Introduction to Schwab Annuity Concierge Service for Advisors 

Introduction to Schwab Annuity Concierge Service for Advisors 

Schwab Annuity Concierge, a dedicated team of professionals is available to assist you and your clients with annuity enrollment and provide ongoing support at no additional cost. The service simplifies the purchase process and paperwork so you can focus on growing your business.

Key benefits to advisors using Schwab Annuity Concierge:

  • Focus on your business rather than the necessary annuity paperwork.
  • Mitigate risk with licensed annuity specialists that complete the suitability assessment and other essential documentation to ensure each annuity purchase is consistent with the financial goals and investment objectives you have established with your clients.
  • Customized information from our Variable Annuity Expense Analyzer tool provides a tailored comparison of annuity expenses.

Key features of Schwab Annuity Concierge:

  • Suitability assessment and application—management of nearly all paperwork related to annuity purchases, including completion of suitability assessment and application forms.
  • 1035 exchange* process Tooltip —coordination with you, your client, and other insurance companies to help expedite the exchange process.
  • Completion of application—collaboration with you and your client to ensure the application is completed properly.
  • Ongoing support—availability to assist with post-sale needs.

* When considering an exchange, expenses are only one factor. Before replacing an existing annuity, also consider any surrender charges on the current contract, the potential loss of any guaranteed benefits, and differences in features, costs, services, and company strength as well as factors that could reduce or eliminate the benefit of the exchange.

For information regarding variable annuities and the sales process, see the following:

Variable annuities

A variable annuity is a long-term investment for retirement that offers:

  • Tax-deferred growth potential
  • A variety of investment options
  • Guaranteed lifetime income
  • Guaranteed death benefit options

Many investors use variable annuities to complement other tax-deferred retirement investments such as IRA and 401(k) plans because unlike these investments, annuities have no IRS-imposed contribution limits. However, the insurer may impose contribution limits. In addition, many variable annuities allow you and your clients to choose from a broad mix of professionally managed investment options from a variety of fund families. For more information, see Introduction to annuities and what they provide.

Variable Annuity Expense Analyzer tool

When your client has an annuity that no longer meets their needs, Schwab Annuity Concierge will compare the expenses of the current variable annuity with an appropriate annuity available through Schwab to identify potential savings. Aside from expenses, also consider:

  • Any surrender charges on the current contract
  • The potential loss of any guaranteed benefits
  • Differences in features, costs, services
  • Company strength
  • Factors that could reduce or eliminate the benefit of the exchange

Why is Schwab offering Annuity Concierge Service for Advisors?
Schwab Annuity Concierge assists you with growing your business by helping you secure new annuity business and exchange existing annuity assets to an annuity offered through Schwab (where appropriate). The service allows advisors and their clients to leverage the expertise and tools developed by Schwab, such as the Variable Annuity Expense Analyzer tool to help determine how much your client might save with an exchange.* In addition, it frees you from administrative activities and paperwork so you can focus on your asset management business. Once these assets are in-house, you can manage them as part of your business.

* When considering an exchange, expenses are only one factor. Before replacing an existing annuity, also consider any surrender charges on the current contract, the potential loss of any guaranteed benefits, and differences in features, costs, services, and company strength as well as factors that could reduce or eliminate the benefit of the exchange.

How does Schwab's Annuity Concierge sales/application process work?
The process begins once you contact Schwab Annuity Concierge at 888-667-2145 (option 2) to discuss annuity opportunities:

  • For a client who currently owns an annuity outside of Schwab, a Schwab Annuity Concierge team member will use Schwab's proprietary tool, the Variable Annuity Expense Analyzer, to help determine whether a 1035 exchange Tooltip * to one of the annuities available through Schwab may make sense for them.
  • A Schwab Annuity Concierge team member will work directly with you during the sales process or can work with you and your client in a conference call.
  • In all cases, a Schwab Annuity Concierge team member performs back-office activities, such as filling out an annuity application and any other applicable forms, and mailing them to the advisor.
  • For 1035 exchanges Tooltip *, contact a Schwab Annuity Concierge team member anytime for assistance in obtaining an update on the status of the asset transfer.
  • Once the transfer is complete and the annuity contract is issued, you manage your client's annuity assets under the terms of an established limited power of attorney Tooltip and, if needed, contact Schwab Annuity Concierge for additional information on annuity subaccounts.

* When considering an exchange, expenses are only one factor. Before replacing an existing annuity, also consider any surrender charges on the current contract, the potential loss of any guaranteed benefits, and differences in features, costs, services, and company strength as well as factors that could reduce or eliminate the benefit of the exchange.

If the annuity concierge phone lines are full, can I leave a voice mail?
Yes. The Schwab Annuity Concierge team will receive a notification and will return your phone call at their first opportunity.

How much can a licensed annuity specialist help my client with annuity paperwork?
Based on the analysis and subsequent discussion, the Schwab Annuity Concierge team is able to prepopulate much of the required state-specific paperwork.

If a client has an existing annuity, and the client’s risk tolerance and investment profile suggest a new variable annuity may be appropriate, what do I do?
Provide the Schwab Annuity Concierge team with a current quarterly statement. The Schwab Annuity Concierge team can provide an analysis regarding the proposed replacement. There may be cases where Schwab will not recommend a replacement.

Introduction to variable annuity products offered through Schwab
Introduction to annuities and what they provide

Schwab Annuity Concierge Service Brochure

To contact a Schwab Annuity Concierge Service specialist, call 888-667-2145 (option 2) from 7 a.m. to 4 p.m. PT, Monday–Friday or email annuityconcierge@schwab.com.