Stan The Annuity Man: New Realities of Annuity Recommendations (TAM Classic)

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[Music]

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welcome to fun with Ani where every

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let's get to

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[Music]

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it welcome to fun with with annuities

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I'm your host Stan the annuity man

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America's annuity agent licensed in all

0:37
50 states so glad you joined us on all

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major podcast platforms and for the

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brave out there watching me on the fun

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with the nudies YouTube channel so you

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can see what type of logoed gear I have

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on and the color scheme that always

0:53
match to go with my outfit today's topic

0:57
is the new realities

1:00
of annuity recommendations now typically

1:03
I have guests on this podcast uh because

1:06
they are smart people they're smarter

1:08
than me and we learn a lot but there are

1:10
times that I have to step in and do a

1:14
commentary on the annuity industry that

1:17
I I'm the only one that can answer it

1:19
because I'm the guy because I'm the guy

1:21
out here and I'm in the weeds taking the

1:24
bullets talking to people working with

1:27
my team and all of our offices to to

1:30
make sure that things go

1:32
smoothly uh paperwork goes smoothly

1:35
applications get issued contractual

1:37
guarantees are what people want

1:39
Etc now with that being said we are

1:42
certainly not perfect we certainly

1:43
strive to be and we are constantly

1:47
constantly working on our best practices

1:50
um the protocols that we put in place

1:52
you know numerous sets of eyes on

1:54
everything but even with that where you

1:56
know there's there's human beings

1:58
involved and human beings make mistakes

2:02
so as you well know I've been doing this

2:04
for a very very long time my pedigree is

2:06
from the Wall Street air you know side

2:08
with Morgan Stanley and other firms like

2:10
that and then I became Stan the annuity

2:14
man founder of the annuity man

2:17
LLC um to bring some clarity out here in

2:21
the annuity world we look at annuities

2:23
just for the contractual guarantees you

2:25
un annuity for what it will do not what

2:26
it might do and we have developed a very

2:29
unique process to determine if you need

2:33
an annuity and if you do which type

2:35
there's not one type of annuity as you

2:37
know just as a reminder to all you

2:39
annuity haters that are that are

2:40
watching this so you can put evil

2:42
comments at the bottom which go ahead do

2:44
that I'll respond everyone that's

2:47
watching this that has a social security

2:49
number already owns an annuity it's

2:51
called Social Security if you own a pin

2:53
if you have a pension from your

2:56
employer then that's a second annuity

2:58
that you own arguably rmds from your IRA

3:01
required minum distributions forced

3:03
payments of your lifetime arguably

3:06
that's functioning as an annuity and if

3:09
as you've probably heard me say numerous

3:11
times there's such types as CD annuities

3:14
like multi-year guarantee annuities that

3:15
function like a CD so enough about the

3:18
hate all annuities but what we've done

3:21
if you go to the annuity man.com we have

3:23
a new website at the time of this taping

3:25
that's being tweaked and improved we're

3:27
always trying to improve and make the

3:28
consumer process a lot easier and I

3:31
always ask two questions what do you

3:33
want the money to contractually do and

3:35
when do you want those contractual

3:37
guarantees to

3:38
start and I have an acronym called pill

3:41
P stands for princip principal

3:43
protection I stands for income for Life

3:44
L stands for Legacy and the other L

3:46
stands for longterm

3:49
care which means that if you don't need

3:51
to contractually Sofer one or more of

3:52
those items in the pill principal

3:54
protection income for Life Legacy and

3:55
long-term care you do not need an

3:58
annuity of any type never buy annuity

4:00
for market growth potential

4:01
hypotheticals theoreticals unicorns

4:03
chasing the butterflies so the two

4:06
questions really help the pill thing

4:09
helps so from that it's it's pretty

4:11
simple I always say annuities are

4:13
commoditized meaning that there's not

4:15
just one annuity that's better than the

4:17
other we have to determine what type

4:19
fits if at all any type but let's just

4:21
say you said Stan I need lifetime income

4:24
and I need it to start immediately

4:25
that's a single premium immediate

4:27
annuity if he said Stan I need to

4:29
protect the principle I don't want lose

4:31
a

4:31
penny um and I want to just take the

4:33
interest off the top that's typically a

4:35
multi-year guarantee annuity there's

4:37
arguments from Agents out there yelling

4:38
at the screen that that's also an index

4:40
annuity and index annuity is a CD

4:42
product you are right about that agents

4:44
thank you but there's no guarantee on

4:47
the return like there are with migas so

4:50
it's very basic to me I I always laugh

4:52
when people say boy this is really

4:54
complicated it's complicated because the

4:56
industry's made it complicated agents

4:58
make it complicated but ear scratch for

5:01
the people on the podcast I'd scratch my

5:02
ear anyway podcast not watching but it's

5:07
not that it's not that complicated it's

5:10
really not so when we're talking about

5:13
annuity recommendations and when you

5:15
schedule call with us at the annuity

5:16
man.com you're either going to get me or

5:19
you're going to get one a much smarter

5:21
person that's been trained by us and

5:23
that that talks like me except without

5:25
the accent they're smarter than me they

5:26
have a higher IQ than me but there is a

5:28
possibility you get me because as I've

5:31
told my Consultants who now surround me

5:33
you know like bodyguards and they're

5:35
like whispering in my ear stand we

5:37
really not sure you need to be on the

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

5:40
is what I do I like talking to people I

5:42
like listening it makes us a better

5:44
company so there are there's a

5:45
possibility when you schedule a call at

5:47
the annuity man.com Mah Yours Truly will

5:51
will call you right on the dot and

5:53
people like is this really standing in

5:55
me I'm like yep In the Flesh you got it

5:57
well heck it's I'm glad to be you stay

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

6:03
have so if we ever get to recommending

6:09
an annuity let's just say we go through

6:10
that and and and I I say okay this is

6:13
appropriate and we talk about your

6:14
overall assets not your investment but

6:16
just your assets to make sure it's

6:17
suitable and appropriate and by the way

6:19
the annuity industry recommends that no

6:21
more than 50% of your investable assets

6:23
go into annuities of all types total

6:26
combined okay um that's MGA spe is is QX

6:30
income writers index new variable

6:32
whatever whatever it is total

6:34
50% and it is a suggestion not not pound

6:37
the table but we we really go by that

6:40
because you should not put more money

6:42
into annuities than you need to in fact

6:44
you should use the least amount of money

6:45
to contractually solve what you're

6:47
trying to solve

6:48
for so it's pretty simple um you know

6:52
you tell us you answer the two questions

6:54
we talk about the pill we talk about

6:55
your overall asset allocation we talk

6:57
about your goals we talk about what

6:59
you're trying to achieve the fact that

7:01
annuities are contracts they're not

7:02
Investments we go through all of that

7:04
with you

7:05
okay no pressure always tell people you

7:08
know you you make your decision on your

7:09
terms and your time frame we're not a

7:11
we're not a hammer looking for nails

7:12
like most agents but here's what's

7:15
happened in since October the 3 you

7:17
saying wait a minute Stan October 3D

7:19
what year

7:21
2022 at the time of this taping which is

7:23
beyond that but October the 3D 2022 I'm

7:27
pretty sure I'm right about this that

7:29
was the first day that multi-year

7:32
guarantee annuities fix rate annuities

7:34
the annuity industry version of a

7:36
CD offered a rate over 5% for and it's

7:40
been I mean it's been a long long time

7:42
since that happened so but when that

7:45
happened it changed

7:48
things and I always say

7:51
that what happens when the dog that's

7:53
chasing the car catches the car what

7:55
does the dog do with the car right well

7:59
the annuity

8:00
industry annuity carriers were the dog

8:03
chasing the car chasing you know chasing

8:06
people to you know come off the stupid

8:09
comment of I hate all annuities dumbest

8:11
comment of all time when every person

8:12
with social security number already owns

8:14
an annuity and the the idiots that spew

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

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

8:21
cocktail party if you say I hate alties

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

8:25
of hair okay but when that happened and

8:29
people could get a guaranteed fixed rate

8:32
of 5% or

8:34
more then things changed a lot of

8:37
annuity companies were the dog that

8:40
caught the

8:41
car

8:43
now what does that mean for the consumer

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

8:47
fixed rate annuities during that time

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

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

8:52
out like we found out that you know a

8:56
lot of these companies wrote checks with

8:57
their mouth that the rear end couldn't

8:59
in cash what does that mean stand in in

9:02
Industry speak what that means is it was

9:05
taking a long long long time to process

9:08
the paperwork in the past we never used

9:11
to think about that we never used to say

9:14
well does this company processed

9:16
paperwork quickly most of them just did

9:19
because it wasn't an overflow of of uh

9:21
applications coming in well all of a

9:24
sudden at October 3rd you

9:26
had tons fed truckloads of applications

9:31
coming into these carriers it was great

9:33
for the annuity industry up to a point

9:36
and that point was when they couldn't

9:38
process the paperwork

9:41
now let's talk a little bit about

9:44
reality and I've been doing I've been in

9:46
the financial services business pretty

9:48
much my whole life okay I've seen it all

9:52
heard it all done it all thought of it

9:55
all

9:57
Etc but I'm gonna I'm going to get on

10:00
the annuity company and annuity carriers

10:03
and by the way life insurance companies

10:04
issue annuity so we're talking about

10:05
life insurance companies but we can call

10:07
them annuity companies as well annuity

10:09
companies I'm going to defend them a

10:11
little bit here even though they were

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

10:14
tell you why if you an employer out

10:18
there or you work in a large environment

10:21
that they're hiring

10:24
people 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%

10:34
of the annuity man LLC we are a big

10:36
company probably the biggest baddest

10:39
company out here have a lot of employees

10:42
proud of them but we're always hiring

10:44
we're always looking for talent we're

10:46
always interviewing we're always running

10:48
ads we're always trying to find talent

10:52
to 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 them

11:00
but it's hard and for the carriers out

11:04
there my heart goes out to them they're

11:06
trying to hire people just like we're

11:08
trying to hire but one thing that Co

11:11
did it it changed the game a little bit

11:14
when people wanted to go back to work or

11:17
had to go back to work and figured out

11:19
they just couldn't have the government

11:20
keep sending them money or whatever

11:22
their strategy was whatever whatever

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

11:26
that was a horrific time period for a

11:29
lot

11:30
reasons everyone has a different take on

11:32
it but it was just a tough time for all

11:35
of us we all lost people no someone who

11:37
died of covid we all probably had covid

11:40
I had it like four times all four were

11:42
different and they all stunk it was

11:45
horrific you I had three friends close

11:47
friends my age die from Co but what it

11:50
did it it changed it

11:52
changed people looking for work so my

11:56
heart goes out to carriers that were

11:57
trying to do in still trying to do the

12:00
right thing to process the paperwork to

12:02
get it 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 in the

12:16
annuity industry were they were waiting

12:18
on they wanted it they wanted this type

12:20
of demographic tidal wave of demand to

12:25
happen and it's still happening I think

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

12:31
three or four months from October on it

12:34
was a whirlwind it was a tital wave it

12:38
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 their

12:53
mail room they tried to hire and my

12:56
heart went out to them because I was

12:57
trying to hire too

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

13:01
this so typically I never interview the

13:05
people that work for me I have

13:06
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
meet him for the last time and tell them

13:13
your vision all that stuff okay

13:16
great 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 and so we've had people at the end

13:29
of the process say the following things

13:33
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 and you know

13:41
my comments in this that's fantastic you

13:44
know what that's called they'll like

13:45
what that's called being an owner you

13:47
need to and and as the owner I don't

13:50
have I mean I I have to work every day

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

13:54
things or the person that recently said

13:56
Bo I this is a great opportunity you

13:58
know I really do want to do that um but

14:01
I really don't want to work Fridays

14:03
Monday's kind of half day but not Friday

14:05
I want to go hard for those three or

14:06
four days in the middle and I'm like hey

14:08
once again you need to be an owner or my

14:10
favorite and no offense to this person I

14:12
won't mention their name hired them

14:13
great person and they showed up for work

14:16
day two and day three in shorts and a

14:18
t-shirt no I can't make it up seriously

14:23
so for whatever reason I was in I'm not

14:25
in the office a lot I'm traveling a lot

14:27
I go back and forth between Las Vegas

14:29
and Florida Etc our offices and I and I

14:32
happened to be in the office where this

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

14:35
why are you wearing shorts I mean my

14:37
question to him is if you were working

14:39
at meril Lynch or Morgan Stanley I used

14:41
to work for Morgan Stanley would you

14:42
walk and I asked him this I said would

14:44
you walk in to there with shorts and

14:46
t-shirt and he's like ah absolutely not

14:49
Stan that's no like well you shouldn't

14:52
do it here because we we manage more

14:54
money than most everybody in the annuity

14:56
industry we're not maril Lynch but we're

14:58
the maril Lynch of the anity

15:00
industry he's no longer with us as they

15:02
say but he had a really nice pair of

15:03
shorts and t-shirt on my point is

15:06
this at this point in time when I

15:09
recommend

15:10
annuities I look at the claims paying

15:13
ability the carrier I always love when

15:15
people go well standard just goes

15:17
without saying I don't want you to put a

15:18
crap piece of company in front of me and

15:19
I go I always say listen you sound like

15:21
a nice person I love you to death but

15:23
I'm not going to put my license on the

15:24
line for you so I'm going to re I'm

15:26
going to recommend quality trust me on

15:27
that um

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

15:31
at the Quality Carrier we look at the

15:33
you know the the contractual guarantee

15:35
so if you say Stan I want income to

15:36
start five years from now or Stan I want

15:39
the best Maga rate for three years or

15:41
five years or Stan I want the best

15:42
immediate annuity rate whatever whatever

15:44
the answer to those two questions what

15:46
do you want the money to contractually

15:47
do when do you want those contractual

15:48
guarantees to start whatever that is

15:50
we're going to shop all carriers we're

15:52
going to list the top contractual

15:54
guarantees offered then we're going to

15:56
look at the claims paying ability we're

15:58
going to we're going to look at that

16:00
compared to you know the top five or 10

16:02
in that quote by the way don't ever let

16:04
someone just say this is the best

16:06
annuity I've done my research sir as an

16:08
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

16:15
said before annuities are commodity

16:17
products not one's better than the other

16:18
we shop all carries for the highest

16:19
contractual guarantees and quotes change

16:21
like a gallon of milk every seven to 10

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

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

16:26
in the quote but here's what we have to

16:28
to do now so we go through all that

16:31
process we go through the quotes we go

16:32
through the carriers we go through the

16:34
suitability we go through it all but

16:36
guess what we're doing now unlike

16:38
anybody

16:40
else we will make a recommendation to

16:43
either move forward with a company or

16:45
not move forward with a company based on

16:47
how they are processing the paperwork

16:50
based upon how they're treating my staff

16:52
when we follow up on the transfers or

16:54
whatever the issue is is happening based

16:57
upon the time it takes from application

17:00
being sent to the carrier to policy

17:03
being

17:04
issued that is something that we did not

17:06
use to track I I've done this for a long

17:08
long time I'm the grill out here okay

17:11
licens in all 50 states we have

17:14
thousands and thousands th I mean

17:15
unbelievable amounts of clients I won't

17:17
tell them the number because my

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

17:20
huge and in the past we never ever ever

17:24
ever thought about processing time but

17:28
now the new realities of annuity

17:31
recommendation is just

17:34
that there there are more than a handful

17:37
of carriers at the time of this taping

17:40
okay that we are not recommending even

17:44
though 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 no we can't do that

17:54
to you Mr Mrs Jones they're processing

17:57
time right now is not up to speed

18:01
hopefully they'll we don't me you know

18:03
we don't put them down we know the

18:04
hiring problems they're having just like

18:06
everyone's having 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
clients's best interest first is to tell

18:17
them that so we get a lot of calls so

18:19
people go to my site and you can pull up

18:20
live MGA fees and see the best fixed

18:22
rates we get a lot of calls and emails

18:24
say I want to move forward with XYZ

18:26
company because they have this rate we

18:28
literally have to call them and

18:31
say based on our data we can't recommend

18:36
that right now because it's

18:38
taking a month month and a half two

18:40
months sometimes three months with some

18:42
carries that we're not

18:46
recommending we have to do that and I

18:49
think going forward people are going to

18:50
follow our

18:51
lead and do

18:54
well if they do follow our lead they're

18:56
going to have to spend some money like

18:57
I'm doing which is tracking we are we

19:00
are a data company for sure I mean I I'm

19:02
not a computer person but boy do I hire

19:04
those people okay I love that I love I

19:08
love data because it makes us better and

19:11
it makes your experience better so the

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

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

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

19:21
whatever they do in in their offices

19:23
with all the screens I said here's what

19:25
I want to track I want to track every

19:27
single carrier that we we use and I want

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

19:31
process the paperwork start to finish

19:33
and I want an average I want means and

19:35
all that stuff all that math stuff that

19:37
I didn't learn in college I want it all

19:38
I want to hear it and then I want you to

19:40
share it with our management team and I

19:42
want you to share it with our

19:43
consultants and then we're going to

19:45
share it with our team the app team and

19:47
and the and their support staff the

19:49
pending team the customer service team

19:51
and we're going to start

19:53
disseminating that means giving it away

19:56
I think I said that right um that

19:59
information to our clients when they

20:00
call or or people that want to become

20:02
our clients we are going to proactively

20:04
step in and say yeah you don't want to

20:07
do that I'll give you an example of

20:09
another situation um we have the we have

20:11
pretty much the only income writer

20:13
calculator on the planet which cost me a

20:15
lot of money but I love it I love it

20:17
because it allows people to run their

20:19
own all our calculators you can run 247

20:21
365 but income writers are pretty

20:23
popular and you can run that at your

20:25
leisure consumers only thank you very

20:27
much not a agents and advisers consumers

20:29
only but there's a couple of carriers on

20:32
there that are doing what's called

20:33
teaser rates and and I have advised my

20:35
staff we do not recommend the teaser

20:38
rates teaser rates meaning the income

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

20:42
income goes down so those teaser rates

20:45
we don't sell those we don't recommend

20:46
them and we tell people about

20:50
them but I think the unfortunate thing

20:53
is during this time period where people

20:54
wanted the rates and they wanted the

20:56
guarantees and they wanted these high

20:57
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

21:09
was frustrating on our end because we

21:11
had to communicate with our clients that

21:12
it was just slow slow slow and just a

21:16
lot of the companies one company I won't

21:18
mention literally told us Stan or

21:22
whoever the management the person I

21:23
talking about with my my management we

21:25
don't have the people in place to do the

21:27
follow-up calls for the transfers of

21:30
which we said great we're not using you

21:31
anymore until you can find those people

21:33
until you can get us answers on

21:35
transfers you can't just say well we

21:37
don't have the people to follow up on

21:38
transfers then that went to to

21:41
management management to you know got

21:43
with the Consultants we put that on the

21:45
list we put that on the data and we're

21:46
no longer recommending that company

21:49
until they can prove to us that they

21:52
have people in place to follow up on on

21:54
transfers etc etc so there is a new

21:57
reality to the annuity game and I don't

21:59
think it's going to go away because

22:01
people have found out that all the

22:03
people spewing I hate on annuities are

22:05
idiots are stupid and they have agendas

22:07
driving it my pound the table Mantra you

22:11
own an annuity for it will do not what

22:12
it might do which is the contractual

22:14
guarantees only of the policy is

22:16
breaking through people understand it in

22:19
chapter two of people's lives they don't

22:21
want to deal with markets they just want

22:22
to either live off the interest or

22:24
create a lifetime income stream with

22:25
lifetime income products or protect the

22:27
principle

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

22:30
live chapter two of their lives some of

22:32
my U most popular videos are live off

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

22:37
are you still playing on my on my fun

22:40
with uh fun on my shooting it straight

22:42
with stand YouTube series that I do

22:44
where I just kind of get up here in you

22:46
know 10 minutes I do a topic and I talk

22:49
about you know you won the game why are

22:50
you still playing or live off the

22:53
interest orities for a nine-year-old

22:55
you'll you'll love that if you haven't

22:56
you haven't seen those

22:58
but I wanted to cover the new realities

23:00
of of of annuity recommendations now in

23:04
the future we're looking at the

23:05
legalities of how to do this and and put

23:08
it on our site um on giving you a little

23:11
bit more information on the the time it

23:13
takes for for these companies to process

23:16
it but I'm

23:17
very I don't know I'm very sensitive to

23:19
that you know I was I was uh recently

23:22
some Consultants that I that I worked

23:24
for me that were talking about that and

23:26
I said you know what I don't really like

23:28
that I my I'm always defending the

23:30
annuity industry I'm defending the

23:31
carriers I'm defending the National

23:33
Association of insurance Commissioners

23:35
and I think with a lot of these

23:36
companies that we're not recommending

23:38
right now um You Know My Hope Is that

23:41
they turn it around and give me the call

23:42
and say hey Stan you know we can handle

23:45
it try us again and and we will and we

23:47
will because you know I want them to be

23:50
successful I want us to be successful I

23:52
want our clients's contractual guarantee

23:54
choices to be successful and you know we

23:57
offer pretty much every carrier you're

23:58
out 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 mea feeds but

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

24:12
to move forward to purchase an annuity

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

24:17
agent me or someone on my staff and when

24:20
you do that then we'll just say no or

24:22
yes to the the one that you're looking

24:24
at and that's you

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

24:29
are um I think a lot of this also has to

24:33
do with Co when Co happened a lot of the

24:36
annuity industry was not really up to

24:38
speed from a technology standpoint and

24:40
and the fact that no one could meet with

24:42
anybody it forced a lot of the companies

24:44
that were dragging their feet to go

24:46
technology and spend the money they

24:47
spent it they had to spend it because

24:49
you couldn't meet face to face now we

24:51
we've been a director consumer non-face

24:53
to-face organization before it was cool

24:56
you know we were there we were there

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

25:00
know Pioneers take all the eras we took

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

25:03
to do it but I think covid forced these

25:07
companies across the Finish Line

25:08
actually drugg them across the

25:10
technology Finish Line what that did was

25:12
good for the industry but I also think

25:15
that their technology wasn't mature

25:17
enough and ready for the onslaught and

25:19
the demand that happened in October when

25:21
rates went over 5% fixed rates MGA rates

25:23
went over

25:25
5% and of course you know lifetime

25:28
income streams primarily is based on

25:30
your life expectancy but interest rates

25:32
do play a secondary role so if interest

25:34
rates a little bit higher they're going

25:35
to bump 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 but I think

25:43
that as the industry continues to mature

25:46
from a technology standpoint this will

25:48
all get better from a processing

25:50
standpoint as well you know I do think

25:53
that the blockchain technology and no

25:54
I'm not talking about crypto for

25:56
goodness sakes I'm talking about the

25:58
blockchain technology that is you know

26:01
exchange of data that a lot of these

26:03
companies are using that's very solid I

26:05
think that's creeping its way into the

26:07
life insurance annuity space and that

26:10
will be an easier way to um to process

26:14
the paperwork and get the applications

26:16
and the and the annuities issued sooner

26:19
and We're working directly with a lot of

26:20
these carriers to I don't know push the

26:23
envelope um try new things you know

26:26
we're always looking at ways to make the

26:29
experience for the consumer better um

26:31
and to make things go quicker so because

26:33
when you make a decision to 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

26:40
the company the sooner the money will

26:43
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

26:48
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

26:57
is part of your questions that you need

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

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

27:05
you think this will take now we're going

27:08
to give you a ballpark but if it's a

27:10
company that's taken two to three months

27:12
we're going to say no no no don't do

27:14
that and I I was talking with someone

27:16
today about this topic I said I'm gonna

27:18
do this topic they were excited that I

27:19
was going to address it and I said I I

27:21
really think it needs to be across the

27:23
board because I'm not putting down the

27:26
younger generation or the work you know

27:28
the 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

27:34
money that would be us that would be

27:36
everybody okay I love how they try to

27:38
classify that but even people that have

27:40
achieved some sort of monetary success

27:42
worked hard and still work hard can we

27:45
can we get up an annuity Amen on that

27:48
one um but but I think you need to do

27:52
that 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 that how long is it

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

28:03
of these industries are are light years

28:05
ahead from a technology standpoint ahead

28:07
of the annuity industry the annuity

28:09
industry will catch up the annuity

28:11
industry will catch up because there's a

28:12
demographic Title Wave of people looking

28:14
for contractual guarantees okay and

28:16
there's an army of people out there

28:18
selling annuities or trying to sell

28:20
annuities so this will all get fixed but

28:22
for now for

28:25
now we're going to look at we're going

28:27
to 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

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

28:42
money into annuities that's one of the

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

28:45
use as little amount of money as humanly

28:47
possible to solve for that that

28:50
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 defer in Comm annuity income

28:58
writers you can do a reverse engineer

29:00
quote meaning that you can say we need

29:02
$3,000 a month how you know what's the

29:05
company that's going to guarantee that

29:06
using the least amount of money so

29:09
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
gon to you know we're going to say hey

29:14
we recommend this company we like this

29:15
company and oh by the way we also

29:18
recommend this company because right now

29:20
they're processing the paper work and

29:23
based upon our data it's taking about x

29:26
amount of time to do that and if it's

29:28
reasonable we're recommend it if it's

29:30
not reasonable we're not going to

29:32
recommend it period now for the people

29:35
just to let you know how we're doing it

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

29:39
are the only ones putting a process in

29:41
place Pro consumer to to to get this

29:44
right for you for the people for the

29:47
carriers that are not on our list that

29:49
are that have gone into the Penalty Box

29:51
as they say in the in the ice hockey

29:54
World we're contacting them all the time

29:56
hey how's it going hey tell me about

29:59
tell me about the process are are you

30:00
guys caught up can we put you back in

30:02
our in our recommended list you they're

30:05
not banished to an island of broken toys

30:09
okay broken and lost toys as they say no

30:12
we're working with them we want them to

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

30:15
doing that every day my management team

30:17
is contacting them all the time hey we

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

30:21
and and then and they demand honesty and

30:23
and typically these companies are very

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

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

30:29
what's interesting to me and and we

30:32
asked this question is a lot of these

30:33
companies still have the high higher

30:35
rates or high you know in that ballpark

30:37
in the vicinity of the upper upper fifth

30:39
of all but yet they can't they can't

30:41
process the paperwork you know if you

30:43
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 so it's an interesting time I've

30:54
seen a lot in the annuity industry okay

30:56
I was there when people said you can't

30:58
sell it direct I was there I was the

31:00
Pioneer that when they said hey you got

31:02
to sign the paperwork same day and I'm

31:03
like no we're we're going to do it

31:05
director some carries wanted to do it

31:06
some carries didn't now they all do this

31:09
is a new this is the new issue that I

31:13
never thought would happen but I think

31:14
it's great because people want annuities

31:16
they understand it people like me have

31:18
described it enough with my thousands of

31:20
videos and hundreds of Articles and

31:21
seven books that annuities aren't bad

31:24
can't hate all annuities know annuities

31:26
are great everyone owns one it's called

31:29
Social Security best inflation anity on

31:30
the planet so because of that you know

31:33
you need to dig in and and find out

31:35
what's going on now full disclaimer I'm

31:37
going to tell you this right now it's

31:38
been a hard it's been a hard run uh this

31:41
past year since October

31:44
because we prepared for the we prepared

31:47
for it as well you know we prepared our

31:49
website we prepared our staff we

31:51
prepared everything what we didn't

31:53
prepare for and and I'll take the

31:55
bullets on this and I I will take the

31:56
blame we were not prepared for the for

32:00
the carriers to be overwhelmed I'm not

32:03
going to say they weren't prepared they

32:04
did the best they could they really did

32:06
bless their hearts we did too but we

32:09
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

32:15
behind them right so we were caught up

32:18
in all that too and so we had to tell

32:21
clients no it's not going to happen or

32:22
it's going to happen in two months or

32:24
three months which forced this podcast

32:26
which forced us to start doing

32:28
recommendations based upon not only

32:31
claims pay ability and contractual

32:33
guarantees and suitability but also

32:36
application time if you'd have told me

32:39
last October Stan the annuity man

32:42
America's annuity agent always wearing

32:44
the logo baseball cap and happy as a

32:47
clam if You' have told me that in

32:49
October that the next following year

32:53
part of the recommendation process would

32:55
be the processing of the paperwork I

32:58
would have said you've lost your dog on

33:00
mine you're crazy the companies can they

33:03
they'll be

33:04
fine and they're going to be

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

33:08
tell you the annuity industry no

33:10
industry is perfect okay but there's

33:13
some good people running it there's some

33:14
good people up top the National

33:16
Association of insurance

33:17
Commissioners good they're doing good

33:19
work okay the carriers won to provide

33:22
good car guarantees the carriers are

33:25
working on new products and new

33:27
strategies with smart people like Wade

33:29
faou and mosha meski and Michael FAA and

33:31
those guys they're trying to create

33:34
things for you that'll be good for you

33:36
and proc consumer in the guarantees that

33:38
you want you're just in a time period

33:41
right now where we just have to be

33:44
careful who we're recommending from a

33:47
processing standpoint

33:49
application My Hope Is that in 3 to six

33:52
months I can do another one of these U

33:55
Interruption type fun with annuities

33:57
podcast and say hey we're good let's

34:00
rock and roll I think they all are ready

34:02
to roll maybe that'll happen maybe that

34:05
won't but I do know

34:07
this the recommendations from the

34:09
annuity man and we we set the table we

34:12
set this stage and we set the trend for

34:14
the industry we're going to set the

34:17
trend on recommending carriers that can

34:19
process the paperwork period um maybe

34:23
that continues forever I think it might

34:26
I think it might we're just trying

34:27
trying to figure out a way to do it to

34:30
where it's positive for the industry

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

34:36
importantly it's positive for you

34:39
because the more information that you

34:41
have truthful information not a

34:44
gender-driven information that you have

34:46
to make a buying decision on a

34:48
contractual guarantee the

34:50
better and as I always say there's never

34:52
an urgency to buy an annuity the urgency

34:55
is for you to understand what you're

34:56
buying and now to add to

34:59
that how long it's going to take to

35:02
achieve that contractual guarantee that

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

35:05
to take for that policy to be issued so

35:08
that you can start enjoying the

35:10
contractual guarantees that you're going

35:12
to make a decision

35:15
on some people were talking to me today

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

35:19
going to talk about they're like well

35:20
that's kind of a negative and I'm like

35:23
yeah I guess it is kind of but I think

35:25
it's a positive too because the Great

35:27
part about this

35:29
country and the annuity industry is

35:31
going to do the same thing that this

35:32
country does when there are problems in

35:35
this

35:36
country our country is innovative we fix

35:39
them we figure it out we figure it out

35:43
how to fix it we just don't sit there

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

35:47
it and in the interim between it being

35:50
fixed and and in that time that it is

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

35:58
honest and truthful and proactive and

35:59
run 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

36:14
so 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 that I snore it's just so

36:29
hard to believe that a person with my

36:31
jovial personality would snore right 6'6

36:35
210 pounds at this time that's a little

36:38
skinny but I need to be skinny for the

36:40
sugars right um she says that I snore so

36:43
she shows me I'm like I'm I don't

36:45
believe you but yeah she's taped it and

36:47
she's she's played that she's played

36:49
that back to me I still think it's

36:50
conspiracy but she's showed me a a um an

36:54
invention where it's like a headband

36:57
that you can wear over your ears to

36:59
sleep with your spouse that has speakers

37:01
in right where the ears are but my

37:03
favorite one was a pillow that had it it

37:09
had a speaker in the pillow but it was

37:12
only activated when your ear hit it and

37:15
I'm thinking to myself this is a great

37:17
country so you have all these old people

37:20
like me that's been married forever and

37:23
one of us snores one of us of course not

37:26
both but one

37:28
um how do we solve that so we can so we

37:31
can 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 at

37:43
the annuity man better the carriers uh

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
the policies quicker Etc profits hello

37:56
capitalism I know evil capitalist you

37:58
evil capital I understand that but it's

38:02
what makes this country great it's the

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

38:06
that we would fight to the death for

38:08
anybody in this country anybody you know

38:10
that you know that I know there's

38:12
divisions but at the end of the day

38:14
every single one of us if we saw someone

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

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

38:19
happening right now in the annuity

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

38:23
processing issues there's some hiring

38:25
issues there's some Workforce issues

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

38:30
it's going to be solved why because

38:31
we're the United States of America I

38:32
didn't want this to turn into some

38:33
patriotic pound the table thing but

38:36
that's the

38:37
reality Now is it going to be bumpy ride

38:40
yeah sure it is but as we always do and

38:43
as my grandfather always told me if you

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

38:47
remember anything that is our business

38:49
model and that is our business model

38:51
going into our the new realities of

38:54
annuity recommendations which is talking

38:56
about all the good things things we used

38:57
to talk about claims pay ability ratings

39:00
of the companies comex rankings um the

39:03
highest contractual guarantee proportion

39:05
and suitability of of the recommendation

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

39:10
processing

39:12
time makes sense to me and I hope it

39:15
makes sense to you by the way if you

39:17
haven't caught this my name is Stan the

39:21
annuity man and I encourage you to go to

39:23
my site at the annuity man.com watch all

39:25
my videos and podcasts and all that

39:27
stuff schedule call with us you might

39:28
get me how about 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 the other

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

39:37
Stan why you keep doing this you have to

39:39
keep doing this why are you keep doing

39:41
this and I thought about it for a second

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

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

39:49
I do like marketing and branding but at

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

39:55
want to leave the Legacy that the

39:56
annuity end industry is pro consumer

39:59
that 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 Pro

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

40:11
of the sales practice nonsense and we're

40:14
going to make sure people are buying the

40:15
best contractual guarantees that they

40:17
can find shopping all carriers and we're

40:20
going to work side by side with every

40:22
single carrier out there every single

40:24
one to make this industry better so that

40:27
you the consumer as you enter chapter 2

40:29
of your lives can find and and get and

40:33
lock in and own the best contractual

40:36
guarantees available for your specific

40:41
situation that's pretty much it hey

40:43
thanks for joining me I promise to have

40:45
guests back on the next time but for now

40:48
my name is stany nudy man I'll see you

40:50
next time

40:55
[Music]