Appropriate to roll over entire 401k to FIA?

[bill3173]

MYGA don't have to have MVA & really not sure why an agent would introduce that added complexity to a target market of seniors more interested in plain vanilla straight forward CD-like annuity. Plus, many agents explain MVA backwards by telling someone they will benefit if when they cash out early as the carrier will credit the higher rate in the rising interest rate market

Was just trying to keep it simple, I figured you would know that I was referring to the fixed annuity with mva. I agree with you on the straight Vanilla aspect, but if you're trying to get a little better rate on a short term annuity, why not accept the MVA?

I explain these aspects thoroughly to clients, and let them make a decision. Most business people appreciate a little risk. If it was an old lady that lived in a shoe and thought she would possibly need the money in less than three years, I wouldn't sell it.

I've turned away some annuity business, as I'm certain that you have as well.

 

[Life Hawk]

FIA is the way to go for a 401k alternative if the client doesn't want risk.

Agree!

Always read the grain of your customers. If they don't like risk, be the hero and save the money in thier minds most importantly, and in thier accounts financially. Often confused why agents make this far too complex.

Be up front and honest, no hocus pocus stuff, but keep it simple and move it forward.

 

[goillini52]

It feels like you are on the pot and your legs have fallen asleep.... you cant get off and you cant sh*t... you are just stuck.

Happens to me all the time.

 

[LostDollar]

Happens to me all the time.

Medline toilet safety rails.

 

[goillini52]

View attachment 9684
Medline toilet safety rails.

Standing up isn't the problem. Staying up when your foot falls asleep is the problem.

 

[LostDollar]

It feels like you are on the pot and your legs have fallen asleep.... you cant get off and you cant sh*t... you are just stuck. It might be worth while to "pay" a bit more to establish a solid relationship with a trusted advisor.

Not at 200 bucks an hour to confirm what I already suspect: what I want doesn't exist.

There you go:

Flexible Premium Deferred Annuity
AM Best carrier rating - A- or better
Max Issuing Age to at least 80
$5,000 Minimum Deposit
Minimum guaranteed interest rate, 4.3% or better
Joint Ownership allowed
Time Period 6 to 8 years
Additional deposits allowed for the first 4 - 5 years (not just 12-18 months)
Minimum 30-45 days at term to make decisions about what to do with funds

Objective: protected and guaranteed fund accumulation
probably to put in joint lifetime annuity with 20 year certain

 

[scagnt83]

Not at 200 bucks an hour to confirm what I already suspect: what I want doesn't exist.

There you go:

Flexible Premium Deferred Annuity
AM Best carrier rating - A- or better
Max Issuing Age to at least 80
$5,000 Minimum Deposit
Minimum guaranteed interest rate, 4.3% or better
Joint Ownership allowed
Time Period 6 to 8 years
Additional deposits allowed for the first 4 - 5 years (not just 12-18 months)
Minimum 30-45 days at term to make decisions about what to do with funds

Objective: protected and guaranteed fund accumulation
probably to put in joint lifetime annuity with 20 year certain

$200 per hour?

I will tell you for free....

No, it does not exist.

But you can get 3.45% with Integrity Life New Momentum 7, and get all the other features you want.

OR....

Pay $10k and get all the rest of the features with Athene Max Rate 7, paying 4.85%.

OR....

Get a non-guaranteed 5.5%, with a guarantee of no less than 3.14%, with Integrity Life New Momentum QIO.

 

[DHK]

$200 per hour?

I will tell you for free....

No, it does not exist.

But you can get 3.45% with Integrity Life New Momentum 7, and get all the other features you want.

OR....

Pay $10k and get all the rest of the features with Athene Max Rate 7, paying 4.85%.

OR....

Get a non-guaranteed 5.5%, with a guarantee of no less than 3.14%, with Integrity Life New Momentum QIO.

I'm not sure that those options allow for this:

Additional deposits allowed for the first 4 - 5 years (not just 12-18 months)
Minimum 30-45 days at term to make decisions about what to do with funds

What LD didn't add in was that he wouldn't want the surrender charge schedule to restart with the new deposits into the contact. I'm sure he'd rather have non-rolling surrender charges and have them based on the contract years, not premium deposits made.

And again, as @scagnt83 said... it doesn't exist. (But I think he should charge $500 an hour to tell you that, not just $200 an hour... and yes, he's worth it. So am I.)

 

[scagnt83]

I'm not sure that those options allow for this:



What LD didn't add in was that he wouldn't want the surrender charge schedule to restart with the new deposits into the contact. I'm sure he'd rather have non-rolling surrender charges and have them based on the contract years, not premium deposits made.

Those are all flex premium policies. No rolling surrender charges.

Im pretty sure both give 30 days to decide at renewal.

 

[scagnt83]

And again, as @scagnt83 said... it doesn't exist. (But I think he should charge $500 an hour to tell you that, not just $200 an hour... and yes, he's worth it. So am I.)

Funny how people dont think twice about paying an attorney $200 an hour or more for advice.

But a financial advisor with 20 years of experience is somehow not worth $200 per hour?

People lose tens of thousands in bad financial decisions or lost opportunity costs.... but scoff at spending $1k for solid financial advice.

Of course there is a reason people who use a financial advisor and act on the advice are both happier and more financially confident in retirement.

They arent stressing about all of the financial decisions and spending hours and hours researching and second guessing everything.

They get to live life confidently in retirement and concentrate on what really matters.... which is what your money enables you to do.... the money itself is meaningless.