Are glossy annuity ads glossing over the issues?
April 8, 2019 by Tobias Salinger
A well-funded industry group is using the Rolling Stones’ upcoming tour to present annuities as the mother’s little helper needed to offset the financial drag of getting old.
Backed by 24 of the largest issuers and asset managers, the new Alliance for Lifetime Income will be the sole sponsor of the Stones’ 2019 “No Filter” U.S. tour, which sports the motto: “you can get what you need when you have protected lifetime income in retirement.”
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The variety of annuity products adds to some misconceptions, agrees Sheryl Moore of Wink’s Sales & Market Report. Critics sometimes imply that all annuities are VAs or compare insurance products to investments and recurring 1% fees to one-time 6% commissions, she says.
It’s “very clever” for the Alliance for Lifetime Income to sponsor the Rolling Stones tour given that Americans’ No. 1 financial fear is running out of income in retirement, Moore says. She adds she will be curious to see the extent to which its efforts are not focused on a product or a sale.
“It will be interesting to see what kind of content the Alliance for Lifetime Income develops, because they have numerous stakeholders at the table,” Moore says. “I’m very grateful that the organization has been developed and is heightening the awareness of annuities.”
