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New VA requirements for Raymond James

By Bruce Kelly

May 5, 2006 6:01 am ET

Raymond James Financial Inc. has created new requirements for the variable annuities the firm's nearly 5,000 employee and independent-contractor registered representatives sell, the company announced today.

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The new plan for variable annuities is designed to lower policy fees, create consistent commissions and reduce confusion, according to a statement from the St. Petersburg, Fla. firm.

If a variable annuity company does not meet those requirements, Raymond James will no longer sell those annuities through its advisers and brokers, the firm said.

The plan was first announced without detail last summer at the annual meeting of Raymond James Financial Services Inc.

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