Pam Krueger: Your Wealthramp to Fiduciary Advice
“Fun With Annuities” The Annuity Man Podcast
Release Date: 02/14/2023
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: Not everyone needs to be exposed Bonds and market volatility Looking into lifetime income Questions to ask your advisor Key Takeaways: Financial advisors tend to advise their clients to do 60% equity and 40% bond split or that they always have some exposure, but it doesn’t apply to everybody. People who’ve won the game don’t have to keep playing. Bonds aren’t fool-proof; they go down in value if interest rates go up. If you’ve already accumulated enough to live the life you want and...
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In this episode, The Annuity Man discussed: Bonuses are not the true benefits Unethical practices that rush an annuity sale Focus on what really matters Key Takeaways: Upfront bonuses are merely a part of the contract rather than the true benefits they seem to be. Focus instead on the lifetime income guarantee, on the financial stability and predictability an annuity can offer. Agents sometimes tout bonuses rather than clarify the long-term financial implications of the annuity in order to close a deal. It is unethical and in some cases, could even...
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In this episode, The Annuity Man and Jason Fichtner discuss: Preparing for depletion Preaching to a hurricane Maximizing returns and minimizing risks The real danger zone Key Takeaways: There’s going to be depletion in combined trust funds in 2024. In response to this, you can delay claiming your social security until you absolutely need it, you can also save a little more - do anything to minimize the risk. People want a personal pension and a guaranteed paycheck for life, but they don’t want an annuity. That’s absurd, because that’s...
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In this episode, The Annuity Man discussed: Annuities are customizable An example of life with cash refund What does it mean to get a joint-life policy Options and choices when getting an annuity Key Takeaways: A life-only contract means that the annuity company is on the hook to pay as long as you’re breathing, but the money goes away when you die. Life with cash refund means that you get paid while you’re alive, with some money going to your beneficiary when you die. A joint life policy means that you and your spouse will...
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In this episode, The Annuity Man discussed: What does it mean to live off the interest? Living off guaranteed interest When interest rates go down If you can’t live off of the interest Key Takeaways: At the time of this taping, some money markets are 4, some CDs at five, and some MYGAs at five and a half. A lot of you out there have enough funds that whatever interests you can take off of those products is sufficient, and you never have to touch the principal. There's no guaranteed return with index annuities, variable annuities, or...
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In this episode, The Annuity Man and John Olsen discuss: The suitability approach and consumer trust How the annuity industry can be better Approaching people who hate annuities Risk management and risk transfer Key Takeaways: There is a considerable certainty that companies out there are determined to give the right product to their clients. If you’re looking for a solution for your client, the agent should be able to show 3-10 companies that could get the client what they want and need. Improving your knowledge of...
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In this episode, The Annuity Man discussed: What are MYGAs and SPIAs? Annuities are contractual commodities MYGA to SPIA Key Takeaways: A MYGA, Multi-Year Guaranteed Annuity, is the annuity industry's version of a CD. The good news about MYGAs is that the interest rate is locked in and non-callable. This means that when interest rates go down, you’re going to be locked in. Annuities are contractual commodities, meaning that when you're buying them for the contractual guarantees, you can shop all carriers for the highest contractually...
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In this episode, The Annuity Man discussed: The four main concerns that annuity addresses Why you should stay away from fancy annuities Things to consider when buying annuities Key Takeaways: Annuity contracts are designed to address four key concerns: principal protection, lifetime income, legacy planning, and long-term care. However, not all annuities are created equal. Fancy annuities often come with a host of fees and complicated rules that can make them difficult to understand and manage. On the other hand, contractual annuities offer the same...
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In this episode, The Annuity Man and Dana Anspach discuss: Juicing your retirement...
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In this episode, The Annuity Man discussed: Annuity solutions to retirement problems The four things that annuities solve for How annuities can give peace of mind, flexibility, and freedom Key Takeaways: Retirement can be a daunting prospect, with the uncertainty of how long your savings will last and the fear of running out of money. However, annuities offer a solution to these concerns by providing contractual guarantees. Annuities can solve for principal protection, ensuring that your initial investment is safe. They also provide income...
info_outlineIn this episode, The Annuity Man and Pam Krueger discuss:
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Should you trust people not held to a fiduciary standard?
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The advantage of buying a registered advisor
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The mark of a great financial advisor
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Two questions you must ask your advisor
Key Takeaways:
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There are a lot of self-described advisors working at brokerage firms or insurance companies. They are not necessarily bad people or bad advisors but work for a business model that has consciously chosen not to be held to the legal fiduciary standard.
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Hiring an advisor who is held to a fiduciary standard is advantageous to a client. Anytime the client feels that the advisor has mismanaged their finances, the burden of proof will be on the advisor.
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Humility is the x-factor in an advisor. A good advisor is not in it just to live off of their client’s money, but to offer their expertise for the client’s good.
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Ask them first who are their typical clients and what they do for them. Then, ask them how their clients pay them. Relax and take your time, but go straight into business.
"Fiduciary is not a frame of mind. Fiduciary is not a mood you're in. A fiduciary standard is a legal standard." — Pam Krueger
Connect with Pam Krueger:
Website: https://wealthramp.com/ | https://www.pamkrueger.com/
LinkedIn: https://www.linkedin.com/in/pamkrueger/
Twitter: https://twitter.com/PamkruegerTV
Connect with The Annuity Man:
Website: http://theannuityman.com/
Email: [email protected]
Book: Owner’s Manuals: https://www.stantheannuityman.com/how-do-annuities-work
YouTube: https://www.youtube.com/channel/UCCXKKxvVslbeGAlEc5sra2g
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