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Thankful for Compliance Ayanna Burns Annuity Suitability PPT-1108 Paul Garofoli

Current Enhanced Suitability States Alaska Arizona California Connecticut Colorado District of Columbia Hawaii Illinois Indiana Iowa Kentucky Maryland Michigan Minnesota New Jersey North Dakota Ohio Oregon Rhode Island South Carolina South Dakota Tennessee Texas Utah Washington West Virginia Wisconsin

What’s Different? 4 Hour Annuity Training Product Specific Training Enhanced Suitability Questionnaire

Suitability Questionnaire

Suitability noun- the quality of having the properties that are right for a specific purpose ¹ ¹The American Heritage® Dictionary of the English Language Does this product fit my client’s needs?

What Needs Are Being Fulfilled? Saving for a Long Term Goal Legacy Policy Tax Deferral (nonqualified) Preservation of Principal Estate Planning Future Retirement OTHER? Guaranteed Minimum Interest Income Replacement

Suitability Questionnaire Whose Information? –Owner’s If married combine financial information Owned by a trust? See the last page of the questionnaire for instructions Mark all that apply –Help us get to know your client Double Check all of the paperwork

Avoid Write Backs Submit paperwork In Good Order (have you tried eApp yet?) There is no opt-out, no questions on the questionnaire should be left blank CLIENT must re-date and initial all changes Provide all pertinent information –Help us get to know your client –Utilize comments as needed Mark all that apply Client should have adequate liquid assets available after purchase

Frequently Missed Items Ultra Future 15 Years $135,000

Frequently Missed Items x Mutual Fund IRA

Frequently Missed Items x x x x

Replacements A Current Account Statement is REQUIRED

Trust Owned Annuities

Revocable vs. Irrevocable Trusts Trust Provisions Trust provisions can be altered or terminated at the grantor’s discretion Trust Provisions The grantor cannot modify or revoke trust provisions Asset Protection Trust assets are considered personal assets of the grantor Asset Protection Trust assets are not considered personal assets to the grantor Revocable Trust Irrevocable Trust Suitability information should pertain to the GRANTOR*. NOT a 3 rd party Trustee. * in most instances Suitability information should pertain to the TRUST itself. NOT the Trustee.

Trust-Owned Annuities cont. Things to Consider Trust terms Trust beneficiary designations Additional form –Trust Information Form Possible additional required signatures –Grantor –Trustee

Frequently Asked Questions What assets are considered liquid? –Those quickly converted to cash without penalty –Checking/Savings, matured CDs, annuities beyond the surrender charge period, penalty free w/d etc. How much should a client have liquid? –1-2 years worth of income (if at or nearing retirement) –At least 6-12 months emergency fund Can I run a possible scenario by someone? –Yes! Please give us a call.

Questions? Contact Us! (800) Marketing x286 Suitability x313, x525, x400