You Own an Annuity. Do You Actually Know What You Own?
Many people who own annuities have had limited contact with the original selling advisor since purchase. The contract sits in a drawer. The statements arrive and get filed. The riders, the fees, the surrender schedule, and what happens when you die are mostly a mystery. We help retirees in New Smyrna Beach and across Volusia County review the annuities they already own, in plain English, with no obligation to buy anything.
The Annuity Problem No One Talks About
Annuities are not inherently good or bad. They are tools. Some are excellent for certain situations. Some annuities are well-suited to the buyer's situation. Others may not align with a person's current needs or goals. Most owners have no idea which category their policy falls into.
The common pattern looks like this:
- You bought the annuity 5 to 15 years ago, often through a previous advisor or broker
- Nobody has explained it to you since
- You vaguely remember it was supposed to provide income or protection
- You are not sure what the fees are, what the riders do, or what your surrender period looks like today
- You inherited it from a spouse or parent and have no relationship with the agent who sold it
We do not manage a proprietary fund family. Third-party investments are selected based on your risk profile and retirement objectives. Steven is not captive to any single carrier and does not operate under product-specific sales requirements.
What the Review Covers
When we sit down with your annuity contract, we look at the questions that actually matter:
What kind of annuity is it? Fixed, fixed indexed, immediate, and deferred annuities each behave differently and fall within the scope of this review. Variable annuities are securities products that require a registered representative license to advise on. If your annuity is a variable annuity, we will identify that during the review and refer you to an appropriately licensed professional for guidance on that product.
What does it cost? Mortality and expense charges, rider fees, sub-account fees, and any other internal costs.
What riders do you have, and what do they actually do? Income riders, death benefit riders, long-term care riders. We translate the marketing names into actual contract behavior.
Where are you in the surrender schedule? How much you can withdraw without a penalty, when the schedule ends, and what your exit options look like today.
What is the death benefit? Many owners assume their beneficiary gets the full account value. The actual answer depends on the contract.
How does it fit into your overall retirement income plan? An annuity in isolation is just a product. An annuity inside a coordinated income plan is a tool.
What You Get
When you bring in your annuity for review, you walk away with:
- A written summary of what you actually own, in plain English
- A fee and cost breakdown so you know what the contract is charging you each year
- A surrender schedule view showing your exit options and any penalties
- A rider analysis explaining what your income, death benefit, or LTC riders are actually worth
- A recommendation, which may be to keep the annuity as is, restructure how you are using it, or explore a 1035 exchange to a better-fitting contract.
Who This Is For
This review tends to deliver the most value for households who are:
- Already own one or more annuities, fixed, indexed, or variable
- Bought through a previous advisor, broker, or banker years ago
- Unsure what the policy actually does, what the fees are, or when the surrender period ends
- Recently widowed and inherited a contract you did not buy
- Northeast transplants who bought annuities through a financial firm up north and now want a local advisor
If that sounds like you, the next step is a 45-minute conversation. Bring your contract or the most recent statement.
Sometimes the annuity is fine and the right answer is to keep it. Sometimes there are better options. Either way, you leave informed.
Why Steven
- RICP® (Retirement Income Certified Professional®), the designation focused on retirement income and the role annuities play in it
- NSSA® (National Social Security Advisor)
- CLTC® (Certified in Long-Term Care)
- CF2® (Certified Financial Fiduciary)
- 15 years of practice, 350+ families guided
- Steven is not captive to any single carrier and does not operate under product-specific sales requirements. Where applicable, compensation may include carrier-paid commissions, which is disclosed prior to any recommendation.
- Reviews are educational, they begin as an educational analysis of what you own.
- Local office on North Orange Street, downtown New Smyrna Beach
How to Get Started
Call or book.
Pick up the phone at (386) 402-4626, or schedule online.
Bring your statement.
The most recent annuity statement is usually enough to start. The full contract is helpful if you have it.
Discovery meeting (free).
We review what you own, what it does, and how it fits the rest of your situation. About 45 minutes.
Written summary.
You leave with a clear understanding of your contract and a recommendation, if one is warranted.
No pressure to change anything on day one. Many clients leave with nothing more than clarity.
FAQ
I bought my annuity years ago. Is there really anything to review?
Yes. Riders activate at certain ages, surrender schedules end, account values change, and the original sales rationale may no longer apply. A review surfaces what has changed since you signed the contract.
Are annuities good or bad?
Neither. They are tools. A fixed indexed annuity with a strong income rider can be the right solution for someone who needs contractually guaranteed retirement income. The same contract may not be the right fit for someone whose income needs are already well covered by other sources. Suitability depends on your full financial picture.
What is a 1035 exchange?
A 1035 exchange is a tax-free transfer from one annuity contract to another. It allows you to move into a better-fitting contract without triggering taxes on any gains. However, a 1035 exchange may result in a new surrender period, new fees, and compensation to the recommending agent. Any replacement recommendation will be accompanied by required disclosure documents comparing your current and proposed contracts.
Do I have to surrender my annuity to leave my previous advisor?
No. In many cases, an annuity contract can be reassigned to a new servicing advisor without changing the contract itself. We handle this routinely.
Will reviewing my annuity cost me anything?
The review is complimentary. There is no obligation to do anything afterward.
What if my annuity is actually fine?
Then we tell you that and you go home with a clearer picture of what you own. Many reviews end exactly this way.
Are you a fiduciary?
Investment advisory services are offered by Signal Advisors Wealth, LLC (“Signal Wealth”), a Registered Investment Adviser with the U.S. Securities & Exchange Commission. Registration with the SEC does not imply a certain level of skill or training.
Do you work with people who live outside New Smyrna Beach?
Yes. We regularly serve households in Edgewater, Port Orange, South Daytona, Daytona Beach, Ormond Beach, DeLand, Deltona, Orange City, Palm Coast, Sanford, Titusville, Holly Hill, Lake Helen, Glencoe, and the rest of Volusia County.
Know what you own before you decide what to do with it.
Bring your annuity statement to a free 45-minute review or call our New Smyrna Beach office.
Office: 112 N. Orange Street, New Smyrna Beach, FL 32168 Hours: Monday to Friday, 9:00 to 5:00
Compliance Disclaimer
Investment advisory services are offered by Signal Advisors Wealth, LLC ("Signal Wealth"), a Registered Investment Adviser with the U.S. Securities & Exchange Commission. Registration with the SEC does not imply a certain level of skill or training. Steven L. Rich is an Investment Adviser Representative of Signal Wealth. Insurance products and services are offered through New Smyrna Beach Retirement Solutions ("NSBRS"). Signal Wealth does not offer insurance products. NSBRS is not affiliated with Signal Wealth. Additionally, when NSBRS and/or its agents are recommending and/or selling insurance products they are not acting on behalf of Signal Wealth or in a fiduciary capacity, and instead are governed by the applicable insurance rules and regulations. For more information about Signal Wealth, or to receive a copy of our Form ADV or Form CRS, please click here. NSBRS is not affiliated with or endorsed by the U.S. Government or any governmental agency. NSBRS and its agents do not provide tax, legal, or Social Security advice. Clients are advised to consult their tax advisor or attorney regarding tax and legal matters and to contact the Social Security Administration at their local office or online at www.ssa.gov. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss. Past performance is not indicative of future results. The information provided herein is for informational purposes only and should not be construed as a recommendation or as investment, tax, or legal advice. None of the information contained herein shall constitute an offer to sell or solicit any offer to buy any security, investment advisory, or insurance product. Investment advisory services are provided in accordance with a fiduciary duty of care and loyalty that includes putting client interests first and disclosing conflicts. Insurance services are subject to a best interest standard, which requires recommendations to be in the client's best interest. Advisors may receive commissions and other compensation for the sale of insurance and annuity products. Annuity guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Any tax savings figures, projections, examples, or multi-year tax projections referenced are hypothetical and provided for illustrative purposes only. They are based on assumptions that may not reflect your individual circumstances, do not represent actual results, and are not a guarantee of future performance or outcomes. Individual results will vary. Strategies such as Roth conversions, capital gains harvesting, required minimum distribution planning, and charitable giving are not suitable for all individuals, involve trade-offs, and depend on your specific circumstances and current tax law, which is subject to change. There is no assurance that any strategy will reduce your overall tax liability. Neither Signal Wealth nor NSBRS provides tax or legal advice; consult your qualified tax professional or attorney regarding your situation.
Fixed annuity recommendations are subject to Florida's best interest standard under Florida Statute 627.4554. Florida insurance regulations require specific disclosure documents for any annuity replacement recommendation; those documents will be provided prior to any recommended exchange.
Florida insurance regulations require specific disclosure documents for any annuity replacement recommendation. These will be provided prior to any recommended exchange.