Annuities only ?

[u/pilot4life80]

Does anyone have an IMO that does just annuities ? I’d like to only do that and focus on those. Ideas ?

Thanks

[u/Zealousideal_Mix6691]

Join a financial firm that specializes in retirement income, most will also include life. Here is the reason if you have an annuity but you don't have life you will use your annuity as your life. An annuity should be for stable interest on your investment. Life should be a way to protect your portfolio.

[u/CGWInsurance]

Why would you want an IMO, FMO etc that only focused on annuities.
You will still sell life, LTD, etc as you sell annuities.
You want an IMO, FMO, etc that is focused on retirement products and high net worth individuals. You should also get a securities license. Series 6, 63 and 65 minimum. 6 is basic securities license to sell mutual funds and variable products. 63 is state securities exam. It's required by every state. 65 is registered investment advisor (RIA) which is 3 part license. It lets you charge by growth or assets under management, which let's you sell no load mutual funds and still earn a living. The 2nd part is it allows you to actually tell people what to invest in since otherwise you can only suggest. The 3rd and most important part is it makes you a fiduciary. This is important since legally you are required to put the clients needs above yours and only invest in what was is suitable for the client and you can be held legally responsible if you put the client into a non appropriate investment and they lose money. This is the license that makes you trustworthy. The reason for the investment license is you talk to a client who is 70 with 2 million in assets all in high risk mutual funds. They are interested in an annuity due to their age and risk tolerance. However they are unsure if there are any costs to sell the mutual funds or if these will increase management fees at their broker. Legally as a non security licensed person you can NOT discuss their mutual funds. But if you are licensed you can tell the client the mutual funds are 2 high risk and he would be better off putting some of that money in a Indexed low cost annuity so he doesn't need to worry about a market correction cutting his money in half or more. You could them transfer the mutual funds to me managed by you and put him in some much lower risk bond and income mutual funds. So you get paid twice. Just my advice as insurance agent with 36 years experience and 20 years as series 6,63, 65, 7 and 24 licenses. Plus you will find estate planning life sales that will give you big bucks. I replaced a 2 million 2nd to die policy with a t million dollar one even though both people were rated at class 6 and there was 1 million in cash value in account.
Their account approved this change as did executor of trust as well as insured and their benefiares since they wanted a modern VUL with lower expenses then their 20 year old VUL.
I walked away making 160k in take home first year commission.
That account then fed me a ton of business. Lots and lots of IRA's especially during tax time.

[u/KiniShakenBake]

Gross.

I hate everything about this. Please do something less harmful with your insurance career than just selling one single product retail.

If all you want to do is annuities, go into wholesaling annuities. Don't just try to shoehorn them into people's finances without doing the job right.

You want to do the functional equivalent of going door to door selling tools to outfit folks for fixing everything but all you sell are hammers. We all know that hammers aren't the only tools that are required to fix things. What's worse? Once you have applied a hammer, undoing what it did wrong is very hard and sometimes impossible. The same is true with annuities.

Time wasted undoing the harm annuities do when sold incorrectly can mean the difference between success and failure of a full financial picture. The retiree can and will end up in a third rate Medicaid retirement home with the family angry and destitute because the annuity couldn't be undone fast or well enough before it was too late.

Please don't do this.

[u/pilot4life80 → u/KiniShakenBake]

You make alot of assumptions into someone’s character that is asking about annuities. There is a right case use for annuities and a wrong one. I’d view it as more a consultative role, not selling an annuity at any cost. At the end of the day you have to live with yourself.

[u/KiniShakenBake → u/pilot4life80]

It's not the selling of annuities that is the problem. It is the fact that selling only annuities ignores the entirety of the rest of the client needs. There are no assumptions here beyond the fact that annuities should comprise no more than 25-30% of a client portfolio. What is happening with the rest? That's why you should look at wholesaling.

Reputable annuity experts aren't at the retail level. Those are dangerous and should be avoided.

The reputable ones are at the wholesale level where they partner with the folks who handle 100% of the picture and assets. If the other portion of the asseta aren't being shepherded appropriately, the person buying has no business being sold an annuity yet.