Episode Transcript
[00:00:00] Speaker A: Hello and welcome everyone to the Annuity Straight Talk podcast. Episode number 160, Rolling Right Along. New content today, end to the end of the year and beyond. So this might not seem new to people, but it's gonna be new to a lot of people. Appreciate you guys joining me. Please like subscribe or comment on any of your favorite podcast platforms or on YouTube. Let me know what you think. You got a bone to pick. We got something to settle. We can do that. If it's a really good one, then you're gonna get your own podcast. So go ahead and share it with your friends, everybody that you would like that you think might be able to use the information. I'm kind of going to go toward the end of the year, I call it guns blazing. I'm going to take shots at a lot of disingenuous things in the financial services market and just kind of try to clear the air and realize that a fair and honest approach with consideration of all asset types is important for a solid, well crafted plan. We're talking about Fidelity, who is in continuing their push to use annuities in retirement planning. Now I've talked about that this year and I'm going to share my screen for anybody watching the video. I'm just going to talk about what I've seen from or what I've done over the past year. So about this time last year is when I first heard of it was that Fidelity, it's a guy with a really sizable portfolio came to me and I guess he was looking for somebody to manage all of his assets in retirement. And he went to the big companies, Fidelity, Schwab and Vanguard. And Fidelity was the first one. And they said you ought to take 25% of your money and buy a guaranteed income annuity. Which was groundbreaking news to me because they've always been, they've always had the annuities. I talked about all this stuff. You can go back and look at all the details and the rest of that. And so that's what I did January 11th. So I got around to it and I ended up getting the business because we got a better deal. I had a better deal for him. And I thought, wow, this is crazy because if Fidelity used to say be the company and you can see it right here. So all I did, if you're looking at the video, is just I searched investment on the news, the newsletter search bar, search for what you're looking for, income, investment, whatever it is, and it'll be in there. There's another one that's in here as well. But I wanted to bring this up because I get, I talk to a lot of people and it's just common when you start searching, you talk to other people. Are still hearing from those advisors who say, oh no, it's a waste of time, they're too complicated, they're not necessary, you don't need them. I can tell you without a doubt that nobody who bought an annuity from me this year needed it. They wanted it. You got to want an annuity, right? That's a podcast from last year about my two successful buddies who probably won't buy annuities because they don't really. It's just not where their heads at. They got it covered from everywhere else. So guys that are saying they don't need annuities are not doing their research. They're stuck in their old ways and realize that as markets change and as opportunities change, demographics make a change to it as well. They're more applicable for more people now. I mean I'm selling really good income products to people in their 40s and early 50s. If it makes financial sense, then you do it. A couple weeks ago, I think I read, I think it was the Midland Podcast. Some investment Advisor comments on YouTube. Hey, how much commission do you get off of these things? What's the point? I talk about that with everybody that buys something from me. Looking into him a little bit. He's a fee only advisor. He makes money whether you do or not.
And so I'm going to tell you that's one of the things I'm going to talk about. And I don't. I'm not afraid of anybody who wants to take a shot at me for the money. I make what I do. I work damn hard to make this happen. I didn't buy this book from anyone else. I created this on my own. So this was interesting because I got a client named Eric and he's the guy that turned me onto this. I heard from a couple people that were doing it and he's got a 401k that's managed by his work group, has got a 401k that's managed BY Fidelity. That's why I did that in July. It was interesting because he got his monthly newsletter. He said, wow, look, one of their bullet points in there is annuities. And I think in the first newsletter it was at the bottom. So he hit me up a few weeks ago. He said annuities have moved up to third place now on the list of things that their fidelity is saying now that People should peel off a major chunk of their retirement assets by a deferred income annuity. Now, we know that there's differences between Diaz and GLW B's. I'm going to hit the search for that real quick. I did two podcasts on that. So what you're going to find at Fidelity, obviously they've got a limited number of companies they work with. It's a boardroom agreement. It's not a bad thing. They do work with really good companies, but often you can get a better deal by searching. So that's why I have people call me, give me a ring if they're Fidelity or Schwab. Schwab does it too. Vanguard supports it, although to my knowledge, they're not selling annuities. Even Edward Jones is selling annuities now. So are they really as bad as people say, or the guys that say ignore them. Maybe you should look for a second opinion because I don't think they're keeping up with the changes in, in the market and what's appropriate for all the people that are in of retirement age or people that just want conservative investments. But at Fidelity and Schwab, they're going to sell the Diaz deferred income annuities. It's basically an immediate annuity, but it starts later. So there's a big difference. If you want to look at that DIA vs GLWB. GLWBs are most likely going to pay more. But then I did a the first podcast on that was even though the GLWB paid more, DIA had better guaranteed terms and a guaranteed period payout. So in some situations, depending on what it is now, nobody else is explaining it this way. Fidelity doesn't explain it that way. And that's why it take. Every situation is different. Then I have somebody come and look at that, oh, I really want to do the DIA because yeah, it's got a better guarantee on it. You can look at the numbers in that podcast in that episode. And even though he got the lesson and thought it was a better guarantee, he was actually the guy who needed to maximize income. So it was a GLW B that was better. You need a professional that understands this market. And I'm just going to say it right now, nobody's got it better than I do. There's some really good people out there. But I'm going to have a guest, I think probably early next year when he's able to do it, a guy who wholesales for. So he works with a bunch of advisors and he just Kind of scratches his head. He's I can't believe these people get money from somebody. So it's pretty interesting. That's essentially what you're doing with Fidelity is again it kind of puts to rest the. Let's go back to the investments. I mean I did that Fisher investments versus annuity. Straight talk and he's not as opposed to annuities as you think he is. Wouldn't it be funny if he owned one? Probably doesn't but would be interesting. So anyway that's like put this to rest. Okay. If you're a fee based advisor, good for you. There is a place for that. There's a reason to pay fees. I've talked about it before. I'll probably cover it again when I go the difference between fees versus commissions. If you guys think that'd be a good podcast to cover then I would be happy to do it. I did that. Fidelity's annuity recommendation that is in there for you to see the difference between what they're doing and what I'm doing. Pretty simple and straightforward to me. Fidelity is continuing to push it. A lot of people didn't get to see that. It's been a year so that's why some of these are going to be recurring themes. I appreciate you guys stopping by. This is a quick and easy one. The yeah, there is a consensus. You're either on on with that or not. And if you're not then you just haven't kept up with it. There is a reason for everybody to probably use and enjoy an annuity. What I have said to investment advisors who don't and consumers alike, I said maybe you don't need an annuity but it sure as hell going to make your life a whole lot easier. And so an investment advisor who can cut fees by having a commission product then overall portfolio is not going to cost as much to manage. Plus you're always going to have that safe spot to draw funds market downturn. It's going to happen at some point. They can't just keep going the way it's been going. So anyway, pretty simple and easy to me and I want you guys to keep an open mind when you work with me or anyone else. Promise to give you a custom. I give you custom solution. Any of these. This this information is general. There was a point this year where a guy came at me from a had a Fidelity annuity and I couldn't beat it by a whole lot. I think I beat it by about 4 or 5% of the purchase price. So it wasn't a big dramatic difference. Some cases I'm beating it by 20 or 25%. So in his situation, his guy at Fidelity, who he had a really good solid relationship with for years and years. Yeah, I'm going to pat him on the back. Yeah, absolutely. Go for that. With the guy that you already know and the guy you want to work with, that's okay. I don't have to get every single one of them.
Relationships are a huge part of this business and you certainly don't want to burn a bridge by. You'd only do that if. And that's a couple of the Fidelity guys said, yeah, that is a really good deal. Go ahead and do it there, it's fine. So this is all better if we work together and it only helps you guys. So it's going to make it easier for you. You're going to get less conflicting information. It's going to be much more fun to deal with and a lot less stress going forward. So anyway, this has been episode 160. Fidelity is continuing to push annuities and even more aggressively than before. Like subscribe or comment on your favorite podcast platform or in YouTube if you want to make an appointment with me and talk about it. That's the top right corner of any page on annuitiestraighttalk.com going to have some market analysis next week, I think with my buddy John, and then we're going to keep on this track and close out the year with some really good solid information just so you guys can honestly have a fair chance at figuring out what the best path is for you. So thank you guys so much for joining me. You have a great day and I will catch you next time. Okay, bye.
[00:09:47] Speaker B: You have been listening to Annuity Straight Talk.
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