Hi Folks,
I am curious to hear what you do when talking to clients about Lifetime Income Strategies. Here is a recent press release from IRI about this. What do you think?
WASHINGTON, D.C. – The Insured Retirement Institute (IRI) released the following statement after Senator Elizabeth Warren (D-Mass.) issued a report on the sale and distribution of annuities:
"We are disappointed the report lacks a full understanding of the current laws and regulations overseeing the distribution of annuities and does not reflect the benefits that lifetime income strategies provide to 30 million American savers.
"The current regulatory framework requires these products to benefit the consumer and meet his or her needs. Under state and federal law, when making a recommendation for any annuity product, financial professionals must consider the customer’s age, income, financial situation, needs, investment expertise, investment time horizon, existing assets, liquidity needs, liquid net worth, risk tolerance, and tax status. Every single annuity transaction must be reviewed and approved to ensure the advisor has met these standards. It is because of this extensive regulatory structure that annuities are considered to be one of the most regulated financial products available to today’s consumer.
"Lifetime income strategies offer tremendous benefits to today’s retirement savers. Annuities offer consumers the ability to secure guaranteed lifetime income that will last throughout all their retirement years. This is why the Obama Administration has promoted guaranteed lifetime income products to reduce the risks that retirees will outlive their savings or face reduced standards of living in retirement. Moreover, IRI research shows that nine in 10 annuity owners are satisfied with their annuity-based investment, and very few complaints are filed with regulators each year."
About the Insured Retirement Institute: The Insured Retirement Institute (IRI) is the leading association for the retirement income industry. IRI proudly leads a national consumer coalition of more than 30 organizations, and is the only association that represents the entire supply chain of insured retirement strategies. IRI members are the major insurers, asset managers, broker-dealers/distributors, and 150,000 financial professionals. As a not-for-profit organization, IRI provides an objective forum for communication and education, and advocates for the sustainable retirement solutions Americans need to help achieve a secure and dignified retirement. Learn more at www.irionline.org.
Contact:
Andrew Simonelli
asimonelli@irionline.org
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Paul Wehking
Senior Solutions Advisor
Higher Logic
Arlington,VA
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