Schedule a Meeting

[vc_row top=”20px” bottom=”20px”][vc_column][vc_row_inner][vc_column_inner][vc_column_text]

Service for Fixed and Variable Annuities

Effective 02/01/2022

We have found many of our clients are confused about the firm’s responsibility regarding your annuity(s).  Below are our annuity policies going forward.  Please review them in detail and let us know if you have any questions.

We have not been the Broker-Dealer of record or sold any annuities for many years.  There comes the point where a company can no longer continue providing services without being paid for them.  The Annuity companies charge an internal fee for providing these types of services.

You will need to directly call the Annuity Company for Fixed & Variable Annuity questions and services going forward (see below for phone numbers), including ALL of the following:

The sole role of Christian Financial Advisors® regarding your Annuities is to provide Investment Advice on your Annuities through an RIA (Registered Investment Advisor) agreement we have with Mutual Securities. Mutual Securities is the Broker-Dealer Rep on your annuities and is the Clearing Agent, but they do not provide any type of service.  You will directly work with the Annuity company for your service requests.

Customer service numbers listed below are for most of the Annuities we have been helping clients with over the years. You should be receiving a monthly statement with the phone number on it, but if not and your annuity company is not listed below, feel free to contact us, and we will try to help you find a phone number.  If you are speaking with an Annuity company, feel free to ask them to conference in your Wealth Advisor (830) 609-6986, and one of our team members will be happy to help in any way.  All the Annuity companies have outstanding customer service teams.

Annuity Customer Service Numbers

Allianz      800-950-5872

Brighthouse      800-882-1292

Hartford (aka Talcott)      800-862-6668

Jackson National      800-644-4565

John Hancock      800-344-1029

Lincoln      877-275-5462

Nationwide      800-848-6331

Jefferson National* Purchased by Nationwide, see number above for Nationwide

Pacific Life      800-722-2333

Prudential      888-778-2888

Transamerica      800-797-2643[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_empty_space][/vc_column][/vc_row]

[vc_row top=”0px” bottom=”0px”][vc_column][vc_column_text]

Over the years, I have had clients contact me about an opportunity they have received for a fixed indexed annuity. These annuities are heavily marketed by mail, radio programs, and through free seminars at steak houses as the one-size-fits-all financial product for retirement income. There are important things to know about fixed indexed annuities before investing in them. I am not against all fixed indexed annuities, but there are aspects of fixed index annuities that concern me.

The Good

Many offer a guaranteed minimum income for life based on the claims paying ability of the insurance company. They may produce a better rate of return than today’s certificate of deposit and savings rates.

The Bad

Large surrender penalties apply for early withdrawals. In some cases, these penalties may last up to 15 years or even a lifetime. Because of low cap rates today and returns, they very seldom keep up with inflation which deteriorates purchasing power over the long term.

The Ugly

There is very little oversight for salespeople who only deal in fixed indexed annuities. This is not true of someone licensed to offer securities (stocks, bonds and mutual funds) in addition to fixed indexed annuities, and why some annuity only sales people may choose not to become securities licensed. Working with someone who is licensed for more than annuities ensures their full understanding of the rules and regulations regarding the recommendations of fixed indexed annuities.

Be careful of the numbers that you see on a proposal if you cannot also see what can be liquidated as cash on a year by year basis. There are different ways that some annuity companies structure surrender penalties that can be very confusing. Your actual rate of return is based on what you can liquidate as cash at any point in time, not just what is on a statement and if you are in a long surrender period and want to liquidate, this will diminish the “return”.

Conclusion

Stay away from salespeople who sell only one product like fixed indexed annuities as they tend to steer you toward only what they offer. Instead, look for a financial advisor who can offer you many different financial products as well as fixed indexed annuities. This will enable you to build a diversified portfolio and to hedge against inflation. This can include: stocks; bonds; mutual funds; real estate; variable, fixed and fixed indexed annuities; commodities; gold and silver; commission free, fee based managed accounts; IRA’s and 401k rollovers; SIMPLE and SEP IRA accounts; etc.

For more information on fixed indexed annuities as part of an overall portfolio strategy, call us at 830-609-6986 for a phone or in-office appointment. We will disclose all the costs, surrender penalties, and fees associated with annuities so you can make an educated choice if one should be part of your overall plan.[/vc_column_text][/vc_column][/vc_row][vc_row top=”30px” bottom=”0px”][vc_column][ess_grid alias=”winter-2017″][/vc_column][/vc_row]