May 3, 2022

Annuities Are No Longer a Four-Letter Word with Tommy Martin

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Season 1

This week, we’re flipping the script and airing a conversion with Tommy from the Advisor Revelations podcast from DPL. In this conversation, DPL’s Leslie Grant talks with Tommy about his switch to using commission-free annuities, having hard insurance conversations with clients, and how DPL has helped Tommy and his firm implement successful insurance solutions.


Key Takeaways

  • [02:18] - An introduction to Tommy and the origin story of Vestia Personal Wealth Advisors. 
  • [04:34] - How Tommy started his career and why he finally embraced annuities. 
  • [10:52] - What drives the annuity conversation with clients. 
  • [13:21] - The link between annuities and a low-stress retirement. 
  • [16:10] - The emotional side to financial advice. 
  • [18:28] - Why commission-free insurance changes the narrative about annuities, and why Tommy decided to partner with DPL. 
  • [25:20] - When to actually start talking to clients about annuities. 
  • [29:50] - How advisors should start thinking about insurance products. 
  • [37:21] - How to approach a conversation with clients on annuities. 


Quotes

[14:40] - “What we’re ultimately saying to them is, ‘look, do you want some insurance on your nest egg?’ You still insure your house even though it’s paid off, you still insure your car even though it’s paid off, you worked your entire life to build up this nest egg, do you want to spend a little bit of money to have some insurance for it? And by and large, most people say yes.” ~ Tommy Martin

[17:32] - “We know from behavioral economics that a lot of the reasons people make financial decisions have nothing to do with the math, and have everything to do with relationships, how they grew up, their trigger points with money. And our job as advisors is to not just maximize the math on paper, but maximize the math in real life.” ~ Tommy Martin

[21:20] - “DPL solved the two biggest hurdles that I believe keep advisors from using [annuities] as a standard recommendation. And now that they’ve solved those two big hurdles, I am going to say this on record: If advisors are not making [annuities] an opportunity for their clients, I believe 100% they are violating their fiduciary duty to those clients.” ~ Tommy Martin


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