I believe that we are not spending enough time looking at MYGAs. I read some interesting information in the WSJ about savings, money market and CD rates in financial institutions. They are, and will continue, to keep rates on these products at low. The banks are placing a lot of their cash in Fed Funds.
In short, many banks (according to this article) would not be upset seeing some of that money leave the banks as they can’t make a decent spread and loan demand is not high. But, consumers are still rushing to a “safe place” and placing money with their friendly banker. This is an opportunity. Let’s examine.
Just go to www.bankrate.com and check out rates. Check with your local banks, then call your clients and inquire about their “cash position” in the banks. Then, blow their minds and show them MYGA rates. Folks, some carriers are selling MYGAs directly to the consumer. Let’s get our share. It could be a 3 year or a 5 year MYGA with liquidity features. Yes, this would be like squirrels saving nuts for the winter. Some of this business will eventually end up as a FIA or another product in the “Safe Money“ vault.
Call 1-877-844-0900 to speak to one of our marketing directors about the shockingly high MYGA rates.
In short, many banks (according to this article) would not be upset seeing some of that money leave the banks as they can’t make a decent spread and loan demand is not high. But, consumers are still rushing to a “safe place” and placing money with their friendly banker. This is an opportunity. Let’s examine.
Just go to www.bankrate.com and check out rates. Check with your local banks, then call your clients and inquire about their “cash position” in the banks. Then, blow their minds and show them MYGA rates. Folks, some carriers are selling MYGAs directly to the consumer. Let’s get our share. It could be a 3 year or a 5 year MYGA with liquidity features. Yes, this would be like squirrels saving nuts for the winter. Some of this business will eventually end up as a FIA or another product in the “Safe Money“ vault.
Call 1-877-844-0900 to speak to one of our marketing directors about the shockingly high MYGA rates.
 | Until next time… good selling Raymond J. Ohlson, CLU, CRC, LACP President and CEO The Ohlson Group 1-877-844-0900 |
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