What to Expect In Your First Meeting With Your Annuity Sales Advisor
One of the most common questions we get from our readers is what to expect in your first meeting with your Annuity sales advisor. What should they ask when they meet with an annuity advisor, and what will the advisor ask them? We’ve polled some of the advisors in our referral network to get their thoughts on what a typical first client meeting is like.
Where should I meet my Annuity Advisor?
Most advisors leave this up to the client. Some clients like to meet in the comfort of their own home where they have easy access to their financial records. Others prefer to meet at the annuity advisor’s office to get a better feel for whom the advisor is, and some prefer the convenience of meeting a neutral location like a neighborhood coffee shop. As far as the meeting place goes, most advisors leave that up to the customer and client.
What are some of the questions I should be prepared to answer in my first meeting with my Annuity Advisor?
How much do you already know about Annuities?
What is your age?
Are you married, and if so, what is your spouse’s age?
Do you have children?
Are you still working, and if so, when will you retire?
What are your goals and objectives for your money?
What is more important to you? The growth of the Annuity or guaranteed income?
Do you plan on starting an income stream from the Annuity? If so, is it within 12 months or sometime in the future?
When in the future will you begin taking the income? Is it 3 years, 5 years, 10 or more years?
Are you concerned with leaving money to beneficiaries?
Where is your money you intend to use for an Annuity? (i.e., bank, stocks, 401K, existing Annuities, etc.)
Is this qualified (never taxed) or non-qualified (already taxed) money? Qualified money has never been taxed. Examples of qualified monies are 401K, 457, 503b, and IRAs. Most bank money is non-qualified but can be qualified as an IRA. If a Roth IRA, it will continued with the never taxed status.
Do you have existing Annuities? If so, what kind are they and how long have you owned them?
Do you have an advisor/financial planner? Are you happy with his/her performance of your retirement funds? If you’re happy, why are you looking into Annuities?
How much money are you considering allocating into the safety and guarantees of an Annuity?
What is your time frame for purchase?
What questions should I ask my Annuity Advisor?
How much experience do you have providing Annuities?
How long have you been providing Annuities only?
Do you have any negatives or past disciplinary actions against your license? If so, what/where was the issue?
Are you an independent advisor or do you work for one company? (A “captured” advisor can only sell the products of a single company. An independent advisor has access to hundreds of companies and their products. You may benefit more with an independent advisor because no single company has the best product in all categories)
How should I outline my goals with my Annuity Advisor?
This is arguably the most important step in your meeting with your Annuity Advisor, and it’s worth giving it some thought before your first meeting. You will want to make sure you can paint a clear picture of how much money you believe you will need from your Annuity and how soon you will need to begin receiving payments.
If you are more concerned about the growth of the Annuity versus an income stream or payments, make sure you clearly state those goals with your advisor.
What type of annuity is best for me?
This question is best answered after a conversation with your Annuity expert. The internet is a great resource for general knowledge and insight into Annuities. But after you have researched Variable Annuities, Multi-Year Guaranteed Annuities, Single Premium Immediate Annuities (SPIAs), Fixed Annuities, and Fixed Indexed Annuities, you will need to determine what type is best for your financial situation and goals. You’ll also want to understand what company and product will offer you the features that best fit your needs.
This is where meeting with a licensed Annuity Advisor becomes important. Rates, bonuses, and fees are some of the moving parts that will affect your individual situation. Sitting down with a licensed annuity advisor will help you develop a clearer picture of what product is right for you.
Our recommendation is to always do your research online first, but never make a final decision about Annuities before speaking to a licensed advisor. Sadly, although the Internet can provide useful insight, it also has a lot of bad, incorrect, and misleading information as well. With Annuities, it is advisable to consider the source of the information you learn about via the Internet. In particular, in an effort to protect their income, Securities Brokers will frequently post erroneous information regarding Annuities. The general concept of Annuities can be easy to understand with the proper research, but before determining what Annuity is right for you, it is recommended that you enlist an expert to sort out the finer details and avoid unwanted costs.
How do I find a licensed Annuity Advisor in my area?
AnnuitySeeker works with a nationwide network of licensed independent Annuity Advisors. Our network is not tied to one insurance company’s product, so we can provide our clients with information on all the best Annuity products available. No one insurance company has the best products in all Annuity categories, and working with independent agents will provide you the best and safest choices.
After you provide your basic contact information, we will forward it to a local agent in your area. Please be sure to provide your zip code in the comments so we can locate an agent in your town.
We will not use your contact and email address for any other purpose except to refer you to a licensed Advisor. AnnuitySeeker will not send you any additional email that does not directly relate to your current request to speak to an advisor or agent.
Good luck in your search for the best annuity product for your needs!
