The Race to Annuity Virtual Selling

Hi, I’m Stan The Annuity Man, America’s annuity agent, licensed in all 50 states. If you’re looking for anything annuity-related, visit The Annuity Man.

I want to share a quick story with you. About a decade ago, I was crisscrossing the country selling annuities. I flew on planes, drove a hybrid car, and put an incredible 275,000 miles on it. Back then, every sale meant meeting clients face-to-face, where they would physically sign the dotted line. But then life threw me a curveball—I hurt my back and couldn’t travel anymore. That unexpected turn changed everything.

And back in the day, you could only sell annuities if the paperwork was signed the same day and at the same place with the client. So, my staff and I said, "I can't travel anymore, I hurt my back, and I'm going to have to sell direct." And at that point in time, you could not sell direct. We had to convince carriers to allow me to sign the paperwork the day after when the FedEx arrived. That's how far back I go with this virtual selling. Now, everybody's trying to do virtual selling. Yes, I was the original person. There were a couple more people out there who followed and were pioneers in it as well. And kudos to them. They're friends of mine. But now everyone's trying to sell virtually.

The good news for the consumer is that the annuity industry has reacted to it. And now, many of them are going to e-apps and doing a lot of encryption stuff online, so you can do apps online and get it done. And I think that's fantastic, and I think that's pro-consumer. However, the race to virtual selling is something that the consumer needs to be aware of. It's not all equal out there. Not everybody's set up for it.

Seamless Selling Process

Someone called the other day and said, "Hey, Stan, tell me about the business model. How's business going?" And my comment was, "Do not confuse a virus with genius." Everybody thinks I'm a genius because I figured out virtual selling long ago and was the pioneer for it. And we set up for it and created systems and best practices that no one has. That really makes the selling process seamless. Whether you're in Hawaii, Oregon, South Carolina, Texas, New Mexico, Wyoming, California, Florida, or North Carolina, it doesn't matter. It's the same for everybody. And we're very, very proud of that. And we put a lot of money into it and have plowed the field into a blue water strategy that now everyone's trying to embrace.

What I'm telling you is, be very careful. Because most agents, I would say, and I don't know the stat, but I knew it a while back. It was 70% of all agents, and the annuities they sold were within a 30-mile radius of where they lived. That's fine. I have no problem with that type of selling. But after the pandemic, the face-to-face meetings and the bad chicken dinner seminars are no longer there. Now, everybody is trying to do a Zoom meeting, and everybody is trying to do a virtual meeting. And everybody is trying to figure out how to do it online.

A Word of Caution

Before moving forward, think of it like online banking—you need to know exactly who you're dealing with. Is the agent properly set up? Do they follow best practices? Do they understand encryption? Do they have the technology and systems to handle the process effectively? And most importantly, have they done this before? You don’t want to be their first e-application—you don’t want to be the guinea pig.

The good news is that more consumers are realizing they can purchase annuities, secure contractual guarantees, and transfer risk without meeting an agent face-to-face. My mantra has always been that selling contractual guarantees doesn’t require an in-person meeting. I’ve been upfront with people from the start: I’m not here to be your friend—I’m here to be the best advisor you’ve ever had. You don’t need friends or family to manage your money because that’s when mistakes happen, and blind trust can lead to poor decisions.

That said, with virtual selling, you need to be cautious. Some companies are doing it the right way, and we at The Annuity Man pride ourselves on being one of them. However, not everyone has the technology, resources, or commitment to do it right. Protecting customer information and adhering to best practices requires investment and expertise; not everyone in the industry is equipped for that.

Why Choose Us

The annuity industry is still catching up. We've been proactive, working with carriers, IMOs, and FMOs to teach agents how to sell annuities correctly in a virtual environment—ensuring the process is seamless and secure for clients. But you must remain vigilant. Even if you prefer to buy from a local agent or broker you trust, we can assist in bringing them up to speed so your transaction goes smoothly. Whether you choose us or someone else, our priority is ensuring the virtual process is seamless and secure.

For agents struggling to adapt, while we’re not offering formal services, we’re open to helping if needed. For consumers, if you have questions or concerns about virtual annuity transactions, we’re here to help. The annuity industry still lacks a unified set of best practices for virtual selling, which is a major issue. The COVID-19 pandemic should have been a wake-up call, pushing the industry toward standardized virtual processes, but progress has been slow.

Looking ahead, virtual selling is likely here to stay. It’s crucial to work with someone who understands virtual selling and can guide you through the process confidently. That’s where we come in—whether you work with us directly or through another agent, broker, or banker, we’re here to ensure it’s done right.

I’m not a philanthropist, but I care deeply about making sure things are done correctly in this industry. I wish the annuity industry would come together to establish clear best practices for virtual selling. It’s your money, and buying an annuity is a big decision. You deserve a process that’s transparent, secure, and professional, even if it’s not happening at your kitchen table.

So, here’s the bottom line: Be cautious. Do your homework. And if you have any questions about annuities, reach out to us. My name is Stan The Annuity Man. We’re here to help.

Never forget to live in reality, not the dream, with annuities and contractual guarantees! You can use our calculators, get all six of my books for free, and most importantly book a call with me so we can discuss what works best for your specific situation