In this episode, DPL’s Tim Rembowski and Leslie Grant, Lead RIA Consultant at DPL, discuss solutions to rising interest rates, leading advisors to “ah-hah” moments on annuities, and the impact MYGAs have had on clients and advisors alike.
Anytime there’s a change, humans are naturally inclined to reject it. Especially when that change goes against our standard way of thinking. Unless they were in the insurance business, many advisors have advised clients against purchasing products like annuities. More recently, annuities have evolved, and so has their value.
Six months ago, interest rates were already on the rise and the road ahead looked far from promising. To address these rising interest rates, the MYGA (multi-year guaranteed annuity) became a simple solution, and the moment for changing minds on annuities had arrived. With interest rates skyrocketing and planning software backing the product, the value of annuities was simply impossible to ignore. One of Leslie’s advisors even described recommending annuities as his “fiduciary duty.”
Key Takeaways
[00:21] - A brief introduction to Leslie.
[01:24] - How Leslie and her team have successfully addressed rising interest rates.
[03:39] - How Leslie convinced advisors to value annuities.
[06:33] - What Leslie says to advisors who have no faith in insurance companies.
[07:41] - How advisors reframed annuities to their clients after advising against them.
[11:49] - How the shift to embracing annuities has impacted advisors.
[13:01] - Why advisors decided to charge a fee.
[13:59] - How clients responded to the annuity push.
[15:13] - Why the MYGA marketplace is incredibly valuable.
[17:03] - Why there’s a cost to waiting on annuities.
[21:21] - What challenges Leslie’s ready to tackle next.
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Links
● Leslie on LinkedIn
● National Association of Insurance Commissioners
● MYGA Marketplace
Connect with our hosts
● Tim Rembowski on LinkedIn
● DPL