Replay: Live Q&A- What Do You Need an Annuity to Do for You? April 2022

0:00Intro

00:01

[Music] so so [Music] hi there stan the annuity man here on a beautiful saturday morning in an undisclosed location the bat cave the annuity batcave welcome to the annuity man live um so welcome to everybody in all 50 states appreciate you joining me

01:04

for this topic which is a good one what do you need your annuity to do that's assuming that you need an annuity we're going to cover that but let me let me show you a couple of new things on the website if you go to the annuityman.com a couple things number one we have you

01:18

know we do a few videos as you well know um we do we have a youtube channel called stan the annuity man and on the site if you scroll down producer um you'll see um you know the top annuity videos those are the ones that are done in studio and then the shooting straight with stan

01:35

ones are new and those are me ranting factually and brutally about current topics and how they apply to you and annuities etc so um you know this one's fun i do it from my home studio uh but that's new the other thing that's new is i was recently contacted by barons and we did a

01:56

help them write an article and talk about migas that's on the first page there if you want to click that and read about that um you know behrens is a pretty good publication been around for a while and then the last thing i want to show you very very proud of this we are the only

02:09

ones in the country currently that have this because we are the only ones crazy enough to spend all this money to do it which is an income writer calculator you know we also have speedy and culak and a live maga feed but you can quote income riders quoting all carriers for the

02:23

highest contractual guarantee you can do a lump sum or reverse engineer quote very proud of this took a lot of time effort convincing cajoling dinners out all that stuff to get that done but if you're looking for income later in the future obviously these are attached to indexed

02:39

annuities we don't care about that we look at the index annuities as a simple delivery system for that income rider guarantee so let's get to the topic quickly um what and then i'm going to start answering questions so get them ready to go what do you need an annuity to do let's

02:57

just talk about whether you need an annuity i have two very simple ways to figure that out the first is an acronym called pill p stands for principal protection i stands for income for life um l stands for legacy and the other l stands for long-term care confinement

03:14

care so principal protection income for life legacy and long-term care confinement care if you don't need to contractually solve for those for one of those four items in the pill then you do not need an annuity notice there's no g for growth so if you need

03:28

market growth never ever ever ever ever buy an annuity i don't care what anybody shows you at the bad chicken dinner seminar which oh by the way i guess you can consider this the annuity men's version of a seminar no food um instead i'm feeding you brutal facts which is what you need to

03:44

be swallowing anyway um so that's that's the first thing the second thing i have two very simplistic questions that you need to ask and answer number one what do you want the money to contractually do and number two when do you want those contractual guarantees to

03:60

start keyword contractual annuities or contracts you don't buy annuities for hypotheticals theoreticals projected back tested unicorns chasing the butterfly nonsense you don't buy them for an upfront bonus don't be that stupid person that's candy for the

04:12

stupid i know that's right now in the index annuity world you're getting calls and emails well you need to take advantage of this because it has a 25 or 35 upfront bonus please tell me you're not that stupid please tell me you're not that gullible for example in our income

04:28

writer quotes when we quote income writers we're quoting all carriers with and without a bonus we don't care it's just part of the overall contractual guarantee but repeat after me there's a hundred pennies in the dollar period there's no philanthropist i don't do any

04:41

companies that wake up but in the warnings like you know what i'm gonna give i'm gonna give some money away i think 25 or 35 bonus is going to be great how what do you think board of directors come on you're smarter than that now uh one of the things that we

04:54

like about the annuity man live is a lot of people are proactive box checkers they email me questions beforehand um so a one a couple questions i believe the guy's name is don sent to me producer

5:05Are death benefit proceeds received from a fixed index annuity with a death benefit rider tax free

05:07

can you put that up so let's start here and then we'll jump in and do questions after that so put them in and producer will pop them up and i'll read them off and then i'll answer them factually and brutally as only i can do um are the death benefit proceeds received

05:23

from a fixed index annuity with a death benefit rider tax free no okay and i know what you're saying stan wait a minute life insurance companies issue annuities good point they do in life insurance that product passes tax free and probate free to the beneficiaries correct

05:43

but life insurance that issue annuities those annuity death benefits are not tax free period so there are some um index annuities that have income riders that can also not only you can use for lifetime income or you you can use them as a death benefit but that death

06:03

benefit amount is going to be taxable to your listed beneficiaries of the policy just for so just remember this uh life insurance death benefits tax-free annuity death benefits taxable it's that simple next question

6:18Can I add funds to my deferred income annuity

06:20

will a spea single premium immediate annuity dia deferred income annuity or fia fixed index annuity allow me to add funds with spias and diaz companies will allow you to add funds within that 30-day time period before the policies issued once the policy is issued with spias

06:43

um you cannot add with some dias you can add up to about i believe 13 months before the income starts most dias will allow you to do that and then indexed annuities you can add money to most policies so go through that again immediate annuities the most rigid of those three adding

07:03

money they let's just say for example you bought an index annuity and the policy has not been issued yet and you wanted to add some money before the policy was issued you can do that once the policy is issued no with deferred income annuities yes you can

07:17

add it within that 30-day time period but after the policy is issued most most i never say all but most deferred income annuity carriers will allow you to add money up to a specific point before the income stream starts typically that's 12 months 13 months

07:32

before the income starts some of them are have different rules but you know you can add and the question with that is should you add it to the policy that you currently have or should you quote for another deferred income annuity and that's what we'll do remember our goal

07:50

here is to provide you the highest contractual guarantee period shopping all carriers so if you have a deferred income annuity and you say you know i bought it two years ago stand the annuity man and the plan is to turn on income in three years five years whatever it is

08:06

and i want to add some money what's the best way to go about it a lot of it depends on the amount of money that you're wanting to put in there's some minimums involved but if it's a significant amount we might quote all carriers to see who has the highest

08:19

contractual guarantee and if it's better to add to the current policy or buy a separate policy that's the kind of analysis that we provide and you would want that you don't want me just to cart blindly say well yeah no we're going to start the process over make sure you're

08:35

getting the highest contractual guarantee with your deferred income annuity and indexed annuities most of those allow you to add money to the policy um if you have an income rider same type of situation applies from the standpoint of of allowing you to add money up to

08:52

the point of turning on income and each carrier will have specific rules on on when you don't you cannot add money you know those type of things but once again when you're adding money to a policy like an indexed annuity and you get me or one of my one of my really smart

09:09

people that work with me on the phone um we're gonna ask you now why are you doing this again what's the goal yeah what are you trying to do again two questions what do you want the money to contractually do and when you want those contractual guarantees to start and we

09:24

might take it separately and say okay let's do another policy or let's or does it make sense to add to that indexed annuity policy whether it has an income rider or whether it doesn't have an income writer so very good questions but we take each situation separately

09:42

and we're going to ask why we're just not going to say oh yeah sure and then we're going to make sure that we're going to attach that new money to either the policy that you have if it provides the the best deal for you or another policy because we represent

09:57

pretty much all carriers next question

9:59Fixed index annuities without an income rider

09:60

roy hobbs and us roy hobbs wait a minute did what's that baseball movie roy hobbs as a baseball player i don't know anyway what if any use would there be for a fixed index annuity without an income rider attached would that be a good option if you need

10:16

a specific monthly payout but for only seven to ten years with no annual fees that's a really good question roy hobbs baseball player indexed annuities do not have to have an income rider attached if you don't want to have income in the future you don't have to

10:34

attach an income rider and if you don't attach an income right or indexed annuities are there's no annual fees so why would you do that stand the annuity man now remember indexed annuities are not market growth products they're not securities you're gonna get two to four

10:48

percent return on average since 1995 that's kind of that's been the historical return not kinda it has been so there's not too good to be true product market upside with no downside even i know that if that's the sales pitch but let's just say you need income in the

11:01

future but you you just do not want to pay fees you know because once you attach an income rider to an indexed annuity you're going to pay an an annual fee that's going to be deducted from that accumulation value for the life of the policy hello which is which is why

11:17

the annuity companies have the big buildings right because you're paying it forever that doesn't make an income riders bad because if you're attaching an income rider draw a line down a blank sheet of paper left-hand sides accumulation value right-hand side is

11:29

the income value the the fee is coming out of the accumulation value not the income writer value so that's a net transaction to you and you are paying for that future income stream transfer of risk but a lot of people say wait a minute what if i don't want to pay that

11:43

fee then what what i do i have a strategy called defer to spea which means that you could buy a myga multi-year guarantee annuity that's the annuity version of a cd or an index annuity both of those are fixed annuities and then at the time you need

11:58

income at the end of that maturity date we can transfer whether it's ira or non-ira non-taxable event to the highest contractual guarantee paying spea single premium immediate annuity for your lifetime income needs if you say stan i want a lifetime income

12:15

i never want to pay a fee ever annual fees i want it to be the most simplistic way that's it defer to spea now i think one part of the question was you wanted to pay for seven or ten years then instead of the single premium immediate annuity being a lifetime

12:30

income guarantee we could set it up for a period certain meaning that it would just pay for a 10-year time period to fill in a specific gap once again remember immediate annuity type payouts are customizable there's over 40 different ways to structure it and remember this

12:47

when you die money doesn't have to go poof you can set it up to where it's a lifetime income stream transfer of risk to the carrier and when you die 100 of any unused money goes to the list of beneficiaries of the policy and the evil annuity company doesn't keep a penny i know that

13:03

that type of um thought you know permeates the annuity space well never bond annuity because when you're done money goes poof no no that's that's called life only if you want to do that and you don't like your beneficiaries or you want the highest payout fine

13:17

but you don't have to do that you've worked hard for your money you can set it up lifetime income it's going to pay as long as your breathing or joint lifetime income as long as one of you is breathing but you can set it up like say with a cash refund or installment refund so that

13:30

100 of any une used money goes to the beneficiaries even though the annuity companies on the hook to pay so just putting back your mind defer to spia might not be a bad strategy for you next question

13:42How long a duration of MAGA makes sense

13:43

it's from pete regarding the fed's likeliness to increase interest rates rapidly let's hope in the next several quarters let's hope how long a duration of maga makes sense pete good question and it's a um it's customized to every situation what i would tell you carte

13:59

blanche 30 000 foot view is the longest that i will want you or allow you to go is five years okay but if you said stan should i buy a five-year manga or a three-year maga three-year mic stand should i buy a three-year migra or two-year maga to your mica in other

14:14

words shorten the durations i think a three-year multi-year guarantee annuity right now at the time of this taping please if you're watching in the future look at the date um three-year multi-year guarantee annuities can get you three percent a little bit more than three percent

14:28

contractually for those three years not a bad deal and i don't think you're going to get hurt at all locking in a three-year duration right here but if you you know if you want to ladder it i had a call the other day and and this was the topic this is the topic

14:42

by the way everyone's like what do we do do we time it out no good answers just bad sales pitches as you know and the person at 400 000 what we did is we did a hundred thousand dollar tranche in four four tranches two year three year four year and five year so that they

14:56

have money coming due starting in year two and hopefully we can attach it and transfer it to a higher yielding mic but if you said stan i'm putting a gun to your head i need you to tell me one duration that you feel comfortable with with our friend uh what's his name

15:11

chairman powell and the fed i would say three year duration next question

15:17How to structure a set of annuities

15:18

this remark how could you structure a set of annuities to mimic the tom agnes go go slow go and no go concept for pay play check and what he's referring to i love this and um you know this is this is an easy way to talk about retirement you know when

15:34

you're retirement you're you retire your go-go i mean you're getting on all cylinders you're firing away you're traveling you're doing your thing and then you slow go and we all know this logo is going to happen and then no go and and i want to point out

15:47

kind of being brutal here we're all going to have that diminished cognitive cognitive issues going forward one of the things about setting up lifetime income streams whether it's for you you're in your spouse joint life is it kind of takes care of that and makes it

16:00

turn key and i'm not being the grim reaper here but i think for all you a personalities out there like myself there will come a time that we're not killing it you know that we're not going 100 miles an hour i think annuities do play a good role so in a go goes logo and no go go go to me

16:19

is if you can manage the assets and you need market growth and don't buy an annuity slogo is you start um you start peppering in contractual guarantees and building in that income floor and what i would tell you to do is you know add that up you know with

16:32

social security pension dividend stocks side hustle rental income whatever and then what's that gap that needs to be filled i think under slogo you need to make sure that 100 of your um income floor is what i call it is taking care of contractually in some form or fashion and then no go

16:49

is when you're really just you know you're just not you're not going 100 miles an hour and you're slowing down and you know it and you're you're planning for some legacy you're putting everything together from a turnkey standpoint whether it's lifetime income or

17:02

principal protection and i think on the no go it would be a combination of single premium immediate annuities q lakhs if you want to set something up with you and your spouse and peppering some myga's fixed-rate annuities on the no-go side cd type annuities just

17:16

remember that the annuity industry frowns upon and i'd certainly frown upon you putting on any more than 50 and maybe up to 60 you'd have to tell me why of your investable assets and annuities so you can't go all in you shouldn't go all in no one should let you go all in i

17:31

will not do that unfortunately there are some agents that mess with the application so that it looks good and it goes through but the annuity industry does not want all of your money and annuities you shouldn't have that you should have some money in the growth portion which means no

17:47

annuities okay regardless of what people are showing you buffered annuities or index annuities or variable annuities and they show you all these back test numbers please be smarter than that please next question

17:58Whats going on in the annuity market

17:59

david can you give a summary of what's going on in the migrates yeah i mean it's been interesting i mean and that's a good question in my newsletter if you're on my newsletter list it came out today we talked about a new the the yield curve the inverted yield curve

18:12

which for people that don't don't know what that is we had that moment in time where the two-year treasury was yielding more than the 10-year treasury which is kind of a precursor for a potential recession but it's a weird time but what happened is actually created an

18:27

opportunity in the miga space the multi-year guarantee annuity if you don't know what that is you can go to my site um get you see the live feed and get my book on it you there's videos on multi-year guarantee annuities but multi-year guarantee annuities is the

18:40

annuity industry's version of a cd works the same way except the the interest in a non-ira account grows tax deferred but what has happened is what i call an annuity yield opportunity we saw some of the big boy carriers the a plus plus carriers that are typically never at the top of

18:60

the of the of the miga feed they're now at the top they're coming in and wanting to dominate and suck the air out of the room and i'm saying to people hey if there's an a minus rated carrier just you know 10 basis points above and there's an a plus plus carry right below them

19:16

no brainer pound the table buy that buy the a double plus carry so go to my site at the annuityman.com mica feeds um and you can pull up your state pull up the duration but right now those a double plus carriers for some reason when this when this yield curve inverted they just

19:35

said okay we're we're coming in we're getting ready to dominate in the three year in the five-year space they are dominant and i'm not this isn't a sales pitch because there's no good answers just best sales pitches but it is a moment in time and it will not last

19:50

forever whatever amount of money bogey that they have on in their plan to do this you know because remember this these are commodity type quotes it's like buying a plane ticket so you have to always check my site to see that live feed boy this is a neat time to buy a double plus paper

20:10

and lock in contractual guarantees um with no annual fees and just it's it's fantastic and we've been going 100 miles an hour to get those application in applications in and lock that stuff up with these a double plus carriers and people say what happens when those

20:27

companies go out of business they're not okay i know what you're saying nobody's too big to fail said yes they are and if these a double plus companies that you know the names i'm not going to give them give it out because they they get enough publicity you can go to my site

20:40

look for yourself if they're going out of business me and you are in your local grocery store and i see you pick up the bunny loaf white bread and i punch you in the throat for it there's anarchy we're fighting over food if these people uh if these companies go out of business

20:55

that are a double plus i mean that's just reality and that's the reason i'm kind of pounding the table for you you at least to look at it now again everyone's gonna say well is this the right time should we wait should we i don't know that answer nobody does um

21:09

but i don't think these these uh a double plus companies will be at the top for long next question

21:16Which carriers do you quote

21:17

ted i was wondering if you quote all carriers that have a convex ranking score of 95 or above if the answer is no which carries don't you quote why don't you quote them good question um t-i-a-a is the one that comes to my mind that we don't quote just because that's that's

21:34

teachers right uh government employees that type of thing we don't quote that because they don't allow stanley newton for whatever reason to quote those that's the one that that comes to mind the other one that comes to mind is another great company usaa military

21:48

so they're that's that's their lane love them they typically aren't that competitive um and then i think the third one that comes to mind is uh northwestern mutual life which is a captive agency but if you're interested in northwestern mutual life um i have a personal friend there's no

22:07

under the table agreements with me i cannot legally share in any type of commission and i don't but i trust him because he's been doing it for 35 years with with northwestern mutual and i can get you to him if you want to see their quotes and remember

22:22

northwestern mutual in my opinion is a very good life insurance company they're not typically as competitive um in in the annuity space but those are the three those are the three carriers that come to mind i'd have to look at that list to give you more but i think those

22:36

are the top three in all three of those companies tiaa used to be called tia craft t-i-a-a u-s-a-a okay and then northwestern mutual fantastic companies this is great i would love to be able to to represent them but i understand why they don't want to do

22:53

that because if i did that and i represented that then then their captive agents that's been with them forever would be out of business next question

23:02Buying an annuity with Fidelity

23:03

glenn thanks glenn does purchasing a michael with you within my existing fidelity ira involved rolling such funds outside to another brokerage for example great question so let's take that example that glenn has a fidelity ira vanguard ira td ameritrade ira schwab

23:18

alright whatever and money's in there and he says you know what i want to buy x y z carrier a double plus and i want the m i want to lock in that three year and five year guarantee you're talking about the money will have to transfer out of fidelity to the annuity company

23:33

non-taxable event does not trigger any taxes and my team will take care of that from start to finish paperwork wise you don't have to get the weeds that we do that but then the money is going to be held at the annuity company okay during that duration there's an ira established

23:50

for you at xyz annuity carrier but understand at the end of the duration we're going to be in touch with you about 90 days before it matures and we're going to say hey glenn what do you want to do you want us to uh roll it to another miga or you might say no no i want it to be

24:07

transferred back to my fidelity ira certainly can do that and then fidelity would be the one to request that non-taxable event transfer from the annuity carrier back to fidelity so you're not going to be able to put it in your fidelity account and by the way

24:23

fidelity great company they do some annuity work but they only represent a less than 10 carriers we represent those two and the rest of them so they're really not in the annuity business vanguard completely got out of the new business annuity business for some

24:37

reason don't understand that one so these big um firms are great obviously for for mutual funds etfs that's kind of what the business they're in uh fidelity does play around a little bit in the annuity world but they're not typically not competitive

24:54

um but you know you can quote them for that and they they're not competitive at all right now in the multi-year guarantee annuity space i hope that answered the question next question

25:04Taxability of annuity

25:05

vern appreciate information on taxability of annuity if qualified charity is beneficiary is the annuity gained taxable estate all annuity gains are taxable to the estate i'm going to say carte blanche and this isn't me opting out of the question but it's illegal for me to give tax

25:24

advice i am not a cpa i'm not a tax lawyer and you should never ever ever get any tax advice from anyone other than a cpa and a tax and a tax lawyer but just remember when you're taking money out of annuities from an income standpoint or withdrawal

25:40

standpoint it's last in first out gains first at ordinary income levels from an estate planning standpoint um when the charity is the beneficiary everything is going to be taxable but you need to work with your cpa and tax lawyer to you know everybody's

25:56

situation is different but there's you know you're not going to be able to beat the irs i get at the end of the day so next next question okay we're coming up

26:04Indexed annuities

26:05

on our last question if anybody out there has any questions please type them in the comments otherwise this is our last question from our youtube fan kenneth humph here it comes and by the way people are saying you know hey stan what's with the pseudo

26:20

beard and the long hair midlife crisis man midlife crisis 34 years of marriage this is what happens you know that nod your head what's with the glasses stand my contacts aren't working my eyes are drying out i mean i'm getting old okay kidding kenneth

26:35

zero is my hero i hate that term kenneth i think i just threw up in my mouth i literally hate that term because that's indexed annuity garbage that's the sociopath grifter square peg into a round hole sales people that say that with indexed annuities

26:56

um so oh i just vented it right i got to read the rest if i have a fia with an income rider if i was to have a year where there was zero accumulation would the writer fees come yes yes let's let's talk about that so the the question is if i have an income

27:12

rider attached to an index annuity and remember that the income writer okay fees are coming out of the accumulation value every single year now indexed annuities are fixed annuities the contractual guarantee of an index annuity is that you're not going to lose

27:30

money it's going to be a zero but if you get a zero that year and by the way if you own an index annuity there will be a couple years that you'll get zero historically then it's going to decrease by that amount look at it another way if the bad chicken dinner seminar sales

27:45

pitch says five percent return or if you owned it 10 years ago mr jones you know you'd own you'd have made six percent which is garbage

27:53Zero is my hero

27:54

you're starting every year minus one or whatever that end the income writer fee is so let's just say it's is one and a half or one you're starting every single year minus that amount in the accumulation value so if four percent is the goal and it's a one percent annual

28:10

fee for the income rider you're going to get three but if you get zero then yes it's going to decrease that accumulation value so the zero is my hero is junk it's garbage it's like it's the same thing when an index annuity person says it's a hybrid no a hybrid's a plant

28:30

hybrid's a car because i used to have one and a hybrid can be a mattress but there is no such thing as a hybrid annuity hybrid is a word to sell index annuities zero is my hero is a word to sell index annuities upfront bonus are two stupid words to sell index annuities

28:45

do we like index annuities yeah absolutely we sell more than anyone on the planet i bet you if there's anyone selling more then that's all they're selling i mean it's just you know part of the two questions what do you want the money to contractually do when you

28:56

want those contractual guarantees to start um in most cases we're using index annuities as a is a cost-effective and efficient delivery system for income riders for future income guarantees we're quoting deferred income annuities q lakhs and income riders to see who's

29:11

going to provide that and we do use use index annuities for accumulation cd type returns okay so but the xero is my hero makes me sick to my stomach and it's why the annuity industry has earned its bad reputation with that kind of crap because what you just did is you blew a

29:30

hole in that you said well wait a minute mr a seminar dude bad chicken dinner dinner seminar bad suit wearing dude how about if it gets zero and you get minus the writer fee that's not your hero there is no hero because it's less than zero exactly that's exactly right so

29:50

just be careful out there i mean we are in silly season what i call indexed annuity bonus season like hunting season and fishing season this is when all the grifters and sociopaths are going to try to get you to buy an annuity for the upfront bonus or make your or or this one drives me

30:05

crazy illegally try to flip the annuity you're in to a bonus annuity and tell you that the bonus is going to make up for the surrender charges by the way that just happens to be illegal and they could lose their license if they if they come at you with that so just put that

30:20

in the back of your head all right producer any other questions here we go glenn i said you saved this glenn if i purchase some mygus 345 with an insurance company what kind of information growth etc has made available online everything i mean you're going to have

30:37

online access to your account you're going to get an annual statement from the companies and just remember um glenn there is no back-tested hypothetical theoretical if you buy a three-year myga for three percent i believe you can do those calculations i mean

30:54

it's it's going to happen there is no there's not gonna be any more it's not gonna be less it's contractual for that specific percentage but you're gonna have online access to these to these companies they do show those types of items but unlike say indexed annuities

31:08

where they show hypotheticals and theoreticals i said i went fast through hypotheticals and theoreticals um mygas are contractually guaranteed annual yields for the specific duration that you choose so in your three four and five scenario you're going to know what

31:24

the what that interest rate is going to be for that three year migrant every year what that interest rate is going to be every year for that four-year miga what that interest rate's going to be every year for that five-year mica you can run those numbers whether you take

31:35

out the interest or not if you don't if you don't do that it's going to compound tax deferred any other questions chuck you have a company on your year miga fee that currently has a 3.5 rate but the company is not rated why do they make your list just curious good question because

31:54

i only sell contractual guarantees we only look at the highest contractual guarantees but that doesn't mean i'm gonna allow you to buy it okay and i'm not gonna mention the company's name but if the company is not rated and i believe the one you're mentioning is not

32:07

rated then i'm not gonna allow you to buy it we do have them on a watch list we are looking at their financials on a on a quarterly basis to see where they're at but right now that specific carrier that you're mentioning we're not allowing people to buy it

32:22

through us you can buy it somewhere else if you want but i from a fiduciary standpoint i have to look at the claims paintability of the carriers i've got to feel confident with that i've got to sign off on that i got to put my rear end on the line for that

32:36

and right now we do not we're not doing that it wasn't it was an item for discussion with um the board you know the people the that's on the board of the annuity man when we look at these things and and there are some there's some situations where we discuss as a

32:51

group we decided that you know yes our slogan is own an annuity for what it will do not what it might do which is the contractual guarantees we are going to put the highest contractual guarantees on that board that we know of but that doesn't mean that we're always

33:06

going to recommend that carrier because i look at their on not only their comdex rankings i look at their claims paying ability their financials how they're buying the bonds i have a extensive background managing bonds with morgan stanley and previous life pre you know not a sweat

33:24

suit life i was wearing suits at that point ties but i know when the son-in-law is buying bonds you know i know when their durations are messy and they're not doing a good job and i have a responsibility to tell you not to buy and we take this darn serious i know

33:39

you're saying stan you know you don't take yourself too seriously not you know i i have fun with life and you know calling yourself stand the annuity man you gotta gotta have some humor in you but i'm very serious about what we do now from a fiduciary standpoint we say well

33:52

are you are you a fiduciary do you have fiduciary plaque on your wall first of all i don't need a fiduciary plaque on my wall anybody in the financial advice business is a fiduciary if they have a soul and fiduciary is putting the best interest of your clients ahead of yours

34:08

which means that in this situation you brought up long answer to get to the point but i think it's needed i'm not going to put something in front of you that i do not think that company can back up the claims at this point in time my call i don't feel comfortable with that company

34:23

but i we want to show it to you primarily because if you see it on other competitive sites i know you're saying that stan there's no competitors do you you're right but there's some people that are trying to mimic what we do if they have it on there i need you to call

34:35

me on those things and say stan what do you think because i can read a balance sheet my background with dean witter payne weber ubs and morgan stanley taught me a lot of things about how to do that and and what to spot for spot uh to look for especially in the bond

34:50

buying side of what they're doing so next question that is it for questions that is it hey listen thank you so much for joining us we're gonna do this every month we'll give you a heads up on the next month's um topic if you have an idea for that get

35:05

shoot us that have a great weekend i will see you next time [Music] you