The possible side effects — such as more monitoring of business activities, fees and compensation as well as how advisors handle recruitment and succession planning — will likely have the most impact on annuity advisors and institutions serving the retirement market.
With millions of baby boomers — with what has been estimated to be trillions in assets to pass on —retiring every day for the next decade, annuity advisors are proactively seeking solutions to continue to lawfully tap into this market — in spite of the DOL.
One option, selling Single Premium Life (SPL) instead, has proven to be effective.
- It’s a very simple transition from selling annuities to selling SPL.
- There are so many similarities between the two products.
Who are the best prospects? Well, here are just a few:
- Client with a qualified or non-qualified account they don’t need to live on
- Clients with low interest CDs or money market accounts
- Clients with excess funds in checking and savings
- Clients who were denied LTC coverage in the past
- Clients who want to leave tax-free money to their children and grandchildren
- Clients who want to diversify their portfolio
If you’re an annuity agent and are interested in selling SPL – Davis Life & Annuity can help! We help producers like you place SPL cases on a regular basis, and would welcome the opportunity to assist you! Contact us today.
P.S. We also have an annuity with a 30% account value increase for a death benefit. Be sure to call us today for the scoop.
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