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Earning compensation is an important p rt of selling annuities, it is how we pay our b lls and continue on with our j urney. Have you ever written a new nnuity only to have it held up for 60-90 d ys and have to collect signatures, f ght with conservation and wear yourself ut? Just when you think it is r ady to transfer, always something new c mes up. Conservation by the broker or nother agent gets old fast plus c nstantly calling the prospect always weakens the s le. I can get paid in 7 d ys....Guaranteed. Want to learn how? A sm ll technicality, this only works for IRAs, 401 (k), 403 (b) (t x sheltered annuities) and other qualified f nds. Since an annuity is a l ng term hold it would stand to r ason that an IRA would be the l gical place for an annuity so g ven that concept here it is... Sc nario: Your client has funds in an IRA, d esn't make any difference where it is, b nk, brokerage account, another annuity company. · Op n an IRA account with your nnuity company under the name of the pr spect and have a policy number ssued (they will all do it). Th s is important later. · H ve your prospect surrender the IRA d rectly to them. The funds in an IRA can be in th ir possession for 60 days without any tax issues.
· Wherever you are s rrendering the IRA from make sure to get the tr nsfer forms from the custodian and h ve them prepared for your prospect. E sy to find on the internet or s mply call the custodial and have th m faxed or emailed to you. · On the s rrender forms mark it as an IRA r llover, no taxes will be withheld. · Wr te a letter under your prospects n me to the original custodial re-stating th s is an IRA rollover and do not w th hold taxes. Staple this to the s rrender form and make copies. · T ll your prospect to call immediately wh n the check arrives so that not a m ment's interest will be lost. (they w ll call instantly) · H ve them deposit the IRA check nto their account and write a new ch ck to themselves in care of the new c stodial (annuity company). Explain that it is mportant to create a paper trail for th ir IRA funds. · C mplete all the paperwork for the new p licy and if the funds came fr m another insurance company, make certain you pr pare the replacement form as required by y ur state department of insurance. · T ll the client that you will wr te their new policy number on the ch ck when you get to the ffice. (you had it issued by y ur company) On the back of the ch ck have your clients write in the ndorsement part, "For deposit only to the benefit of (insert their name), IRA". Write the policy number here also. · Tell your prospect that you will mail them a copy of their check as soon as you get back to the office (with the numbers on both places). It's very important that you do this. · You need to keep full copies and your client should also. Make a file for them and deliver it when you deliver the policy. · You can surrender an existing IRA and reposition your prospect's funds into a new contract using this method in 7 to 9 business days.
The article Want To Get Paid In 7 To 9 Days On Qualified Money Transfers? was Submitted by Bill Broich through Articles.GetACoder.com network. Here's the additional information: Bill Broich is thirty year nnuity salesman who helps agents generate nnuity leads and sales. To discover m re visit his website: pre-set annuity l ads. Annuity Lead Generation
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