Lincoln Financial Group got a big boost to its annuity distribution channel Monday when it announced that 82,000 Primerica reps will now have access to Lincoln's fixed indexed annuity products.
According to the companies, implementation of the strategic alliance with the largest licensed indexed annuity sales force in the U.S. will occur in two phases: the first phase will start immediately and the final phase, including an official national distribution launch, is scheduled early in 2012. Starting this month, pre-selected Primerica representatives will begin offering Lincoln's well-regarded Lincoln New Directions and OptiChoice (seven-year surrender only) to a target middle market.
In addition, Lincoln announced that it is putting in place a dedicated Primerica team which will be focused on coordinated activities from its back office to its field wholesalers and internal sales support. Lincoln has appointed John Chidwick as national sales manager to head the new channel.
In this role, Chidwick will lead initiatives for maintaining key relationships within Primerica and throughout the Lincoln enterprise to ensure consistency, and that Primerica representatives have the right resources and support systems in place.
Prior to this role, since 2007, Chidwick served as a divisional sales manager for Lincoln. Earlier in his career, he held a number of leadership positions for The Hartford and AIG.
"Lincoln and Primerica share a commitment to helping Americans plan for their retirements with affordable products that offer upside potential with downside protection," Will Fuller, president and CEO of Lincoln Financial Distributors, said in a statement. "Our partnership provides Primerica representatives with new tools to help empower their clients to take control of their savings and strengthens Lincoln's position in the middle market segment."
Glenn Williams, president of Primerica, added, "We are excited to be in a partnership with a great company like Lincoln Financial. We are always looking to improve access to quality products that are appropriate for, and will help our reps better serve our 'Main Street' market."