We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (21,155)
  • Industry Conferences (2)
  • Industry Job Openings (35)
  • Moore on the Market (414)
  • Negative Media (144)
  • Positive Media (73)
  • Sheryl's Articles (800)
  • Wink's Articles (353)
  • Wink's Inside Story (274)
  • Wink's Press Releases (123)
  • Blog Archives

  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • September 2008
  • May 2008
  • February 2008
  • August 2006
  • Insurance pros pitch annuities as antidote to market downturns

    October 25, 2010 by Mark Shoeff, Jr.

    Prudential CEO Strangfeld says Americans may now be more open to annuities to ensure income

    By Mark Schoeff Jr.

    October 25, 2010 3:56 pm ET

    After seeing their retirement savings devastated by the financial crisis, Americans may be more open to annuities as a way to ensure an income stream and protect against market downturns, according to an insurance industry leader.

    “The value proposition [of guaranteed income] has never been easier to explain; it’s no longer theoretical,” John R. Strangfeld, chairman and chief executive of Prudential Financial Inc., said in a speech today at the annual conference of the Insured Retirement Institute in Chicago.

    “Americans are looking for certainty — the type of certainty we’re providing,” Mr. Strangfeld said. “This is not only a business opportunity. This is an opportunity to make a difference in their lives.”

    Risk-averse investors have parked $10 trillion in cash and another $15 trillion in low-yield fixed-income products, according to Mr. Strangfeld.

    “Our focus should be on reaching consumers who have never considered annuities before,” Mr. Strangfeld said.

    But it will be a challenge to get consumers to embrace annuities, which have suffered from a perception of being too expensive, complex and vulnerable to abusive selling practices.

    “We need to simplify our story,” Mr. Strangfeld said. “These products are too complicated.”

    That may be why the growth of annuities has sputtered over the last decade while other financial products like mutual funds and 401(k)-type plans have taken off.

    Prudential and other companies are trying to increase market penetration by focusing on investment advisers. The number of fee-based advisors who counsel their clients to add annuities to their portfolios “is almost non-existent,” said James A. Shepherdson, IRI chairman and president of retirement savings at Axa Equitable Life Insurance Co.

    Prudential has conducted “road shows” for 22,000 fee-based advisers since the beginning of the year, according to Bruce Ferris, executive vice president of sales and distribution. In addition, the company has conducted numerous conference calls and hosted other events.

    “There are many advisers who don’t know the benefits” of annuities,” Mr. Strangfeld said. “We need to change that awareness level.”

    But advisers have the same resistance to annuities as their clients.

    “The advisers are a reflection of their clients, and their clients are still living in fear,” Mr. Ferris said. “Our mantra is to be the strategic adviser to the advisers.”

    The industry needs to adjust its approach to promoting annuities, Mr. Shepherdson said. They can’t just be bolted onto a managed-account platform. The idea of a lifetime income stream has to be integrated across a platform.

    “They have to be part of the process because it’s a process sale, not a product sale,” Mr. Shepherdson said.

    Overcoming annuity fear will be an ongoing challenge. “Products need to be both good for consumers and good for shareholders,” Mr. Strangfeld said. “Our commitment to doing what is in their best interest is the key to earning the right to grow. Trust is a big issue. Trust in financial services in general is at a low point.”

    Originally Posted at Investment News on October 25, 2010 by Mark Shoeff, Jr..

    Categories: Positive Media
    currency