Solving the retirement planning puzzle — With Todd Taylor
September 1, 2023 by Paul Feldman
Todd Taylor, as head of New York Life’s retail annuities business, has helped shape the business for an industry leader that had more than $22 billion in sales in 2022. He believes being a mutual company has given New York Life an advantage over competitors in riding the recent annuity juggernaut.
He has spent about half his 15-year tenure at New York Life working in the annuity business, first in an analytics and strategy role and then eventually leading the business, which he took over two years ago. An actuary by training, he said he “grew up in the company.”
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Wink’s Moore on the Market: Todd Taylor, Do you really feel that a significant amount of sales over the past six months is really new premium? Sales of bonus annuities are a huge focus, and rates on annuities today are SO MUCH HIGHER than they were a year ago. I am hearing A LOT about 1035/rollover activity. Agent’s are saying, “rates are good now; I am doing my client a disservice if I don’t replace the business.”
As for consistency keeping you at the top of your A-game (that’s Annuity-game!), I appreciate that. Not everyone is consistently offering products and distributing them, much less servicing them.
Your commentary about retirees underspending shows a HUGE value proposition for annuities. Instead of just living off of interest/dividends, purchasers would be able to take greater than 1%, and get it guaranteed for life, with an annuity!
I will give you a BIG YASSSS! to the concept that “every financial advisor in this country who works with pre-retirees and retirees should be able to offer annuities.” Let’s work on that! We need more people who work in BOTH the investment and insurance industries- giving their clients a more holistic experience.
What a great interview! -sjm
