GAFRI, a member of the Great American Insurance Group family of companies, has agreed to transition its registered representatives and customer accounts to Lincoln Investing Planning, Inc., an independently owned and operated broker/dealer. The transaction is subject to regulatory approval and expected to be complete in the third quarter.
While GAA will no longer provide retail brokerage services to independent registered representatives, GAFRI said it will continue to sell variable annuities through unaffiliated broker/dealers and operate GAA as an SEC registered broker/dealer and registered investment adviser to service its variable annuity and retirement plans businesses.
“This action is consistent with GAFRI’s desire to refine its strategic focus on its core lines of business,” said GAFRI Executive Vice President Mark Muething, in a statement. “We believe that current GAA reps will benefit from the independence that Lincoln can provide.”