#3 Annuity Sales and Distribution
Bryan Anderson, founder of Annuity Straight Talk, speaks with Ashok Ramji, a financial consultant with TOP Planning LLC, an independent asset protection and retirement income planning firm serving retirees and pre-retirees alike. In this episode, they talk about some of Bryan’s newsletters.
Our hosts share their personal experiences with salesmen as they highlight the point that it’s more appropriate for producers in the insurance business to advise rather than pitch financial services or products. They also review the five keys to retirement planning in relation to the topic of fear-based selling.
Bryan and Ashok then discuss how commissions affect annuity sales. They also introduce a third party called insurance marketing organizations (IMOs) and explain the concept of distribution. Through it all, they present the advantages of doing business or getting in touch with Annuity Straight Talk.
What You’ll Learn in This Episode:
- [03:13] The difference between sales and advice
- [07:48] About a customer who just wanted to protect his assets but kept getting recommendations for a guaranteed income contract which was popular at the time
- [09:32] Fear-based selling of consumer products
- [11:22] How to address some of the things that retirees worry about
- [14:16] On commissions and advisory fees
- [18:20] How IMOs affect the annuity industry
- [22:26] Ashok’s personal experiences with IMOs
- [25:15] The IMO distribution model for preferred products
- [28:03] The benefits of doing business or just talking with Annuity Straight Talk
- [34:17] Questions to ask if you’re getting a proposal from elsewhere
- “[Take a person’s goals] into account before you make a recommendation.” ~Bryan
- “Begin with the end in mind.” ~Ashok
- “I never made it anywhere in this business by telling people what to do.” ~Bryan
- “As long as you’re adding value, the commission isn’t bad in and of itself.” ~Ashok
- “There has to be a good foundation of trust, mutual understanding, and education. We’ve got to be on the same page.” ~Bryan
Call Annuity Straight Talk at 800-438-5121 or schedule a call at AnnuityStraightTalk.com