01.14.22
Annuity Providers See Growth Opportunity in U.S. Retirement Plan Changes
by: Terry Dopp
Federal changes and growing adoption by those who run defined contribution plans may benefit the annuity industry as the products become more widely available to Americans. Where the two products had traditionally been seen as separate, the move could make them options within one overall plan. “As these products evolve, I think there’s an opportunity to meld them both,” said Martin Powell, head of annuity distribution, CUNA Mutual Group. “Most annuities are sold through financial advisors who are rolling over 401(k) plans or getting peoples’ buyouts. Now here’s an opportunity before they get to the stage of rolling over, they are going to have an opportunity to make buy-in decisions on ensuring longevity of their retirement plans.”
Read the full article on BestWire