Some of my comments about fiduciaries’ attitudes toward annuities may have been taken out of context.
February 6, 2023 by Sheryl J. Moore
I appreciated last night’s story by Ed Hayes in Financial Advisor Magazine. I think his editor was a little overzealous though?
Click HERE to read Are Advisors Warming up to Annuities?
Some of my comments about fiduciaries’ attitudes toward annuities may have been taken out of context.
“Annuities have been incorrectly associated with high commissions, illiquidity, and significant fees, which has contributed to a reluctance among advisors to recommend annuities to their clients.” Advisors = fiduciaries
“I think there’s still a lot of hurdles that have to be overcome in order for somebody … to sell [annuities].” Somebody = fiduciaries
“Moore is unsure if the current boom will help foster greater interest in annuities going forward, but she said there have been changes in the industry that have made it easier for advisors to use annuities in their clients’ portfolios.” Advisors = fiduciaries
Anyhow, great to see my friends Dylan Tyson, CFA with Prudential Financial and Rona Guymon, CRC© with Nationwide give their commentary on RIAs’ use of annuities.
Getting the media that fiduciaries read, to discuss the merits of annuities, is a key first step to getting this new distribution channels’ attention with these products. As soon as RIAs uncover the myths about annuities, discover annuity options tailored to them, and recognize their clients’ needs for an income they cannot outlive- we can start to have a major impact on America’s longevity concerns.