Selling the annuity is the first half of the deal, getting the money is the second half. Many sales have been lost because an agent left this process up to the new business department of the receiving insurance company. I take control of this process and make sure the funds are transferred. If the funds are not transferred then there will be no sale and if no sale, no compensation.
If I you are dealing with a broker (and are not securities licensed) I outsource the transfer to a specialty house who will move the funds for me. There are numerous sources that provide these services.
If I am moving money from a variable annuity, I source the transfer papers form the variable annuity’s website and have them ready for my prospect. If the variable annuity is listed on the broker’s monthly statement it will be shown as assets “held outside.” I deal directly with the variable annuity company and not with the broker and handle it as a 1035 tax free exchange.
If the funds are in an IRA I have the IRA surrendered and the money sent to the prospect. I have the prospect call me when they arrive and I have the prospect endorse the funds to the new account. I always set up he new account prior to sending in the funds and have the insurance company issue a policy number. I make sure the policy number is on the endorsement side of the check and I mark it “for benefit of” and insert the prospects name.
I always have the necessary paperwork ready at the close for the prospect to sign. I then have my assistant call the prospect a few days later to check in and make sure there are no issues.