Retirement planning is a critical aspect of personal finance, and one of the most effective ways of generating a reliable source of retirement income is through annuities. However, despite the advantages of annuities, they have struggled to gain broad market adoption due to the high commission fees and costs associated with their purchase. This is where Gilgal General, Inc. comes in. Gilgal General is an electronic annuity trading marketplace that is revolutionizing the way annuities are traded and sold, and is making it easier for retirees, workplace employees, and insurance companies to access this important investment vehicle.
Founded in November 2019 by Alexander Ampontuah, a former employee of UBS, RBC Capital Markets, and Deutsche Bank, Gilgal General is based in New York City, and it is a startup that is poised to change the annuity trading landscape.
Eliminating the High Commission Fees and Costs Associated with Annuities
Gilgal General’s electronic annuity trading exchange and clearing platform are specifically designed to eliminate the high commission fees and costs associated with annuities. The company connects retirees and workplace employees to insurers at an electronic annuity trading exchange and a clearing platform that allows insurance companies to issue annuities electronically to annuity buyers.
By creating an annuity trading exchange and a clearing platform, Gilgal General enables retirees and workplace employees to execute zero-cost annuities, which is a significant departure from the current industry standards of 3-8% commission fees/costs. This innovation has helped to eliminate the current friction that is inhibiting broad market adoption to annuities.
An Electronic Trading Platform that Streamlines Transactions
Gilgal General’s electronic annuity trading platform provides a centralized marketplace for insurers to sell annuities and for retirees and workplace employees to buy them. This platform provides an efficient and seamless way to trade annuities that allows contracts to be transacted between annuity buyers and annuity sellers in milliseconds rather than weeks, which is currently the norm.
The platform’s electronic clearing mechanism allows insurers to centralize their annuity selling efforts in one centralized trading marketplace and clear transactions electronically. This has significantly reduced insurers’ annuity selling costs and efforts by 3-5x compared to traditional annuity selling channels.
Gilgal General’s electronic trading platform has made it easier for insurance companies to sell annuities, while retirees and workplace employees can now access them more efficiently and at a lower cost.
Conclusion
Gilgal General is an innovative startup that is revolutionizing the annuity trading market. By eliminating the high commission fees and costs associated with annuities, and creating an electronic trading platform that streamlines transactions, Gilgal General is making it easier for retirees and workplace employees to access annuities as a retirement income vehicle. With its cutting-edge technology and expert team, Gilgal General is poised for success in the financial services industry.
Website: https://www.gilgalgeneral.com
Twitter: https://twitter.com/gilgalgeneral
Facebook: https://www.facebook.com/gilgalgeneral
LinkedIn: https://www.linkedin.com/company/gilgal-general-inc/
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