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Article: Private-placement VA targets the wealthy; But compensation for advisers tends to be lean.(News)
- Article from:
- Investment News
- Article date:
- October 18, 2004
CopyrightCOPYRIGHT 2004 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Gary S. Mogel
NEW YORK - Advisers can now offer qualified high-net-worth clients a private-placement variable annuity similar to the private-placement life insurance products that allow wealthy individuals to purchase insurance policies that invest in hedge funds and other alternative investments.
Sun Life Financial and MassMutual Financial Group currently offer private-placement annuity products. The Hartford Financial Services Group Inc. has filed an annuity product in all states, but only a few states have approved it so far.
Industry observers noted that other companies with private-placement annuities in various stages of ...