To make its variable and fixed indexed annuities to fee-based advisors—some of whom may have shifted away from selling products on commission because of the Obama Department of Labor’s fiduciary rule—Lincoln Financial Group has introduced new fee-based versions of its variable and fixed indexed annuities
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“These products provide savers with a known source of income through a competitive cost option with a broad selection of investment choices, and no surrender charges,” Lincoln said in a release this week.
The fee-based variable annuities offer the same guaranteed lifetime income riders that are available through Lincoln’s core commission-based solutions: Lincoln ChoicePlus Assurance, American Legacy and Lincoln Investor Advantage.
In addition to creating a fee-based version of the Lincoln Core Capital indexed annuity, Lincoln has added fee-based versions of its Covered Choice 5 and Covered Choice 7 indexed annuities.
“Until now, there have been limited choices for fee-based guaranteed income products,” said John Kennedy, senior vice president and head of Retirement Solutions Distribution for Lincoln Financial Distributors, in a release.
Great American and Allianz Life have launched fee-based indexed annuities. Lincoln claims to be the first to develop and launch a fee-based fixed indexed annuity for registered investment advisors, who have never been a fertile market for annuities, in part because their high net worth clients can often afford to self-insure against longevity risk.
Published in partnership with RIJ Publishing LLC.