It has taken a village to evolve as an industry, and I had the pleasure of learning more about those roots in New York City last month!
This was my first trip to NYC and while overwhelming, it was an honor to vist such an iconic city. We stayed at the beautiful Essex House on the edge of Central Park and ventured to lower Manhattan in the financial district for our trainings. We began our meetings in CitiBank then walked to Ground Zero over lunch. I was in sixth grade when 9/11 happened, and with my dad and many other family members serving as volunteer firefighters, that day always chokes me up. It was surreal to stand there and envision the chaos of that morning. I will never forget that part of my time in NYC.
We also toured the floor of the New York Stock Exchange on Wall Street. I hadn’t realized the NYSE has not been open to the public since 9/11. One can only gain access as an IPO or as a partner to the exchange. The gentleman who hosted our travels, Ron Shurts, CEO and co-founder of Annexus, went public and partnered with NYSE in 2016 and has been leading the innovation of annuities and indices ever since.
As a native Iowan, (the insurance and annuity capital of the world) I have seen a ton of annuity products cross my desk. Some of these products brought excellent value to the client’s portfolio. Some were sold for the wrong reasons, (i.e. high commissions) and were not in the best interest of the client. Annuities tend to get a bad rep because of the way agents have historically used fear and uncertainty to push products that padded their own pockets. The industry seems to be moving in the right direction – away from those sales tactics – and more towards indices and product features that benefit the client.
Annuities can be very complex but can also solve for many scenarios if they are presented in a transparent, non-biased way… If we need to explore an annuity, we only work with A-rated companies and we vet options with the right balances of bonuses, guarantees, and liquidity features for the client.
There is never a one-size-fits-all approach. If you ever feel compelled to buy something because an agent or advisor is pushing, you should always explore a second opinion and confirm that it is indeed the best step towards your future success.
There is always room to innovate, and I have been very lucky to work with a team that pioneers that same school of thought. I am happy to have experienced the gears that are turning behind the scenes. We are in great hands with a focus on “where the puck is going, not where it has been” – Mr. Ron Shurts. We don’t have to live in New York City to receive exceptional service and I am proud to provide that level of care to those who need it most!
Ashlea (Kleitsch) Jones
Financial Advisor
Prime Capital Investment Advisors
Cedar Rapids, Iowa
pciacedarrapids.com
1815 Boyson Rd.
Hiawatha, IA 52233
P: (319) 269-7143
This information does not constitute legal or tax advice. PCIA and its associates do not provide legal or tax advice. Individuals should consult with an attorney or professional specializing in the fields of legal, tax, or accounting regarding the applicability of this information for their situations.
