Highland MI – Raymond James has announced an unprecedented move to require the restructuring of variable annuities, according to Financial Advisor and Investment Advisor Representative Don Gillis of the Raymond James Financial Services Highland Michigan location.
Effective August 2006, the firm will require all approved annuity providers to offer an alternative pricing structure that reduces client costs without impacting standard or optional benefits. Requirements communicated to annuity carriers earlier this summer are designed to:
• Lower policy fees
• Create consistent commissions
• Reduce opportunities for confusion by simplifying offerings
“Once requirements are met, I will be able to recommend the same annuity features and benefits from leading insurance companies as those offered by other firms – simply at a lower cost to my clients,” explained Gillis. “Raymond James’ commitment to a better variable annuity alternative only reinforces my dedication to serving the best interests of my clients and the firm’s enthusiasm for improved product alignment within the securities industry.”
As part of this move, variable annuities from carriers that do not meet the new requirements will no longer be available.
“Our providers have been supportive,”
