B2 April Newsletter
Spring cleaning is here and it’s the perfect opportunity to tidy up your book of business and uncover low-hanging fruit that can help jumpstart a strong Q2 for your clients. With that in mind, here’s some timely and relevant news for your business, B2, and beyond.
💡B2 Advisor Week
During the week of March 23rd, we hosted B2 Advisor Week for all subscribers on our platform. Thank you to the over 350 people that joined, asked thoughtful questions, and shared excellent feedback
The week featured four dedicated training sessions: B2 Back to Basics, B2 Annuities, B2 Life Insurance, and The Ins and Outs of the Quoting Tool.
All sessions were recorded and are available for you to revisit here:
B2 Back to Basics passcode: UV8E$Eq6
B2 Annuity Recording passcode: dvs32%xF
B2 Ins & Out's of the Quoting Tool passcode: e$0viJ6k
B2 Life passcode: N&7wCQAt
We plan to continue this series and truly appreciate everyone who participated, especially those who completed the post-session survey. Your feedback helps us continuously improve and deliver even more value to our community.
🔗 B2 Updates
We’ve added a new report in the Annuity scorecard. The report, titled "Upcoming Structured Annuity Strategy Expiration”, identifies clients that have a RILA strategy coming up for renewal. This is essential to clients who selected an index strategy that does not go for the full 6-year duration, allowing you to keep tabs on all your shorter duration RILA strategies and find the best renewal rate or concept for your client.
You might notice that we removed the “Let’s Talk RILA” report from the annuity scorecard. Rest assured, you can still find this report in the “Reports” tab from the homepage. Within that page, search “Let’s Talk RILA” and you’ll see the report available.
If you didn’t see in our last newsletter, we have also gotten more granular on the Investment scorecard, breaking down your CRIA, brokerage, and direct accounts into qualified and non-qualified funds so you can separate tax advantaged accounts from
those without.
🧹Spring Cleaning book of business sale opportunity
For those advisors looking for some quick hitters or want to offer some sales opportunities to their juniors or team members, look at “Variable Annuity out of surrender” or “Fixed Annuities out of surrender”.
Seek out clients with annuities under $100,000, have held their contracts for over ten years, and HAVE NOT taken a withdrawal. These policies are likely not being used for liquidity, aren’t the lion’s share of clients’ savings, and have not been reviewed for quite some time.
Clients’ holding these accounts are more likely to be open to a new CDSC period, estate planning, or finding ways to continue growing these smaller accounts. This is a great way to clean up your book during the spring to be able to focus on the hard hitters in early Summer before everyone is MIA.
🎯The new no-fee RILA
MassMutual Ascend has finally released its long-anticipated no-fee RILA, the Index Summit 6. It’s available in all states aside from New York and Oregon, but if you’re selling in California, you may have a different set of rates.
The current 6-year rate on the 10% buffer is 100% with 95% on the 20% buffer. Additionally, there is a declared strategy rate in this policy that acts as a fixed account with full principal protection and guaranteed growth. There is state-specific training required to sell this product, so make sure you complete it on the MassMutual Ascend portal if you plan on doing business with this product.
📢Life Update | MassMutual
No medical exams for face amounts under $100k (Effective March 1)
Age 60 or under
RTR and LISR amounts included
Survivorship - $200k or less
Preferred rates will no longer be offered for death benefit $50,000 - $99,999
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