Phoenix Cos., in an effort to create an variable annuity for its fee-based advisors, partnered with Jefferson National Life Insurance Co. and developed a low-cost, no-load annuity that is sold through wirehouses, regional broker-dealers and financial institutions. The product, Portfolio Advisor Variable Annuity, carries a flat insurance fee of $20 per month, which is lower than the fee of 1.35 percent of asset value typical to variable annuities.

Portfolio Advisor VA has investment choices, including more than 170 investment funds from 20 independent money managers. Low-cost providers T. Rowe Price and Fidelity are included.

Clients worried about their retirement income while the market fluctuates have choices, too. They can purchase a living benefit rider that provides flexible, guaranteed income for life and/or a guaranteed minimum withdrawal benefit.