How to Find a Good Annuity Broker
If you are thinking about purchasing an annuity you need to find a good annuity broker. This should be someone who is an expert on annuities. The annuity market has expanded quite a bit in recent years. There are a lot of new features to understand, that a qualified annuity broker would be an expert on. If you have a stockbroker that you trust, you may want to ask him/her for a referral to someone that can help you make a selection. Your broker may even be able to help you.
It is important to work with someone who is familiar with annuities. There are a lot of different variables to selecting annuities. You need to use a broker that is aware of all the different aspects of the products. You may find after you purchase your annuity that there were other riders and benefits that you should have requested. There are many new living benefits that can go along with the annuity contract that you will want to take advantage of at the beginning of your contract. You should make sure that your broker advises you on the options.
If you find a good annuity broker you can explain your investment and retirement objectives and he/she can make sure that you get exactly the right annuity to fill your needs. Look for independent brokers that are not tied to one company. They will typically work with a number of different companies that they feel are most reputable. Remember that they want to have a good reputation with what they recommend as well
Check the NASD Website
You can check the NASD website to see if the person you are considering using as your broker has any client complaints against them. If they do, you should investigate further to make sure that this is not a pattern for the person. You may find that asking a friend for a referral may be a good way to get started with finding a good annuity broker. If you know someone else who is happy with their annuity you might want to talk to their broker. You should check the NASD website to find out about any complaints anyway though.
Most people do use referrals from friends or family members to find an advisor they feel comfortable with. You should ask the person you are talking with about their credentials and their experience with annuities. Ask them to tell you the companies they work with and why they work with those particular companies.
You may want to do some independent research into the companies the broker is recommending. If you do not have a referral to anyone and you are just choosing a broker on your own, you may want to do a more thorough investigation of the person. You need to do everything you can to make sure that the person is qualified to make recommendations on annuities in a trustworthy manner.
Consider what firm they are working with if they are not independent. How reputable is the firm? If they are independent, maybe they can allow you to call some of their satisfied customers and talk with them about the broker. The main things to be concerned about when choosing a good annuity broker is to find someone who knows the product inside and out and have someone you feel has your best interest in mind.
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Find Someone Who Will Educate You on Annuities
When you are deciding on an annuity broker, select one that will educate you on annuities. You will feel a lot more comfortable if the broker explains the different options in such a way that you truly understand them and can easily decide which options are most important to you. If you are talking with a broker who is not helping you learn about annuities, but is just trying to put you in one, you should probably find another broker.
Annuities have become fairly complicated in recent years. There are so many different riders and additional factors to consider that it is imperative that you talk to someone who knows all the different angles and will point them out to you. You may not be interested in all the points but you should be aware of them before you make your purchase decision.
An Independent Broker May Be Best
If you are wondering whether to use an insurance agent to help you purchase your annuity, you may be fairly limited. Agents are usually captive, which means they can only sell the products that are run by their companies. If someone works as an agent for MetLife, they will not likely be able to sell annuities from ING or any other company. This will limit their availability to recommend only their own products. They may know them inside, but they will be above all loyal to their company..
An independent broker represents any annuity company he/she wants to represent. They are not limited to only one product. They work for an independent agency or for themselves. This person is able to pick and choose what they feel the best product is for your particular needs. Some may be driven by commissions, but your chances are fairly good that they will want to keep you as a long-term client and make a good first-impression. An independent annuity broker is likely spend a lot of time studying the many annuities in the market and would be one of the best people to steer you in the right direction. You just need to explain exactly what your goals are.
Interview More Than One Broker
If you are going to be making a substantial investment, you should talk to two or three different annuity brokers to get a feel for each one. By doing this, you will get a better sense of who is more qualified and has your best interests at heart. If you find someone who’s honest and shows a determination to fight for your financial security, this is likely to be a good match for you.
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