I was watching the first Republican debate of 2016 and in the middle of it came a commercial for Fisher investments and why Ken Fisher hates annuities. (Of course, I had seen the commercial before and everyone mentions it to me.) Let's start with this: I'm Phil Wasserman. I sell annuities and insurance. I love annuities and so should you.
Annuities are designed for income. If you need income, they are a great product and strategy. If you don't need income, you probably don't need an annuity today. There are hybrid annuities that include long-term care and in home healthcare without any health questions for people who can't get the coverage. There are annuities where you can't lose your principal, so for retirees battered by the recent stock market, they are great vehicles and they are guaranteed lifetime income and with longevity…that's important.
But let's go back to my friend Ken Fisher. Ken Fisher is actually not my friend. I've never met him but I've heard he's a very pleasant person. But why does he hate annuities? Because Ken has built his own annuity. He is a huge money manager who charges a fee whether the market goes up or down. He's built his own annuity and he's reportedly a billionaire. Is Kenneth a smart guy? Absolutely.
Let's take $1 million. If you are selling a new annuity with that, the average commission is around $60,000 over a ten-year period. That's not so bad. Some of you might think it's too high, but I have to service you for ten years.
If Ken has you invest $1 million, he might charge you a 1.5% fee yearly whether the market goes up or down. That's $15,000 a year. Over ten years that's $150,000. Wait a second, that's a lot more in fees! No wonder Ken is a billionaire and I'm not. No wonder he hates annuities. He makes a lot more money under his business model. As I said, he's a smart guy.
All you have to do is follow the money.
If you're interested in discussing this with me, call me at 800-254-9567. And here's my cell number 941-726-3183.
To make it clear, I'm calling Ken out. I'm challenging him to a debate that we can post on the Internet.
And here's something for all of you to think about; Mr. Ken Fisher, billionaire who hates annuities, his firm is one of the largest shareholders in one of the best annuity companies in the country. That's right! I didn't believe it myself, but it's right there on the Internet.
By the way, here's a disclaimer, Ken. I'm not a billionaire but I'm a pretty darn good debater.
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