Prudential hooks up with Edward Jones to launch A-share VA

Prudential Financial Inc. is teaming up with Edward D. Jones & Co. LP to create a new A-share variable annuity. The insurer expects to submit a filing for the product in the next 30 to 60 days.
NOV 24, 2010
Prudential Financial Inc. is teaming up with Edward D. Jones & Co. LP to create a new A-share variable annuity. The insurer expects to submit a filing for the product in the next 30 to 60 days. “Edward Jones has been an innovator in [the A-share variable annuity] space, and that complements our culture of innovation,” said Bruce Ferris, senior vice president, sales and distribution, for Prudential Annuities. “We had very encouraging discussions with them on their ideas and thought processes.” The carrier and the broker-dealer also cemented a new distribution relationship. That pairing allows Edward Jones’ force of 12,000 advisers to sell Prudential’s products — namely, its variable annuities, which include the popular Highest Daily living-benefit feature. In addition, reps will have access to Prudential’s permanent and term life products. The new VA, expected to launch late next spring, will be an A-share variable annuity — the first released by Prudential. “The value proposition around the A-share is that it’s front-end-loaded, and you can benefit from break points with higher invested asset sizes,” said Mr. Ferris. “With that, there’s a corresponding reduction in commission levels.” The Highest Daily living benefit will be available on the new VA. The product will also include model portfolios suggested by Edward Jones, using Prudential’s investment platform, Mr. Ferris said.

Latest News

LPL Financial lands $1.6B Conte Wealth Advisors from Cambridge
LPL Financial lands $1.6B Conte Wealth Advisors from Cambridge

A third-generation Pennsylvania firm with 24 advisors and $1.6 billion in client assets has left Cambridge Investment Research.

Confluence Financial Partners secures minority stake from PE firm
Confluence Financial Partners secures minority stake from PE firm

Fast-growing $7.6 billion Pittsburgh-based RIA secures growth capital but retains full management control.

US bank M&A wave set to reshape wealth management landscape
US bank M&A wave set to reshape wealth management landscape

Bain projects up to seven US trillion-dollar banks by 2030 as consolidation accelerates.

Warren and Wyden press FINRA on ACATS transfer fraud gap
Warren and Wyden press FINRA on ACATS transfer fraud gap

Senators say brokerages leave accounts exposed to fraudulent transfers without verification, intensifying pressure as FINRA weighs its own fraud-hold rule.

Forbes advisor list update: Morgan Stanley drops it, owner says changes are coming
Forbes advisor list update: Morgan Stanley drops it, owner says changes are coming

Meanwhile, the founder of advisor list gives reasons for secret $6 million payment to editor.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income