Products

Investment Products and Service Launches

Pacific Life Launches Variable Annuity; Beaumont Capital Management Launches Smart Beta Solutions; Charles Schwab Expands ETF OneSource Series with OppenheimerFunds; and more

By Javier Simon editors@assetinternational.com | January 05, 2017
Page 1 of 7

Pacific Life Launches Variable Annuity

Pacific Life Insurance Company has released Pacific Odyssey, a fee-based variable annuity within LPL Financial. The product is being released ahead of the Department of Labor’s Conflict of Interest rule which goes into effect on April 10 and is expected to push the industry strongly toward fee-based products

Warren Posner, LPL Financial senior vice president of product management, says "While LPL Financial continues to focus on brokerage variable annuity solutions and believes they are and will continue to be an important and relevant solution to meet retirement planning needs in a post-DOL environment, we are excited to expand our existing fee-based variable annuity lineup with the competitive features offered by the Pacific Odyssey product to meet a growing interest and demand in that space."

Key features of Pacific Odyssey include mortality, expense and administrative charges of 0.30% annually, and no withdrawal charges or front-end loads and back-end withdrawal charges. Clients have full access to their account values anytime in the form of partial or lump-sum withdrawals.

For an additional cost, clients can add a living benefit option for guaranteed lifetime income without giving up control of their assets.

"Pacific Life is focused on bringing quality retirement solutions to a broad range of financial professionals, no matter what business model they choose. We are excited to offer Pacific Odyssey at LPL Financial within its SAM and SWM platforms," says John White, vice president of national accounts and sales support for Pacific Life’s Retirement Solutions Division. "Pacific Odyssey is a cost-efficient option for LPL Financial advisers seeking a fee-based product that provides the opportunity for growth, guaranteed income for retirement and legacy protection."

For more information about Pacific Odyssey and current prospectus, visit www.PacificLife.com.

NEXT: Beaumont Capital Management Launches Smart Beta Solutions