Getting leads

[Travis Price]

If I were selling medicare, that would be my target as well. You can find the bank money on 70+ and write MYGA, or grab the 401k at ages 65-70 and make a lot more money (or both).

This is why I'm here.

Now that my primary "job" is insurance, I'm leaving money on the table with Life insurance and retirement savings. I don't have any intentions to do FE or DHV, really, because DHV is kinda a waste of money (imo) and FE is kinda flimsy.

I was getting an RIA to become an accredited investor, but if I can use it here then it's even more valuable to me.

Unlike Allen, this isn't my wheelhouse. I can tell you pretty much whatever you need to know about Medicare and private insurance, but I'm almost lost on annuities and selling them. Obviously, I've taken the required to CE to offer them, but that isn't really helpful on how we position ourselves as the person they chose.

Right now, I send all of my Medicare call-ins a thank you know with a letter opener and my card. I've been thinking about penning a "retirement guide" to send out as well, and using a branded bimonthly magazine full of receipts and staying healthy articles to keep me on the top of their mind.

Any helpful reading, listening, or watching content to help me transition faster would be greatly appreciated.

 

[Tahoe Ray]

Any helpful reading, listening, or watching content to help me transition faster would be greatly appreciated.

Start with the MYGA market. They're basically non-FDIC CDs. Ask your clients who they have their CDs with and when they mature. Then follow up 60 days ahead of maturity (the bank reps will be calling within 30 days) and let them know what you have to offer.

Currently, Americo, Oceanview, Pacific Guardian Life and a few others have very attractive 5 year rates.

401k rollovers, lifetime income, financial planning, etc. require a lot more learning. Jovan Will has a bunch of good stuff online (and his agency specializes in online annuity sales) but you really want to have an IMO who can help you with this stuff.

You're welcome to reach out to me anytime as I've been in this market for 20+ years and worked it from both sides (producer and wholesaler).

 

[Travis Price]

Start with the MYGA market. They're basically non-FDIC CDs. Ask your clients who they have their CDs with and when they mature. Then follow up 60 days ahead of maturity (the bank reps will be calling within 30 days) and let them know what you have to offer.

Currently, Americo, Oceanview, Pacific Guardian Life and a few others have very attractive 5 year rates.

401k rollovers, lifetime income, financial planning, etc. require a lot more learning. Jovan Will has a bunch of good stuff online (and his agency specializes in online annuity sales) but you really want to have an IMO who can help you with this stuff.

You're welcome to reach out to me anytime as I've been in this market for 20+ years and worked it from both sides (producer and wholesaler).

Thank you.. I'm at the stage where I know that I don't even know what to ask. I understand the concept of an annuity and it's uses.. but most of it is completely foreign. I focus on the T65 market at this point, with some calls for out of state people that move here

 

[Allen Trent]

Start with the MYGA market. They're basically non-FDIC CDs. Ask your clients who they have their CDs with and when they mature. Then follow up 60 days ahead of maturity (the bank reps will be calling within 30 days) and let them know what you have to offer.

Currently, Americo, Oceanview, Pacific Guardian Life and a few others have very attractive 5 year rates.

401k rollovers, lifetime income, financial planning, etc. require a lot more learning. Jovan Will has a bunch of good stuff online (and his agency specializes in online annuity sales) but you really want to have an IMO who can help you with this stuff.

You're welcome to reach out to me anytime as I've been in this market for 20+ years and worked it from both sides (producer and wholesaler).

100% agree with this. MYGA will keep it simple for you & client because it functions very similar to how CDs at the bank function in terms of interest rate, surrender charges. Main difference in CD & NQ annuity is a CD gets a 1099 notice each year whereas NQ Annuity only gets a 1099 when money is distributed.

Because you are in Michigan, if you discover that any of these clients are looking for the money to pass tax free at their death & it isn't needed to live on monthly ( leave on money), I can connect you with some agents in your area who have access to the best SPWL product I have ever seen. 75% of the money is in the more accessible PUAR value & only 25% in the base policy. So, it basically gets them liquidity for extreme emergency fund, but instead of all the gains being taxable at death as is the case with NQ annuity, it is tax free at death as life insurance. Commissions are very similar to MYGA annuity in the 2.5% to 3% range. I am sure the agents would be willing to pay 100% of the commission because you are life licensed & they would just be happy to get the case as production credit that pays them more each year on the Auto/Home/commercial renewals for hitting certain life commission thresholds.

 

[Travis Price]

Easy is a good start.. also, I lied. I'm getting a series 65. So I can't sell variables anyway.

 

[Allen Trent]

Easy is a good start.. also, I lied. I'm getting a series 65. So I can't sell variables anyway.

MYGA & Fixed Index Annuities are both considered Fixed annuities & your current life license covers those products. Variable Annuities & RILA(indexed variable Annuities) require the securities licensing.

Biggest issue you may face if you are getting some securities licenses is the flat costs per month that most Broker Dealers require like E&I & their technology connection. Those can run between $400-$700 per month inany cases.

 

[Travis Price]

MYGA & Fixed Index Annuities nare both considered Fixed annuities & your current life license covers those products. Variable Annuities & RILA(indexed variable Annuities) require the securities licensing.

Biggest issue you may face if you are getting some securities licenses is the flat costs per month that most Broker Dealers require like E&I & their technology connection. Those can run between $400-$700 per month inany cases.

I'm unaffiliated

It's literally to be an Accredited Investor.

 

[scagnt83]

Easy is a good start.. also, I lied. I'm getting a series 65. So I can't sell variables anyway.

Not sure if you meant it this way or not, but there are VAs you can sell with a 65. Jackson National and Jefferson National both have RIA VAs that have Fee Based Comp.

 

[Travis Price]

Not sure if you meant it this way or not, but there are VAs you can sell with a 65. Jackson National and Jefferson National both have RIA VAs that have Fee Based Comp.

Thank you for the response. I genuinely don't know anything about the setup of individual companies. I'm getting into annuities to offer more solutions to my clients when I feel more comfortable with what I'm doing. Appears MYGA is the easiest for me to understand, atm, and especially if I have to carry broker fees I'm just going to use it for it's original purpose for me.