RetireOne is unlocking a new kind of annuity to RIAs and fee-based advisors across its platform through a new strategic partnership.
Under the collaboration with Gainbridge, a member of Group 1001, RetireOne is giving RIAs within its network access to two high-yield annuity products, FastBreak and SteadyPace.
This collaboration enhances the range of retirement solutions available through RetireOne’s independent platform, which supports RIAs in offering fee-based insurance products.
Gainbridge’s FastBreak and SteadyPace annuities provide fixed rates of return, translating to annual percentage yields as high as 5.50 percent.
Touted as an industry first, FastBreak breaks the traditional mold for multi-year guarateed annuities by letting clients withdraw funds without incurring the early withdrawal tax penalties. With the Gainbridge partnership, RetireOne has staked a claim as the first outsourced insurance desk to feature a non-tax deferred annuity product.
“Partnering with RetireOne aligns with our mission to empower advisors with products that offer both innovation and value,” Gainbridge president Justin Wee said in a statement. “The annuity products issued through Gainbridge Life can help provide advisors with the tools they need to help their clients achieve financial security and growth.”
In its August Sales & Market Report covering Q2 2024, industry research firm Wink said MYGAs declined by more than 6 percent quarter-on-quarter due to rate drops and increase demand from competing product lines. Despite that, MYGA sales accelerated more than 34 percent year-on-year to reach $41 billion for the quarter.
The case for MYGAs among advisors has been clear for several years. Aside from being a commission-free product, they offer an avenue for RIAs to attract held-away assets, given the potential for MYGAs to fetch higher yields than bank products.
Aside maintaining fixed rates and principal protection typical of MYGAs, FastBreak is designed to offer a yield 3.8 times higher than the average certificate of deposit.
Meanwhile, SteadyPace offers a traditional MYGA structure, providing tax deferral and principal protection. Both products are designed to give RIAs flexible options for enhancing client portfolios.
“Gainbridge Life offers multi-year guaranteed annuity products that are a game-changer for our advisor network,” said RetireOne president Jeff Cusack. “With SteadyPace and FastBreak, our clients can access some of the highest yields in the industry, coupled with the security and principal protection they expect.”
RetireOne has been serving the advisory community since 2011 and currently oversees more than $1.8 billion in retirement savings and income investments.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
