Join us as we sit down this week with Jeffrey Bettermann, President and CEO of Thorngate Financial. Jeff brings more than twenty years of experience in retirement income planning, and he also brings a nuanced perspective to the annuity debate which is our main topic of discussion this week. We discuss the polarization within the industry, where some advisors criticize annuities while others emphasize their importance. Together, we navigate the complex landscape of annuities, shedding light on the different types, their virtues, and potential pitfalls. Jeff also shares valuable insights into the undersold and oversold aspects of annuities, emphasizing the importance of finding an advisor who strikes a balance, offering fee-based accounts, acting as a fiduciary, and understanding when annuities might be appropriate for your unique situation. I hope that you will tune in for this insightful conversation as we unravel the complexities of the financial industry, ultimately aiming to help you make informed decisions about your financial future! Guest Bio: Jeff is an Investment Advisor Representative, RFC or Registered Financial Consultant and is the President and CEO of Thorngate Financial, a firm that specializes in retirement income planning. Jeff has also served as a consultant to other financial professionals across the country on various types of asset management and income planning strategies. He has also been a delegate at the Kehrer-LIMRA Retirement Income Planning Roundtable Discussion and a guest speaker at the National LIMRA Retirement Industry Conference. Most recently, he was featured in Forbes Magazine, Yahoo Finance, Bloomberg, Apple News, and Market Watch. Key Moments: 0:47: Today’s guest is Jeff Bettermann of Thorngate Financial. 2:26: Jeff raises a crucial but polarized issue in the financial advisory industry regarding annuities' value and safety. 4:58: Grappling with conflicting advice on annuities is a common challenge for investors nearing retirement. 7:57: Jeff helps us clear the air about annuities, highlighting their varied types and emphasizing the importance of understanding them for better informed decision-making. 10:29: Jeff explains a bit about what a guaranteed lifetime income rider is. 12:50: Jeff explores the complexity of whether an annuity is suitable, stressing it depends on the individual's financial circumstances, especially in addressing income gaps during retirement. 14:37: Learn of a case in which a teacher was sold a variable annuity with an income rider, incurring substantial fees for a product she didn't even need. 16:19: Jeff stresses educating clients on market principles, avoiding undue influence from insurance-only agents. 17:57: For optimal income with reduced risk, annuities make sense in strategic allocations. 20:31: Jeff argues that strategically using annuities is key and that dismissing them entirely may defy fiduciary duty. 22:33: I point out how determining the right financial professional requires navigating the diverse options based on individual circumstances. 24:30: Jeff agrees, adding that selecting a financial advisor involves finding a middle ground and considering annuities, fiduciary status, and personalized planning. 27:03: Fair compensation for valuable advice is crucial. 28:52: Jeff argues that the payment method should align with the value received and that fees are only a concern when they lack corresponding value. 30:54: Jeff values fee-only advisors, offering ongoing monitoring and higher fiduciary standards. 32:29: Jeff asserts that collaboration between fee-only advisors and insurance agents for annuity use is increasing. 35:43: Choose an advisor you trust; ask tough questions about fiduciary duty and annuities. Additional...