Annual annuity reviews: leverage them to keep clients engaged

No matter a client’s age or stage of life, annual annuity reviews are essential.

During these yearly planning meetings, you sit down with the client to evaluate how their annuity is performing and confirm it still aligns with their financial goals, income needs, and market conditions.

“You’ll carefully review contract performance, interest or crediting rates, fees, income riders, beneficiary designations, and any changes to the client’s lifestyle or finances,” said Jason Bernat, president and CEO of American Financial Services.

Once the meeting is complete, your client will know where they stand.

As long as the meeting was performed correctly, it will be clear whether they should continue with their current strategy or make adjustments to their annuities and/or overall retirement plan.

Why annuity reviews are essential

Client needs are not set in stone. In fact, they’re almost certain to evolve. Their retirement dates may change, income needs might shift, and family situations may develop in new ways.

That’s where annuity reviews come in.

“The ultimate goal of these reviews is to make sure the annuities in place continue to serve an individual’s intended purpose within their entire financial roadmap," Bernat explained.

These meetings may also shed light on whether a new product or planning strategy may better align with a client’s situation.

According to Thomas J. Brock, certified financial planner and expert contributor at RetireGuide.com, the most effective annual annuity reviews are highly transparent and reinforce the resiliency of a client’s retirement savings.

Without them, a client’s annuities may quickly lose relevance and effectiveness.

Tips for successful annuity meetings

Not all annual annuity reviews are created equal. The best ones involve thoughtful planning and execution. Through these strategies, you can ensure productive, impactful meetings that support your client and foster your relationship with them.

Use clear language

Annuities can be confusing for many clients, especially if they’re new to these products or were hesitant about them in the past. During your meetings, avoid industry jargon and explain things in a way that anyone can understand.

Focus on goals

You always want to start with the client’s goals, not the annuity itself. “Revisit plan objectives like income needs, risk tolerance, and retirement timelines. From there, evaluate whether the annuity still supports those goals,” Bernat said.

Look to the future

“Rather than solely focusing on credited rates, explain what the results mean for future income streams, guaranteed values, and/or legacy objectives,” Brock said. This way, clients can understand how their decisions impact their long-term goals.

Review the carrier's financial strength

Provide an update on the financial ratings of annuity providers and evaluate their solvency. “Make sure the client understands the importance of an insurer’s stability as this might not always be obvious,” Brock said.

Search for repositioning opportunities

If a surrender period is ending and/or market rates have improved, for example, consider whether a 1035 exchange makes sense. Alternatively, depending on the client’s liquidity position, explore whether implementing a laddering strategy is worthwhile.

Document and summarize everything

After the review, send your client a concise, easily digestible report that outlines everything reviewed and discussed. Include key findings and action items for them to implement. “This document can provide them with clarity and instill confidence,” Brock said.

The document can also help you plan for future reviews and answer annuity-related questions as they pop up throughout the year.

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Anna Baluch is a finance reporter and writer with more than a decade of experience. Contact her at [email protected]