Stan The Annuity Man: New Realities of Annuity Recommendations

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foreign

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with annuities where every single week I

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welcome a celebrity guest expert that

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can help you maximize chapter two of

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every minute of the most unique

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Financial podcast on the planet let's

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[Music]

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welcome to fun with annuities I'm your

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host Stan the annuity man America's

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annuity agent licensed in all 50 states

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so glad you joined us on all major

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podcast platforms and for the brave out

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there watching me on the fun with

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annuities YouTube channel

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so you can see what type of logo gear I

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have on in the color scheme that always

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match

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to go with my outfit today's topic is

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the new realities

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of annuity recommendations now typically

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I have guests on this podcast

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because they are smart people they're

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smarter than me and we learn a lot but

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there are times that I have to step in

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and do a commentary

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on the annuity industry that I I'm the

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only one that can answer it because I'm

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the guy because I'm the guy out here and

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I'm in the weeds taking the bullets

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talking to people

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working with my team and all of our

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offices to make sure that things go

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smoothly

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uh paperwork goes smoothly applications

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get issued contractual guarantees are

1:38
what people want

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Etc

1:40
now with that being said we are

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certainly not perfect we certainly

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strive to be and we are constantly

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constantly working on our best practices

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the protocols that we put in place you

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know numerous sets of eyes on everything

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but even with that where you know

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there's there's human beings involved in

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human beings

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make mistakes so

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as you well know I've been doing this

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for a very very long time my pedigree is

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from the Wall Street air you know side

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with Morgan Stanley and other firms like

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that and then I became Stan the annuity

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man founder of the annuity man LLC

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um to bring some clarity out here in the

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annuity world we look at annuities just

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for the contractual guarantees you own

2:25
an annuity for what it will do not know

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what it might do and we have developed a

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very unique process to determine if you

2:33
need an annuity and if you do which type

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there's not one type of annuity as you

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know

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just as a reminder to all you annuity

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haters that are that are watching this

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so you can put evil comments at the

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bottom which go ahead do that I'll

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respond

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everyone that's watching this that has a

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social security number already owns an

2:51
annuity it's called Social Security if

2:52
you own a pinch if you have a pension

2:54
from

2:55
your employer

2:57
then that's a second annuity that you

2:59
own arguably rmds from your IRA

3:01
requirement of distributions forced

3:03
payments of your lifetime

3:05
arguably that's functioning as an

3:07
annuity

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and if as you've probably heard me say

3:10
numerous times there's such types of CD

3:13
annuities like multi-year guarantee

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annuities that function like a CD so

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enough about the hate all annuities but

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what we've done you go to the

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annuitymen.com we have a new website at

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the time of this taping that's being

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tweaked and improved and we're always

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trying to improve and make the consumer

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process a lot easier

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and I always ask two questions what do

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you want the money to contractually do

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and when do you want those contractual

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guarantees to start

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and I have an acronym called pill P

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stands for principle protection I stands

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for income for Life L stands for Legacy

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and the other L stands for long term

3:48
care

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which means that if you don't need to

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contractually solve for one or more of

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those items in the pill principal

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protection income for Life Legacy and

3:55
long-term care

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you do not need an annuity of any type

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never buy an annuity for market growth

4:01
potential hypotheticals theoreticals

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unicorns chasing the butterflies so the

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two questions really help the pill thing

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helps

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so from that it's it's pretty simple I

4:12
always say annuities are commoditized

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meaning that there's not just one

4:16
annuity that's better than the other we

4:18
have to determine what type fits if at

4:20
all any type but let's just say you said

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Stan I need lifetime income and I need

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to start immediately that's a single

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premium immediate annuity if he said

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Stan I need to protect the principle I

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don't lose a penny

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and I want to just take the interest off

4:34
the top that's typically a multi-year

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guarantee annuity there's arguments from

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Agents out there yelling at the screen

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that that's also an index annuity an

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index annuity is a CD product you are

4:43
right about that agents thank you but

4:46
there's no guarantee on the return like

4:48
there are with Maya's so it's very basic

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to me I I always laugh when people say

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boy this is really complicated it's

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complicated because the industry's made

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it complicated agents make it

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complicated but ear scratch for the

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people on the podcast I just scratched

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my ear

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anyway

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podcast not watching but it's not that

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it's not that complicated it's really

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not so when

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we're talking about annuity

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recommendations and when you schedule

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call with us at the annuityman.com

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you're either going to get me or you're

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going to get one a much smarter person

5:22
that's been trained by us that talks

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like me except without the accent

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they're smarter than me they have a

5:27
higher IQ than me but there is a

5:28
possibility that you get me because as

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I've told my Consultants who now

5:33
surround me you know like bodyguards and

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they're like whispering in my ears damn

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we're not really sure you need to be on

5:38
the phone as much as you like I'm like

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this is what I do I like talking to

5:42
people I like listening it makes us a

5:44
better company so there are there's a

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possibility when you schedule a call at

5:47
the annuityman.com Moi Yours Truly will

5:50
and will call you right on the DOT and

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be like is this really standing there

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man I'm like yep In the Flesh you got it

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oh heck it's I'm glad to meet you stand

6:00
me watch videos great I'm glad you have

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so if we ever get to

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recommending an annuity let's just say

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we go through that and and I I say okay

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this is appropriate and we talk about

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your overall assets not your investment

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but just your assets to make sure it's

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suitable and appropriate and by the way

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the annuity industry recommends that no

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more than 50 percent of your investable

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assets go into annuities of all types

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total combined

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okay

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um that's my guess B is D is qlex income

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Riders index and who's available to

6:32
whatever whatever it is total 50 percent

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and it is a suggestion not not pat on

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the table but we we really go by that

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because you should not put more money

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into annuities than you need to in fact

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you should use the least amount of money

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to contractually solve what you're

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trying to solve for

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so it's pretty simple

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um you know you tell us you answer the

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two questions we talk about the pill we

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talk about your overall asset allocation

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we talk about your goals we talk about

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what you're trying to achieve the fact

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that annuities or contracts are not

7:02
Investments we go through all of that

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with you okay

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no pressure always tell people you know

7:08
you you make your decision on your terms

7:09
in your time frame we're not we're not a

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hammer looking for nails like most

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agents

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but here's what's happens in since

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October the 3rd you say wait a minute

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Stan October 3rd what year 2022. uh at

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the time of this taping which is beyond

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that but October the 3rd 2022 I'm pretty

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sure I'm right about this that was the

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first day

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that multi-year guarantee annuities

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fixed rate annuities the annuity

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industry version of a CD

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offered a rate over five percent for and

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it's been I mean it's been a long long

7:42
time since that happened so but when

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that happened

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it changed things

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and I always say that

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what happens when the dog is chasing the

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car catches the car what does the dog do

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with the car right

7:58
well in the annuity industry

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annuity carriers were the dog chasing

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the car chasing you know chasing people

8:06
to you know come off the stupid comment

8:09
of I hate all annuities dumbest comment

8:11
of all time when every person with

8:12
social security number already owns an

8:14
annuity and the the idiots that spew

8:17
that are idiots whether you're on TV or

8:19
a radio or you're just a person at a

8:21
cocktail party if you say I hate all the

8:23
news you need to shut up you're dumb as

8:25
a box of hair

8:26
okay

8:27
but when that happened and people could

8:29
get a guaranteed fixed rate

8:31
of five percent or more

8:35
than things changed

8:37
a lot of annuity companies

8:39
were the dog that caught the car

8:42
now

8:44
what does that mean for the consumer

8:46
well if you tried to buy one of those

8:48
fixed rate annuities during that time

8:49
period if you're buying it from us or

8:50
someone else that's fine you found out

8:53
like we found out that you know a lot of

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these companies wrote checks with their

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mouth that the rear end couldn't cash

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what does that mean stands in Industry

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speak what that means is it was taking a

9:06
long long long time to process the

9:08
paperwork in the past we never used to

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think about that we never used to say

9:14
well does this company process paperwork

9:16
quickly most of them just did because it

9:19
wasn't an overflow of of applications

9:22
coming in well all of a sudden at

9:24
October 3rd you had

9:27
tons FedEx truckloads of applications

9:31
coming into these carriers it was great

9:33
for the annuity industry up to a point

9:35
and that point was

9:38
when they couldn't process the paperwork

9:39
now

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let's talk a little bit about reality

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and I've been doing I've been in the

9:46
financial services business pretty much

9:48
my whole life okay

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I've seen it all heard it all done it

9:53
all

9:54
thought of it all

9:56
Etc

9:57
but I'm gonna I'm gonna get on the

10:00
annuity company and annuity carriers and

10:03
by the way life insurance companies

10:04
issue annuities so we're talking about

10:05
life insurance companies but we can call

10:07
them annuity companies as well

10:09
annuity companies I'm going to defend

10:11
them a little bit here even though they

10:12
were the dog that caught the car and let

10:14
me tell you why

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if you are an employer out there or you

10:19
work in a large environment that they're

10:22
hiring people

10:25
it's hard to hire quality people

10:28
can I get a employer amen high five on

10:30
that I mean I'm an employer I own 100 of

10:34
the annuity men LLC we are a big company

10:36
probably the biggest baddest

10:39
company out here

10:41
have a lot of employees proud of them

10:42
but we're always hiring we're always

10:45
looking for talent we're always

10:47
interviewing we're always running ads

10:49
we're always trying to find talent to

10:52
take care of our client base which is

10:55
huge and growing and we love them you if

10:58
you're one of

11:00
but it's hard

11:02
and for the carriers out there

11:05
my heart goes out to them they're trying

11:07
to hire people just like we're trying to

11:08
hire but one thing that covid did

11:12
it it changed the game a little bit when

11:15
people

11:16
wanted to go back to work or had to go

11:18
back to work and figured out they just

11:19
couldn't have the government keep

11:21
sending them money or whatever their

11:22
strategy was whatever whatever that was

11:24
and let's just all agree that that was a

11:27
horrific time period for a lot of

11:29
reasons

11:30
everyone has a different take on it but

11:33
it was just a tough time for all of us

11:35
we all lost people know someone who died

11:38
of covid we all probably had covet I had

11:40
it like four times all four were

11:42
different and they all stunk

11:44
it was horrific you had three friends

11:46
close friends my aides die

11:49
from covert but what it did it changed

11:52
it changed

11:53
people looking for work so my heart goes

11:56
out to carriers that we're trying to do

11:58
and still trying to do the right thing

12:00
to process the paperwork to get it

12:02
through to get to get the annuity

12:04
guarantees to the public you know with

12:06
11 000 Baby Boomers hitting age 65 every

12:09
single day people are looking for

12:11
contractual guarantees this was the time

12:13
period that annuity companies and the

12:16
annuity industry were they were waiting

12:18
on they wanted it they wanted this type

12:20
of demographic Title Wave

12:23
of demand to happen

12:26
and it's still happening and I think

12:27
it's not going to subside but for that

12:31
three or four months from October on it

12:34
was a whirlwind it was a tidal wave

12:37
it was something that nobody could have

12:40
predicted even the annuity companies and

12:41
as it came in they tried to hire and as

12:44
the Flow came in they tried to hire and

12:47
as the demand came in they tried to hire

12:49
and as the applications stacked up at

12:51
their at their doorstep and then the

12:53
mail room they tried to hire

12:55
and my heart went out to them because I

12:57
was trying to hire two

13:00
that'd give you a great story you'll

13:01
love this so typically I never interview

13:04
the people that work for me I have

13:07
Consultants that do that and I might I

13:08
might get into the last interview like

13:10
the last one Stan why don't you meet the

13:12
you meet him for the last time and tell

13:13
them your vision all that stuff okay

13:15
great

13:16
so there's a lot of filters to get

13:18
through you know to for us to want to

13:22
hire you or you get to the process of

13:24
meeting me or meeting my management team

13:26
Etc

13:26
and so we've had people at the end of

13:29
the process say the following things

13:32
hey um I really want to come work here

13:35
but I really would like to wake up in

13:37
the morning and make a decision then

13:39
whether to come in or not

13:41
and you know my comments in this that's

13:43
fantastic you know what that's called

13:44
they'll be like what that's called being

13:46
an owner

13:47
you need to make and as the owner I

13:50
don't have I mean I I have to work every

13:52
day so you know we're getting those type

13:54
of things or the person that recently

13:56
said well this is a great opportunity

13:58
you know I really do want to do that

14:01
um but I really don't want to work

14:02
Fridays Monday's kind of half day but

14:04
not fry I want to go hard for those

14:06
three or four days in the middle and I'm

14:07
like hey once again you need to be an

14:09
owner or my favorite and no offense to

14:11
this person I won't mention their name

14:12
hired them great person and they showed

14:15
up for work day two and day three in

14:18
shorts and a t-shirt no

14:20
I can't make it up seriously so for

14:24
whatever reason I was in I'm not in the

14:26
office a lot I'm traveling a lot I go

14:27
back and forth between Las Vegas and

14:29
Florida et cetera at our offices and I

14:31
and I happen to be in the office where

14:33
this person was wearing shorts and I'm

14:34
like

14:35
why are you wearing shorts I mean my

14:37
question to him is if you were working

14:39
at Merrill Lynch or Morgan Stanley I

14:41
used to work for Morgan Stanley would

14:42
you want and I asked him this I said

14:43
would you walk in

14:45
to there with shorts and t-shirt and

14:47
he's like

14:48
absolutely not Stan that's no like well

14:52
you shouldn't do it here because we we

14:53
manage more money than most everyone in

14:56
the annuity industry we're not Merrill

14:57
Lynch but we're the Merrill Lynch of the

14:59
annuity industry

15:01
he's no longer with us as they say but

15:02
he had a really nice pair of shorts and

15:04
t-shirt on my point is this

15:07
at this point in time when I recommend

15:10
annuities

15:11
I look at the claims paying ability

15:13
carrier I always love when people go

15:15
well standard just goes without saying I

15:18
don't want you to put a crap piece of

15:19
company in front of me and I go I always

15:20
say listen you sound like a nice person

15:22
I love you to death but I'm not going to

15:24
put my license on the line for you so

15:25
I'm going to I'm going to recommend

15:27
quality trust me on that

15:29
um I mean that's the first thing so we

15:31
look at the Quality Carrier we look at

15:33
the you know the the contractual

15:35
guarantee so if you say Stan I want

15:36
income to start five years from now or

15:38
stand I want the best Miga rate for

15:41
three years or five years or stand on

15:42
one of the best immediate annuity rate

15:43
whatever whatever the answer to those

15:45
two questions what do you want the money

15:47
to contractually do when do you want

15:48
those contractual guarantees to start

15:49
whatever that is we're going to shop all

15:51
carriers we're going to list the top

15:53
contractual guarantees offered then

15:56
we're going to look at the claims paying

15:57
ability we're gonna we're gonna look at

15:59
that compared to you know the top five

16:02
or ten in that quote by the way don't

16:04
ever let someone just say this is the

16:06
best annuity I've done my researcher as

16:08
an agent this is the one you need to own

16:10
that's a crapola sales pitch so you know

16:14
we do the filtering process and as I

16:16
said before annuities are commodity

16:17
products not ones better than the other

16:18
we shop all carriers for the highest

16:20
contractual guarantees and quotes change

16:21
like a gallon of milk every seven to ten

16:23
days and we have to quote all the time

16:25
and if you want to move forward we lock

16:27
in the quote

16:28
but here's what we have to do now

16:30
so we go through all that process we go

16:32
through the quotes we go through the

16:33
carriers we go through the suitability

16:34
we go through it all but guess what

16:37
we're doing now unlike anybody else

16:41
we will make a recommendation to either

16:43
move forward with a company or not move

16:45
forward with a company based on how they

16:48
are processing the paperwork based upon

16:51
how they're treating my staff when we

16:53
follow up on the transfers or whatever

16:54
the issue is is happening based upon the

16:58
time it takes from application being

17:01
sent to the carrier to policy being

17:03
issued

17:05
that is something that we did not use to

17:07
track I I've done this for a long long

17:09
time I'm the grill out here okay license

17:11
in all 50 states

17:13
we have thousands and thousands I mean

17:15
unbelievable amounts of clients I won't

17:17
tell the number because my competitors

17:18
would love to know but it's huge

17:21
and in the past we never ever ever ever

17:24
thought about

17:26
processing time but now the new

17:29
realities of annuity recommendation

17:32
is just that

17:34
there there are more than a handful of

17:37
carriers at the time of this taping okay

17:41
that we are not recommending even though

17:44
they have some of the highest

17:45
contractual guarantees for the products

17:47
that they're offering in the country we

17:50
will step in and say

17:52
no we can't do that to you Mr Mrs Jones

17:56
their processing time

17:58
right now is not up to speed hopefully

18:01
they'll we don't meant you know we don't

18:03
put them down we know the hiring

18:05
problems they're having just like

18:06
everyone's having

18:08
but it's your money

18:10
and I think at this point in time you

18:12
know to do the right thing to put the

18:14
client's best interest first

18:16
is to tell them that so we get a lot of

18:19
calls so people go to my site and you

18:20
can pull up live MGA feeds and see the

18:22
best fixed rates we get a lot of calls

18:23
and emails say I want to move forward

18:25
with XYZ company because they have this

18:27
rate

18:28
we literally have to call them and say

18:32
based on our data we can't recommend

18:36
that right now because it's taking

18:39
a month month and a half two months

18:40
sometimes three months with some carries

18:42
that we're not recommending

18:47
we have to do that and I think going

18:49
forward people are going to follow our

18:51
lead

18:52
and do well

18:55
if they do follow our lead they're gonna

18:57
have to spend some money like I'm doing

18:58
which is tracking we are we are a data

19:01
company for sure I mean I I'm not a

19:03
computer person but boy do I hire those

19:05
people okay

19:06
I love that I love I love data because

19:10
it makes us better

19:11
and it makes your experience better so

19:13
the new data that I I threw at our team

19:16
our data team as they you know you know

19:19
got up got out of the Game Boy mode or

19:21
whatever they do in in their offices

19:23
with all their screens I said here's

19:25
what I want to track I want to track

19:27
every single carrier that we use and I

19:29
want to track how long it takes for them

19:31
to process the paperwork

19:33
start to finish and I want an average I

19:35
want means and all that stuff all that

19:36
math stuff that I didn't learn in

19:38
college I want it all I want to hear it

19:39
and then I want you to share it with our

19:41
management team and I want you to share

19:43
it with our consultants and then we're

19:45
going to share it with our team the app

19:46
team and the and their support staff the

19:49
pending team the customer service team

19:51
and we're going to start disseminating

19:54
that means giving it away I think I said

19:57
that right

19:58
um that information to our clients when

20:00
they call or or people that want to

20:02
become our clients we are going to

20:03
proactively step in and say yeah you

20:06
don't want to do that I'll give you an

20:08
example of another situation

20:10
um we have that we have pretty much the

20:12
only income Rider calculator on the

20:14
planet which cost me a lot of money but

20:16
I love it I love it because it allows

20:19
people to run their own all our

20:20
calculators you can run 24 7 365 but

20:22
income Riders are pretty popular and you

20:23
can run that

20:24
at your leisure consumers only thank you

20:27
very much not agents and advisors

20:29
consumers only but there's a couple of

20:31
carriers on there that are doing what's

20:33
called teaser rates and and I have

20:35
advised my staff we do not recommend the

20:37
teaser rates teaser rates meaning the

20:40
income goes down we don't sell anything

20:42
where income goes down

20:43
so those teaser rates we don't sell

20:45
those we don't recommend them and we

20:47
tell people about them

20:51
but I think the unfortunate thing is

20:53
during this time period where people

20:54
wanted the rates and they wanted the

20:56
guarantees they wanted these high things

20:59
a lot of people got really frustrated

21:01
including us by the way on how these

21:04
companies were processing and doing the

21:07
best they can I'm sure the paperwork it

21:10
was frustrating on our end because we

21:11
had to communicate with our clients that

21:13
it was just slow slow

21:14
and just a lot of the companies one

21:17
company I won't mention literally told

21:19
us

21:21
Stan or whoever the management the

21:23
person I'm talking about with my my

21:24
management we don't have the people in

21:27
place to do the follow-up calls for the

21:29
transfers of which we said great we're

21:31
not using you anymore until you can find

21:33
those people until you can get us

21:35
answers on transfers you can't just say

21:37
well we don't have the people to follow

21:38
up on transfers then that went to to

21:41
management management you know got with

21:44
the Consultants we put that on the list

21:45
we put that on the data and we're no

21:47
longer recommending that company until

21:49
they can prove to us that they have

21:52
people in place to follow up on on

21:54
transfers etc etc

21:56
so there is a new reality to the annuity

21:59
game and I don't think it's going to go

22:00
away because people have found out that

22:03
all the people spewing our head

22:04
annuities are idiots are stupid and they

22:07
have agendas driving it my pound the

22:10
table Mantra you own an annuity for it

22:12
it will do not what it might do which is

22:13
the contractual guarantees only of the

22:15
policy is breaking through people

22:18
understand it and chapter two of

22:20
people's lives they don't want to deal

22:21
with markets they just want to either

22:23
live off the interest or create a

22:24
lifetime income stream with lifetime

22:26
income products or protect the principal

22:29
they want to do that they want to go

22:30
live chapter two of their lives some of

22:32
my most popular videos are live off the

22:35
interest and you've won the game why are

22:37
you still playing

22:39
on my on my fun with uh fun on my

22:42
shooting is straight with Stan YouTube

22:43
series that I do where I just kind of

22:45
get up here in you know 10 minutes I do

22:48
a topic and I talk about you know you

22:50
won the game why are you still playing

22:52
or live off the interest or annuities

22:54
for nine-year-old you'll you'll love

22:55
that if you haven't you haven't seen

22:57
those

22:58
but I wanted to cover the new realities

23:00
of of an of annuity recommendations now

23:04
in the future we're looking at the

23:06
legalities of how to do this and and put

23:08
it on our site

23:10
um on giving you a little bit more

23:12
information on the the time it takes for

23:14
for these companies to process it but

23:16
I'm very

23:18
I don't know I'm very sensitive to that

23:20
you know I was I was uh

23:22
recently some Consultants that I that I

23:24
worked for me that were talking about

23:25
that and I said you know what I don't

23:27
really like that I Mike I'm always

23:29
defending the annuity industry I'm

23:31
defending the carriers I'm defending the

23:33
National Association of insurance

23:34
Commissioners and I think with a lot of

23:36
these companies that we're not

23:37
recommending right now

23:40
um You Know My Hope Is that they turn it

23:41
around and give me the call and say hey

23:43
Stan you know we can handle it try us

23:45
again and and we will and we will

23:47
because you know I want them to be

23:50
successful I want us to be successful I

23:52
want our clients contractual guarantee

23:54
choices to be successful and you know we

23:57
offer pretty much every carrier out

23:58
there so you can get the highest

24:00
contractual guarantees it's just right

24:01
now is a very weird time we're not

24:03
taking these companies off of our

24:06
calculators and off of our quotes we're

24:08
not taking them off of our Miga feeds

24:10
but what we are doing is you know in

24:12
order to move forward to purchase an

24:14
annuity you have to you know talk to a

24:17
licensed agent me or someone on my staff

24:20
and when you do that then we'll just say

24:22
no or yes to the the one that you're

24:24
looking at and that's you know

24:26
that's just the reality of where we are

24:30
um

24:31
I think a lot of this also has to do

24:33
with covid when covet happened a lot of

24:36
the annuity industry was not really up

24:38
to speed from a technology standpoint

24:40
and and the fact that no one can meet

24:42
with anybody it forced a lot of the

24:44
companies that were dragging their feet

24:45
to go technology and spend the money

24:47
they spent it they had to spend it

24:48
because you couldn't meet face to face

24:50
now we we've been a director of consumer

24:53
non-face-to-face organization before it

24:55
was cool you know we were there we were

24:57
there first so you know we we took all

25:00
you know Pioneers took all the eras we

25:01
took them early now it's cool everybody

25:03
wants to do it but I think

25:06
covet forced these companies across the

25:08
Finish Line actually drug them across

25:10
the technology Finish Line what that did

25:12
was good for the industry but I also

25:15
think that their technology wasn't

25:17
mature enough and ready for the

25:18
onslaught and the demand that happened

25:20
in October when rates went over five

25:22
percent fixed rates migrates went over

25:24
five percent

25:25
and of course you know lifetime income

25:28
streams primarily is based on your life

25:31
expectancy but interest rates do play a

25:33
secondary role so if interest rates a

25:34
little bit higher they're going to bump

25:35
it just a little bit and it's a

25:37
commodity product these companies are

25:38
trying to get your business so it's a

25:39
bidding war as well

25:41
but I think that

25:43
as the industry continues to mature from

25:46
a technology standpoint this will all

25:48
get better from a processing standpoint

25:51
as well you know I do think that the

25:53
blockchain technology and no I'm not

25:55
talking about crypto for goodness sakes

25:58
I'm talking about the blockchain

25:59
technology that is you know exchange of

26:02
data that a lot of these companies are

26:04
using that's very solid I think that's

26:06
creeping its way into the life insurance

26:07
annuity space and that will be an easier

26:11
way to

26:13
um to process the paperwork and get the

26:15
applications and the and the annuities

26:17
issued sooner and We're working directly

26:20
with a lot of these carriers to

26:22
I don't know push the envelope try new

26:25
things you know we're always looking at

26:27
ways to make this experience for the

26:29
consumer better

26:31
and to make things go quicker so because

26:33
when you make a decision lock in a

26:35
contractual guarantee the sooner that we

26:37
can get that contractual guarantee in

26:39
place meaning the policy being issued by

26:41
the company the sooner the money will

26:42
that arrives to the company the sooner

26:45
the policy will be issued the sooner

26:47
you're going to benefit from those

26:49
contractual guarantees we're very aware

26:50
of that by the way the annuity industry

26:52
is very aware of that we're all very

26:54
aware of that what I'm telling you now

26:55
is

26:57
part of your questions that you need to

27:01
and you know you need to ask and we're

27:03
going to ask them for you is how long do

27:06
you think this will take

27:07
now we're going to give you a ballpark

27:09
but if it's a company that's taken two

27:11
to three months we're going to say no no

27:13
don't do that and I I was talking with

27:16
someone today about this topic because

27:17
I'm going to do this topic they were

27:19
excited that I was going to address it

27:20
and I said I I really think it needs to

27:22
be across the board because

27:25
I'm not putting down the younger

27:26
generation or the work you know the

27:28
people that go to work every day Etc

27:30
like me I mean I love when people go you

27:32
know people that work hard for their

27:33
money

27:34
that would be us that would be everybody

27:36
okay I love how they try to classify

27:39
that but even people that have achieved

27:41
some sort of monetary success worked

27:43
hard and still work hard can we can we

27:45
get up

27:46
an annuity Amen on that one

27:49
um

27:50
but but I think you need to do that

27:52
whether you're doing a mortgage or

27:54
you're doing any type of paperwork

27:55
annuity paperwork life insurance

27:57
paperwork whatever any type of

27:59
transaction like how long is it going to

28:01
take now a lot of these a lot of these

28:03
industries are light years ahead from a

28:05
technology standpoint ahead of the

28:08
annuity industry the annuity industry

28:09
will catch up the annuity industry will

28:11
catch up because there's a demographic

28:13
tidal wave of people looking for

28:14
contractual guarantees okay and there's

28:16
an army of people out there

28:18
selling annuities or trying to sell

28:20
annuities so this will all get fixed but

28:23
for now for now

28:26
we're going to look at we're going to

28:27
quote we're going to ask the two

28:28
questions what do you want the money to

28:29
contractually do when do you want those

28:31
contractual guarantees to start then

28:33
we're going to talk about the pill

28:34
principal protection income for Life

28:36
Legacy and long-term care then we're

28:37
going to talk about your overall assets

28:39
to make sure

28:40
that you're not putting too much money

28:42
into annuities that's one of the

28:44
problems we see out there we're going to

28:45
use this little amount of money as

28:46
humanly possible to solve for that that

28:49
contractual guarantee that you're

28:51
looking for the goal that you're looking

28:52
for as an example you go to my site and

28:54
you run on our calculators the immediate

28:57
annuity deferred income annuity income

28:58
Riders you can do a reverse engineer

29:00
quote meaning that you can say we need

29:02
three thousand dollars a month how you

29:04
know what's the company that's going to

29:06
guarantee that using the least amount of

29:08
money

29:09
so that's the way to do it okay so we're

29:11
going to do all of that and then we're

29:13
gonna you know we're gonna say hey we

29:14
recommend this company we like this

29:15
company and oh by the way

29:18
we also recommend this company because

29:19
right now they're processing the

29:22
paperwork and based upon our data is

29:25
taking about x amount of time to do that

29:27
and if it's reasonable we're gonna

29:29
recommend it if it's not reasonable

29:30
we're not going to recommend it

29:33
period now for the people just to let

29:36
you know how we're doing it because we

29:37
are the only ones doing it we are the

29:39
only ones putting the process in place

29:41
pro-consumer to to get this right for

29:45
you

29:45
for the people for the carriers that are

29:48
not on our list that are that have gone

29:50
into the Penalty Box as they say in the

29:52
in the ice hockey World

29:55
we're contacting them all the time hey

29:57
how's it going hey tell me about tell me

29:59
about the process are you guys caught up

30:01
can we put you back in our in our

30:03
recommended list they're not banished to

30:06
an island of uh broken toys okay broken

30:09
and lost toys as they say

30:11
no we're working with them we want them

30:13
to be better what can we do to help

30:15
we're doing that every day my management

30:16
team has contacted them all the time hey

30:18
we want you back in the game where we at

30:20
and and they demand honesty and and

30:23
typically these companies are very very

30:25
honest with where they're at in the

30:27
process hey we're backed up Etc what

30:29
what's interesting to me

30:31
and and we asked this question is a lot

30:33
of these companies still have the high

30:34
higher rates or high you know in that

30:36
ballpark in the vicinity of the upper

30:38
upper fifth of all but yet they can't

30:41
they can't process the paperwork now if

30:43
you can't process the paperwork take the

30:45
guarantee down okay you know it's like

30:48
you just you can't keep drinking if

30:50
you're full right you can't keep doing

30:52
that

30:53
so it's an interesting time I've seen a

30:55
lot in the annuity industry okay I was

30:57
there when people said you can't sell it

30:58
direct I was there I was the Pioneer

31:00
that when they said hey you got to sign

31:02
the paperwork same day and I'm like no

31:04
we're we're going to do a director some

31:06
carries wanted to do it some carriers

31:07
didn't now they all do

31:09
this is a new this is the new

31:12
issue that I never thought would happen

31:14
but I think it's great because people

31:15
want annuities they understand it people

31:17
like me have described it enough with my

31:19
thousands of videos and hundreds of

31:21
Articles and seven books that annuities

31:23
aren't bad can't hate all annuities you

31:26
know annuities are great everyone owns

31:28
one it's called Social Security best

31:29
inflation annuity on the planet

31:31
so because of that you know you need to

31:33
dig in and and find out what's going on

31:35
now full disclaimer I'm going to tell

31:38
you this right now it's been a hard it's

31:39
been a hard run uh this past year since

31:42
October because

31:45
we prepared for the we prepared for it

31:48
as well you know we prepared our website

31:50
we prepared our staff we prepared

31:52
everything what we didn't prepare for

31:54
and and I'll take the bullets on this

31:55
and I'll I will take the blame we were

31:58
not prepared for the for the carriers to

32:02
be overwhelmed I'm not going to say they

32:03
weren't prepared they did the best they

32:05
could they really did bless their hearts

32:07
we did too but

32:09
we were if they were the dog that caught

32:11
the car we were the owner we had the

32:14
leash around the dog and we were chasing

32:16
behind them right so we were caught up

32:18
in all that too

32:20
and so we had to tell clients no it's

32:22
not going to happen or it's going to

32:23
happen in two months or three months

32:24
which forced this podcast which forced

32:27
us to start doing recommendations based

32:30
upon

32:30
not only claims paying ability and

32:32
construction guarantees and suitability

32:34
but also

32:36
application time

32:38
if you'd have told me last October Stan

32:41
the annuity man America's annuity agent

32:43
always wearing the logo baseball cap and

32:46
happy as a clam

32:48
if you told me that in October that the

32:52
next following year part of the

32:54
recommendation process would be the

32:56
processing of the paperwork I would have

32:58
said you've lost your dog on mine you're

33:01
crazy the companies can they'll be fine

33:05
and they're gonna be fine

33:07
that's the other thing I'm going to tell

33:09
you the annuity industry no industry is

33:11
perfect okay but there's some good

33:13
people running it there's some good

33:14
people up top the National Association

33:16
of insurance commissioners

33:18
good they're doing good work okay the

33:21
carriers want to provide good care

33:23
guarantees the carriers are working on

33:26
new products and new strategies with

33:28
smart people like Wade fowl and Moshe

33:30
moleski and Michael finka and those guys

33:32
they're trying to create things for you

33:34
that'll be good for you and pro-consumer

33:37
in the guarantees that you want you're

33:40
just in a time period right now

33:43
where we just have to be careful who

33:46
we're recommending from a processing

33:48
standpoint application

33:49
My Hope Is that in three to six months I

33:52
can do another one of these Interruption

33:56
type fun with annuities podcast and say

33:58
hey

33:58
we're good let's rock and roll I think

34:01
they all are ready to roll maybe that'll

34:04
happen maybe that won't but I do know

34:06
this

34:07
the recommendations from the annuity man

34:10
and we we set the table we set the stage

34:13
and we set the trend for the industry

34:16
we're going to set the trend on

34:17
recommending carriers that can process

34:20
the paperwork period

34:22
um

34:22
maybe that continues forever I think it

34:25
might I think it might we're just trying

34:27
to figure out a way to do it

34:30
to where it's positive for the industry

34:33
it's positive for the carrier and what

34:36
most importantly it's positive for you

34:38
because the more information that you

34:42
have truthful information not a gender

34:44
driven information that you have to make

34:47
a buying decision on a contractual

34:49
guarantee the better

34:51
and as I always say there's never an

34:53
urgency to buy an annuity there are

34:55
urgency is for you to understand what

34:56
you're buying and now to add to that

35:00
how long it's going to take

35:02
to achieve that contractual guarantee

35:04
that you're looking for how long is it

35:06
going to take for that policy to be

35:07
issued so that you can start enjoying

35:10
the contractual guarantees that you're

35:12
going to make a decision on

35:16
some people were talking to me today

35:18
when I was telling about what I'm going

35:19
to talk about they're like well that's

35:21
kind of a negative

35:22
and I'm like yeah I guess it is kinda

35:24
but I think it's a positive too because

35:27
the great part about this country

35:29
and the annuity industry is going to do

35:31
the same thing that this country does

35:33
when there are problems in this country

35:37
our country is innovative we fix them we

35:40
figure it out we figure it out how to

35:43
fix it we just don't sit there and go

35:45
man that's that's tough no we fix it and

35:48
then the interim between it being fixed

35:51
and and and that time that it is fixed

35:54
we inform the public and we're honest

35:58
and truthful and proactive and run

36:00
towards the bullets like with this

36:01
podcast and we're saying hey be aware

36:03
ask the question and make sure that you

36:06
understand how long it's going to take

36:08
we're going to track that for you we're

36:10
going to be totally transparent I'll

36:12
give you a great example of innovation

36:13
so

36:15
my wife is wonderful can we just say

36:18
that Chris the lovely Christine she's

36:19
wonderful been married to her for 35

36:21
years okay now she has this conspiracy

36:24
theory that I don't know if it's true

36:26
but she says

36:27
that I snore it's just so hard to

36:30
believe that a person with my jovial

36:32
personality would snore right six foot

36:34
six 210 pounds at this time

36:38
that's a little skinny but I need to be

36:39
skinny for the sugars right

36:42
um she says that I snore so she shows me

36:44
I'm like I'm I don't believe you but

36:46
yeah she's taped and she's she's played

36:48
that she's played that back to me I

36:50
still think it's a conspiracy but

36:52
she's showed me a

36:54
um an invention where it's like a

36:56
headband

36:57
that you can wear over your ears to

36:59
sleep with your spouse that has speakers

37:01
and right where the ears are but my

37:04
favorite one was

37:05
a pillow that had it it had a speaker in

37:11
the pillow but it was only activated

37:13
when your ear hit it and I'm thinking to

37:15
myself this is a great country so you

37:18
have all these old people like me that's

37:21
been married forever

37:23
and one of the snores one of us of

37:25
course not both but one

37:28
um

37:29
how do we solve that so we can so we can

37:31
sleep together and be happy together

37:33
well the entrepreneurs figure it out

37:35
same thing in the annuity business how

37:37
do we figure this out to make your

37:39
experience better the paperwork

37:41
experience better our experience at the

37:43
annuity man better the carries

37:45
experience better there are people

37:47
trying to figure out why because if they

37:50
figure it out then they get to issue the

37:53
policies quicker Etc profits hello

37:56
capitalism I know evil capitalist your

37:58
evil again I understand that

38:01
but it's what makes this country great

38:03
it's the reason we all live here it's

38:05
the reason that we would fight to the

38:07
death for anybody in this country

38:09
anybody you know that you know that I

38:12
know there's divisions but at the end of

38:14
the day every single one of us if we saw

38:16
someone in trouble we go help that's

38:18
what's great and that's kind of what's

38:20
happening right now in the annuity

38:21
industry there's some there's some

38:23
processing issues there are some hiring

38:25
issues there's some Workforce issues all

38:28
of it's going to be solved all of it's

38:30
going to be solved why because we're the

38:31
United States of America I didn't want

38:33
this to turn into some patriotic pound

38:34
the table thing

38:36
but that's the reality

38:38
Now is it going to be bumpy ride yeah

38:40
sure it is

38:41
but as we always do and as my

38:43
grandfather always told me if you tell

38:45
the truth you don't have to remember

38:47
anything that is our business model and

38:50
that is our business model going into

38:52
our the new realities of annuity

38:54
recommendations which is talking about

38:56
all the good things we used to talk

38:58
about claims planability ratings of the

39:00
companies condex rankings the highest

39:03
contractual guarantee proportion and

39:05
suitability of of the recommendation and

39:08
just we're going to add one more the

39:10
processing time

39:13
makes sense to me and I hope it makes

39:15
sense to you by the way if you haven't

39:17
caught this my name is Stan the annuity

39:21
man and I encourage you to go to my site

39:23
the annuityman.com watch all my videos

39:26
and podcasts and all that stuff schedule

39:27
call with us you might get me how about

39:29
that you might get me

39:32
but at the end of the day what I really

39:34
want to do someone asked this other day

39:36
I'll close with this someone said Stan

39:38
why do you keep doing this you want to

39:39
keep doing this why do you keep doing

39:40
this

39:42
and I thought about it for a second but

39:44
I think it's a pretty simple answer for

39:46
me I do like to disrupt a little bit I

39:49
do like marketing and branding but at

39:52
the end of the day if I have a legacy

39:54
I want to leave the Legacy that the

39:56
annuity industry is pro-consumer that

39:59
for anyone who says they hate all

40:01
annuities they need to be quiet I think

40:03
in the future no one's going to say that

40:04
if I have anything to say about it okay

40:07
we're going to make this space

40:09
pro-consumer we're going to clean up a

40:11
lot of the sales practice nonsense and

40:14
we're going to make sure people are

40:15
buying the best contractual guarantees

40:17
that they can find shopping all carriers

40:19
and we're going to work side by side

40:21
with every single carrier out there

40:23
every single one

40:24
to make this industry better

40:27
so that you the consumer as you enter

40:29
chapter 2 of your lives can find and and

40:31
get and lock in and own the best

40:36
contractual guarantees available for

40:38
your specific situation

40:42
that's pretty much it hey thanks for

40:44
joining me I promise to have guests back

40:46
on the next time but for now my name is

40:49
Stan the annuity man I'll see you next

40:51
time

40:55
[Music]