., has provided training for the financial services industry on high-net-worth client acquisition since 2001. He is the author of the book "Captivating the Wealthy Investor."
Credit: vivekFx/Adobe Stock
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.