Chad Owen tells annuity agents to stop pushing the same product to every client. Match the product to what the client actually needs, document why you chose it, and know the trade-offs between income riders, roll-up guarantees, and surrender terms.
May 29, 2018
He says he is "writing easily over a million dollars a month."
Hello guys. Chad Owen, Retirement realize. Hey, want to do a little tip for you annuity pushers. The ones that product funnel and push the same product over and over to every single client no matter what. Stop it. You're hurting our industry. Basically what you're doing is when you sit there and say, hey, my product has a 20% bonus, that product doesn't have it, this product, but mine has a 20% bonus. Oh wait, that's only on the income value, man. If you're paying fees, you just need to run as far as you can. You should never pay a fee for an income rider. Okay, once again, stop it. It's not the right thing to do. There are so many companies, so many products. Now that particular product might be right for a person. I have sol of that product, but not to everybody. It's very normal to me to use eight to 10 different insurance companies a year. And out of that probably a combination of 20 some different products. And the reason why this is important is because when you say things like that you hurt our own industry when you say things like, hey, you don't want a fee ever. What if that product, for example, will use the one that doesn't have a fee? If you take how it's performed on a particular index and including the 1.5% increase, it's average about 5.5%. If you take a 7% simple roll up guarantee or a 6% compounded guarantee on the income roll up, which one's going to produce a higher amount of income for the client? What if they need to start to draw money out in year two, year three? This other product you can't draw out until year 11. Why are you not using the product that's best for them? I have this product, I own the product that you can't to the 11th year. Why? Because for my age and what I wanted to do, it's the best. But if I was 55 years old and I'm going to start to draw income in the next seven years or whatever, then that's not the best product. Why are you being lazy and product funneling? Because you don't want to learn new products. It doesn't even make sense. Guys, I know I'm being harsh, but the reality is if we want to shake this image in our industry of well, hey, that annuity guy, they only push one thing on the radio show. They only talk about one thing. The only way to change the perception is to change what we're doing right now. In other words, it's going to Take some time, but it's not honest. It's not ethical to product funnel and product push. You have to make sure you're using the right product for what the client needs. Otherwise you will end up in a ton of suitability issues in the future. That's why I document everything. I go through the Fact Fire Complete. I actually have a product comparison tool to show why I picked the product I did to prove that it was the best for that particular situation. But, man, you guys have just pushed these products. I'm telling you, you're hanging yourself with your own rope. So go beyond that. I know our industry is better than that. I know our agents are smarter than that. I teach in large groups where we have a whole bunch of agents and man, we have some smart guys in our industry. We have very intelligent agents. Don't dumb yourself down by only using one or two products. Make sure you study. That also comes down to the right imo, the right fmo, the right bga. If you're imo, BGA or whatever. Don't product push, don't funnel. I know if I call my marketer, I know for a fact I'm gonna get the best product for the client's situation. Now, that being said, I should know off the top of my head what the best product is. Does that mean many, many hours of studying? Many hours of making sure I'm doing the right thing? Many hours of case design? Yes. But you know what these guys have? Our clients have their money saved up for 10, 20, 30, 40 years. It's the least we could do to make sure we're picking the best product for them. Okay. We wonder why the DOL rule happens and things like that. You can have your opinion about it, but the reality is there are people that push a product for the sake of a trip. There are people that push a product for the sake of commission. Don't be one of them. And if you see one of your colleagues or one of your fellow annuity buds doing that, discourage them about doing that. Say, hey, you know what? There's a better way. Just be above reproach in anything you do, everything you do, and our industry will start to get this great work. I mean, here's the reality. We're starting to get a great name in the financial world where I'm in. Articles come out, see how great annuities are. We're having all sorts of facts coming into play where the index strategies are beating risk products. Let's continue the momentum and let's do the right thing for our clients. So, guys, if you want more sales tips, some training, just go to retirementrealize.com, subscribe to some courses, become a member. Whatever you need to do to get yourself better and more and more knowledge. I'm telling you, I'm on track to have an incredible year again. It's been a tough, tough year, but I'm still writing easily over a million dollars a month. We can all do this together. The key is, is having a mentor to help you. But let's do better together. I appreciate your time, guys. Happy selling. We'll talk to you later. Bye. Bye, Sam.
