Annuity Collections May Replace Swiss Army Knife VA Contracts
October 31, 2018 by Allison Bell
Fifteen years ago, many financial professionals tried to meet clients’ needs with variable annuity contracts that could do everything.
Advisors dreamed of annuities that could help clients save for retirement, collect income in retirement, pay long-term care bills, pass estates on to heirs, and, possibly, hammer nails, cut wires and open wine bottles.
Today, the variable annuity multi-tool strategy is out. A modular, Lego model is in.
Annuity distribution specialists talked about that shift Monday, in New York, at an annuity session at LIMRA’s annual meeting.
John Galvin of Capital Management Group said the best way to sell annuities is by helping clients analyze their cash-flow needs, then by showing how annuities and other products can help clients meet those needs.
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