Retirees can take some of the anxiety out of pulling money from their savings by creating a withdrawal policy statement. The goal is not so much to strip the process of all emotion but rather to provide clear guidance for action in an uncertain and even scary time.
Annuity expert Gary Mettler explains what becomes of single premium immediate annuities and deferred income annuities and their benefits after a couple divorces. "While other financial assets are being chopped up lickety-split, it's not so fast with DIAs and SPIAs," he writes.
More employers are turning to annuities to help assure that their employees have a secure source of retirement income. Small and midsized employers are showing the greatest enthusiasm for annuities. Big companies are also taking note. "The growing popularity of these products shows the expanding market of consumers looking for certainty through guaranteed lifetime income," says Cathy Weatherford, president and CEO of the Insured Retirement Institute.
In the sales process, the questions you pose are critical. "While there are infinite questions to ask, the way in which you frame your inquiries is just as important," write Stephen Boswell and Kevin Nichols, both of The Oechsli Institute. They advise financial professionals to ask "impact questions," which focus prospects on the direct consequences of moving ahead with a specific solution or not.
Your least profitable clients can have a huge impact on your business. Greg Opitz, executive business coach at Peak Advisor Alliance, writes that there are four ways you can deal with them: Reassign them via your broker-dealer, sell (or give) them to another firm, adjust your fees so they become more profitable or hire an associate advisor to manage the accounts. Opitz favors the last option.