TIAA-CREF launched the Intelligent Variable Annuity, a no-load annuity for advisors, two years ago. Its insurance costs range from 0.25% to 0.50% based on account value and drop to 0.10% after the contract is owned for 10 years, regardless of account value. An optional guaranteed minimum death benefit costs an additional 0.10%, and investment fund expenses range from 0.09% to 1.58% depending on the funds selected.

Advisors are looking for a mix of proprietary and non-proprietary products, according to Robert Rickey, director for adviser services at TIAA-CREF. The Intelligent Variable Annuity offers TIAA-CREF's funds along with funds of other investment managers. "Advisors can build a model and charge a fee for managing that money," Rickey says.

New York Life Insurance Co. sells variable annuities through its affiliated registered representatives, but doesn't currently offer a variable annuity geared to advisors. The insurer hasn't said whether it's planning a variable annuity product through other advisors, a spokesman said.


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