PARSIPPANY, N.J., Feb. 5, 2013 /PRNewswire/ -- MACRO Consulting Group, a distinguished financial planning firm specializing in retirement planning, announced today the launch of a new service, Annuity Review. The program is designed to help both Fee-Based financial advisors, who typically may not work extensively with insurance products, as well as individual investors, uncover hidden value within their existing variable annuity contracts and gain a clearer understanding of how they may fit in a broader financial planning strategy.
Mark Cortazzo, CFP®, MACRO Consulting Group's Founder and Senior Partner, said, "Unlike many other investments, VAs are a contractual agreement between the individual investor and the insurance company. Certain standard provisions offered during a past, one-time period can vary compared to contracts issued at a later date. The key take-away for financial advisors and the investing public is that the variable annuity industry has changed substantially in the last few years, and many of the older, 'vintage' VA contracts may contain valuable provisions that were overlooked at the time of purchase. These could include more generous payouts, relatively lower costs, superior fixed options, death benefits, and lifetime income guarantees that an investor could not find today in a new contract."
Cortazzo continued, "Some insurance companies are actively looking to exit the variable annuity business by closing products and offering cash payments to holders of existing contracts. By hiring an objective, third-party consultant, individual investors and Fee-Based advisors can possibly uncover provisions in a pre-existing contract that may deserve a second look before one simply surrenders the contract."
Annuity Review leverages MACRO's decades of variable annuity experience and their access to an extensive database of virtually every variable annuity contract past and present. Annuity Review provides a detailed report of the contract and supplemental riders along with an overall assessment of the contract.
In addition to working directly with the individual investor, they also work with Fee-Based financial advisors and hourly financial planners to service the advisor's clients. Cortazzo explained, "We take the time to understand the best way to work with you and your client. We become your partner and do not compete for your client's assets."
The cost for a review is $199 which includes up to 3 contracts. Each additional contract is $49. Discounted pricing is available for Fee-Based advisors with whom we have an ongoing relationship. Cortazzo added, "It was important to me to provide a cost effective service and I have accomplished this with Annuity Review. For a variable annuity owner, this could be the best $199 they ever spend!"
About MACRO Consulting Group
MACRO Consulting Group is one of New Jersey's most distinguished financial planning firms. As an independent firm established in 1992 with $650 million in assets under management, MACRO Consulting Group specializes in customized estate, retirement and tax planning for a clientele of affluent individuals – successful professionals, business owners, retirees and others. With a keen knowledge of the needs of the mature investor and a consistent concentration on long-term investment strategies, our clients can be sure we appreciate the complex concerns surrounding retirement. We use a variety of investments and insurance products to help our clients work towards a future of wealth and maintain their current lifestyle during retirement. For more information, please visit us at: www.annuityreview.com or call 973-451-9400.
Variable annuities are long term, tax-deferred investment vehicles designed for retirement purposes and contain both an investment and insurance component. They have fees and charges, including mortality and expense risk charges, administrative fees, and contract fees. They are sold only by prospectus. Guarantees are based on the claims paying ability of the issuer. Withdrawals made prior to age 59½ are subject to 10% IRS penalty tax and surrender charges may apply. Gains from tax-deferred investments are taxable as ordinary income upon withdrawal. The investment returns and principal value of the available sub-account portfolios will fluctuate so that the value of an investor's unit, when redeemed, may be worth more or less than their original value.
Riders are additional guarantee options that are available to an annuity or life insurance contract holder. While some riders are part of an existing contract, many others may carry additional fees, charges and restrictions, and the policy holder should review their contract carefully before purchasing.
SOURCE MACRO Consulting Group