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Cerulli: IAs Cool On Annuities

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Insurance agents and independent broker-dealers are far more likely than other financial professionals to recommend annuities for retirement account rollovers.

Cerulli Associates, Boston, reports that about 70% of the insurance agents and independent broker-dealers it included in a survey of financial professionals said both deferred and immediate annuities would be good choices for holding retirement rollover dollars.

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The percentage of survey participants who said they could recommend both types of annuities as rollover vehicles was 49% for all participants, 42% for wirehouse advisors, and just 6.7% for registered investment advisors.

The percentage of participants saying neither deferred nor immediate annuities make suitable rollover vehicles was 7% for insurance agents, 15% for independent broker-dealers, 27% for wirehouse producers and 80% for RIAs.