A variable annuity manufacturer has formed a new distribution relationship.
Commonwealth Equity Services L.L.P., Waltham, Mass., has agreed to market the Monument Advisor contract through its Commonwealth Financial Network Preferred Portfolio Services program.
The program supplies products for fee-based asset managers.
The Monument Advisor contract is written by Jefferson National Life Insurance Company, New York, a unit of Inviva Inc., Louisville, Ky.
Inviva says the Monument Advisor contract is the only variable annuity in the U.S. market with a flat insurance fee.
The current insurance fee is $20 per month, according to Inviva.
Jefferson National is responsible for backing the product guarantees.