Episodes

Episode 163: The State of the Annuity Market Today with Todd Taylor

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The annuity industry reported record sales in the first half of this year. Leading the pack was none other than New York Life. Today, we meet Todd Taylor, Head of Retail Annuities for the company and discuss the state of the industry and what we might expect the rest of the year.
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Episode Transcript

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[paul_tyler]: this is paul tyler and welcome to
another episode of that annuity

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[ramsey_d_smith]: oh

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[paul_tyler]: show ramsey good to see you

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[ramsey_d_smith]: always great to be here

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[paul_tyler]: hey we got a great guest where
we are really going

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[ramsey_d_smith]: yeah

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[paul_tyler]: to hear from a market leader in
this space do you want to do the

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[ramsey_d_smith]: yeah

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[paul_tyler]: intro

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[ramsey_d_smith]: absolutely so we are quite fortunate today
to be joined by tod taylor who newly

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[ramsey_d_smith]: took on the role of head of
retail annuities at new york life a market

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[ramsey_d_smith]: leader in our industry so we’re really
honored to have him here today and and

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[ramsey_d_smith]: very interested to hear what his perspective
is on on the market outlook and new

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[ramsey_d_smith]: york life’s role in it and and
tod you know the mark you want to

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[ramsey_d_smith]: make potentially over the course of the
next few years would love to hear you

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[ramsey_d_smith]: know your thoughts on on what where
you think there could be real progress in

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[ramsey_d_smith]: our industry m

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[todd_taylor]: well thanks for having

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[ramsey_d_smith]: oh

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[todd_taylor]: me guys it’s great to be here

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[paul_tyler]: yeah so so just give us

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[ramsey_d_smith]: h

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[paul_tyler]: a little bit of your back where
i know you’ve you’ve done a lot at

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[paul_tyler]: new york life and

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[ramsey_d_smith]: h

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[paul_tyler]: you know stepping into

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[ramsey_d_smith]: yeah

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[paul_tyler]: a role is a it’s a big
accomplishment nd now

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[ramsey_d_smith]: m

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[paul_tyler]: maybe talk to us about you know
back just give people a quick back story

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[paul_tyler]: and kind of you know what’s the
scope

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[ramsey_d_smith]: h

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[paul_tyler]: of your assignment today

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[todd_taylor]: absolutely

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[ramsey_d_smith]: oh

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[todd_taylor]: so i’ve been with new york life
for about fifteen years i’m an actuary by

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[todd_taylor]: training i kind of worked my way
up through the company and i’ve worked in

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[todd_taylor]: annuities and life insurance and corporate finance
at corporate stra and to you a bunch

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[todd_taylor]: of different roles around the company

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[ramsey_d_smith]: ah yeah yeah

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[todd_taylor]: and i have been part of our
annuity business

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[ramsey_d_smith]: oh

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[todd_taylor]: for the last five or six years
and as you guys mentioned took over leadership

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[todd_taylor]: of the business last year we are
the sort of schole of the responsibilities is

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[todd_taylor]: across our product development

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[ramsey_d_smith]: yeah

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[todd_taylor]: and marketing and strategy or

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[ramsey_d_smith]: yeah

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[todd_taylor]: sales and service

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[ramsey_d_smith]: yeah

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[todd_taylor]: operation for external distribution and then our

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[paul_tyler]: m

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[todd_taylor]: back

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[ramsey_d_smith]: ah

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[todd_taylor]: office operations team as well and you
know my my interest in annuities part of

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[todd_taylor]: my moves around

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[ramsey_d_smith]: oh

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[todd_taylor]: new york life i did i had
a role kind of studying retirement planning just

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[todd_taylor]: like the interest

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[ramsey_d_smith]: as

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[todd_taylor]: in you know how folks actually design
retirement plans and i got hooked on it

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[todd_taylor]: i think the fact about you know
the state of our retirement planning you know

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[todd_taylor]: across the industry is that there isn’t
agreed upon sort of framework

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[ramsey_d_smith]: oh

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[todd_taylor]: or

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[paul_tyler]: yeah

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[todd_taylor]: solution and that that i think

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[ramsey_d_smith]: yeah

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[todd_taylor]: is really one it’s a challenge but
also two it’s really you know it’s really

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[todd_taylor]: interesting and makes our place in the
industry really important and ever evolving so that’s

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[todd_taylor]: kind of how i got hooked on
the annuity you know landscape

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[paul_tyler]: yeah well you know

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[ramsey_d_smith]: oh

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[paul_tyler]: look new york life has defined a
lot of more markets if you go back

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[paul_tyler]: you know go back in time a
long way and also look at you know

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[paul_tyler]: some of the work you’ve been doing
in the recent years i know you had

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[paul_tyler]: a year last year i think you
know from the

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[ramsey_d_smith]: m

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[paul_tyler]: reports

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[todd_taylor]: ye

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[paul_tyler]: and stuff

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[ramsey_d_smith]: m

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[paul_tyler]: i’ve seen it looks like it’s continuation
of prior success what’s going right

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[ramsey_d_smith]: yeah

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[paul_tyler]: you know for your company for the
market in gene

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[todd_taylor]: absolutely i mean i think you know
the line numbers came out on the first

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[todd_taylor]: half of twenty twenty two and as
you guys know is it was a great

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[todd_taylor]: you know first half for the industry
the intersystops up in like ten per cent

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[todd_taylor]: off pretty high numbers lad you’re really
a result of the maco economic environment i

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[todd_taylor]: mean you’ve got like

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[paul_tyler]: oh

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[todd_taylor]: equity markets down bond funds down inflation

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[ramsey_d_smith]: yeah

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[todd_taylor]: um and so

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[ramsey_d_smith]: m

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[todd_taylor]: there’s been a lot of movement into
annuities in the first half of this year

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[ramsey_d_smith]: yeah

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[todd_taylor]: we’re a pretty diversified writer were diversified
by product lines were diversified by distribution so

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[todd_taylor]: we’ve been a consistent top

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[ramsey_d_smith]: yeah

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[todd_taylor]: five writer for the last you

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[paul_tyler]: m

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[todd_taylor]: know five or six years just done
that

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[ramsey_d_smith]: oh

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[todd_taylor]: diversification um but we in the first
half of the year became the number one

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[todd_taylor]: writer

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[ramsey_d_smith]: oh

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[todd_taylor]: in the industry for the first time
ever and i think a lot of that

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[todd_taylor]: has to do is sort of two
factors fixed to feredinuities

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[ramsey_d_smith]: yeah

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[todd_taylor]: you know my gas had a great
first half of the year based on a

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[todd_taylor]: lot of those challenges

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[ramsey_d_smith]: yeah

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[todd_taylor]: i described we’ve been a market leader
in that for years so

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[ramsey_d_smith]: yeah

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[todd_taylor]: that helped us and then also you
know in times of turmoil

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[ramsey_d_smith]: ye

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[todd_taylor]: i think in general tendency

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[paul_tyler]: m

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[ramsey_d_smith]: yeah

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[todd_taylor]: kind of a flight to safety and
higher rated insurers tend to do well so

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[todd_taylor]: i think we saw some of the
benefits there as well but that you know

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[todd_taylor]: what’s going on in the industry

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[ramsey_d_smith]: a

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[todd_taylor]: new nor life felt well and i
think

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[ramsey_d_smith]: oh

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[todd_taylor]: that’s why we had such a strong

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[ramsey_d_smith]: ye

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[todd_taylor]: first half

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[ramsey_d_smith]: so one of the things that you
had spoken about earlier was the role of

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[ramsey_d_smith]: role of planning and very interested to
hear how you think advisors and be more

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[ramsey_d_smith]: pro active on bringing planning tools into
the into this discussion around retirement income

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[todd_taylor]: well i think it’s a you know
it’s a very i would describe it as

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[todd_taylor]: unique and challenging time

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[ramsey_d_smith]: yeah

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[todd_taylor]: to be to be a pre retired
reader an early retired

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[ramsey_d_smith]: oh

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[todd_taylor]: race we mentioned

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[paul_tyler]: m

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[todd_taylor]: you know got equity market volatility we’ve
got o p ratios near all time high

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[todd_taylor]: so there’s a lot of sort of
lack of confidence in where equity markets may

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[todd_taylor]: be going in the near term we
saw the pull back and bond funds also

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[todd_taylor]: got inflation as a as a broad
statement i would say it’s never a more

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[todd_taylor]: important

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[ramsey_d_smith]: m

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[todd_taylor]: time to have a financial advisor and
to work with an advisor

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[ramsey_d_smith]: m

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[todd_taylor]: you can do a lot of things
wrong

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[ramsey_d_smith]: m

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[todd_taylor]: in this market you know selling out
of all your equities massively constraining spending are

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[todd_taylor]: natural things to do in this environment
and so just working with an advisor i

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[todd_taylor]: think is a really important step and
to your question on you know tools and

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[todd_taylor]: planning um

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[ramsey_d_smith]: oh

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[todd_taylor]: i think part of this is we’ve
always

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[ramsey_d_smith]: yah

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[todd_taylor]: been a big proponent of you want
to focus your retirement planning on outcomes you

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[todd_taylor]: know the expected return of a strategy
or a portfolio in many

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[ramsey_d_smith]: m

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[todd_taylor]: retirement planning conversations is important but not

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[ramsey_d_smith]: yeah

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[todd_taylor]: the whole story you want o focus
on what’s the income you’re going to generate

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[todd_taylor]: in retirement how long is it going
to last you know

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[ramsey_d_smith]: yeah

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[todd_taylor]: how are you gonna able to cover
your expenses et cetera

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[ramsey_d_smith]: oh

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[todd_taylor]: so i think with

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[ramsey_d_smith]: yeah

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[todd_taylor]: the best advisers are doing is working
on that kind of outcomes based

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[ramsey_d_smith]: oh

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[todd_taylor]: planning you know there are tools out
there that support that but i think that’s

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[todd_taylor]: the you know first and foremost i
also think that you know in this environment

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[todd_taylor]: and again going back kind of the
industry results we saw the growth of you

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[ramsey_d_smith]: yeah

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[todd_taylor]: protected accumulation solution so

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[ramsey_d_smith]: m

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[todd_taylor]: indextanuities

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[ramsey_d_smith]: oh

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[todd_taylor]: rilas were a big

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[paul_tyler]: m

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[todd_taylor]: proponent of g a b so guaranteed
minimum accumuniation benefit on vas all these solutions

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[todd_taylor]: are basically

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[paul_tyler]: m

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[todd_taylor]: helping consumers in that retirement red zone
you you’re trying to generate

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[ramsey_d_smith]: ah

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[todd_taylor]: trying to generate income

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[ramsey_d_smith]: yeah

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[todd_taylor]: need an inflation hedge inflation is going
up

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[ramsey_d_smith]: ah

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[todd_taylor]: so you probably need to be in
equity

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[ramsey_d_smith]: m

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[todd_taylor]: markets but you’re facing all this sequence
risk in

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[ramsey_d_smith]: yeah

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[todd_taylor]: early retirement all these solutions are forming
varying degrees of protection they’re basically giving you

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[todd_taylor]: a layer of protection

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[paul_tyler]: oh

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[todd_taylor]: an explicit guarantee

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[paul_tyler]: m

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[todd_taylor]: a buffer

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[paul_tyler]: oh

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[todd_taylor]: floor and then upside

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[ramsey_d_smith]: yah

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[todd_taylor]: in terms of of equity exposure

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[ramsey_d_smith]: h

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[todd_taylor]: and if you

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[ramsey_d_smith]: a

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[todd_taylor]: look at the industry results

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[ramsey_d_smith]: oh

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[todd_taylor]: i think those are the areas

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[ramsey_d_smith]: yeah

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[todd_taylor]: that are growing and i think that’s
because advisors are you helping consumers get the

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[todd_taylor]: confidence to stay invested in equities with
solutions like that

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[paul_tyler]: yeah an optimist would say look look
at the growth and the fixed annuities some

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[paul_tyler]: of the categories you’ve mentioned you pessimist
would say yeah but paul you know look

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[paul_tyler]: at the total pie you know

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[ramsey_d_smith]: oh

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[paul_tyler]: a lot of them

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[ramsey_d_smith]: oh

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[paul_tyler]: business was done in the va is
kind of rapidly transitioning

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[ramsey_d_smith]: my

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[paul_tyler]: over into rials or the fixed index
annuity space time do you think they’ve been

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[paul_tyler]: in the last couple of years coming
out of covido you think there’s been any

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[paul_tyler]: fundamental shift in appreciation for

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[ramsey_d_smith]: ye

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[paul_tyler]: annuities or

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[ramsey_d_smith]: yah

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[paul_tyler]: annuities being adopted by platforms are we
really just sort of seeing

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[ramsey_d_smith]: oh

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[paul_tyler]: the pies changing and basic demographicstr kind
of moving

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[ramsey_d_smith]: oh

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[paul_tyler]: the business along

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[todd_taylor]: yeah i mean as you guys know
well i mean certainly our industry over the

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[todd_taylor]: last fifteen years probably hasn’t grown you
know in line with the demographics i think

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[ramsey_d_smith]: okay

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[todd_taylor]: low interest rates have undoubtedly heard

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[ramsey_d_smith]: oh

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[todd_taylor]: many categories um you know

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[ramsey_d_smith]: yeah

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[todd_taylor]: on the i will say though that
i think we’re on pace for a record

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[todd_taylor]: year after a record year in the
industry so in terms of retail annuity sales

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[ramsey_d_smith]: yes

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[todd_taylor]: were probably on pace for two straight
records

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[ramsey_d_smith]: yes

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[todd_taylor]: and certainly there is you know there’s
some gives you know puts and takes there

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[todd_taylor]: perhaps at the

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[ramsey_d_smith]: m

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[todd_taylor]: loss of a v some of these
other categories are doing well but i do

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[todd_taylor]: think that you know we’re approaching kind
of the peak you know baby boomer retirement

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[todd_taylor]: age and that combined with for the

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[ramsey_d_smith]: oh

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[todd_taylor]: first time in a while the equity
market is not just going straight

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[ramsey_d_smith]: okay

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[todd_taylor]: up i think that’s leading to what
i would consider to be

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[ramsey_d_smith]: yah

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[todd_taylor]: more permanent increases in our in our
industry

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[ramsey_d_smith]: oh

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[todd_taylor]: so anyway i think

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[ramsey_d_smith]: ah

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[todd_taylor]: that i think that’s

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[ramsey_d_smith]: and

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[todd_taylor]: it’s a good sign for our industry
and you know i’m quite confident on the

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[ramsey_d_smith]: yeah

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[todd_taylor]: you know the long term outlook

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[ramsey_d_smith]: ah so you know one of the
one of the challenges that we we all

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[ramsey_d_smith]: face so everybody you know on this
certainly speaking on this panel if you will

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[ramsey_d_smith]: and out in the market one of
the challenges we faces you know education and

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[ramsey_d_smith]: context around around what it is we
do and you’ve done a great job laying

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[ramsey_d_smith]: out the case for why what we
do is very important um you know there

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[ramsey_d_smith]: are there are different there are different
groups of of whether it’s clients or advisors

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[ramsey_d_smith]: that i think are still taking time
to sort of warm up to this you

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[ramsey_d_smith]: know speaking particularly the r a community

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[todd_taylor]: my

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[ramsey_d_smith]: in many ways um you know what
are what are some of the things you

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[ramsey_d_smith]: think we can do on an ongoing
basis to continue to to sort of move

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[ramsey_d_smith]: that move the trend in that direction
because it’s it is i think we all

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[ramsey_d_smith]: see the logic very clearly but it’s
taken maybe longer than we would like

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[todd_taylor]: absolutely

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[ramsey_d_smith]: yeah

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[todd_taylor]: it’s a great question and i think
if i had this you know if i

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[todd_taylor]: had the solution to the one solution
for that

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[ramsey_d_smith]: right

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[todd_taylor]: i’d be you know i would have
been had of annuities earlier

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[ramsey_d_smith]: yeah

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[todd_taylor]: but you know it’s an important question
i think a couple things

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[ramsey_d_smith]: yeah

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[todd_taylor]: obviously with respect to

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[ramsey_d_smith]: yah

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[todd_taylor]: r s particular you know a lot
of what we’re doing as an industry is

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[todd_taylor]: trying to incorporate annuities into the actual

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[ramsey_d_smith]: oh

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[todd_taylor]: process that folks are used to working
in i mean we have the solutions but

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[todd_taylor]: i think we have them in a
sort of different process than most advisers are

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[todd_taylor]: used to doing business with so

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[ramsey_d_smith]: m

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[todd_taylor]: i don’t think anyone has fully solved
that i think there are a number of

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[todd_taylor]: companies making a lot of strides both
trod you know writers of annuities as well

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[ramsey_d_smith]: oh

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[todd_taylor]: as some of the companies who are
providing support to help bridge that gap i

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[todd_taylor]: think that’s you

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[ramsey_d_smith]: oh

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[todd_taylor]: now perhaps the most important

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[ramsey_d_smith]: oh

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[todd_taylor]: element to getting widespread adoption

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[ramsey_d_smith]: oh

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[todd_taylor]: the

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[paul_tyler]: yeah

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[todd_taylor]: other is you know and we’ve been
you know we’ve been part of this we

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[todd_taylor]: for years

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[ramsey_d_smith]: go

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[todd_taylor]: have tried to explain the

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[ramsey_d_smith]: my

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00:10:10,801 –> 00:10:13,485
[todd_taylor]: kind of the rational or the quantitative
benefits of annuities

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[ramsey_d_smith]: okay

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[todd_taylor]: you know we’re the market leader and
plane spes and das and

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[ramsey_d_smith]: yeah

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[todd_taylor]: you know we love to go around
talking

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[ramsey_d_smith]: yeah

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[todd_taylor]: about how they teck against

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[ramsey_d_smith]: oh

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[todd_taylor]: running out of money and you know
the benefits in terms of sequence risk you

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[todd_taylor]: guys have had you know i’m sure

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[ramsey_d_smith]: ye

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[todd_taylor]: wait and michael finca and david land
shed on your show

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[ramsey_d_smith]: oh

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[todd_taylor]: they’re great at talking about

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[ramsey_d_smith]: oh

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[todd_taylor]: those quantitative benefits but if you go
out and look a lot of the reasons

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[todd_taylor]: that folks actually purchase annuities are for
the behavioral benefits um and really in some

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[todd_taylor]: cases those are more impactful than the

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[ramsey_d_smith]: my

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[todd_taylor]: quantitative benefits you now

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[ramsey_d_smith]: m

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[todd_taylor]: couple examples we sell this i mentioned
this g m a b on a variable

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[todd_taylor]: annuity that provides like a ten year
sort of put option on the market may

335
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[todd_taylor]: or may not pay off like the
you now if life may or may not

336
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[todd_taylor]: pay you back

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[ramsey_d_smith]: oh

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[todd_taylor]: that benefit depends what the market does
but what we’ve discovered is investors who hold

339
00:11:01,988 –> 00:11:06,657
[todd_taylor]: that product versus equivalent investors who are
in the variable annuity without the g b

340
00:11:07,478 –> 00:11:12,297
[todd_taylor]: hold something like ten or fifteen percent
more equity in their portfolio holding all else

341
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[todd_taylor]: equal and why is that because they’ve
got the confidence to be in the market

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[todd_taylor]: now that’s a hard thing to say
because know you like

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[ramsey_d_smith]: okay

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[todd_taylor]: it’s not exactly you know sort of
apples to apples but

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[paul_tyler]: m

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[todd_taylor]: that behavioral benefit is something we haven’t
done great ob of explaining that’s real return

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[todd_taylor]: over time it’s not zero some

348
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[ramsey_d_smith]: yeah

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00:11:27,502 –> 00:11:29,986
[todd_taylor]: like they’re going to benefit whether or
not this thing is paid off

350
00:11:30,446 –> 00:11:30,671
[ramsey_d_smith]: ye

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00:11:30,607 –> 00:11:33,492
[todd_taylor]: the same is true of income annuities
hare been a number of studies where people

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[todd_taylor]: actually spend

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[ramsey_d_smith]: yeah

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00:11:34,534 –> 00:11:38,881
[todd_taylor]: more in retirement spend you know five
ten percent more in retirement because they’ve got

355
00:11:38,901 –> 00:11:42,968
[todd_taylor]: the confidence of having this guarantee stream
of income and i think we can do

356
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[todd_taylor]: better as an industry explaining those kind
of behavioral

357
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[ramsey_d_smith]: oh

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[todd_taylor]: benefits and explaining

359
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[paul_tyler]: oh

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[todd_taylor]: that it’s not a zero some bet
with the insurance company like you’re either going

361
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[todd_taylor]: to live or you’re not it’s the
benefit of what it does for the rest

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[todd_taylor]: of the portfolio and how it helps
you invest and think about your retirement planning

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[paul_tyler]: yeah i guess we’d be

364
00:12:01,466 –> 00:12:01,689
[ramsey_d_smith]: oh

365
00:12:01,565 –> 00:12:04,149
[paul_tyler]: remiss especially you know talk to somebody
from

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[ramsey_d_smith]: ah

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[paul_tyler]: new york life without talking

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[ramsey_d_smith]: oh

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00:12:05,772 –> 00:12:07,615
[paul_tyler]: a little bit more about advisors and

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00:12:07,556 –> 00:12:09,026
[ramsey_d_smith]: m oh

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[paul_tyler]: you know how they communicate this story
and

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00:12:11,726 –> 00:12:11,968
[ramsey_d_smith]: yes

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[paul_tyler]: this explanation is going to change you
know i’m headed off into shirt connect i’ve

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[paul_tyler]: been there almost i think

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00:12:17,816 –> 00:12:18,219
[ramsey_d_smith]: oh

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00:12:18,112 –> 00:12:24,242
[paul_tyler]: rams have only missed one of these
and lots of promises to you know you

377
00:12:24,282 –> 00:12:27,186
[paul_tyler]: know i don’t want to say disappointments
but it’s you know i think i think

378
00:12:27,226 –> 00:12:31,331
[paul_tyler]: a lot of companies realize okay this
is a lot tougher to disrupt this business

379
00:12:31,286 –> 00:12:32,306
[ramsey_d_smith]: oh

380
00:12:31,811 –> 00:12:35,535
[paul_tyler]: than we thought it was how is
this going impact advisors you know if you

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00:12:35,575 –> 00:12:39,578
[paul_tyler]: looked at your best advisors you know
are we going to see new york life

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[paul_tyler]: on tik tok oh

383
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[ramsey_d_smith]: oh

384
00:12:42,818 –> 00:12:44,581
[todd_taylor]: well look i mentioned the beginning

385
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[ramsey_d_smith]: yeah

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[todd_taylor]: we’ve got a pretty diverse

387
00:12:45,378 –> 00:12:45,622
[ramsey_d_smith]: okay

388
00:12:45,542 –> 00:12:46,143
[todd_taylor]: distribution

389
00:12:46,080 –> 00:12:46,241
[paul_tyler]: oh

390
00:12:46,223 –> 00:12:46,764
[todd_taylor]: in about half

391
00:12:46,736 –> 00:12:46,979
[ramsey_d_smith]: yeah

392
00:12:46,824 –> 00:12:48,728
[todd_taylor]: of our sales come from our career

393
00:12:48,596 –> 00:12:48,857
[ramsey_d_smith]: yeah

394
00:12:48,808 –> 00:12:50,811
[todd_taylor]: agencies channel which is you know very

395
00:12:50,670 –> 00:12:50,992
[paul_tyler]: oh

396
00:12:50,911 –> 00:12:55,940
[todd_taylor]: cord in your life we’ve taken the
not just for annuities but for all of

397
00:12:55,980 –> 00:12:59,586
[todd_taylor]: the products in new life distributes that
you know we firmly

398
00:12:59,495 –> 00:12:59,516
[ramsey_d_smith]: m

399
00:12:59,626 –> 00:13:03,572
[todd_taylor]: believe in the role of an adviser
in a conversation we’re not

400
00:13:03,510 –> 00:13:03,530
[paul_tyler]: m

401
00:13:03,652 –> 00:13:06,637
[todd_taylor]: interested as a company and dscener mediating
the advisor

402
00:13:06,909 –> 00:13:07,032
[ramsey_d_smith]: ah

403
00:13:07,559 –> 00:13:09,222
[todd_taylor]: especially with respect to annuities

404
00:13:08,756 –> 00:13:10,166
[ramsey_d_smith]: yeah

405
00:13:09,682 –> 00:13:13,088
[todd_taylor]: we know the value of an advisor
to help a client make a decision

406
00:13:13,316 –> 00:13:13,681
[ramsey_d_smith]: oh

407
00:13:14,170 –> 00:13:16,053
[todd_taylor]: you know helped to develop

408
00:13:16,046 –> 00:13:16,287
[ramsey_d_smith]: oh

409
00:13:16,133 –> 00:13:18,979
[todd_taylor]: a full comprehensive plan then to actually
act on it

410
00:13:19,108 –> 00:13:20,066
[ramsey_d_smith]: yeah

411
00:13:19,841 –> 00:13:20,403
[todd_taylor]: and so you

412
00:13:20,396 –> 00:13:20,536
[ramsey_d_smith]: yeah

413
00:13:20,443 –> 00:13:25,132
[todd_taylor]: know we’ve we focused as a company
our technology are training our investments

414
00:13:25,586 –> 00:13:25,907
[ramsey_d_smith]: oh

415
00:13:25,833 –> 00:13:30,380
[todd_taylor]: not on sort of disintermediating the advisor
but on supporting the advisor with the tools

416
00:13:30,481 –> 00:13:32,143
[todd_taylor]: to be able to have these conversations

417
00:13:31,916 –> 00:13:32,059
[ramsey_d_smith]: ye

418
00:13:32,604 –> 00:13:36,230
[todd_taylor]: and in some ways that completely you
know running opposed to many other industries where

419
00:13:36,250 –> 00:13:38,113
[todd_taylor]: they’re trying to cut out the human

420
00:13:38,156 –> 00:13:38,686
[ramsey_d_smith]: oh

421
00:13:38,574 –> 00:13:42,881
[todd_taylor]: i think our industry as a whole
should be doubling down with tools and technology

422
00:13:42,941 –> 00:13:45,205
[todd_taylor]: and training on the role of the
advisor

423
00:13:44,996 –> 00:13:46,646
[ramsey_d_smith]: yet

424
00:13:45,345 –> 00:13:49,473
[todd_taylor]: to help you know to help deliver
our solutions but also to provide more comprehensive

425
00:13:49,913 –> 00:13:50,615
[todd_taylor]: financial planning

426
00:13:50,546 –> 00:13:55,711
[ramsey_d_smith]: yeah so new york life is already

427
00:13:55,830 –> 00:13:56,094
[paul_tyler]: yeah

428
00:13:55,871 –> 00:14:02,222
[ramsey_d_smith]: a big player as we all know
and a leader in the industry where where

429
00:14:02,282 –> 00:14:06,950
[ramsey_d_smith]: are some of the places that that
you like to grow maybe it’s geographically maybe

430
00:14:07,030 –> 00:14:12,359
[ramsey_d_smith]: it’s you know certain product lines but
where where where the areas where you think

431
00:14:12,419 –> 00:14:16,505
[ramsey_d_smith]: you can take you know all the
things you’ve done so well in the place

432
00:14:16,666 –> 00:14:17,507
[ramsey_d_smith]: where you’re

433
00:14:17,280 –> 00:14:17,541
[paul_tyler]: oh

434
00:14:17,667 –> 00:14:20,833
[ramsey_d_smith]: leading are there are there are there
new are there green fields out there for

435
00:14:21,073 –> 00:14:21,795
[ramsey_d_smith]: for you and your team

436
00:14:21,642 –> 00:14:22,260
[paul_tyler]: yeah

437
00:14:23,717 –> 00:14:24,578
[todd_taylor]: i mentioned a couple i think

438
00:14:24,600 –> 00:14:24,864
[paul_tyler]: oh

439
00:14:24,638 –> 00:14:25,440
[todd_taylor]: you know in terms of

440
00:14:25,529 –> 00:14:26,546
[ramsey_d_smith]: say

441
00:14:25,860 –> 00:14:28,945
[todd_taylor]: distribution and geographic you know we’re pretty
much across the country

442
00:14:28,818 –> 00:14:28,898
[ramsey_d_smith]: ay

443
00:14:29,046 –> 00:14:30,989
[todd_taylor]: and virtual you know most most distribution

444
00:14:31,196 –> 00:14:31,418
[ramsey_d_smith]: oh

445
00:14:31,590 –> 00:14:31,832
[paul_tyler]: oh

446
00:14:31,610 –> 00:14:32,612
[todd_taylor]: um a couple of things

447
00:14:32,696 –> 00:14:33,956
[ramsey_d_smith]: yeah

448
00:14:32,852 –> 00:14:36,178
[todd_taylor]: we have we entered a couple new
cat or is in the last year and

449
00:14:36,218 –> 00:14:36,578
[todd_taylor]: a half

450
00:14:37,200 –> 00:14:37,484
[paul_tyler]: oh

451
00:14:37,359 –> 00:14:39,784
[todd_taylor]: the first is we created a new
hybrid

452
00:14:39,887 –> 00:14:40,070
[ramsey_d_smith]: yeah

453
00:14:40,044 –> 00:14:42,208
[todd_taylor]: index variable annuity called index flex

454
00:14:41,979 –> 00:14:42,000
[paul_tyler]: m

455
00:14:43,009 –> 00:14:46,254
[todd_taylor]: which was actually he most successful anew
annuity launch in new york life’s history

456
00:14:45,990 –> 00:14:46,252
[paul_tyler]: oh

457
00:14:47,116 –> 00:14:48,077
[todd_taylor]: basically a rill

458
00:14:48,146 –> 00:14:48,467
[ramsey_d_smith]: oh

459
00:14:48,198 –> 00:14:50,622
[todd_taylor]: alternative with product works as you can
put a certain amount

460
00:14:50,528 –> 00:14:50,752
[ramsey_d_smith]: she just

461
00:14:50,682 –> 00:14:50,882
[todd_taylor]: of your

462
00:14:50,790 –> 00:14:51,570
[paul_tyler]: yeah

463
00:14:50,942 –> 00:14:54,688
[todd_taylor]: funds in the index sleeve a certain
amount in the variable sleeve and then you

464
00:14:54,708 –> 00:14:57,653
[todd_taylor]: can kind of dial up and down
your risk it works very similar to a

465
00:14:57,733 –> 00:14:58,174
[todd_taylor]: rile where

466
00:14:58,136 –> 00:14:59,036
[ramsey_d_smith]: yeah

467
00:14:58,194 –> 00:14:58,334
[todd_taylor]: you’ve

468
00:14:58,350 –> 00:14:58,612
[paul_tyler]: yes

469
00:14:58,374 –> 00:14:59,897
[todd_taylor]: got a buffer and then sort of
a cap

470
00:15:00,116 –> 00:15:00,896
[ramsey_d_smith]: yeah

471
00:15:00,338 –> 00:15:03,683
[todd_taylor]: except ours is go kind of it’s
a different form of protection you’ve got more

472
00:15:03,743 –> 00:15:07,390
[todd_taylor]: kind of catastrophic protection and then you’ve
got no cap you’ve got just

473
00:15:07,526 –> 00:15:07,546
[ramsey_d_smith]: m

474
00:15:07,530 –> 00:15:12,338
[todd_taylor]: sort of higher upside it works out
like a rial adjust your kind of protection

475
00:15:12,677 –> 00:15:12,879
[ramsey_d_smith]: yeah

476
00:15:12,839 –> 00:15:13,981
[todd_taylor]: but it’s a different flavor on

477
00:15:14,021 –> 00:15:14,165
[ramsey_d_smith]: yeah

478
00:15:14,021 –> 00:15:16,945
[todd_taylor]: that and that’s something we’ve been very
successful with it’s also something

479
00:15:16,826 –> 00:15:17,028
[ramsey_d_smith]: yeah

480
00:15:17,006 –> 00:15:20,111
[todd_taylor]: i think is you know as we
talked about these protected accumulation

481
00:15:20,036 –> 00:15:20,279
[ramsey_d_smith]: oh

482
00:15:20,231 –> 00:15:21,713
[todd_taylor]: solutions have been a real focus

483
00:15:21,686 –> 00:15:21,846
[ramsey_d_smith]: oh

484
00:15:21,794 –> 00:15:24,398
[todd_taylor]: of the market and real growth tory
so we’re happy to be in

485
00:15:24,386 –> 00:15:24,830
[ramsey_d_smith]: oh

486
00:15:24,438 –> 00:15:25,019
[todd_taylor]: that space

487
00:15:25,496 –> 00:15:26,186
[ramsey_d_smith]: yeah

488
00:15:26,181 –> 00:15:26,702
[todd_taylor]: and the other one

489
00:15:26,700 –> 00:15:26,981
[paul_tyler]: oh

490
00:15:26,762 –> 00:15:32,351
[todd_taylor]: is we introduced a our first fee
based variable annuity earlier this year we’ve only

491
00:15:32,431 –> 00:15:34,695
[todd_taylor]: got that through our career agency system
through

492
00:15:34,679 –> 00:15:34,904
[ramsey_d_smith]: water

493
00:15:34,775 –> 00:15:35,456
[todd_taylor]: our through

494
00:15:35,340 –> 00:15:36,048
[paul_tyler]: ye

495
00:15:35,496 –> 00:15:39,743
[todd_taylor]: our r i a within our career
system but that also has been quite successful

496
00:15:39,804 –> 00:15:43,670
[todd_taylor]: and i think to the question you
you raised earlier around paul on you know

497
00:15:43,750 –> 00:15:45,313
[todd_taylor]: the future of trying to reach different

498
00:15:45,296 –> 00:15:45,578
[ramsey_d_smith]: oh

499
00:15:45,333 –> 00:15:53,146
[todd_taylor]: distribution we’re quite successful selling you know
commission products through normal traditional distribution but we

500
00:15:53,246 –> 00:15:54,508
[todd_taylor]: are you know sort of

501
00:15:54,605 –> 00:15:54,626
[ramsey_d_smith]: m

502
00:15:54,708 –> 00:15:58,374
[todd_taylor]: taking a view on creating a fee
based product as well and that’s been you

503
00:15:58,415 –> 00:16:01,122
[todd_taylor]: know quite su cessful in the few
you know in a few months it’s been

504
00:16:01,016 –> 00:16:01,238
[ramsey_d_smith]: yeah

505
00:16:01,142 –> 00:16:03,670
[todd_taylor]: out in the market so those are
two areas we’ve been focused kind of from

506
00:16:03,710 –> 00:16:04,914
[todd_taylor]: a product development standpoint

507
00:16:06,545 –> 00:16:06,566
[ramsey_d_smith]: m

508
00:16:07,011 –> 00:16:10,917
[paul_tyler]: yeah i guess anything people should know
about

509
00:16:11,111 –> 00:16:11,152
[ramsey_d_smith]: a

510
00:16:11,338 –> 00:16:16,667
[paul_tyler]: new york life or annuities that may
not get as much attention as you and

511
00:16:16,687 –> 00:16:19,620
[paul_tyler]: your team might like m

512
00:16:19,686 –> 00:16:21,449
[todd_taylor]: i mean i think you know selfishly

513
00:16:21,926 –> 00:16:22,226
[ramsey_d_smith]: oh

514
00:16:22,090 –> 00:16:27,879
[todd_taylor]: we we’ve quite focused on you know
simplicity were focused on the value of you

515
00:16:27,919 –> 00:16:32,247
[todd_taylor]: know a financial strength you know that’s
how we compete in the market so that’s

516
00:16:32,387 –> 00:16:36,293
[todd_taylor]: long been our our story we’re not
necessarily gonna have the flashiest bells and whistles

517
00:16:36,334 –> 00:16:40,741
[todd_taylor]: and we probably are not going to
have you know the riskiest product out there

518
00:16:41,462 –> 00:16:43,185
[todd_taylor]: but we do focus on on

519
00:16:43,475 –> 00:16:43,496
[ramsey_d_smith]: m

520
00:16:43,566 –> 00:16:45,349
[todd_taylor]: you know simplicity in our product development

521
00:16:45,007 –> 00:16:45,127
[ramsey_d_smith]: ah

522
00:16:45,669 –> 00:16:50,317
[todd_taylor]: value of triple writing and we’re also
quite know we’re committed to this market you

523
00:16:50,377 –> 00:16:53,322
[todd_taylor]: know as a company we’ve been as
i mentioned a market leader for a number

524
00:16:53,382 –> 00:16:53,823
[todd_taylor]: of years

525
00:16:53,996 –> 00:16:55,286
[ramsey_d_smith]: yeah

526
00:16:54,664 –> 00:16:58,370
[todd_taylor]: new york life is you believes in
the importance of annuities the importance of retirement

527
00:16:58,430 –> 00:17:02,016
[todd_taylor]: security and so that’s really important that
we plan to be here you know

528
00:17:02,186 –> 00:17:02,529
[ramsey_d_smith]: oh

529
00:17:02,460 –> 00:17:02,785
[paul_tyler]: oh

530
00:17:02,818 –> 00:17:04,681
[todd_taylor]: with permanence that’s one of the know
the missions

531
00:17:04,496 –> 00:17:04,820
[ramsey_d_smith]: my

532
00:17:04,560 –> 00:17:05,430
[paul_tyler]: yeah

533
00:17:04,721 –> 00:17:08,330
[todd_taylor]: of the company so that’s something that
won’t you know they won’t ange from from

534
00:17:08,370 –> 00:17:08,853
[todd_taylor]: new york life

535
00:17:09,810 –> 00:17:12,855
[paul_tyler]: well this was great rams any final
thoughts

536
00:17:12,678 –> 00:17:12,759
[ramsey_d_smith]: ah

537
00:17:12,955 –> 00:17:14,397
[paul_tyler]: or questions for tod

538
00:17:14,306 –> 00:17:15,316
[ramsey_d_smith]: yeah well

539
00:17:15,178 –> 00:17:15,399
[paul_tyler]: today

540
00:17:15,736 –> 00:17:19,142
[ramsey_d_smith]: first of all i want to thank
todd for for joining us and and look

541
00:17:19,262 –> 00:17:24,611
[ramsey_d_smith]: at the couple of keep points stuck
out for me really around the behavioral issues

542
00:17:24,651 –> 00:17:28,398
[ramsey_d_smith]: that you mentioned so one is this
idea that today that you have protected

543
00:17:28,440 –> 00:17:29,460
[paul_tyler]: oh

544
00:17:28,498 –> 00:17:32,304
[ramsey_d_smith]: income you can take more risk in
the rest of your portfolio and secondly

545
00:17:32,520 –> 00:17:32,783
[paul_tyler]: oh

546
00:17:33,246 –> 00:17:40,137
[ramsey_d_smith]: those that are protected income much more
comfortable sort of enjoying their lives and maybe

547
00:17:40,217 –> 00:17:43,583
[ramsey_d_smith]: being a little bit more free and
they’re spending not you know not out of

548
00:17:43,643 –> 00:17:48,912
[ramsey_d_smith]: control but like able to fully fully
enjoy their retirement knowing that they have that

549
00:17:48,972 –> 00:17:52,603
[ramsey_d_smith]: sort of foundational protection so i think
i think really too critical issues so thank

550
00:17:52,643 –> 00:17:53,870
[ramsey_d_smith]: you for for high lighting those

551
00:17:55,090 –> 00:17:55,270
[paul_tyler]: yeah

552
00:17:55,597 –> 00:17:56,361
[todd_taylor]: thank you guys for having me

553
00:17:56,372 –> 00:17:56,572
[paul_tyler]: well

554
00:17:56,401 –> 00:17:56,582
[todd_taylor]: it was

555
00:17:56,666 –> 00:17:56,848
[ramsey_d_smith]: yah

556
00:17:56,924 –> 00:17:57,688
[todd_taylor]: a great conversation

557
00:17:57,804 –> 00:17:57,926
[ramsey_d_smith]: yah

558
00:17:58,115 –> 00:17:59,096
[paul_tyler]: great what’s

559
00:17:58,987 –> 00:17:59,007
[ramsey_d_smith]: i

560
00:17:59,116 –> 00:18:01,220
[paul_tyler]: the best way to just sort of
stay in touch

561
00:18:01,102 –> 00:18:01,122
[ramsey_d_smith]: i

562
00:18:01,320 –> 00:18:01,681
[paul_tyler]: with the

563
00:18:01,916 –> 00:18:02,178
[ramsey_d_smith]: yeah

564
00:18:02,001 –> 00:18:04,185
[paul_tyler]: new york life’s annuity direction is it

565
00:18:04,826 –> 00:18:06,035
[ramsey_d_smith]: ye

566
00:18:05,247 –> 00:18:09,266
[paul_tyler]: press releases news you know uh how
do you get the word

567
00:18:09,229 –> 00:18:09,311
[todd_taylor]: we

568
00:18:09,326 –> 00:18:10,532
[paul_tyler]: out to the community

569
00:18:12,036 –> 00:18:14,180
[todd_taylor]: we work with with our marketing communications
team

570
00:18:14,108 –> 00:18:14,189
[ramsey_d_smith]: ah

571
00:18:14,260 –> 00:18:15,081
[todd_taylor]: we try to get you know

572
00:18:15,686 –> 00:18:16,374
[ramsey_d_smith]: ye

573
00:18:15,942 –> 00:18:18,947
[todd_taylor]: highlight some of what we’re working on
and our views um and you know in

574
00:18:18,968 –> 00:18:22,854
[todd_taylor]: the popular press so we’ll do our
best to stay out there but i’m also

575
00:18:22,994 –> 00:18:26,210
[todd_taylor]: more than happy to chat with folks
if they have ideas or things they want

576
00:18:26,230 –> 00:18:26,652
[todd_taylor]: to discuss

577
00:18:27,000 –> 00:18:28,422
[paul_tyler]: okay he terrific well thank you

578
00:18:28,508 –> 00:18:29,246
[ramsey_d_smith]: yeah

579
00:18:28,543 –> 00:18:30,526
[paul_tyler]: and thanks everybody for listening again

580
00:18:30,407 –> 00:18:30,571
[ramsey_d_smith]: yeah

581
00:18:30,586 –> 00:18:35,977
[paul_tyler]: give us feedback comments suggested guests and
join us again next week for another episode

582
00:18:36,037 –> 00:18:38,493
[paul_tyler]: of that annuity show thanks

The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.

Ashley SaundersEpisode 163: The State of the Annuity Market Today with Todd Taylor

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