Pacific Life Insurance Company in Newport Beach, Calif., has launched a fee-based variable annuity that it describes as a good fit with the Department of Labor fiduciary rule going into effect in April, Pacific life says.
Pacific Odyssey annuities will be offered on LPL Financial’s Strategic Asset Management and Strategic Wealth Management platforms.
“For LPL Financial, the move is a timely one,” Pacific Life says. Because of the new DOL rule requiring fiduciary standards for retirement accounts, “many broker-dealer firms are placing heightened emphasis on offering fee-based products.”
“Pacific Odyssey is a cost-efficient option for LPL Financial advisors seeking a fee-based product that provides the opportunity for growth, guaranteed income for retirement and legacy protection," John White, vice president of national accounts and sales support for Pacific Life’s Retirement Solutions Division, said in a prepared statement.
Pacific Odyssey has 0.3 percent annual administrative charges, no withdrawal charges and an optional living benefit.