Guaranteed retirement income is becoming a hot topic with the low interest rate environment and market volatility. Those planning for retirement should evaluate their circumstance to determine whether they’re a good candidate for a guaranteed income option like an annuity. The purpose of a fixed annuity is to help with a variety of financial goals (tax deferral, principal-protected accumulation, lifetime income streams, access to funds, wealth transfer benefits, and it bypasses probate).

Research shows that if you have more than 2 products (preferably 3 different products) sold in a household, the chance of losing that business to another agent is almost non-existent. Many agents are already selling 1 product (i.e. medicare, life insurance, etc.). What if you could provide a finanical vehicle that is about safety and guarantee and still provides an opportunity for a fair rate-of-return? That’s what an annuity can do. Read further to learn about a few considerations when contemplating whether you should bring an annuity product(s) on board to what you already offer so that you can sell more products to a household and capture their business for the years to come.

The Department of Labor (DOL) Fiduciary Rule has been updated to expand the agency’s interpretation of the existing five-part test to determine when an individual is an ERISA fiduciary. For sales to qualified plans, beginning January 31, 2022, the DOL will require compliance with the Fiduciary Rule.