June is Annuity Awareness Month. While it’s tempting to focus on a particular product, I like to focus on client needs. There is a growing gap between retirement savings and potential income during retirement. In reviewing clients' finances, we frequently find that they fall anywhere from 15% to as much as 50% short in their chances of having income for their entire lifetime. That is scary for the industry – but it’s even scarier for the clients we serve.
I normally try to write at a high level about the industry, the changing role of financial advisors and the realities of today’s retirement landscape. I try to avoid talking about our team and our specific successes, but if you’ll indulge me for a moment, let me give a bit of a humble-brag on our team, our solutions and how we can help your clients retire securely.
Ash Brokerage knows annuities are important, which is why we continually invest in our retirement division. We offer a full platform for retirement income planning:
Our JourneyGuide software allows you to co-plan with your client and show them the effects of any decisions they make. It’s a great way for advisors to gain clients’ trust and show the overall value in retirement income planning. The added benefit is that you can be more efficient in your practice. We offer tools to help illustrate the value of FIAs over fixed interest products, and we can show how the insertion of an FIA can increase portfolio metrics.
We have developed a broad small-business platform around retirement issues. Moving pension plans from plan sponsors to carriers reduces the costs to small business, making them more profitable and more desirable for succession planning. And, the transaction secures the income for those loyal workers. We assist businesses and their attorneys with plaintiff cases and workers’ compensation payouts in an efficient and effective manner. Recently, we have reinvested and added non-qualified business structures to our arsenal of business services. These structures allow the seller to defer income to meet their needs and control taxes along the way.
Knowledge is more important than ever before. Our team of wholesalers is now 20 strong, with collectively 500 years of experience in the field. Our internal desk will expand throughout 2019 to complement our growth. We also host regional meetings such as Retirement Income University, Go-Giver: The Five Laws of Stratospheric Success, and StoryBrand: Clarify Your Message.
Gaining new clients is always important in building a successful business. Our turnkey seminar partnership with White Glove Workshops allows you to expand your client base with quality content and economical packaging for your target market. If you already run a successful seminar marketing strategy and just need content, we have over 15 slide decks with FINRA letters for your firm to review and use.
We have never been more bullish on retirement income education and the use of annuities. With the largest retirement demographic ever, and a gradual reduction in savings rates over the last two decades, financial planners have a challenge: create more income for longer periods of time with less assets than ever before. If we don’t reinvest in our businesses, our clients will lose – and not just lose us.
Winning Strategies: Join me in reinvesting in the retirement income industry and helping clients retire more securely.
About the Author
Mike McGlothlin is a team leader, retirement industry activist and disciple of Indiana Hoosier basketball. In addition to being EVP of retirement at Ash Brokerage, he is a sought-after writer and speaker. His web series, “Winning Strategies,” provides insight and motivation for financial advisors in many forms – blogs, books, videos, podcasts and more. His latest book, “Free Throw for Financial Professionals,” is available now – learn more at www.freethrowsforpros.com.
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