Phil Cannella – Phillip Cannella News: Phil Cannella recognizes a clear distinction between client driven financial products and advisor driven ones. As Phil Cannella explains it, the client driven ones are designed for the clients best interests whereas the advisor driven ones usually center around what would pay the highest commission to the advisor.
While Phil Cannella far from supports most annuities, there are some he recognizes that are of benefit to the consumer and these should be included in a financial plan for a retiree where appropriate.
This is what Phil Cannella says: “When I recommend annuities to my clients – and I do believe that all seniors and retirees should include certain annuities in their retirement portfolio – I point them to the select few that are considered client-driven financial products that serve the advantage of the owner, not the seller. Many have income guarantees and high yield interest minimums. And they’re safe – rock-solid safe because of the statutory accounting system and the strength of the insurance industry in general. A good fixed annuity counters all the fears and reservations that people have about variable annuities and provides you with steady retirement income to help you cover your expenses as well as alleviates your worry if an unexpected cost comes your way.”
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