Financial advisers, reeling from last year's tumult in the variable annuity market, are now rethinking the carriers they use and the strategies they put together for clients.
The herd of variable annuity providers has thinned in the past year, with Genworth Financial Inc. and Sun Life Financial Inc. exiting the industry, and John Hancock Life Insurance Co. restricting its annuity distribution to a handful of broker-dealers.
Until last year, insurers were offering variable annuities with generous living benefits at reasonable rates. Those days are now officially over, says IN's Darla Mercado.
Tom Hamlin, founder and chief executive of Portland, Ore.-based Somerset Wealth Strategies Inc. and the top annuity salesman among Raymond James Financial Services Inc.'s independent-contractor representatives for nine of the past 11 years, anticipates selling $50 million worth of variable annuities this year.
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Mary Beth Franklin, InvestmentNews
Harley Gordon, CLTC