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095 Gary Baker: Hot Buttons Being Pushed by the Annuity Industry in 2022

Stan Haithcock
February 8, 2022
095 Gary Baker: Hot Buttons Being Pushed by the Annuity Industry in 2022

About Fun With Annuities Episode #95

What a treat to have Gary Baker from CANNEX back on the podcast.  I tease Gary that his nickname should be “Gary Baker…the Annuity Dream Maker” because he is literally behind the majority of lifetime income annuities purchased in the United States.

How is that possible you ask?  The company that Gary runs (CANNEX) provides the quotes for SPIAs (Single Premium Immediate Annuities), DIAs (Deferred Income Annuities), and QLACs (Qualified Longevity Annuity Contracts). That’s just a part of what CANNEX does, but when you run these SPIA, DIA, QLAC quotes on my site at, those #’s are coming from CANNEX. I always say that you have to shop all carriers for the highest contractual guarantee for your specific situation.  Gary and CANNEX let us do just that.

Gary and I talked about the current environment in the annuity industry, and what you should expect to see in 2022.  There is an explosion of new FIAs (Fixed Index Annuities) and RILAs (Registered Index-Linked Annuities) being offered as well as a huge expansion of the annuity distribution network, and we dive into the details of those products.

Gary pointed out that banks, brokerage firms, and RIAs (Registered Investment Advisors) are now pushing annuity products to their clients.  This is a hard pivot from recent years where these sales channels turn their noses up at the annuity category.  With over 10,000 baby boomers turning 65 every single day, these distribution channels now want a part of that demographic tidal wave.  Welcome to the contractually guaranteed party!

Gary & I also discussed current interest rates, and what might happen in the annuity world if the FED does actually raise rates.  As always, Gary’s high IQ is impossible to hide when speaking about the annuity industry.  Under Gary’s leadership, CANNEX is the high-tech resource that allows people to find the highest contractual guarantee for their specific situation and goals.

If you want to hear an objective assessment of the annuity category, then this is your podcast.  Gary Baker….the annuity dream maker…because he and CANNEX provide the best contractual realities.  Enjoy!

"Depending upon what gaps you’re filling in a broader financial plan, you can take one of these contracts and configure it so that it fits within that plan as opposed to the other way around" —  Gary Baker.

Celebrity Co-host Bio: Gary Baker

CANNEX USA is an independent and privately held company with operations in the U.S. and Canada. Gary and his team at CANNEX facilitate the efficient and accurate exchange of pricing and analytics for annuity and bank products between financial institutions and are the firm behind most SPIA, DIA, and QLAC quotes run in the U.S. I have known and worked with Gary for years. He’s a brilliant guy who knows the industry, and frankly, if there is someone out there who knows more than me when it comes to annuities, it may be this guy. He oversees product management and research, quantitative research, actuarial services, business development, and marketing in his role. We use CANNEX for our Annuities Calculators because they share the same commitment to giving investors easy access to the tools they need to make informed decisions. In addition, they continue to invest resources in the research and development of concepts that will assist in the education of retirement income products and programs. They also produce an informative video series called Conversations with CANNEX that I suggest you add to your binge list.

In this episode, The Annuity Man and Gary Baker discuss:

  • The bowling analogy
  • Four different types of protection
  • Contracts that serve the consumer’s need
  • Comparing annuity programs

Key Takeaways:

  • Getting a new index annuity is like going bowling and asking to put bumpers on both sides so you wouldn’t get a gutter bowl. There are literally zero downsides.
  • You can get four different types of protection from an annuity contract. Protection against uncle sam, protection of your principle, death benefit, and income benefit.
  • Consumers deserve to get the contractual guarantees rather than the contract that financial advisors think they want. Advisors have the responsibility to mold it according to the client’s needs.
  • Comparison of annuity programs isn’t that useful of a discussion since they are all different and serve different needs. It’s much better to figure out the need first then configure the contract accordingly.

Fun With Annuities® Podcast is hosted by America’s Annuity Agent®, Stan Haithcock, The Annuity Man®. Hear brutal annuity facts with no sales pitches from the top independent agent in the country, licensed in all 50 states. Author of 7 books, Stan dives deep on all annuity types and strategies. It’s fun, learning the contractual truths on how annuities actually work and if they’ll fit your personal retirement lifestyle.

Listen in on how you can be livin’ the reality, not the dream®. Listen and subscribe on Libsyn, Stitcher,Apple Podcasts, Google Podcasts, Amazon Podcasts, and Spotify.

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