Todd Taylor

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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

300
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[ramsey_d_smith]: oh

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[todd_taylor]: now perhaps the most important

302
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[ramsey_d_smith]: oh

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[todd_taylor]: element to getting widespread adoption

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00:10:04,826 –> 00:10:05,088
[ramsey_d_smith]: oh

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00:10:04,844 –> 00:10:04,924
[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

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[todd_taylor]: pay you back

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00:10:56,276 –> 00:10:56,639
[ramsey_d_smith]: oh

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00:10:56,296 –> 00:11:01,928
[todd_taylor]: that benefit depends what the market does
but what we’ve discovered is investors who hold

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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
00:11:12,417 –> 00:11:15,702
[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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00:11:25,479 –> 00:11:27,342
[todd_taylor]: over time it’s not zero some

348
00:11:27,358 –> 00:11:27,542
[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

353
00:11:34,076 –> 00:11:34,343
[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
00:11:43,028 –> 00:11:45,592
[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
00:11:46,980 –> 00:11:47,323
[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

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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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00:12:04,131 –> 00:12:04,234
[ramsey_d_smith]: ah

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00:12:04,189 –> 00:12:05,732
[paul_tyler]: new york life without talking

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00:12:05,696 –> 00:12:05,981
[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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00:12:08,697 –> 00:12:11,762
[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

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[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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00:12:39,658 –> 00:12:41,154
[paul_tyler]: on tik tok oh

383
00:12:42,086 –> 00:12:42,367
[ramsey_d_smith]: oh

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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.