Did I Make the Right Decision on Annuity

[DHK]

Advising a 401k participant about their portfolio and available investment options within the 401k would require a fiduciary level of care, in addition to securities licensing to "qualify" your advice. Showing options outside of the 401k does not require a fiduciary level of care. Otherwise we would ALL be required to have a Series 65 license to do any kind of rollover work.

It's not like you can change the available investment options within the 401k. That would require that you be the broker/advisor of record for the entire plan, changing the plan documents, custodian, TPA, etc., etc., etc.

The only thing I would check for due diligence, would be if it would be better or not for the client to keep their funds where they were, or if it would be better for the client to move them. The tax structure/penalty issue alone could be a cause for concern.

As long as the advantages/disadvantages were spelled out (think of a B/D switch letter) and every conversation was well documented (a top reason for a good CRM program), then the advisor should be okay.

 

[Nate insurance]

It is not a 401k plan. Its is a qualified pension plan that they could of either left with the company or rolled in into something else. AG figured out the 72t distributions, which came out to like $1350 per month.

 

[DHK]

I'm very familiar with their "lump sum" rollover options.

You should be okay with the strategy.

As for product, I'm not familiar with Allianz's product line, so I'll let others chime in on those.

 

[Nate insurance]

I'm very familiar with their "lump sum" rollover options.

You should be okay with the strategy.

As for product, I'm not familiar with Allianz's product line, so I'll let others chime in on those.

It's not Alliance, it's American General.

 

[sman]

It is not a 401k plan. Its is a qualified pension plan that they could of either left with the company or rolled in into something else. AG figured out the 72t distributions, which came out to like $1350 per month.

I have one question. Why did you wait until AFTER you completed the rollover to seek this advice?

 

[Nate insurance]

I have one question. Why did you wait until AFTER you completed the rollover to seek this advice?

I am a newer agent and a manager of AG(25 years of experience in the business) helped me out with the case. He took a percentage, but I was just curious if this was a good decision?

 

[jmhalvo]

I have one question. Why did you wait until AFTER you completed the rollover to seek this advice?

Right! It takes several days for a rollover check to arrive.....

 

[NWWAIns]

Nate, I applaud you for seeking the input of others in that difficult decision! It seems like better options exist. See what you can do to resolve the issue.

 

[Nate insurance]

Nate, I applaud you for seeking the input of others in that difficult decision! It seems like better options exist. See what you can do to resolve the issue.

Nothing can be resolved as policy has been in force for over 4 months. I am a new agent and used a manager of American General to help out to see if the decision he made was the correct one.

 

[jmhalvo]

Nothing can be resolved as policy has been in force for over 4 months. I am a new agent and used a manager of American General to help out to see if the decision he made was the correct one.

Of course it will be the correct one. It's done, and that's fine. It is just so odd to be going over all this, questioning it, 4 mo later. You're gonna go nuts doing that