If you have clients who are feeling confident about their savings and retirement plans right now, chances are they are not really paying attention. Although there are certainly some signs that our economy is starting to get its legs back after the crisis of 2008, we still have a long way to go.
The annuity seems to have fared better than many other financial products during these challenging years. It doesn't owe that success to any new-fangled bells and whistles added to the products — although there have been some, like the development of annuity/long-term care hybrids. Instead, it's the old-fashioned security and stability of the annuity that's kept it relevant. In fact, some would argue that it is times like these that are the reason annuities were built in the first place.
In this producer roundtable, we get a first-hand report on the state of the annuity market from three of the top producers in the business. Sharing their thoughts on why they find the market so compelling, which type of annuity fits which type of prospect, sales approaches that really work and more are the following: Gregory B. Gagne, ChFC; John W. Homer, CLU; and Bobb A. Meckenstock, CLU, M.B.A.
In part one, the panelists discussed getting started in the annuity business. In part two, the importance of tailoring the right annuity solution for each client was detailed. In the final installment, the panelists talk about how to combat the negative press about annuities.
Gregory B. Gagne, ChFC, is the founder and managing member of Affinity Investment Group, an investment advisory firm offering wealth management and distribution planning services for retirees or those planning to retire. Gagne is past president of NAIFA-New Hampshire. He was awarded the Distinguished Financial Advisor of the Year award from NAIFA-New Hampshire in 2008 and is a 13-year qualifier for the Million Dollar Round Table (MDRT), with six Court of the Table and four Top of the Table qualifications.
John W. Homer, CLU, is an independent life insurance consultant who specializes in generational planning. He works on behalf of his clientele and represents them to many different insurance companies in order to obtain the best possible coverage in light of their individual circumstances. He is president of Oxford Financial Group of Salt Lake City. Homer is also a 33-year member of the MDRT and has four Top of the Table and six Court of the Table qualifications.
Bobb A. Meckenstock, CLU, M.B.A., has been the leading annuity salesperson for multiple companies and has also built a substantial book of life insurance clients. Meckenstock has assisted clients in implementing tax-deferred strategies for accumulation and tax-free strategies for distribution. He has sold the "power of tax deferral" idea to thousands of clients over the past34 years, helping them accumulate more than $200 million in deferred assets. Meckenstock is a 32-year MDRT member and has 31 Top of the Table and three Court of the Table qualifications. He has also authored and co-authored several industry manuals and publications on annuity marketing strategies.
How to get beyond the negative press
