RetireOne to Sell Corebridge Annuities
The two commission-free annuity products are geared toward fee-based RIAs and financial advisors.
RetireOne has announced the addition of Corebridge Financial to its carrier lineup.
Corebridge brings two commission-free annuity products to the RetireOne platform, both geared toward fee-only financial advisors.
Corebridge, formerly AIG Life & Retirement, provides a range of retirement solutions and insurance products. With the new RetireOne partnership, the firm’s annuity solutions will be available to more registered investment advisors seeking commission-free products for their clients.
Jeff Cusack, chief distribution officer at RetireOne, says the addition of the Corebridge annuity products to the platform will help address the unique needs of fee-only financial advisors.
As fiduciaries, RIAs are generally unable to accept the commissions that insurance firms typically pay advisors for selling annuity products. Recognizing this issue, platform providers like RetireOne are creating new forms of annuity distribution that let advisors incorporate annuities into their practices and receive compensation from fiduciary clients as part of their advisory fee.
The Corebridge offerings now available on the RetireOne platform are the Assured Edge Advisory fixed annuity and the Power Index Advisory index annuity. According to a press release published by the firms, both products are designed to help protect clients’ portfolios, more effectively manage today’s retirement risks and help improve retirement outcomes.
“At Corebridge Financial, we’re here to help financial professionals take action for their clients, delivering solutions that offer principal protection alongside growth potential, liquidity options and protected lifetime income,” says Eric Taylor, senior vice president for independent annuity distribution at Corebridge Financial, in the press release.
The new partnership between Corebridge and RetireOne is being launched some six months after American International Group formally split from Corebridge Financial — a move that it began talking about in October 2020. Thus far, Corebridge has created similar partnerships with a handful of fee-based advisor platforms, including DPL Financial Partners.
Corebridge ranked third in terms of U.S. individual annuity sales in 2022, with about $20 billion in new annualized premiums, including $5.6 billion in variable annuity sales and $14.5 billion in fixed annuity sales.
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