Buy a SPIA now (64 years old and retiring) Or MYGA and buy in 5 years?

[MedicareMutt]

Note, I am not an agent.

I have no idea what annual FIA sales volumes for an agency might be, or what an average sale might be, or what commissions on sales might be.

I heard that 8 K was a ttypical comp ... correct me please if that is out of wack ..?

 

[LostDollar]

I heard that 8 K was a ttypical comp ... correct me please if that is out of wack ..?

I AM NOT AN AGENT.

 

[The Ringo Kid]

I heard that 8 K was a ttypical comp ... correct me please if that is out of wack ..?

Perhaps a conversation with your Medicare IMO would be helpful to have to learn about annuity commissions. It varies by IMO, producer volume, carrier, product, heaped vs. trails, low band/high band, age of insured, FIA vs. FA...it's not an easy question to answer.

 

[MedicareMutt]

Perhaps a conversation with your Medicare IMO would be helpful to have to learn about annuity commissions. It varies by IMO, producer volume, carrier, product, heaped vs. trails, low band/high band, age of insured, FIA vs. FA...it's not an easy question to answer.

I get all that ... if they provide the lead ... def. they take at least half ... which is reasonable I.M.O ...

 

[Tahoe Ray]

I get all that ... if they provide the lead ... def. they take at least half ... which is reasonable I.M.O ...

If they provide real leads, it's a fantastic deal. I would never give 50% of my comp to an agent if I'm giving them the leads.

The leads are the hardest part. The selling part is just solving a problem and is much easier.

 

[Allen Trent]

I AM NOT AN AGENT.

So, based on your experience, that doesnt sound too out of whack, right?

 

[LostDollar]

So, based on your experience, that doesnt sound too out of whack, right?

CAVEAT, I AM NOT AN AGENT.



Based on agent commentary to me, it sounds way out of whack if he is selling me an Oxford MYGA or an FIA (from any carrier) which I can afford to buy. But I could be wrong. I may have misread the Oxford agent rate sheet or been misinformed by 2 or 3 agents.

 

[HoosierLife]

The best way, sell them for 20+ years.

The second best way is to get with an upline focused on annuities who is willing to train you.

Develop client profiles that fit the products you have. For clients looking for rate/CD alternatives, Multi-year Guaranteed Annuities (MYGA) are super easy to start with.

Clients that need immediate income, Single-premium Immediate Annuities (SPIAs) are really easy to understand as well.

You can do a lot of this research online. The tough part is finding the prospects that fit your profiles.

I have dozens of client profiles. It makes it really easy to know exactly how I'm going to position a particular product. Once you have the profile created, you find the best products for that profile.

So the products are fluid (can change depending on market conditions, carrier appetite, etc.) but the profiles remain the same (because the 65 yo looking for immediate income from their 401k rollover is the same this year or 5 years from now).

Good luck.

I’d love to see those client profiles.

 

[Tahoe Ray]

I’d love to see those client profiles.

I'll send you contracting paperwork Monday a.m.

 

[HoosierLife]

I'll send you contracting paperwork Monday a.m.

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