Ken Fisher takes out full page ads that say “I HATE Annuities and You should too!” This ad frustrates many financial advisors and can cause clients to have a negative perspective on why annuities are a necessary part of your retirement plan. The negative connotation just adds on to the Suze Orman’s and Dave Ramsey’s of the world who pass out misleading and often incorrect information to our clients. Ever have any of your clients bring a copy of an article written by Ken Fisher to a meeting with you? Not sure how to handle the objections?
I am 100% positive than Ken Fisher LOVES annuities. Let me tell you why. He has run an absolute brilliant marketing campaign. Annuities, in this case, Variable Annuities are an easy target. They DO have higher fees than many other investment products. So when he looked across the landscape of investment products, he had to find a product that was WIDELY OWNED that had HIGHER fees than him. See, the dirty little secret of Ken Fisher is that HE has high fees too! He can’t pick on Vanguard or Fidelity –NOPE – because their fees are LOWER than his. Well, there are a lot of products that have high fees – real estate, options, futures, gold, and commodities. But which of these is widely owned and can be TRANSFERRED to a Ken Fisher investment account with just a couple of signatures? Variable Annuities! Viola! He found the PERFECT target.
So this Anti Variable Annuity campaign has helped Mr. Fisher grow a large practice and make a very respectable income. Rest assured, if you call his number, you will NEVER get Ken Fisher. You will get one of his many employees who will be more than happy to transfer your Variable Annuity to a Ken Fisher account. Should this be allowed? Are they working in the best interest of their client? I can’t speak for every client situation but what I can say is that math and science PROVES that the only way to hedge longevity risk is with an annuity. Where is the fiduciary responsibility of an advisor that does not have an annuity as part of a retirement plan?
Now let me tell you why Ken Fisher will HATE annuities in the future. Math and science proves that only some form of an annuity will hedge longevity risk. Stocks won’t do it, Bonds won’t do it, CDs won’t do it. See, Ken Fisher does NOT tell the whole story. Let me, as Paul Harvey said for years, tell you the REST OF THE STORY…
Tom has been a popular industry speaker for many years and is THE retirement income expert. As a former Fortune 100 senior executive, Tom has dedicated his entire career to helping retirees obtain a happily ever after retirement. He has been featured on FoxBusiness, American College Wealth Channel Magazine, Round the Table, Advisor Today and GAMA Magazine.
Tom currently lives in Arizona with his wife and children.
Latest posts by Tom Hegna (see all)
- Three Elevator Speech Stories - February 7, 2018
- Why Ken Fisher really LOVES Annuities! (And YOU should too!) - July 8, 2016
- The 3 Primary Variable Annuities Objections and How to Handle Them - June 22, 2016