• Annuities: Misconceptions, Regulations, and Best Practices With David Cranfield

  • Jan 23 2025
  • Length: 39 mins
  • Podcast

Annuities: Misconceptions, Regulations, and Best Practices With David Cranfield

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  • Summary

  • David Cranfield is the Brokerage Director at Pinney Insurance, a full-service BGA. Pinney's services help financial advisors, planners, and insurance agents expand their knowledge on insurance products and source solutions for their clients. Some of David’s areas of focus include annuities, life and disability income insurance in business planning, estate planning, and individual insurance planning. With extensive experience in the insurance and financial services industry, he also serves as the Regional Vice Chair of the National PAC Committee for NAIFA (National Association of Insurance and Financial Advisors). In this episode… Annuities are one of the most debated topics in personal finance — praised for their lifetime income guarantees yet criticized for complexity, fees, and misuse. How can people separate fact from fiction and determine if annuities are the right financial tool for their needs? According to David Cranfield, a seasoned financial professional and self-professed “insurance geek,” annuities are neither inherently good nor bad — they are simply tools that must be used properly. He highlights that many misconceptions stem from an overwhelming number of annuities marketed by unqualified insurance advisors who fail to understand and explain critical details, such as guaranteed and non-guaranteed (i.e., movable) contractual provisions, fees, and various add-on riders. However, at their core, annuities excel in providing security for retirees concerned about market volatility and outliving their assets. But improper use, such as locking too much of one's liquid assets into long-term products like annuities, can lead to financial challenges when unexpected life events arise. In this episode of the Pillar6 Podcast, Roman Polnar speaks with David Cranfield, Brokerage Director at Pinney Insurance, to discuss common misconceptions about annuities, regulatory improvements, and best practices for informed decision-making. They explore how guarantees differ between products, why understanding surrender charges is crucial, and the importance of working with educated advisors. David also shares tips on evaluating annuity options to ensure they align with your financial goals. Resources mentioned in this episode: Roman M. Polnar on LinkedInPillar6 AdvisorsDavid Cranfield on LinkedInPinney InsuranceNational Association of Insurance & Financial Advisors (NAIFA)The Cost of Discipleship by Dietrich BonhoefferWild at Heart: Discovering the Secret of a Man's Soul by John EldredgeLivy: The Early History of Rome, Books I-V by Titus LivyLife Happens
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