Quotables by Notables On the Subject of Annuities

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On February 9, 2022, my article, The Trial of Ken Fisher for Crimes Against Annuities,was published by Advisor Perspectives. That event marked the beginning of my effort to aggressively defend annuities against criticisms that had become too exaggerated, too longstanding, and too inaccurate to be left unchallenged.

Some of the most vociferous of these annuity critics had become, in Spiro Agnew’s unmatched description, “nattering nabobs of negativism.” Even now, they are unable to move past their longstanding enmity for the products and for those who sell them.

In most cases, my response to irrational criticism is to be rational; I describe a rational framework – the “constrained investor” – that validates the planning requirement to recommend lifetime annuities. I also explain how annuities have transformed, including a constellation of options that align perfectly with the RIA business model. I continue to defend annuities, which unfortunately remain underappreciated and underused.

Since my Fisher article was published, much has changed in the economy:

• What would it mean today if back in February investors had been more open to annuities?

• What benefits might they have enjoyed?

• What changes would be clear to us today if more advisors had been willing to recommend annuities?

I thought it would be powerful to reach out to prominent industry participants to ask them what they thought about these questions and the value of annuities. I am happy to share their comments. My sincere thanks to all who participated.