Stan The Annuity Man: Off The Annuity Cuff

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[Music]

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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 2 of your

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life listen learn laugh and love every

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minute of the most unique Financial

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podcast on the planet let's get to it

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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 license in all 50 states

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as you know today's guest is myself I'm

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interviewing myself and you got to say

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wait a minute I know you have multiple

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personalities Stan there's just I mean

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you we see those you start talking in

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charlestonian Southern and talking about

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Chester and all that stuff but I have

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gotten a lot of emails from people that

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they love the the the format that we

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have which is with the uh all of the

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guests and they've been fantastic all of

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these guests I really want to thank them

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I really appreciate them spending their

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time and sharing their knowledge

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and our audience has grown

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immensely as they say but a lot of

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people want to just hear what I have to

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say about the industry and current

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events and I thought this was a good

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time for us to kind of pivot

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and and talk about you kind of what's

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happening with the annuity man what's

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happening with me uh the company the

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industry what I feel about the direct to

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Consumer space my hopes and dreams

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predictions and all that stuff

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um and obviously I'm just riffing as I

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always do people always say well you

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know who writes your scripts dad script

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what are you talking about I mean I'm

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jumping off the cliff looking for a

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parachute as they say

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um but let's talk about first of all

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just my company the annuity man it's

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been an interesting ride my wife and I

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um we started it a while back and for a

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long long time it was just us and it has

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really grown

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to levels that I would have never

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expected and I think it's just a

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reflection of just our message which is

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just brutal truth and facts and selling

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contractual guarantees you would think

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that's not unique but it is in this

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industry and we're blessed that we have

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multiple offices now and really good

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group of employees were

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hiring as fast as we can interviewing

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all the time has been an interesting run

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I've got some really smart people around

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me because entrepreneurs as you know and

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I'm kind of a creative person because I

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do the videos and I write books I write

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books for annuities I write non-fiction

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books I do a lot of things creatively

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um people like me aren't managers you

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know we don't manage we we create we

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have visions we we kind of see where the

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Puck's going to go as Wayne Gretzky said

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a long long time ago don't skate behind

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the puck go skate to where the Puck's

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going to be

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and I actually saw this happening you

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know over a decade ago the demographic

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Title Wave of 65 people turned into 65

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11 000 every single day and I like the

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new industry I like the way the annuity

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industry regulates itself and handcuffs

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itself from not doing stupid things the

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last podcast that I did with the guest

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was with John lens if you haven't

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watched it please do and we went through

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items uh about the recent banking crisis

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checked the time of this taping

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um and how annuity companies compare and

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how your money is safe uh and we

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explained that it was great and I really

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enjoyed learning from John and some of

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the things that I brought to the table

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for my days at Deanwood or Payne Weber

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Morgan Stanley and UBS and working on

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Wall Street I do understand that side as

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well but um I really have enjoyed

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um offering up the education and the

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edutainment so the annuity man what's

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going to happen with us in the future I

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don't know I mean we have a ton of

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employees I really can't give a lot of

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specific details on sales and things

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like that because my competitors would

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love to know that do I have competitors

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I don't know

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um the Consultants I have around me say

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no

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um but you know I I played college

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basketball at University of Central

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Florida go Knights and I'm competitive

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in nature my both of my my parents were

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originally college basketball coaches

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which is a tough place to grow up but um

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you know I don't know what's going to

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happen with the annuity man except we're

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going to continue to do the same thing

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which is tell the truth do the best we

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can and with that being said

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we're not perfect I mean we do the best

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we can I am not part of the application

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process I'm part of the sales process

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I'm part of the recommendations uh and

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the overall vision of the company but I

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you don't want me filling out your

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application trust me on that one okay

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you really don't so where

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people say well what's going to happen

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with with the annuity man um I don't

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know I mean I live life for the day I'm

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one of those people glass half full I'm

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glad to wake up every morning you know I

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heard from all the basketball stuff

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knees and ankles and stuff like that but

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I'm blessed to be married at the time of

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this Taping that third for 35 years to

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the lovely Christine I have two

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daughters Brielle and Brenna 26 and 24

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so proud of them just I can't even I

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mean thank goodness they took after

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their mother

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um but the annuity man as a company is

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we're just going to keep on keeping on

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as they said in the 70s we're going to

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tell the truth because we want to have

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to remember we don't have to remember

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anything and we're going to listen you

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know always tell my team and my

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employees listen use your ears and mouth

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in proportion let's listen to people and

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most of my topics for the videos that I

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do come from ideas when I'm on the phone

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with people yes I still do take calls

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you know time is a currency and right

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now

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um it's really tough to book a call with

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me but please try on my schedule books

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up quickly

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but if you do happen to get one of my

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team members I mean they have and

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believe me they understand how I want

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you treated they understand our strategy

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um and we meet and talk all the time

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it's just we've gotten to the point now

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that I can't get to everybody but I

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certainly try where the annuity event is

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going to be in a year from now five

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years from now who the heck knows

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um I just hope to be a part of it from

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the standpoint of being healthy enough

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to do this and to work with you and to

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listen and to get the truth out about

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annuities I mean my job really is

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education edutainment is what I call it

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which is a combination of education and

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entertainment and I love doing that

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because annuities are kind of a Mis

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informed product to a lot of people a

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lot of people have misconceptions and

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the Agents a lot of the agents out there

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don't do the industry any any good

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service because they're choosing one

6:37
product and trying to sell it

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so you know I'm excited about the future

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of the annuity man I think at the time

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of this typing check the date we're

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getting ready to change everything and

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flip it upside down we'll get upside

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down we're going to have a different

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website we're going to have different

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everything not a different approach from

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the standpoint of selling contractual

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guarantees and telling the truth but we

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are going toward the finish line of

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direct to Consumer direct a consumer to

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me hopefully in the future will be when

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you can go to my site and literally buy

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right there and not have to

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go through the hassles of speaking to

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someone because right now in the

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industry at the time of this taping you

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have to speak with a licensed agent

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um to go through the paperwork and all

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of that stuff I think in the future that

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will change as I can hopefully Drive the

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industry to more simplistic products

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that can be easily understood I'll tell

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you a great story when I was at Deanwood

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a long long time ago long time ago

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um that was kind of the first

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um the start of E-Trade where you could

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go on line and buy a stock for eight

7:47
dollars or seven dollars or whatever and

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I remember distinctly one we had a

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meeting and the Grand Puba you know came

7:54
in and talked to all of us wealth

7:56
Architects or whatever the heck they

7:57
were calling us at the time I call US

7:59
Stock Brokers anyway

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um and the guy got up there and

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arrogantly said

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I really don't think this E-Trade thing

8:06
and this direct you know where people

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can buy stocks I don't think that's

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gonna you know affect us at all you know

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people still need advice and you know

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you can still charge 200 200 200 200 to

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run a stock trade I literally raised my

8:21
head I said you're wrong I raised my

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hand I said there's no way people aren't

8:25
just going to gravitate toward Eight

8:28
dollar transactions at the time now

8:30
they're what are they zero I mean they

8:32
got it down to zero but I remember that

8:34
person saying that and I thought that

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was the dumbest thing ever and I was

8:37
with Dean weather at the time I'm like

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no I I think the game's going to change

8:40
and obviously that business model did

8:42
change it similar to a long time ago an

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IBM CEO said something to the effect of

8:48
he could never imagine people having a

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computer in their home

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huh I mean a Scooby-Doo what I mean

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I know that they meant well but

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obviously they didn't see the future

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like someone like Steve Jobs

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Etc

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um but I I foresee our site our company

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being the leader in that direct to

9:12
Consumer model that hopefully gets so

9:14
efficient that you can get educated at

9:17
our site watch specific videos on the

9:19
product that you that you um you know

9:22
want to take a look at there'll be

9:25
online chat things like that we're gonna

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make it to where you can make a decision

9:29
in an informed decision on your terms

9:31
and your time frame until the annuity

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industry kind of catches up with us so

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that's that's my passion I'm always

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trying to get better I'm always trying

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to improve I do not rest on my lawyer

9:42
Laurels Laurels Laurels I don't like

9:46
static-ness I don't like things being

9:49
the same now I've had some staff members

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say well why wouldn't we just stay the

9:53
same and do the same thing and it's

9:54
working and why wouldn't we do that and

9:57
my comment is why why would why would we

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still do that why wouldn't we change why

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wouldn't we try to get better why

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wouldn't we try to push the envelope to

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make our model the model and

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um pro-consumer more and more

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pro-consumer

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I guess it's the competitive nature in

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me I don't know but I just always am

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saying well why wouldn't we why couldn't

10:19
we why shouldn't we why haven't we why

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hasn't anyone done that and I don't want

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to hear the the annuity industry said

10:26
well just it just doesn't work or is it

10:28
we just don't need no no no no no no no

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I think the consumer is dragging the

10:33
annuity industry across the finish line

10:35
and I'm hoping that to help them drag

10:37
them across the finish line now covid

10:41
which was horrific obviously a lot of

10:43
people passed away I had three friends

10:44
that passed away it was horrible but

10:46
what it did is it pushed a lot of these

10:48
annuity companies to become digital when

10:51
they never were digital and that's a

10:54
good thing they're going kind of in that

10:56
direction of utilizing technology and

10:59
I'm not a you know Monster fan of

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Technology but I'm a monster fan of

11:03
whatever makes your decision and your

11:06
transaction better right now still a

11:09
little RK archaic in the annuity

11:11
industry but they're getting better

11:13
they're improving they're listening and

11:15
they know that the consumer doesn't want

11:18
to do

11:20
transactions the old way

11:22
um

11:23
as an update on the annuity industry I

11:26
think it's it's thriving obviously at

11:29
the time of this taping the demand for

11:31
annuity contractual guarantees which is

11:33
what I push you own an annuity for what

11:36
it will do not what it might do the

11:37
annuity industry

11:39
is is getting inundated with money I

11:43
mean they it's the flow is there with 11

11:45
000 Baby Boomers looking for you know

11:47
lifetime income or principal protection

11:49
the annuity industry is is set up very

11:52
very well

11:53
to take in that money and provide those

11:56
guarantees so people can live their

11:58
lifestyle in it in conjunction with the

12:01
best inflation annuity on the planet

12:04
that everyone already owns called Social

12:05
Security Now

12:07
the annuity industry is is kind of like

12:11
a cruise ship you ever been on a cruise

12:13
ship and you go into a port and they try

12:14
to turn the boat around it takes like a

12:17
day or it takes hours

12:18
the annuity industry is kind of like

12:20
that most large financial institutions

12:23
or Industries or categories are like

12:25
that it takes a while to Pivot they

12:28
don't pivot quickly but they're they're

12:30
doing a good job and kudos to them

12:33
um and I think during the recent banking

12:36
crisis that we had checked again anytime

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I say something like that just check the

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date because if you're watching it five

12:43
years from now you might be going but

12:45
for people that are watching it you know

12:47
next Tuesday uh or at the you know we

12:50
type these a couple days in advance

12:53
um you're going to know what I'm talking

12:54
about no the banking crisis is scared a

12:56
little bit the scare people a little bit

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and it should

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um

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but I think the annuity industry has

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come out shiny not because they're

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smarter than Banks it's because they're

13:07
more regulated and handcuffed to not do

13:09
stupid things and the rules and

13:11
regulations in place do protect the

13:13
consumer I want to applaud right now the

13:16
National Association of insurance

13:17
Commissioners the NAIC

13:20
is the acronym and that's a

13:23
conglomeration conglomeration of all of

13:26
the State Insurance Commissioners their

13:28
job is to make sure that the consumer is

13:31
taken care of and that the companies

13:32
comply with the rules in place from a

13:35
solvency issue Etc they've done a great

13:38
job and they continue to to be

13:40
aggressive with stress testing and

13:43
making sure that these companies are in

13:46
line

13:47
um so that they can approve them to for

13:49
their products to be sold in that

13:51
specific state so the NAIC is done very

13:53
well so I think the annuity industry is

13:55
very very healthy I think the annuity

13:57
industry with the leadership of the NAIC

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and each specific insurance commissioner

14:03
has done a great job it is the only

14:05
product on the planet that you literally

14:07
can test drive the the uh the product

14:10
and get your money back in other words

14:13
free look period the free look time

14:15
period that when you get your policy you

14:17
can get your money back during that free

14:19
look time period without any question no

14:21
other Financial product has that and no

14:23
other Financial product provides a

14:25
lifetime income as long as you're

14:26
breathing

14:27
so I think that the annuity industry

14:29
just has kind of a messaging problem

14:31
right now I'm I'm taking the reins to

14:33
that they would they need to hire me but

14:35
I guess they're saying why would we hire

14:37
him when he's doing it on his own with

14:39
hundreds and hundreds and hundreds of

14:40
videos I think we're approaching a

14:41
thousand close to a thousand which is

14:43
crazy I mean I'm telling you when we

14:46
first started made the decision

14:49
um to you know to do videos it was 2019

14:54
and I just remember starting and for the

14:56
longest time it wasn't catching on and

14:57
I'm like I don't care I just want to get

14:59
the truth out there and it really has

15:01
caught on and I really do enjoy it I

15:03
mean obviously I'm sitting here in front

15:04
of a camera and just riffing uh but I

15:07
like talking to you I envisioned looking

15:09
you in the eye right now you're sitting

15:11
there going man this guy's this guy's

15:13
wired he's got too much coffee but I'm

15:15
talking to you I'm talking to you

15:17
because I want you to understand kind of

15:21
what we do with the industry

15:23
um is all about but right now I think

15:24
it's healthy it could all obviously get

15:27
healthier and I'll get to my predictions

15:29
kind of later in this in this podcast

15:32
um

15:33
to me the the biggest thing right now is

15:35
the future director consumer

15:38
um because

15:40
the life it's interesting life insurance

15:42
companies issue annuities okay but the

15:45
life insurance business has done a

15:47
pretty good job with direct to consumer

15:49
the annuity business not so much we're

15:51
the pioneer of that obviously Pioneers

15:53
take all the arrows and that's fine and

15:55
it is a blue water strategy out there

15:57
but we are defining it and listening to

16:01
you and hiring the best people in the

16:03
business to develop our site and our

16:06
business model to

16:08
um

16:09
to just make it easy for you and and so

16:12
that you you do not feel pressured you

16:14
know I truly believe our site is where

16:16
where annuities are bought not sold

16:18
everyone says well no one wakes up in

16:20
the morning to just wants to buy an

16:22
annuity I have to disagree with that I

16:25
think that people that are looking for

16:26
annuities are looking for a place that

16:28
they can go get educated look at the

16:30
best quotes and then make a decision on

16:32
their terms and their time frame that's

16:33
us that's the way I want it to be see

16:36
because I hate high pressure selling I

16:39
hate going to the car dealership and the

16:41
guy following me around I hate people

16:43
emailing and calling and emailing and

16:45
calling and showing my doors I hate that

16:46
and I'm assuming you do too or you know

16:49
most of my clients that are out there

16:50
like that's the reason you know we went

16:52
with you is you we just you know you

16:54
just left us alone you gave us the

16:55
information

16:57
um my hopes and dreams for the annuity

16:59
industry I I was I kind of wrote that

17:01
down I wanted to talk about that

17:03
this will never happen but the way this

17:05
whole thing could be solved is if all

17:07
commissions all commissions on all

17:10
annuity types let me stop there because

17:13
I love what people go I hate all

17:14
annuities

17:15
there's so many different types of

17:17
annuities

17:18
um you can't say that it's like saying

17:19
hey at all restaurants or I hate all

17:21
trucks or I hate all shoes you just

17:23
can't say and if you do say it then

17:25
you're making a fool out of yourself but

17:28
um you know my hopes and dreams for the

17:29
annuity industry you know we can all

17:31
hope the way that this whole thing could

17:33
be solved is if all annuity types had

17:36
the same compensation level now I know

17:38
that the industry is going to blast me

17:40
and and you know post on LinkedIn and go

17:43
crazy so that's crazy stands crazy again

17:45
but too many times the built-in

17:49
commissions and by the way commissions

17:51
with annuities are all built in you

17:52
never see it it's paid from a from the

17:54
annuity company reserves so it's a net

17:56
transaction to you

17:57
but there's a couple ways to solve this

17:59
it we could we could be transparent and

18:02
be forced to show the commissions on

18:05
each product and a few years back they

18:07
tried that and they knew the industry

18:08
kind of squashed that one but the real

18:10
way to do it is to make all of the

18:12
commissions lower and the same

18:15
you know what if

18:17
you know index annuities variable

18:18
annuities immediate annuities migas

18:20
whatever we're all the same Commission

18:22
Now I know the industry's yelling

18:23
through the screen right now there's a

18:25
nutkin about the pricing and about the I

18:27
understand but I'm saying if it was like

18:30
that then that would force

18:34
agents and advisors to literally

18:37
recommend the product

18:39
that um that solves for the specific

18:43
goal or situation that they're dealing

18:45
with with a client not a

18:47
one-size-fits-all not a square peg into

18:48
a round hole not the you know I'm a

18:51
hammer let's look for nails selling

18:53
approach on the bat chicken dinner

18:54
seminar circuit where one product's

18:57
being sold it'd be like a doctor doing a

18:59
seminar and then prescribing the same

19:01
medication to everybody it's crazy but

19:04
that would be solved if all commission

19:07
levels were the same

19:10
um and hopefully we can get to either

19:12
transparent model or the understanding

19:14
with people like me out here blasting

19:17
facts that people kind of understand

19:19
what the game is on the annuity agent

19:22
side and why things are being pitched

19:24
and why you know every single person you

19:26
talk to is trying to sell you the same

19:27
thing

19:28
um

19:29
the hopes and dreams for the annuity

19:32
industry themselves which I think is

19:34
interesting is I think there'll be less

19:36
and less

19:38
um annuity agents in the future similar

19:41
to the travel agency model if you

19:43
remember back in the day I'm old enough

19:45
to remember where every kind of small

19:47
mid-sized Town had a travel agency and

19:49
some still do it's kind of a boutique

19:51
business but most don't you go online

19:53
and get that done same thing with the

19:55
Amazon model the Walmart model and

19:57
there's arguments obviously against that

19:58
because they've destroyed small business

20:01
but I think platforms like mine which

20:03
are National all 50 states

20:05
pretty much offering every single

20:07
product with with most carriers out

20:09
there

20:10
that's going to be an easier place to

20:14
purchase annuities of all types than the

20:17
local bad chicken dinner seminar got

20:19
nothing nothing wrong with the local

20:21
agents I just think that we're in a

20:23
digital world and you know we're kind of

20:25
the first one to really push that

20:26
envelope from a product selection

20:29
standpoint and education

20:32
um that those two have to be in place

20:34
you just can't have just product

20:36
selection you've got to have product

20:38
selection because these are commodity

20:40
products and education in my in my case

20:43
education entertainment edutainment you

20:46
know sometimes I say you know annuities

20:48
are commodity products and I had a

20:50
person the other day go well you really

20:51
can't say this in because Commodities

20:52
like oil or wheat you know those can

20:55
actually be delivered at your doorstep I

20:57
understand that believe me I had I I

21:00
sold managed Futures understand managed

21:02
Futures you know did all that on Wall

21:04
Street so I actually truly understand

21:06
that but I use that phrase because the

21:09
commoditization of annuities which I'm

21:12
hoping to be the driving force of that

21:14
is people always ask me what's the best

21:16
annuity out there and my my answer is

21:18
after quoting all carriers

21:20
the best annuity is the one that

21:21
provides the highest contractual

21:23
guarantee for your specific situation

21:25
and goals obviously we're going to look

21:26
at the ratings and claims paying ability

21:28
but it's really that simple there is no

21:30
best

21:31
there is no top there is no perfect

21:34
annuity and my hope with the annuity

21:37
industry is that with each passing year

21:40
just becomes more and more transparent

21:42
not only from how the agent gets

21:44
compensated and how the industry Works

21:46
to how products work and simplifying the

21:50
products even the complex products right

21:52
now really really simplifying them so

21:54
that

21:55
everybody truly understands it because

21:58
we live in a pensionless world you know

22:00
most companies I think less than nine

22:02
percent of all private companies offer

22:04
pensions which means that the other 91

22:07
percent of us out there have to create

22:09
our own pensions and the only product

22:10
that can provide a lifetime income

22:12
stream

22:13
is um is an annuity period I always say

22:16
there's art no Roi until you die because

22:19
um you know it's a transfer of risk for

22:21
as long as you are breathing so I'm just

22:24
hoping that the annuity industry starts

22:26
educating better you know in my opinion

22:29
the the tagline for the annuity industry

22:31
should be got guarantees like the got

22:33
milk ad because these are guarantees

22:35
these are contractual guarantees I do

22:37
wear a shirt through airports sometime

22:38
that says got guarantees on it with my

22:41
logo on the back and they I get stopped

22:43
by people you know I I get stopped all

22:45
the time by people in airports they

22:46
either know my face from the videos or

22:49
they're looking

22:52
for not a sales pitch on annuities but

22:54
the truth

22:56
um you know the other hope for the

22:59
annuity industry and I've addressed this

23:01
on some recent videos

23:03
I really wish that the annuity industry

23:06
would get rid of back tested numbers

23:08
if you've been shown any type of

23:10
deferred annuity like an indexed or

23:12
variable or something like that you've

23:14
been shown well Mr Jones or Mrs Jones if

23:17
you'd have owned it 10 years ago

23:19
this is what

23:21
this is this is how much you'd have made

23:23
that's that's just nonsense

23:25
it shouldn't be allowed and right now

23:27
there's a big argument going on

23:30
within the industry of how to rein that

23:33
in because those numbers can be Juiced

23:36
and some of the numbers that I've seen

23:38
are so ridiculous that even the dreamers

23:41
of the world are questioning the sales

23:42
pitch

23:43
I mean I'm on calls all the time with

23:45
people to say well this guy showed me

23:47
this is that going to happen no it's not

23:49
going to happen it's just not

23:51
and we need to stop that we don't need

23:54
to show back tested numbers to sell a

23:58
product or or if the product you know if

24:00
the product doesn't fit a person let's

24:02
not let's not Beef It Up you know I

24:05
really wish back tested numbers would go

24:07
away I really especially for like index

24:09
annuities where you have an index that

24:11
was created six weeks ago and you're

24:13
showing the agent's showing a 10-year

24:15
back tested number on something that

24:17
didn't even exist

24:19
six weeks ago how's that even possible

24:23
um I really think that that would be a

24:25
pro-consumer move that should be

24:28
um advertised and talked about within

24:30
the industry from here on in there are

24:33
no back tested numbers we're going to

24:34
tell you what the product can do will do

24:37
and then if you're buying one of the mic

24:38
dues that's fine but we're not going to

24:40
base it on a back tested number which is

24:42
fictitious and misleading from a lot of

24:45
angles the other thing that I wish we

24:48
would get rid of is upfront bonuses now

24:51
I understand from the carrier standpoint

24:53
why they do it it's in a commoditized

24:55
world you have to kind of set yourself

24:56
apart

24:58
but and maybe I've gone too far saying

25:02
upfront bonuses candy for the stupid

25:04
that was I was on a radio show one time

25:06
and just hit me I just went that's what

25:07
I just said and from there it just kind

25:09
of stuck

25:10
I'm not sure it's candy for the stupid

25:12
but it's misleading with a hundred

25:14
pennies in the dollar now sometimes

25:16
upfront bonuses work in your favor

25:18
sometimes they do not but the way that

25:21
they're sold is horrific and because

25:24
upfront bonuses exist

25:26
it then um allows agents to push the

25:30
envelope of morality

25:32
and and Pitch upfront bonuses as a way

25:36
to transfer products that have surrender

25:38
charges so if we didn't have upfront

25:40
bonus bonuses those issues and those

25:43
problems would go away immediately

25:45
because that sales pitch would go away

25:46
immediately

25:48
I also think if we did that then the

25:51
products themselves would have to be

25:53
better designed more simplistically

25:55
designed so that the consumer would

25:58
fully understand it

26:00
and I think it would be a win for

26:02
everybody be win for the industry I

26:04
think there would be more uh people

26:06
going towards annuities because what's

26:08
happening right now with The Upfront

26:10
bonuses and the back tested numbers and

26:13
all of that nonsense it's it's leaving a

26:15
bad taste in people's mouths they're

26:17
they're looking for guarantees but

26:19
that's not what they're hearing they're

26:20
hearing hypotheticals and theoreticals

26:22
and back tests in unicorns chasing the

26:24
butterfly

26:25
it doesn't need to be that way

26:28
but let me let me say this about the

26:30
annuity industry and the reason that I'm

26:32
sitting here and the reason that I wear

26:34
the logoed hat

26:36
and the reason I get up every single day

26:38
smiling and high-fiving myself

26:40
is this

26:42
the contractual guaranteed products in

26:45
place are very very good and when you

26:48
buy annuities for contractual guarantees

26:49
you're going to be very very happy

26:52
also when I talk to people like Wade

26:54
fowe on my podcast or Moshe moleski on

26:57
my podcast or Michael finka or or I mean

27:00
these guys are smart I am sorry I left

27:03
out some other smart people but these

27:05
are guys in the industry that that

27:07
everybody kind of looks up to and reads

27:09
their books Etc

27:11
um there are products that are going to

27:12
come down the pike in the future that

27:15
are going to be great that we don't know

27:17
about yet we haven't seen yet and

27:19
they're going to be very very

27:20
pro-consumer the last new product really

27:23
there's an argument for this but the one

27:25
that I think is the last one is 2014 the

27:28
qualified longevity annuity contract for

27:31
use inside of an IRA yes annuities can

27:34
be purchased with Ira assets for all

27:36
people that say that that's crazy

27:38
um it's not qualified longevity annuity

27:40
contracts were introduced by the IRS and

27:42
the department of the treasury in 2014

27:45
to

27:46
encourage people to plan for more

27:50
lifetime income because Social Security

27:51
even though it's the best lifetime

27:53
income stream on the planet and best

27:55
inflation annuity on the planet it

27:57
wasn't designed as the primary income

28:00
source for people so they're hoping that

28:03
people will take their Ira assets and

28:04
there's trillions and trillions and

28:06
trillions and trillions of dollars

28:08
in place in IRAs that really need to

28:11
people need to address lifetime income

28:14
lifestyle

28:15
um I call it lifestyle income because in

28:18
chapter two of your life when you retire

28:19
you need that income floor in place so

28:22
that you can go live your life and go do

28:24
what you need to do

28:26
I was talking to a friend of mine the

28:27
other day and you know I ran pretty hard

28:30
in college and and put a lot of miles on

28:32
the body and worked really really hard

28:34
these last I guess

28:36
what are we at 40 years really put some

28:38
and you can see it in my eyes I'm tired

28:40
you know you got my daughter's like man

28:42
dad you look tired I am tired I've been

28:45
working can't put you guys through

28:47
college

28:48
but you know

28:52
I'm just

28:53
I don't know how to put this

28:55
but I think I think there's just good

28:58
news ahead for the annuity industry in

29:01
spite of some of the bad things that are

29:03
happening within the industry with some

29:05
of the agent presentations okay

29:07
I know a pivoted there but I wanted to I

29:09
wanted to drive that point home you know

29:12
currently at the time of this taping I

29:13
think that the annuity industry is a 300

29:17
or 400 billion dollar a year industry

29:19
okay

29:20
my prediction in the next couple years

29:23
that's going to double and maybe triple

29:25
and the reason is

29:27
because people like myself and I do have

29:30
a couple of people out there that are

29:31
trying to compete with me we are trying

29:33
to make the consumer experience a

29:36
positive one you know do you want to

29:39
call us the Amazon of annuities or I

29:41
don't know I don't know if that's fair

29:42
or good or bad or positive or negative

29:44
in your eyes

29:46
but I remember when that that for that

29:49
platform first came out and you might

29:51
remember it too remember when people

29:52
were saying about Amazon

29:55
um

29:56
yeah I don't know if that's gonna work

29:57
because people really need to go into

29:58
the stores they need to kind of Kick the

30:00
tires and touch things and you know

30:02
they'll never sell clothes on that

30:04
because you got to kind of try it all on

30:05
and things like that remember that

30:07
because remember Amazon initially

30:08
started just selling books that's what

30:10
Bezos and his uh ex-wife who's Now Rich

30:14
um we're doing out of their garage okay

30:17
the same thing about the directed

30:19
consumer we first kind of pioneered this

30:21
a long time ago well people need to meet

30:23
with you Stan they need to meet face to

30:24
face with you they need to sit down with

30:27
you in their kitchen table

30:29
I don't think that's true

30:31
I really don't you know things like this

30:33
connect me and you phone calls connect

30:36
me and you emails connect me and you

30:39
these videos and this podcast and all

30:41
the things that I do educate you and you

30:43
get to understand who I am just some

30:46
Goober from North Carolina right that I

30:48
can shoot a basketball but it does know

30:51
my stuff when it comes to annuities and

30:52
finance I mean

30:55
I think the future's bright not just

30:58
because there's a demographic Title Wave

31:00
of people that are turning age 65 not

31:02
because you know the annuity

31:04
um the people that used to say I hate

31:06
all annuities those people when they say

31:07
it now you kind of look at them

31:09
strangely like what are you talking

31:10
about annuit I mean Social Security is

31:12
annuity right I mean there's a lot of

31:14
people being called out on those cliche

31:16
negativity things that used to be said

31:18
about the annuity industry I'm hoping

31:20
that I'm the reason the primary reason

31:22
for that because I call those people out

31:24
all of the time especially people that

31:26
are giving annuities a bad name and

31:28
really don't know what they're talking

31:29
about with that being said not everybody

31:31
needs an annuity even though you already

31:33
own one called Social Security but just

31:36
remember there's many different annuity

31:38
types

31:40
out there

31:42
um the future the future is good you

31:45
know I know that the the the country is

31:48
going through some tough times right now

31:50
and we all can't get along and there's

31:52
there's conflicts and there's banking

31:53
issues and there's inflation and there's

31:55
always going to be something right

31:59
but the way to combat it is with

32:01
contract contractual guarantee is not

32:03
combated totally but to make your life a

32:06
little bit better and I think coming out

32:08
of covid I think annuities are in a

32:11
special time and place right now to

32:14
provide people that lifestyle that

32:16
chapter two

32:18
um that they deserve you read the

32:20
stories all the time about people don't

32:21
want to work as hard anymore or you know

32:24
Etc quiet quitting I don't know what it

32:26
is I think I think the translation of

32:29
that is

32:30
people have realized that they're not

32:31
gonna live forever

32:33
people have realized that you know as I

32:36
say there's no U-Hauls behind hearses as

32:38
a client forced me to do a video called

32:40
fly first class or your kids well

32:44
I think we all are at that stage we're

32:47
saying wait a minute I mean this is this

32:48
is good but we need to take care of

32:50
ourselves now I'm kind of preaching to

32:51
myself because right now I'm not doing

32:53
that I'm working too hard

32:55
but I want my clients to enjoy their

32:57
life I want my my clients to use the

33:00
annuities in proportion obviously not

33:03
all of your money of course but in

33:05
proportion to provide those guarantees

33:07
whether it be principal protection

33:08
income Legacy or long-term care

33:11
that and put some extra years on your

33:13
life or couldn't or can make you live a

33:15
better life in the you know for now

33:18
right

33:20
now in the future for the annuity man I

33:22
don't know what's hap what's going to

33:23
happen with us you know I want to

33:26
represent every single carrier out there

33:27
and provide the highest contractual

33:29
guarantees available but I'm also now

33:32
looking at because of the volume that we

33:34
do and who we are and what we've become

33:36
which is this kind of gorilla in the

33:38
annuity room I want to make sure that

33:40
the annuity companies can process the

33:42
paperwork quickly on your behalf we ran

33:45
into some of those issues during the

33:47
Go-Go times when October the I think

33:49
third was the first date that the

33:51
annuity industry started offering five

33:53
percent migas multi-year guarantee

33:55
annuities the annuity industry version

33:57
of a CD from that point in time it was

33:59
just a free-for-all from from a

34:00
standpoint of capacity

34:03
and just money flowing in but I think in

34:05
the future we're going to work with the

34:07
top rated carriers the carriers that can

34:09
provide the good customer service the

34:11
carriers that can process the paperwork

34:13
those are the things that we're working

34:15
on right now so that your experience

34:16
will be even better

34:18
so that we can process the application

34:21
even quicker because you know we take we

34:24
take all the arrows and I never make

34:25
excuses but it's been a tough run for

34:28
some of these carriers because they you

34:30
know they just couldn't process the

34:32
applications quick enough and if you're

34:33
an employer out there you know how hard

34:36
it is to hire people and people that

34:38
want to come to work every single day I

34:40
have a great team in place

34:43
but it's taken a while for us to get

34:44
here for people that are really

34:46
committed to um to taking care of my

34:49
clients providing the truth about

34:51
providing the best contractual guarantee

34:53
quotes and doing the best we can we are

34:55
not perfect guarantee it neither is the

34:57
annuity industry you need to show some

34:59
Grace and some patience we're doing the

35:01
best we can as an industry I'm speaking

35:03
for the industry right now

35:05
um

35:06
but we're we're getting better you know

35:08
we're getting better as an industry the

35:10
products are getting better the

35:11
companies that are creating the products

35:13
they're they're looking into the future

35:16
and trying to create better products

35:17
kudos to motion molesting those people

35:19
that are always pushing the envelope out

35:22
there to create better contractual

35:24
guarantees for the consumer

35:26
this isn't going to stop all you annuity

35:29
haters out there you just better you put

35:31
put the signs away and burn them up

35:33
because

35:35
the industry's not going away people now

35:38
know Social Security is the best

35:39
inflation annuity on the planet and I

35:41
think the gravitation torque and

35:43
tractional guarantees will continue with

35:46
the proliferation and the increase of

35:49
education on the subject not just an

35:52
agent telling you something not just a

35:54
bad chicken dinner or expensive steak

35:56
dinner seminar information like we

35:58
provide that you can consume on your

36:00
terms on your time frame and watch the

36:02
videos interesting parts of my one of my

36:04
PR people told me the other day that we

36:06
have people watching our videos 24 hours

36:09
a day seven days a week 365 days a year

36:13
the last two years there's never been an

36:15
hour

36:16
that that videos have not been watched

36:19
by a bunch of people 24 7 365. for just

36:23
a dude like me from North Carolina that

36:25
can shoot a three-pointer in a free

36:27
throw which uh my dad you know my dad

36:29
thought that was a Resume Builder was

36:31
you know shooting a basketball

36:33
bless is hard that didn't do anything

36:36
for you but I'm just telling you I I'm

36:38
I'm very excited about where things are

36:40
going this will probably be the last one

36:42
off with me where Stan's kind of

36:44
interviewing himself I'm gonna start

36:45
bringing back the um you know the people

36:48
on my podcast and the experts to talk

36:51
about specific things to educate you on

36:54
some things whether it be long-term care

36:56
life insurance or markets or whatever

36:59
I'm going to start doing that but I

37:01
thought it was a actually the idea was

37:03
given to me by my my lead PR person they

37:06
said why don't you just talk why don't

37:07
you just talk to the people like you

37:09
always do tell them kind of what's on

37:10
your mind don't script it you know write

37:12
a couple of questions down and and try

37:14
to um

37:16
you know try to try to educate and

37:19
edutain

37:20
but one thing I want to I want to close

37:22
with this

37:23
when it comes to predictions

37:27
and this is you know this is personal

37:28
for all of us you know we all we we have

37:31
we all struggle every single day to get

37:35
up and be positive

37:37
um health issues family issues you know

37:40
life is hard as we all know money

37:43
doesn't solve things as we all know

37:46
um it's all about your family

37:49
it's all about your health

37:51
I mean you know as a motion Melissa says

37:54
there's two types of spans lifespan and

37:56
health span

37:58
you know and as Steve Perry said on my

38:01
podcast there's three phases of

38:03
retirement go ghost logo and no-go

38:07
so if you think about that you know what

38:09
I'm going to ask you to do

38:12
is live your life

38:14
live your life stop worrying so much I'm

38:17
talking to myself as well

38:19
enjoy what you have done and be proud of

38:23
what you have done and it's not we're

38:24
not keeping score money's not a way to

38:27
keep scoring some of the most miserable

38:28
people in the world that I've ever met

38:30
had a hundred million dollars whatever

38:32
and there's miserable people

38:34
money doesn't solve it you know that

38:35
Family Health solves it

38:39
you know doing things creative solves it

38:42
having a passion for something solves it

38:44
communicating with others solves it

38:48
table television doesn't solve it

38:50
podcasts you know that are political

38:52
don't solve it

38:53
you know it solves it

38:56
so with that being said I look forward

38:58
to the journey with you as long as I'm

39:00
kicking and breathing and raring to go

39:04
I'm going to keep keep putting out this

39:06
content if you if you ever see it stop

39:08
then there's some health issues because

39:10
that's the only thing that's going to

39:12
take me down that's the only thing

39:14
that's going to prevent me from doing

39:15
this that's the only thing that's going

39:17
to stop me from edutaining the public on

39:22
a category that's fantastic and that

39:24
category is the annuity category I'm

39:28
proud to be the owner of the annuity man

39:30
with my beautiful wife Christine who is

39:32
the co-owner I'm proud of all of the the

39:35
huge staff that we now have and the

39:37
multiple offices and I'm proud of the

39:39
people we'll be bringing on and working

39:41
for us I'm proud of our clients and

39:43
Prospects

39:44
for trusting us trusting to talk to us

39:47
trusting that we're going to tell them

39:49
the truth I'm proud of that

39:51
and I'm proud of the country I'm

39:53
patriotic

39:54
it's a great country

39:56
you know we have some divisions we have

39:58
some organs but at the end of the day

40:00
you and I both know this

40:03
if somebody you really didn't like or

40:06
hate was in trouble you'd help

40:08
because why that's what we do

40:10
we're Americans

40:13
United States of America that's what we

40:15
do we help people

40:17
so think of the the person that you hate

40:19
the most politically if they were in

40:21
trouble you would help them I guarantee

40:23
it I would you would that's who we are

40:26
let's remember that

40:28
let's remember that

40:30
this is a moment in time we're just here

40:32
for a speck just a spec

40:37
it's gonna be okay

40:39
hopefully we can help you at at a

40:42
minimum we're going to talk to you and

40:43
give you our honest opinion and the

40:45
truth and we have no problem telling you

40:47
you do not need an annuity we have no

40:49
problem with that at all we've been

40:51
blessed I've been blessed

40:53
I mean a country kid from North Carolina

40:57
Stan the annuity man come on now

40:59
that's a dream come true married to the

41:01
lovely Christine for 35 years two

41:03
beautiful daughters come on come on

41:06
and my wife my wife is always giving me

41:09
a hard time you know because I'm always

41:11
goofy but that's just kind of who I am

41:14
listen I'm rambling I know that but I'm

41:16
talking to you one-on-one that's what I

41:17
like to do that's I mean that's what I

41:20
love to do

41:22
and that's what I'm going to continue to

41:24
do my name is Stan the annuity man that

41:26
is fun with annuities

41:29
for this week

41:31
see you next time

41:36
[Music]