3 Facts to Know About Your Annuity Broker

By Compuquotes Team on March 27th, 2008

You are at a loss as to what type of retirement package will suit your needs in the future. And you want to get the best piece of advice on this crucial decision you need to take. If you decide to talk to a financial planning expert, you should look for the most helpful annuity broker around to help you decide.

The annuity broker you finally talk to must consider your needs and requirements for the future, not his commission needs for the present. Your annuity broker must be able to help you come up with the best option or scheme to build your wealth, maintain it, increase it, protect it, and benefit from it in the long run. If your annuity broker can help you beyond merely choosing the annuity, towards a more complete financial protection package, estate conversion, benefits funding, and long term insurance and retirement options, then you've found your match.

Consider these three (3) requisite facts about your annuity broker that you ought to look out for:

  • 1. Your annuity broker must look objectively at your present situation, your future retirement objective, and the whole picture of your needs and requirements.

Remember that this is your plan for the future and that nothing should go wrong about it. Your broker must be able to help you assess the best options and allow for contingencies at the same time. Together, you and your broker must be able to map out a plan on how you will best attain your retirement objectives.

The two of you must look at all possible options because no two people's retirement requirements are exactly alike. It is not enough that your broker offers annuities; he must be able to give you the kind of annuity you will need and be able to use, whether fixed or variable, immediate or deferred.

  • 2. Your agent must work with you closely to set up goals and benchmarks. This is so that you set realistic and attainable goals and targets within the specific time you want to do that.

Don't try to accomplish or aim for too much; be more realistic and grounded in setting your retirement objectives. It is your annuity broker's job to clarify to you and help you focus on what should be most important to you when considering your retirement needs. Whether it is your kids' or you and your spouse's benefits that are paramount, that focus will enable you to plot the present for you to come with the most workable plan.

  • 3. Your annuity broker must help you develop your financial strategy, set it into motion and implement it, help you in coordinating your plans and financial activities, and monitor your financial strategies if they are going according to plan.

Your agent or broker should be able to objectively recommend alternatives to you if your activities are not working out as you've outlined them. It should be an ongoing customer service of your broker to see your progress through to completion, to the time you are receiving your payouts at retirement already. Advising, helping in planning, strategy revising, monitoring, claims-servicing - all these should form part of the service of your annuity broker.

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