Annuity News | Vanguard Annuities Now Handled by Transamerica - YouTube

Hi there. Stan The Annuity Man, America's  Annuity Agent. Licensed in all 50 states  

including the beautiful one that you're sitting  in. Today's topic is a big one. Annuity news.

That's like the news ticker. Annuity news. And  this is a big one. Vanguard who is no longer  

in the annuity industry, those policies  are now being handled by Transamerica.Two  

fine companies but I'm getting a lot of calls  and you might be one of those people that had  

that Vanguard annuity that you're now having to  call Transamerica. And you're saying yourself,  

"You know, Stan The Annuity Man, America's  Annuity Agent? I need some guidance. I need  

some therapy. I need you to help me with this  because it's driving me crazy!" That's okay.  

That's why I'm here. But we're not going to  do any of that until we hear music right now.

Alright. So, let's talk about Transamerica  and Vanguard. Great companies. I mean,  

great companies. In fact, I love the  Transamerica building. You know, the one you  

see in San Francisco? Fantastic. But let's do some  background on this whole situation. Now, number 1,  

Vanguard used to sell variable annuities like  no-load variable annuities and variable annuities  

and MYGAs and stuff like the SPIAs and stuff like  that. But a couple of years ago, I guess they had  

the grand pub meeting where they had all the grand  poobah Vanguard hats on and they said, "You know  

what? Let's not sell annuities anymore." And it  shocked everybody. But what you need to understand  

is you're calling Transamerica right now. But  when Vanguard sold you that annuity, it was a  

Transamerica annuity, it was Vanguard that was  doing the administrative part of it. And a lot  

of you love the Vanguard administrative. They're  fantastic. Disclaimer, I have a Vanguard account.  

I'm sure most of you do as well. So, I love  them. And I love Transamerica. But when I read  

the story a while back that Transamerica was now  going to take all of those inbound, administrative  

questions and things like that from Vanguard,  because vanguard's out of the annuity business,  

my first thought about Transamerica is, "Please  hire people. Please, please hire a lot of people  

and buy a lot of phones." Because I just knew it  was going to be inundated, inundated, inundated.  

And it has been. Now, to Transamerica's defense,  I mean and... Listen, you got to feel for them.  

Because number 1, they took this on. But when they  took it on, they weren't planning on covid hitting  

and not having anybody in buildings and everyone's  remote. God bless them for this. But it's been  

messy. A lot of our clients have called and  said, "Hey, Stan. Got this Vanguard annuity. Now,  

I got to call Transamerica." I'm on a 2-hour  hold and Martha wants to go eat and I can't be  

on hold." I understand that, Chester. But that's  what's happening they've been inundated. Number 1,  

be patient with them. Don't yell at them. Yelling  doesn't help. Even though I yell. But it doesn't  

help. They're trying their best. If you want  to transfer an annuity from now, Transamerica,  

wasn't Vanguard. Be very careful. The sharks  are swimming. That's a shark swimming. You see  

that? That's a hand shark. But there's a lot  of annuity sharks out there. And any time that  

they can transfer an annuity, they're going  to get paid a commission. Understand this:  

When you transfer one annuity to another annuity  by law, in the application, we do a side-by-side  

comparison and the annuity that you're coming  from (in this case Transamerica), the annuity  

that you're going to, the one you're going to  has to be mathematically better in your favor,  

not the agent's favor. We have to prove math,  side-by-side comparison. That is better for you.  

When someone says, "It's a mess over there in  Transamerica. Let's move it over here this fixed  

indexed annuity and I'll get you an upfront  bonus for moving it." If you're going to buy  

an annuity for a bonus then you're not smart.  I call it bonuses candy for the stupid. And you  

can quote me on that and the industry can quote  me on that. I wish they'd just get rid of them,  

okay? The other thing too is agents that advise  people to move an annuity for the bonus to make up  

for whatever surrender charge, that's not right  and it's not legal. Okay? So, if anyone says,  

"Well, forget those surrender charges. We'll just  move it over here. Get you enough front bonuses  

to cover the surrender charge." That's illegal  and they should lose their license for that.  

We're going through an interesting time in the  annuity life insurance industry. There's a lot  

of people that are coming in a lot of big money  people and buying things up. And you got to say,  

"Why Stan The Annuity Man?" Because annuities  are the most boring thing on the planet because  

they're contracts. Of course, they're boring. I  mean I'm the spice to the boring, of course. But  

the reason that people are coming in to buy things  in the annuity industry is because there's over  

10,000 baby boomers reaching age 65 every single  day. What do I call that? A demographic tidal wave  

living in Florida. I mean that's what it is. So,  a lot of companies want to get ahead of that.  

Can't blame them. So, what I'm trying to say  is with Vanguard in the Transamerica situation  

where you have some changing of the guard as  they say, this isn't the last one, player.  

This is going to happen a lot coming forward.  So, I would just encourage you to be patient  

and don't get frustrated and pull the trigger and  make a bad decision on the annuity that you have.  

Transamerica, they're figuring this thing out.  The wait times are decreasing, they're doing a  

heck of a job. They've just been dealt a pretty  bad deck of cards here at a pretty bad time  

period at the time of this taping with covid.  They'll work itself out. But what I want you  

to do is not make a knee-jerk reaction and say,  "I'm just going to transfer this one." No. Look  

at what you have. Look at the benefits that you  have. And if you want to schedule a call with me,  

Stan The Annuity Man, America's Annuity Agent,  license 50 states; you can get me on the horn  

for 30 minutes. I will look at it and say, "Okay,  you know here's what you have", etc. Now, here's  

the disclaimer though. You guys said, "Well, Stan.  That's pretty cool. You told me about Transamerica  

and the variable annuity and Vanguard."  Disclaimer. I don't sell variable annuities.  

I just don't. Nothing against them but I don't  sell anything that goes down or has the potential  

to go down. The inside investments are separate  accounts. Me and you call them mutual funds.  

But they have the ability to go down. I just don't  sell anything that goes down. I'm a contractual  

guarantees-only person. My saying that I have  tattooed really big on the back like my back. No,  

actually not. I should but it's "Will do, not  might do." You own an annuity for what it will do  

not what it might do. And the will do or the  contractual guarantees. You don't buy the dream,  

you own the contractual realities. But with  this situation with Vanguard and Transamerica,  

I thought it was timely. And since I'm the voice  of the annuity world in the annuity industry and  

the thought leader here in the annuity industry,  bar none, undisputed. Stan The Annuity Man,  

America's Annuity Agent. I thought it was  important for me to talk to you and calm  

you down a little bit. You're saying, "Stan,  you're telling me to calm down. Look at you,  

man. You're sweating. You're yelling". I  understand. You have a variable annuity or  

some annuity that you bought at Vanguard that's  now being administrated by Transamerica that was  

originally Transamerica annuity. But now, they're  just administrating it. Not vanguard. Relax, calm  

down. Send me the statement or review, schedule a  call. It's all going to be okay. Baseball analogy  

for all you baseball people. By the way, history  lessons, Stan The Annuity Man --Stan, I was named  

after Stan Musial of the St Louis Cardinals. Now,  of course, I'm a contrarian. I played basketball.  

But foggy's out there know who's Stan Musial is.  But the reason I put the hat backwards, I want to  

be the catcher. I want to be the catcher. I want  to catch the anger that you have right now and I  

want to look at the policy that you have and make  sure you're not going to make a rash decision to  

transfer it because some person told you, "Upfront  bonus and market upside with no downside." You're  

smarter than that, okay? You're smarter than that.  Hey, because you're watching this video. So, with  

Stan The Annuity Man, America's Annuity Agent. But  I'm the catcher. Let me catch your policy. Let me  

look at it. Let me catch your anger. Schedule  a call. Let me catch everything right now and  

slow you down because Transamerica is doing the  best that they can. Trust me. Great people there.  

I know them. Great people they're doing the best  they can. They will solve this. The waiting times  

on the calls are going down. It's all going to  be okay. I promise you that. Hey, do me a favor.  

Hit the subscribe button and I'll see you next  time on Stan The Annuity Man YouTube channel.