In this episode, DPL’s Leslie Grant and CEO of Vestia Personal Wealth Advisors Tommy Martin, discuss Tommy’s switch to using Commission-Free annuities, having the insurance conversation with clients, and how DPL has helped Tommy and his firm successfully implement Commission-Free solutions.
Like many advisors, Tommy Martin began his career selling insurance. Enrolled in an aggressive sales training program, the constant product push left Tommy turned off to annuities. In fact, when he first entered the IRA space, Tommy swore he’d never touch annuities. Expensive and surrounded by massive surrender penalties, the “A-word” was, for many years, a four-letter word.
Then, something shifted. A professor in the annuities space published an article describing how a major repricing with annuities changed the game entirely. As Tommy considered this point of view, his own perspective on insurance began to change.
Flash forward to 2008. In his early days introducing annuities to the conversation, Tommy had a client insure $1 million of her nest egg. As the market collapsed in ‘08, the client entered Tommy’s office in distress believing she’d lost more than $400,000. Because of that annuity, Tommy quickly pointed out that her safety net balance was still well over $1 million. That one moment of client relief solidified Tommy’s belief in the power of nest egg insurance. As the market dips, those with annuities continue on worry-free.
Key Takeaways
[00:51] - An introduction to Tommy and the origin story of Vestia Personal Wealth Advisors.
[03:10] - How Tommy started his career and why he finally embraced annuities.
[09:25] - What drives the annuity conversation with clients.
[12:15] - The link between annuities and a low-stress retirement.
[14:51] - The emotional side to financial advice.
[17:05] - Why commission-free insurance changes the narrative about annuities, and why Tommy decided to partner with DPL.
[23:56] - When to actually start talking to clients about annuities.
[28:27] - How advisors should start thinking about insurance products.
[30:22] - How working with DPL has enabled Tommy to employ strategies around annuities and ensure overall client success.
[35:57] - How to approach a conversation with clients on annuities.
[44:54] - Why a membership with DPL is worth it.
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