Chad Owen walks through a case where a previous agent sold a 60-year-old client an annuity that delayed guaranteed income by 11 years and skipped required paperwork. Owen fixed it by advising cancellation and stresses agents need to know their products, provide brochures and illustrations, and follow compliance rules.
Hello, Chad Owen with Annuity Agents Academy. Once again, I want to share something that I ran into. As you guys know, I run appointments just like you every single week. And it looks like I'm going to be getting another sale again. Because an agent was either too lazy or not competent to, number one, give the right of product for the client. Number two, provide the right brochures or literature for the client. And so, long story short, the client's 60 years old, his wife was 58, and he was presented a product, he needed to start to draw income within two years. He was presented a product that he can't even get guaranteed income for 11 years. In other words, he has to wait at least 10 years to go through the process before he can activate guaranteed income for the rest of his life. On top of that, he didn't leave the client with any illustrations. He didn't leave the client with any brochures, he didn't leave the client with any sort of state guarantee buyer's guide. And so while I was there, I built enough doubt in what the client was presented, if it even works like the agent said, because the agent wouldn't give him any information. So he called the company and he free looked the policy. In other words, it was supposed to be delivered within the next week. So he called the company and said, hey, don't even bother. I don't want that policy. Now why did I do that? Well, for two reasons. Number one, the product that he was put in was wrong for him. He needed something that had guaranteed income in two years. The product he was put in had no guaranteed income in two years. On top of that, whoever the agent was was lazy because they didn't provide any sort of illustrations, brochures, or state buyer's guide. So I wanted to make sure that I'm doing my job, that I'm providing what's best for the client. And I make sure that when I walk out of there, I did what's best for them. If I would have walked in there and I didn't know anything about all the different companies that are available or all the different products that are available. Number one, I couldn't even explain to them why my product was better. So you have to know all the different types of products that are available, which one's best for each client, have proof it will work the way you say it's gonna work. And don't be lazy. Leave things for the client. In annuity Agents Academy, I talk about this in multiple areas on my webinars. I go over this the leave what sells for you when you're gone, what solidifies the decision they made when you're gone. I share all that with you. So go to www.annuityagentsacademy.com and you can sign up for memberships. You can be a part of our webinars. But more importantly, I just want to help you get this down. I mean, quite frankly, this guy not only would have put him in the wrong product, but he just lost out on a sale because he wasn't thorough. So once email me any questions, go to our website, submit a question. Thank you very much. You have a great day.
