RetireOne bolsters annuity shelf with Gainbridge partnership

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.