That Annuity Show

In this episode of That Annuity Show, the hosts discuss the latest headlines in Retiretech and interview Michael Kalen, the CEO of Covr. They explore the impact of technology on retirement planning, the role of annuities in financial planning, and the changing landscape of the industry. They also touch on the influence of regulation and the potential for AI in the future. The conversation highlights the importance of data, transparency, and innovation in solving the retirement income problem. Takeaways Retiretech is a growing field that focuses on developing technologies and solutions specifically for retirement planning. Annuities have become a preferred product solution for retirement income, and carriers are shifting their focus from product to solution. Technology, such as AI and data-driven tools, is playing a significant role in improving decision-making and enhancing the retirement planning process. Regulation, such as the SECURE Act and the DOL rule, has had an impact on the retirement industry, driving better disclosure and best interest standards. The industry is experiencing change and innovation, with new products, solutions, mergers, and acquisitions shaping the Retiretech landscape. The integration of technology, data, and transparency is crucial in solving the retirement income problem and providing better outcomes for clients. Learn more: https://imagine.nfg.com/innovation-in-retiretech/

In this episode of That Annuity Show, the discussion revolves around the evolving landscape of workplace marketing for brokers, producers, and advisors in the insurance industry. The guests, Ash Rofail, Yuval Sternshos, and David Cohen, the management team of OneKonnect, discuss the role of technology, data, and AI in improving the user experience, optimizing benefits, and increasing sales in the insurance industry. They highlight the importance of automation, data monitoring, and predictive analytics in identifying life-changing events and offering relevant products to customers. The conversation also touches on the challenges faced by carriers in implementing technological changes and the need for a mindset shift towards focusing on existing clients. Takeaways Technology, data, and AI are playing a crucial role in improving the user experience and optimizing benefits in the insurance industry. Automation and data monitoring can help identify life-changing events and offer relevant products to customers at the right time. Carriers need to overcome challenges such as siloed data and legacy systems to implement technological changes and provide better insights to producers and brokers. The focus should shift towards existing clients, offering better well-being solutions, educational tools, and personalized recommendations. Adoption of technology is essential for brokers, producers, and advisors to stay competitive and provide a seamless experience to their customers. Listen to this and more episodes at thatannuityshow.com

In this episode of That Annuity Show, hosts Paul Tyler, Ramsey Smith, and Bruno Caron interview Sheryl J. Moore, Chief Storyteller of Wink, Inc. and author of a new book on indexed annuities. The discussion covers various aspects of the annuity industry, including product complexity, consumer education, and common misconceptions about annuities. Sheryl shares her personal experiences and insights, offering a unique perspective on the challenges and opportunities in the annuity market. Topics: Introduction and Sheryl's Background (00:00 - 05:07) Sheryl's journey in the insurance industry Personal experience with 401(k) losses Annuity Product Complexity (05:07 - 15:38) Proliferation of index options in annuities Challenges for consumers and agents Illustration and Performance Issues (15:38 - 23:52) Backcasting and unrealistic performance illustrations Balancing simplicity and flexibility in product design Consumer Education and Misconceptions (23:52 - 34:42) Common myths about annuities Importance of accurate information for consumers Future of Annuities and Closing Thoughts (34:42 - 37:45) Sheryl's new book and its impact Final messages about annuities and retirement planning

In this episode of That Annuity Show, the hosts are joined by Arun Muralidhar, an expert in retirement security. Arun shares his journey and insights into the retirement industry, including his fight against the privatization of pensions and the need for guaranteed retirement income. He introduces the concept of Selfies (Standard of Living, Indexed, Forward Starting, Income Only Securities), a bond-like instrument that provides a steady stream of cash flows in retirement. Arun discusses the benefits of Selfies, such as marketability, inheritability, and flexibility, and explains how they can be funded by the government. He also addresses the risk pooling aspect and the potential for insurance companies to offer annuities based on Selfies. The conversation explores the concept of Selfies (Standard of Living Indexed, Forward-starting Income-only Securities) as a solution for retirement income. Selfies are a financial instrument that provides guaranteed real retirement income by hedging longevity risk. The government can issue Selfies, which are backed by cohorts, to allow insurance companies to offer guaranteed retirement income. The current retirement products in the market, such as annuities and target date funds, are complex, making them unattractive to individuals. Selfies simplify the retirement income process by allowing individuals to determine their desired retirement lifestyle and receive cash flows based on that. Takeaways Arun Muralidhar fought against the privatization of pensions and advocates for guaranteed retirement income. Selfies (Standard of Living, Indexed, Forward Starting, Income Only Securities) are bond-like instruments that provide a steady stream of cash flows in retirement. Selfies offer marketability, inheritability, and flexibility, allowing individuals to make decisions based on their financial conditions and life events. The government can fund Selfies by replacing existing debt with this instrument, providing a low-risk option for retirement savings. Insurance companies can potentially offer annuities based on Selfies, leveraging risk pooling and diversification. Selfies are a financial instrument that provides guaranteed real retirement income by hedging longevity risk. The government can issue Selfies, which are backed by cohorts, to allow insurance companies to offer guaranteed retirement income. Current retirement products in the market, such as annuities and target date funds, are complex, making them unattractive to individuals. Selfies simplify the retirement income process by allowing individuals to determine their desired retirement lifestyle and receive cash flows based on that. Subscribe and tune in for a new episode every Friday: www.thatannuityshow.com

Join us as we revisit a panel discussion from Retiretech Vegas, April 2024: When should retirement planning start? How should the experience change not only for Baby Boomers but for Millenials, Gen Z, and Gen Y? We will talk about innovations in product and engagement that will change how the process occurs in the future. Moderator: Jonathan Kalman, EOS Ventures Speakers: Alison Susko, Asset–Map; David Macchia, Wealth2K; Farooq Sheikh, Unqork; Sri Reddy, Principal Financial Group Learn more about Retiretech by visiting www.imagine.nfg.com

Join us as we revisit a panel discussion from Retiretech Vegas, April 2024 Seeking Stable Growth - Designing The Next Generation of Annuities In the past decade, interest in fixed-indexed annuities has surged, grabbing a substantial market share. With ongoing innovation in indices and shifts in the macroeconomic landscape, various crediting strategies have emerged. Looking ahead to 2024, amidst persistent high rates and market volatility, what transformations can we expect in our products? And, crucially, how should advisors adapt their recommendations to navigate this dynamic landscape? Moderator: Branislav Nikolic, The Index Standard Speakers: Bobby Samuelson, Life Innovators; Tamiko Toland, Toland Consulting; Jason Fichtner, Alliance for Lifetime Income Learn more about Retiretech: https://imagine.nfg.com/retiretech-forum-3-0-recap/

In this episode, Paul Tyler, Tisa Rabun-Marshall, Laura Dinan Haber, and Heather Brown discuss the challenges and opportunities of implementing AI in the insurance industry. They highlight the importance of making digital marketing expertise accessible for agents and the need for customized content at scale. The team shares their experiences with generative AI and the feedback they have received from agents. They also discuss the challenges of keeping up with the rapidly changing technology landscape and the need for continuous testing and learning. The episode concludes with predictions on the future adoption of AI in the industry. Takeaways Making digital marketing expertise accessible for agents is crucial in the insurance industry. Customized content at scale is in high demand. The rapidly changing technology landscape poses challenges in keeping up and requires continuous testing and learning. The adoption of AI in the insurance industry is expected to increase in the future.

Summary In this episode, Emma Roloff, co-founder of Roloff Consulting, discusses the power of personal branding and digital transformation in sales and marketing. She shares a three-step framework for digital growth strategies: educate, connect, and consult. Emma explains the different platforms and their target demographics, including LinkedIn for professionals, Facebook for older demographics, Instagram for a median age group, and TikTok for a wide range of age groups. She also emphasizes the importance of organic growth and personal branding in building trust and authority. In this conversation, Ema Roloff discusses the importance of authenticity and finding one's content pillars. She emphasizes the need for individuals to understand who they are and what they are passionate about in order to create meaningful content. Ema also addresses the challenges faced by those stuck in the 'rinse cycle' of IT projects and offers advice for both individuals and executives. Additionally, she provides content creation suggestions for Bruno Caron and Tisa Rabun-Marshall based on their unique backgrounds and interests. Takeaways Personal branding is essential for building trust and authority in sales and marketing.The three-step framework for digital growth strategies is educate, connect, and consult. Different platforms have different target demographics, such as LinkedIn for professionals, Facebook for older demographics, Instagram for a median age group, and TikTok for a wide range of age groups. Organic growth and creating content that resonates with your target audience are key to success. Investing in your personal brand and focusing on educating your audience can lead to more organic growth. Creating content pillars and organizing your content around them can help you show up consistently and provide value to your audience. Authenticity is key in content creation. It is important to understand who you are and what you are passionate about in order to create meaningful content. Individuals stuck in the 'rinse cycle' of IT projects should focus on understanding the reasons behind the current situation and finding ways to add clarity or impact their skill set to initiate change. Executives should listen to their teams and understand the challenges they face. Building digital literacy and setting realistic expectations are crucial for effective leadership. Community involvement can be a valuable content pillar. Sharing experiences and supporting organizations can make a positive impact and attract a wider audience.

Summary In this episode of That Annuity Show, Jim Kerley discusses his report titled 'Shifting Distribution, Changing Mindset: Why Advisors Aren't Talking to Consumers About Life Insurance.' The report explores the reasons why some advisors are not discussing life insurance with their clients and the implications for the industry. Kerley's report emphasizes that there is a demand for life insurance, with 102 million people in the US being underinsured or without insurance. The problem lies in the lack of conversation between advisors and consumers. Kerley suggests that changing the insurance mindset of advisors and making life insurance a part of their portfolio can help address this issue. Takeaways There is a demand for life insurance, with 102 million people in the US being underinsured or without insurance. The problem lies in the lack of conversation between advisors and consumers about life insurance. Changing the insurance mindset of advisors and making life insurance a part of their investment portfolio can help address the issue. Technology, such as AI, can play a role in making the conversation about life insurance easier and more efficient. Education and awareness about the benefits of life insurance are crucial in increasing demand and closing the protection gap.

Join us as we revisit a panel from Retiretech Vegas 2024: Consolidation has permanently changed the face of independent distribution forever. Or has it? We will explore the next phase of consolidation and new forms of distribution that may potentially evolve. Moderator: James Wong, Partners Advantage Speakers: Patrick Kelly, Signal Advisors; Tyler End, Retirable; Wes Severin, Symetra; Brian Lucius, Gradient Financial Group

In this episode of That Annuity Show, Paul Tyler and David Czerniecki are joined by John Beshoory to discuss the energy sector and the impact of technology on the economy. They explore the fundamental changes happening in the energy sector, such as the shift towards renewable energy sources like solar and wind. They also discuss the role of technology, particularly AI, in driving energy consumption and its potential impact on productivity. The conversation touches on topics like inflation, the impact of politics on the economy, and the future of the energy sector in terms of dividends and growth. Takeaways The energy sector is undergoing fundamental changes, with a shift towards renewable energy sources like solar and wind. Technology, particularly AI, is driving energy consumption, especially in data centers, and is expected to have a significant impact on productivity. Inflation remains a concern, and the economy is likely to experience ups and downs as the Federal Reserve tackles the issue. The outcome of the presidential election and political dynamics will play a role in shaping the economy, but the impact may vary depending on the balance of power. Dividend investing in the energy sector is still in the early stages, with more focus on growth opportunities. Key indicators to watch for the state of the economy include inflation, the job market, consumer confidence, consumer spending, and household debt.

Merging the worlds of investment and income planning is no small challenge. Mark Shemtob, Fellow of the Society of Actuaries and CFP does this every day with his clients. Mark approaches retirement income from three perspectives: as an actuary, working with individuals, and working with retirement plans. He emphasizes the importance of diversification and the combination of investments and annuities. Mark explains that for most people, it is almost always better to have some guarantee of income in retirement. He also discusses the challenges of getting the investment world and the insurance world to mix and suggests that record keepers could play a role in offering retirement income options. Mark advocates for a centralized solution where people can collect their retirement savings and receive advice on how to best utilize those funds. Takeaways Diversification is key in retirement income planning, and a combination of investments and annuities can provide a balanced approach. For most people, having some guarantee of income in retirement is better than relying solely on investments. The challenge lies in getting the investment world and the insurance world to work together, but record keepers could play a role in offering retirement income options. There is a need for a centralized solution where people can collect their retirement savings and receive unbiased advice on how to best utilize those funds.

In this episode, Paul Tyler, Bruno Caron, and Ramsey Smith interview Alex Khassa, CEO and founder of Clients Black Box, Inc., about his success in helping financial advisors get more clients virtually using Facebook ads. Alex shares his backstory and how he transitioned from being a fractional CMO to focusing on helping financial advisors. He explains his unique approach to Facebook ads and the importance of creating multiple variations of ads to find what works best. Alex also emphasizes the need for collaboration with clients and the importance of focusing on the right target audience. He discusses the conversion rates and average case sizes his clients experience and offers advice for advisors with smaller budgets who want to generate customers online. The episode concludes with a discussion on the challenges faced by direct-to-consumer companies and the key factors that contribute to Alex's success. Connect with Alex: https://www.linkedin.com/in/alaakhassa/

In this episode of That Annuity Show, the hosts discuss the use of AI in financial advisory services with guest Jens Nordvig, CEO of Exante Data and co-founder and CEO of Market Reader. Nordvig explains how Market Reader uses AI to generate real-time market insights and explanations for various assets and events. The tool scans multiple sources, including news wires and social media, with the goal of providing concise and accurate explanations of market movements. The hosts explore the potential applications of AI in the insurance & financial industry, such as creating customized newsletters, improving portfolio performance analysis, and enhancing risk management.

Today's episode is a special keynote recorded at RetiretechTM Vegas on April 9, 2024, where host Paul Tyler welcomes Michele Trogni, CEO of Zinnia, to discuss the transformative impact of technology on the life annuity and health business. Trogni highlights how technology is bringing transparency, simplification, standardization, and productivity to the industry, revolutionizing the retirement sector. The discussion covers the importance of embedded distribution, enabling advisors to service clients efficiently and provide a seamless experience. Trogni emphasizes the need for companies to focus on outcomes and embrace data-driven decision-making to drive productivity and growth. The episode also explores the challenges and opportunities in adopting new technologies, with insights into leveraging AI, enhancing call center operations, and selecting strategic partnerships. Throughout the conversation, the focus remains on simplifying insurance processes, enhancing customer experiences, and driving industry growth through technological innovation. Learn more about RetiretechTM by visiting: https://imagine.nfg.com/retiretech-2024/ Watch the full interview: https://vimeo.com/936827117

Join hosts Paul Tyler, Tisa Rabun-Marshall, Bruno Caron, Ramsey Smith, and guest Graham Clark from Alex Income as they delve into the pivotal role annuities can play in retirement planning. Learn more about ALEX.fyi: https://alex.fyi and ALEXIncome: https://alexincome.com Connect with Ramsey Smith, Founder and CEO: https://www.linkedin.com/in/ramseydsmith/ Connect with Graham Clark, Partner and Head of Product: https://www.linkedin.com/in/e-graham-clark-a8b46910/ Tune in to the full episode catalogue: https://thatannuityshow.com

In this episode, we delve into the dynamic landscape of annuities and retirement markets, exploring the promising opportunities of 2024 amidst the evolving Retiretech scene. Join moderator Doug Roth of CT Innovations and industry experts Ray Jang from Primetime Partners, Marie-Christine Razaire representing Northwestern Mutual Future Ventures, and Andrew Wegrzyn of SixThirty Ventures as they discuss strategies for making smart bets on the future of retirement. Discover insights on navigating the shifting sands of valuation resets and uncover the untapped potential that lies within the annuity and broader retirement markets. Gain exclusive access to expert predictions on which opportunities are primed for success in 2024 and which ventures are poised to attract funding. Subscribe now to unlock valuable insights and actionable strategies: https://thatannuityshow.com This episode was recorded live at Retiretech Vegas in April 2024. Click to watch the full panel: https://vimeo.com/936825322

In this episode of That Annuity Show, recorded live at RetiretechTM Vegas, we delve into the dynamic interplay between technology, regulation, and innovation within the insurance industry. Our panelists, including Commissioners Andrew Mais from Connecticut, Nathan Houdek from Wisconsin, Kathleen Birrane from Maryland, and Troy Downing from Montana, along with moderator George Esposito of Zinnia, lead a discussion on the pivotal role of artificial intelligence (AI) in reshaping the landscape of insurance. Throughout the conversation, they stress the crucial balance between fostering innovation and maintaining regulatory oversight to uphold fair treatment of policyholders. With a keen eye on the potential risks associated with AI and machine learning, the panelists underscored the importance of financial literacy and ongoing consumer education initiatives. As the dialogue unfolds, technological advancements in insurance distribution emerge as a central theme, highlighting the transformative potential of AI-driven solutions. The panelists emphasized the need for collaboration among regulators, industry stakeholders, and consumers to navigate this evolving terrain effectively. Tune in as we explore the nuanced dynamics of insurance regulation and technology, offering insights into how industry players can adapt and thrive in an ever-changing landscape. Learn more about RetiretechTM at https://imagine.nfg.com/retiretech-2024/ Watch the full panel: Insuring Tomorrow: Navigating the Regulatory Environment of the AI and Tech Revolution, https://vimeo.com/935635849

On April 8-10, we held our third RetiretechTM event...this time in Las Vegas. Joe Jordan joined us as a keynote speaker. The next day, we caught up with him in the expo hall of RetiretechTM Las Vegas and talked to him more about the future of purpose-driven retirement planning. Learn more: https://imagine.nfg.com/retiretech-2024/

Tamiko Toland and Michael Finke join us today as founders of Income Path. Income Path is a tool that visualizes retirement income paths and the impact of annuities on that journey. A conversation with Bill Sharpe in 2018 provided the spark for this new venture. The tool aims to shift the narrative from fear-based discussions to positive outcomes and flexibility. It allows individuals to modulate their annuity allocation and equity allocation to create the desired income path. The target audience for Income Path includes financial professionals and institutions, and the tool can be used throughout retirement to evaluate and adjust income plans. Takeaways Income Path is a tool that visualizes retirement income paths and the impact of annuities on those paths. The tool aims to shift the narrative from fear-based discussions to positive outcomes and flexibility. Individuals can modulate their annuity allocation and equity allocation to create the desired income path. Income Path is targeted towards financial professionals and institutions and can be used throughout retirement to evaluate and adjust income plans. Chapters 00:00 Introduction and Guest Introductions 01:05 Genesis of Income Path 05:29 The Modeling of a Variable Annuity 06:52 The Value of Income Path and Annuities 07:22 Shifting the Narrative from Fear to Positive Outcomes 08:15 Coming Together to Create Income Path 09:18 Shifting the Perception of Annuities 10:12 The Flexibility and Offensive Role of Annuities 12:45 Visualizing Retirement Income Paths 14:17 Shifting Mindsets and Behavioral Inputs 21:43 The Impact of Annuities on Longevity Risk 23:08 Considering Healthcare Costs in Retirement 25:38 Target Audience and Launch Strategy 28:04 Inspiring Visualization and Flexibility 29:37 The Impact of Income Path on Advisors and Annuity Sales 32:47 Bringing Visual Tools to the Market 33:33 Closing Remarks and Thank You

217 - The Peak 65 Zone Is Here With Jason Fichtner Jason Fichtner, Chief Economist, Bipartisan Policy Center & Executive Director, Retirement Income Institute, Alliance for Lifetime Income joins us today to talk to us about his latest paper. Jason recently released the 2024 edition of "The Peak 65® Zone Is Here – Creating A New Framework For America's Retirement Security". On our show, Jason Fichtner discusses this paper, the retirement income challenge, and the need for protected income strategies. He highlights the Peak 65 moment and the retirement challenges faced by the baby boomer generation. Fichtner emphasizes the transition from defined benefit to defined contribution plans and the importance of optimizing Social Security benefits. He also discusses the use of bridge annuities to convert retirement assets into a stream of income. The role of the workplace in retirement planning and the need for prescriptive advice are also discussed. The conversation explores the need for protected income products in defined contribution plans and the role of defaults in retirement planning. It also discusses the importance of educational tools and calculators for retirement planning and the impact of narrative framing and behavioral elements in retirement decision making. The narrative on retirement income strategies is changing, and there is a need to expand the message and address retirement security for multiple generations. Takeaways: The retirement income challenge is a significant issue, with many individuals struggling to convert their retirement assets into a stream of income that will last their lifetime. The Peak 65 moment is approaching, with millions of Americans turning 65 each year. This highlights the urgency to address retirement challenges and ensure financial security for retirees. The transition from defined benefit to defined contribution plans has shifted the responsibility of retirement savings and income planning to individuals. This has created a need for protected income strategies, such as annuities. Employers play a crucial role in retirement planning, as employees often trust them for information and guidance. Employers can provide education and resources to help employees make informed decisions about their retirement income. Protected income products should be included in defined contribution plans to provide retirement security. Defaults can play a role in retirement planning by offering options that fit the majority of the population, with an opt-out option. Educational tools and calculators can help individuals understand the benefits of delaying social security and bridge the gap in retirement income. Narrative framing and behavioral elements are important in influencing retirement decision making. The conversation on retirement income strategies is shifting towards a holistic approach. There is a need to expand the message on retirement security and address the challenges faced by multiple generations. Chapters 00:00 Introduction and Background 00:47 Jason's Roles and Expertise 04:13 Peak 65 and Retirement Challenges 05:11 Financial Challenges and Trust Fund Insolvency 06:03 Transition from Defined Benefit to Defined Contribution 07:25 Personal Experience and Retirement Savings 08:11 Optimizing Social Security Benefits 10:04 Bridge Annuities and Protected Income 11:29 Calculating Retirement Income 16:23 Role of the Workplace in Retirement Planning 21:50 Protected Income Products in Defined Contribution Plans 23:27 The Role of Defaults in Retirement Planning 25:17 Educational Tools and Calculators for Retirement Planning 30:20 Narrative Framing and Behavioral Elements in Retirement Decision-Making 35:02 Changing the Narrative on Retirement Income Strategies 38:03 Expanding the Message and Addressing Retirement Security 39:51 The Retirement Challenges for Multiple Generations Read more here: https://www.protectedincome.org/wp-content/uploads/2024/01/Whitepaper_Fichtner.pdf

In this episode, Paul Tyler and David Czerniecki, Chief Investment Officer for Nassau, discusss various economic topics, including China's economic slowdown, energy prices, inflation, and global conflicts. They explore the implications of these issues on the global economy and provide insights into potential future developments. Takeaways China's economic slowdown has implications for the equity markets, interest rates, and global growth. Energy prices have remained stable despite conflicts and disruptions in shipping lanes. Achieving the target inflation rate of 2% has been challenging due to sticky prices in the services sector. Global conflicts, while tragic, have had a muted economic impact so far. Chapters 00:00 Introduction 01:05 China's Economic Slowdown 09:01 Inflation 14:06 Global Conflicts

Summary Ron Gura, the co-founder and CEO of Empathy joins us today on our show. Empathy aims to provide support and guidance to individuals who have lost a loved one, helping them navigate the administrative and emotional aspects of the process. He shares his personal journey and the inspiration behind starting Empathy. The conversation delves into the workflow and touchpoints of Empathy's services, the co-branded experience for carriers and producers, and the impact of Empathy's services on claimants. The episode concludes with a discussion on breaking the taboo around death and the value of experience over product in the insurance industry. Takeaways Empathy is a company that provides support and guidance to individuals who have lost a loved one, helping them navigate the administrative and emotional aspects of the process. The taboo around death and loss needs to be broken, and conversations about mortality and end-of-life planning should be encouraged. Empathy offers a co-branded experience for carriers and producers, allowing them to provide personalized support and resources to their policyholders and beneficiaries. Having conversations about death and end-of-life planning is essential, and individuals should take the time to discuss their wishes and make necessary arrangements with their loved ones. Experience and support are more important than the product itself in the insurance industry, and companies should focus on delivering a positive customer experience throughout the claims process. Chapters 00:00 Introduction and Weather Update 01:03 The Importance of Life Insurance Claims 02:07 Introduction of Guest: Ron Gura, Co-founder and CEO at Empathy 03:06 The Taboo Topic of Death and Empathy's Mission 04:12 Ron Gura's Background and Journey to Empathy 06:26 The Impact of Personal Loss on Ron Gura's Mission 08:25 The Need for Conversations About Loss and Death 10:04 The Workflow and Touchpoints of Empathy's Services 11:25 The Co-branded Experience for Carriers and Agents 13:26 The Administrative Support Provided by Empathy 15:44 The Impact of Empathy's Services on Claimants 17:44 The Logistics and Timing of Introducing Further Business Relationships 19:02 The Importance of Breaking the Taboo Around Death 23:20 The Value of Experience Over Product in the Insurance Industry 31:10 The Right Time and Approach to Introduce Further Business Relationships 35:12 Closing Thoughts and Advice on Having Conversations About Death 38:33 Conclusion and Call to Action

Summary Andrew Unkefer, an industry legend joins us to talk about the importance of relationships in the industry, the impact of technology, the future of the producer and IMO space, the shift to virtual meetings, consolidation in the industry, the impact of regulation, and the integration of estate planning and financial solutions. Andrew also shares his personal focus and future plans. Takeaways Relationships are still a key aspect of the insurance industry and producers and IMOs that prioritize serving their producers and building partnerships will thrive. The industry is experiencing a shift towards virtual meetings, with some producers successfully initiating relationships and conducting business through platforms like Zoom. Consolidation is happening in the industry, and producers and IMOs need to adapt and concentrate their businesses to remain successful. The integration of estate planning and financial solutions presents a significant opportunity for producers to provide a higher level of benefits and services to their clients. Regulation is an ongoing concern in the industry, but state-level protection can help ensure consumer protection and maintain the integrity of the industry. Chapters 00:00 Introduction and Background 01:22 Starting in the Insurance Industry 03:16 Educating People about Annuities 06:08 The Importance of Technology in the Industry 07:31 The Persistence of Paper Kits and Brochures 08:08 The Future of the Producer and IMO Space 09:05 The Shift to Virtual Meetings 10:42 The Importance of Relationships in the Industry 12:09 Consolidation and Changes in the Industry 13:31 The Impact of Direct-to-Consumer Marketing 15:03 Regulation and the Future of the Industry20:27 The Integration of Estate Planning and Financial Solutions 25:26 The Magnitude of the Opportunity for Estate Planners 30:35 The Importance of Celebrating Producers 34:09 The Impact of Regulation on the Industry 37:01 Future Plans and Personal Focus

Zinnia provides technology and administrative services to over 40 life, annuity, and retirement carriers. We had the opportunity to discuss the future of insurance service and technology with Michele Trogni, CEO at Zinnia and Operating partner at Eldridge, and George Esposito, General Counsel, Head of Business Development for Zinnia in their Greenwich, CT offices. As it just so happened, Zinnia announced that it will acquire Ebix Inc.'s Life and Annuity software assets shortly after we met. We quickly added a short interview with Michele to understand what it means for their company and customers going forward. Highlights: Michele Trogni, CEO of Zinnia and operating partner of Eldridge, discusses simplifying insurance through data and technology. Zinnia serves carriers, advisors, and consumers with the goal of modernizing the "rails" of the insurance industry. They are shifting from just a TPA (third party administrator) to a broader technology and data provider focused on carrier growth and better customer experiences. Zinnia has built an extensible data platform called Zahara to enable faster product development and innovation. They aim to facilitate insurance distribution through acquisitions like PolicyGenius. Pending acquisition of Ebix, will expand Zinnia's capabilities from back-office to front-end distribution solutions. Culture focused on collaboration, learning, and delivering value is key, as is having a bold vision to transform the industry.

Summary In this episode, Paul Tyler and his guests discuss the Department of Labor's new rules and their implications for insurance agents. They explore the impact on independent agents and the potential migration towards the RIA industry. The conversation also touches on public policy considerations and the need for proper regulation. Michelle Richter-Gordon shares her insights and highlights the importance of understanding the new rules and their potential risks. The episode concludes with a discussion on advocacy and the resources available to navigate these changes. Takeaways The Department of Labor's new rules will have a significant impact on insurance agents, particularly independent agents. There is a need for proper regulation that takes into account the unique characteristics of insurance products and the role of insurance agents. The new rules may lead to a migration towards the RIA industry as agents seek to operate under an investment advising regime. It is important for agents to understand the new rules and their potential risks, and how to help address these potential risks. Chapters 00:00 Introduction 00:41 Introducing Michelle Richter Gordon 03:02 The Department of Labor's New Rules 05:06 Implications for Insurance Agents 07:58 Public Policy Considerations 10:05 Long-Term Impact on the Industry 13:36 Potential Impact on Unqualified Funds 15:33 The Definition of Investment Advisor 18:12 Democratization of Retirement Planning 19:52 The Purpose of Annuities 20:10 Michelle's Work and Future Plans 30:38 Advocacy and Seeking Help 33:08 Final Thoughts Show Notes: ARC Presents Critical Information for Annuity Fiduciaries recording: https://youtu.be/GClEFX6ITmM Q&A registration, for 2/14/24 at 3pm Eastern, for anyone who has questions about the provocative content in the recording above, here: https://us06web.zoom.us/webinar/register/WN_bSSHbCriTgW1M_bO07oQhg NAFA Webinars: https://nafa.com/education/webinars/ Axonic Insurance Solutions launch press release: https://www.businesswire.com/news/home/20240116916187/en/Axonic-Capital-Unveils-Innovative-Insurance-Offering Michelle's Letter to DOL: https://sway.cloud.microsoft/tG6EodjgoGhkRGxJ?ref=Link

Summary James Wong, our guest today, shares his perspective on the future of annuity distribution. The main takeaway…build strong relationships today in order to navigate the changing landscape of the industry tomorrow. The conversation covers industry associations, survey work, product innovation, acquisitions, and the implications for agents and agencies. James also introduces the concept of the Founder's Chair, which aims to support entrepreneurs in the insurance industry.

Summary In this episode of That Annuity Show, Paul Tyler and Tisa Rabun-Marshall interview Marshall Heitzman, VP of Advanced Planning Consulting at TruStage. They discuss the role of annuities in comprehensive planning and the importance of understanding clients' values and goals. Marshall shares his personal experience with behavioral finance techniques and how they can help advisors connect with clients on a deeper level. They also explore the evolution of annuity products and the benefits of including adult children in financial conversations. The episode concludes with recommendations for further reading and ways to reach out for assistance. Takeaways Understanding clients' values and goals is crucial in comprehensive planning with annuities. Behavioral finance techniques can help advisors connect with clients on a deeper level and engage them in the planning process. Including adult children in financial conversations can strengthen relationships and ensure continuity of the client-advisor relationship. Simplifying the planning process and focusing on clients' values can lead to better client retention and referrals. Chapters 00:00 Introduction and Background 01:18 Marshall's Career and Skills 02:15 Case Design and Solution Design for Annuities 03:35 Types of Advisors Working with Annuities 04:57 Overcoming Objections and Regulatory Changes 05:21 Behavioral Finance Techniques for Advisors 06:11 Time Objections and Building Relationships 07:49 Coaching Time-Pressed Advisors 08:18 Slowing Down and Having Conversations 09:47 Annuities as Estate Planning Tools 11:31 Evolution of Annuity Products 13:26 Behavioral Finance Conversation Techniques 14:08 Personal Story and Connecting with Clients 16:47 Communicating with Women in the Household 19:37 Better Client Retention and Referrals 24:39 Changing Advisor Mindset and Approach 26:11 Simplifying the Planning Process 30:09 Recommendations and Conclusion

Summary In this episode of That Annuity Show, Bobby Samuelson, President of Life Innovators, discusses the current state of the annuity market and the challenges and opportunities it presents. He highlights the entry of new companies into the market and the different strategies they employ. Bobby also discusses the role of proprietary indices in annuities and the need for innovation in product development. He emphasizes the importance of technology in enabling advisors to tell the annuity story more effectively. Overall, Bobby provides insights into the changing dynamics of the annuity market and the evolving expectations of customers. Takeaways New companies are entering the annuity market, with many focusing on multi-year guarantee annuities (MYGAs) as an entry point. The annuity market is highly competitive, and companies need to differentiate themselves through innovation in product development. Proprietary indices have played a significant role in the annuity market, but there is a need for more innovation and a focus on the underlying product structure. The annuity market faces challenges in attracting and retaining customers, and companies need to adapt to changing customer expectations and preferences. Technology can play a crucial role in enabling advisors to sell annuities more effectively and reach new markets. Chapters 00:00 Introduction and Focus of Bobby Samuelson 03:45 New Entrants in the Annuity Market 07:43 Competition and Innovation in the Annuity Market 13:42 The Role of Proprietary Indices in Annuities 20:31 Challenges and Opportunities in the Annuity Market 27:12 Changing Customer Expectations in the Annuity Market 30:44 The Role of Technology in the Annuity Market 35:37 Conclusion and Closing Remarks

"208 - Improving the #AnnuityUX in 2024 With David Hanzlik" Summary In this episode, Paul Tyler, Ramsey Smith, and Dave Hanzlik discuss the annuity industry and the changes that occurred in 2023. They talk about the rebranding of TruStage, the growth in annuity sales driven by the rate environment, and the success of fixed annuities and fixed indexed annuities. They also explore the potential for growth in niche markets, such as deferred income annuities, and the role of registered index-linked annuities (RILAs) in the industry. The conversation highlights the importance of making annuity sales easier for advisors and the potential impact of AI in the industry. The episode concludes with final thoughts and tips for annuity sales professionals. Takeaways The annuity industry experienced significant changes in 2023, including rebranding and growth in sales driven by the rate environment. Fixed annuities and fixed indexed annuities performed well in 2023, with advisors recognizing the value of the guarantees they provide. There is potential for growth in niche markets, such as deferred income annuities and registered index-linked annuities (RILAs). Making annuity sales easier for advisors and improving the ease of use of annuity products should be a focus for the industry. AI has the potential to play a role in improving operational processes and making the industry more efficient. Chapters 00:00 Introduction and Welcome 00:30 Recapping the Holiday Season 01:44 Changes and Rebranding in 2023 03:24 Annuity Sales in 2023 07:27 Growth in Niche Markets 08:08 Renewed Interest in Annuities 09:37 Behavioral Finance and Market Ups and Downs 11:08 Deferred Income Annuities and Income Solutions 12:04 The Role of RILAs in the Annuity Market 13:41 White Space in the Annuity Business 16:33 Expanding the Target Audience for RILAs 20:01 Making Annuity Sales Easier for Advisors 22:29 New Year's Resolutions for the Industry 25:15 The Role of AI in the Industry 27:06 Retire Tech Innovation Event 28:29 Final Thoughts and Advice 30:32 Closing Remarks

Summary Ema Roloff, Co-Founder and Principal Consultant of Roloff Consulting, discusses the challenges and opportunities of digital transformation in the annuity and broader insurance industry. She emphasizes the importance of addressing legacy systems and the education gap in digital literacy. Ema provides insights on how to start building digital literacy and recommends finding reliable sources for learning. She also discusses the fear associated with AI and the need to overcome it by focusing on the benefits and practical applications. Ema highlights the power of video content and authenticity in marketing and suggests becoming the favorite teacher to build trust with customers. The conversation concludes with a discussion on reaching the right audience with video content. Takeaways Legacy systems and the education gap are key challenges in digital transformation in the insurance industry. Building digital literacy is crucial for individuals and organizations to leverage emerging technologies effectively. Overcoming fear and focusing on the benefits of AI can help drive adoption and build trust. Video content and authenticity are powerful tools for marketing and building connections with customers. Chapters 00:00 Introduction 01:18 Ema Roloff's Background and Expertise 03:01 Legacy Systems and Digital Transformation 05:32 Education Gap and Digital Literacy 06:21 Starting Point for Digital Literacy 09:15 Finding Valuable Insights and Lessons 10:09 Trial and Error in Finding Good Sources 18:13 Overcoming Fear and Building Trust in AI 20:59 The Next Wave of Adoption and Perception Change 23:29 Importance of Educating People in the Company 25:31 Understanding the Problems and Bottlenecks 27:52 Completing the Puzzle in Digital Transformation 30:43 The Power of Video and Authenticity 36:15 Reaching the Right Audience with Video Content 39:37 Becoming the Favorite Teacher and Building Trust 40:59 Closing Remarks

We can't believe we're near the end of the fourth quarter already. Today we sit down with David Czerniecki, Chief Investment Officer for Nassau Financial Group. We cover interest rates, geopolitics, inflation, and AI. Interested in learning more? https://www.thatannuityshow.com

It's hard to escape a news show, magazine or newspaper without reading about AI these days. How will it affect our business? That's what we explore today with David Macchia, CEO and Founder of Wealth2K. Learn more: https://www.wealth2k.com Gain additional industry insight: https://thatannuityshow.com/episodes

As the market heads into its final quarter, we thought you would enjoy hearing Tamiko Toland's take on trends in 2023. In this episode, we talk about the 401(k) market, retail annuities, and the consulting firm that Tamiko is building next.

Our world is filled with risks today. At a personal level, we've spent a lot of time talking about risks in managing retirement. Today, we explore how those risks overlap with those of carriers with Tamara Burden, Deputy Chief Risk Officer of National Life Group.

David Czerniecki, Chief Investment Officer of Nassau Financial Group joins us today to talk about the economy. In this episode, we cover a cooling economy in China, an improving outlook for our supply chain, a steadying job market, and the current cost of climate change.

Leads really are the lifeblood of many retirement practices. However, changes in regulation both in the annuity and Medicare space may put an end to the market for leads as many agents know it. Danny Greeson and Josh Solomon from Introz join us today to talk about the changes agents will need to make in the future to find new clients. Links mentioned in the show: https://introz.com

What's changed in our business? What hasn't? Today, we have a great conversation with industry veteran Scott Stolz, Managing Director of iCapital. Links mentioned in the show: https://www.linkedin.com/in/scott-stolz-cfp-ricp-64a0102/ https://icapital.com/

Most retirement plans start with Social Security. However, very few people actually understand how their payment is determined or what their check could be. Jeff Quigley, Vice President at LifeYield joins us today to discuss his mission to change this and how his company is actually doing it. Links mentioned in the show: https://www.lifeyield.com/

In the retirement industry, we're living through a lot of change. Who could be better to help us put the challenges in perspective than Jim Kerley, Managing Partner at Clearview Partners. Jim has played a leading role at startups, at carriers, and at industry associations over the years. Listen today to get great insight into what might happen next. Links mentioned in the show: https://www.linkedin.com/in/jimkerley/

Have we gotten any smarter about retirement and annuities since 2008? That was the year in which today's guest Kerry Pechter, first released his book, "Annuities For Dummies". Kerry joins us to talk about his new version that the series just released in 2023. As it turns out a lot has happened in the world of annuities over the past 15 years. However, people are still asking some of the same basic retirement planning questions as Kerry explains. Links mentioned in the show: https://www.dummies.com/article/business-careers-money/personal-finance/insurance/annuities/annuities-for-dummies-cheat-sheet-208928/

Emerging augmented reality and virtual reality technology present an interesting opportunity to create memorable experiences for clients. Panos Leledakis, President & CEO at IFA Academy joins us today to talk about his insurance practice and how new technology has driven growth in his business across two continents. Links mentioned in the show: https://www.linkedin.com/in/panos-leledakis/

The insurance industry has a tortured relationship with leads - we desperately need them but seem to rarely like what we receive. Maybe the problem isn't really about the lead, but rather about understanding the actual intent of the prospect. Today, Jay Wolff, Chief Revenue Officer of Kerv.AI talks about his company's solution to the problems that applies AI and dynamic QR codes to video on television and on the web to collapse our sales funnel and potentially change our conversion economics. Links mentioned on the show: https://kervit.com

It's not often that people create new products that aren't annuities to increase late-in-life income for seniors. It's even rarer to design one intended to complement the sale of traditional annuities. Today, we'll explore one new company working to offer precisely that. It's called Savvly and we have Dario Fusato, the CEO to explain exactly how the product works. Links mentioned in the show: https://www.savvly.com/

David Czerniecki, Chief Investment Officer of Nassau Financial Group joins us again this quarter to provide his assessment of market trends and the overall economic outlook.

Two weeks ago, the Alliance for Lifetime Income held a summit in Washington D.C. for its members. Ramsey Smith and our guest today, David Macchia participated in the panel discussions. They give us a recap of the event and the insights they gleaned from the two days there.

How do you explain the turmoil in the financial markets to your clients? Today, we're replaying a presentation that David Czerniecki, Chief Investment Officer for Nassau Financial Group recently gave to some of our top independent producers. Joe Jordan joins us as guest host introducing the topic. To see the slides, watch the video version of this on our website.

Earlier this year, we hosted our second innovation in retirement event called Retiretech 2.0. Scott Hawkins, Managing Director and Head of insurance research at Conning delivered a keynote address on macro trends driving the annuity market today. We play his presentation on this show today.

With the passage of the SECURE Act 1.0 and 2.0, agents and advisors have a greater opportunity than ever before to help individuals navigate the complexities of their 401(k) plan. Today on our show, Bonnie Treichel, Chief Solutions Officer at Endeavor Retirement, discusses these opportunities and the requirements to enter this space. Links mentioned in the show: https://www.linkedin.com/in/bonnietreichel/ https://endeavor-retirement.com/

Returning guest Barbara Matthews, Founder and CEO of BCMStrategy, Inc joins us for a timely discussion of public financial policy and the ability of machine learning to separate signal from noise. We cover crypto-currency intermediation, SVB, interest rates, COVID subsidies and the early insight that her machine learning model provides. Links mentioned in the show: https://www.linkedin.com/in/barbaracmatthews/ https://measuringpolicyvolatility.substack.com/ https://www.bcmstrategy2.com/