Popular Tool: Ash Annuity Audit

Mike McGlothlin   |   September 2021   |   2-minute read

Ash Annuity Audit

There are several tools available to help you help your clients plan for retirement. One of those tools is Ash’s Annuity Audit.

If you’ve worked with Ash, you might be familiar with our Ash Life Audit program. It’s one of our more popular resources. Our team takes an old life insurance policy and does a quick analysis to see if that policy still meets the needs of the client. What you might not know is that we offer that same service for your clients’ annuity products.

When to Use Annuity Audit

Maybe you've inherited a client that has an old variable or fixed annuity. There’s a good chance you’ll come across clients with products you didn’t sell or that you’re not as familiar with.

You’ll also have clients whose needs have changed. Often a client will buy a financial policy and hold on to it, not Maybe they bought a variable annuity with an income rider 10 years ago. Now you're 10 years further down the road and you realize where this client is probably never going to turn this into a stream of income. Maybe it’s not the right annuity for them anymore.

How it Works

One way to find out quickly is to let Ash complete a third-party annuity analysis. Annuity Audit will look at the policy offer some suggestions, with a few possible outcomes.

First, we might determine that the product still meets their needs. In that case, you get to bring your client the good news and strengthen the relationship. The other possible outcome is that we have a better solution for your client. In that case, you can help your client better reach their goals. So, there’s no downside.

To start, we just need you fill out a one-page fact finder. It only takes a few minutes. And we also need a recent copy of their current annuity statement. The statement tells us how who the current policy is with, what it’s called and when it was purchased. It tells the name of the riders and the cost. We need accurate information to to complete the analysis.

From there, our Annuity Audit team will research how that annuity is performing and if there’s a better solution out there. They’ll start by providing an overview of the contract for the client, because to refresh the clients’ memory about what they bought.

You'll also get an overview of the riders attached to the product and how well they’ve performed, as well as the charges and fees, and what they are for. And finally, there will be a summary of the annuity itself and some next steps if it looks like it's in their best interest to move it to another contract.

Try it Out Today

If you have clients with older annuities and you think it’s time for a review, let us know. Together with just a fact finder and an annuity statement we’ll be able to help your clients feel confident in their retirement. Or, let your retirement income consultant know you’re interested. They can help you get started.

See a Sample Now!

About the Author

Mike McGlothlin, CFP®, CLU®, ChFC®, LUTCF®, NSSA® is a bestselling author, industry-renowned speaker and expert in growth strategies for financial advisors.

Today as the Executive Vice President of Retirement for Ash Brokerage, he leads 65 direct reports who have grown the business line to one of the largest wholesaling teams in the Brokerage General Agency space.

As a professional guide, he can help any financial advisor looking to create exponential revenue growth, to find new clients and better streamline their operations by incorporating simple methodologies and proven models.