Mr. Cortazzo has shown financial planners and advisers that variable annuities, despite their faults, can help advisers meet their clients’ goals and objectives. Indeed, he’s particularly well regarded in the industry for outfoxing insurance companies – and posting gains for clients – by paying attention to the nitty-gritty details of variable annuities contracts.
Mr. Cortazzo, for example, became enamored with VAs in 2006 and 2007, which later turned into a terrific downside hedge for his clients during the credit crisis. Variable annuities were getting trashed in the press at the time, he noted, pushing insurance companies into a corner to make them more attractive. Mr. Cortazzo saw the opportunity and took full advantage of it.
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