Good place to start learning about how to sell Annuities?

[Dumbledood]

Hey guys, fairly new to this industry all together, I've been with this current brokerage for roughly a month. I know basically next to nothing about annuities other than binge watching youtube videos. I know what they are somewhat, but I'm having a difficult time figuring out how to actually sell them? I'm contracted with a few guys who offer annuities if I'm not mistaken (Trans and AIG), but all I've sold is their Life products. Can I also sell their annuities? Or is something extra needed here?

 

[Tahoe Ray]

Hey guys, fairly new to this industry all together, I've been with this current brokerage for roughly a month. I know basically next to nothing about annuities other than binge watching youtube videos. I know what they are somewhat, but I'm having a difficult time figuring out how to actually sell them? I'm contracted with a few guys who offer annuities if I'm not mistaken (Trans and AIG), but all I've sold is their Life products. Can I also sell their annuities? Or is something extra needed here?

State training, product training, AML, and E&O that covers fixed products.

You should be good with AIG, depending on your upline.

I have no idea if Trans has anything these days.

Your brokerage should be able to help you with all of this stuff.

 

[Dumbledood]

State training, product training, AML, and E&O that covers fixed products.

You should be good with AIG, depending on your upline.

I have no idea if Trans has anything these days.

Your brokerage should be able to help you with all of this stuff.

Thanks man. Yea, I asked here because I don't think anyone at our brokerage really sells annuities? I only hear of Life, and after searching around my agent portals, I cant seem to find the annuity products with AIG or other carriers. I currently have my E&O and AML, so I should be good to sell fixed annuities then? Like I said, I haven't been able to find any vids on how to sell annuities so I'm kind of lost.

 

[Tahoe Ray]

Thanks man. Yea, I asked here because I don't think anyone at our brokerage really sells annuities? I only hear of Life, and after searching around my agent portals, I cant seem to find the annuity products with AIG or other carriers. I currently have my E&O and AML, so I should be good to sell fixed annuities then? Like I said, I haven't been able to find any vids on how to sell annuities so I'm kind of lost.

You really need to ask your IMO.

If you're appointed with the carrier, you could also ask their sales desk.

 

[fed up]

You have been in the business for less than a year. Has anyone asked you about where to place money that they don't need? You will be selling a contract to the person for their money, a contract that says for the next 5, 7, 10 years they will lose access to that money (except for one or two deductions for need or an immediate annuity) and the contract will pay them a guaranteed rate of X percent (on a fixed annuity). The contract may allow the person to take the new balance and walk away or take scheduled deductions until the contract pays all of the balance or all money stipulated in the contract. The first annuity that I sold was for a couple that had $25000 from a retirement fund and needed a few hundred dollars a month to pay their rent. Their bank had monthly deductions scheduled just from their deposit but the balance was being reduced each month along with any accrued interest. An immediate annuity paid a guaranteed monthly amount which would last much longer than the bank deductions. Start small, don't go elephant hunting

 

[Lawsonhj1]

For fixed annuities MYGA you can try Stan The Annuity Man besides information I get reading this forum he is one of my trainers and doesn't even know it. If my mind doesn't grasp it I don't don't want to sell it. My mind can handle this concept hate admitting to being simple minded at least most of my clients are at amoeba level so I make sure I'm not hurting them.

Stan The Annuity Man | Brutally Honest Facts About Annuities

 

[jasperjohns]

Find someone who has sold a good deal and mentor under them. That is what I did and it didn’t cost me anything. Most larger producers are 1.5 to 2 points above street. You can go LOA under them and still be paid street while they get paid the 1 or 2
Points between your level and theirs. The FMO doesn’t care because they have a happy large producer and someone learning who could give them good numbers for years to come. I will not say how much I have written as a result of this as I don’t feel like people posting useless replies that don’t really help you or pertain to your question. Find a large FMO and ask about this option. Speak to 3 producers before you pick the one you would like to mentor under. Hope this helps. Final note: The right person will release you once you feel that you have learned enough and then you can get your contracts bumped up as well.

 

[Newby]

Hey guys, fairly new to this industry all together, I've been with this current brokerage for roughly a month. I know basically next to nothing about annuities other than binge watching youtube videos. I know what they are somewhat, but I'm having a difficult time figuring out how to actually sell them? I'm contracted with a few guys who offer annuities if I'm not mistaken (Trans and AIG), but all I've sold is their Life products. Can I also sell their annuities? Or is something extra needed here?

When I was new to annuities I got really good in classroom training from several of the carriers. Annexus flew me out to Phoenix for three days of very detailed classroom training on their products. It was good. There were probably 60 agents in that room and I think they do this very regularly. Check with whoever you have you contract through.

ForeThought gave me 5-days of very detailed training in a small classroom of only 9 agents. It was where I got the greatest understanding. Very good.

Tarkenton Financial (an annuity focused IMO/Agency) out of Atlanta had 2day classroom training which was more sales and marketing focused but very good.
My advice, put your annuity contracts through a 100% annuity focused IMO/agency. Don’t just put them somewhere because you have other stuff there. The training the give you access to should be one of the reasons for choosing one over the others.

Tahoe Ray here on the forum appears to be the guy who knows the most on this subject. I don’t know if he’s an IMO that takes on agents or just sells as an agent himself. But he would be a guy that has a lot knowledge in that area.

 

[Tahoe Ray]

Tahoe Ray here on the forum appears to be the guy who knows the most on this subject. I don’t know if he’s an IMO that takes on agents or just sells as an agent himself. But he would be a guy that has a lot knowledge in that area.

Thanks for the mention.

I do operate as an IMO but I'm not currently taking on new agents who I don't know unless they are affiliated with a broker/dealer.

@jasperjohns gave him/her the best advice though. If you can actually find a mentor (which is difficult) it will cut years off of your learning curve. It's definitely worth splitting some cases to learn the annuity business.

I will answer specific questions, though, so if OP wants to reach out, feel free.