The Phoenix Portfolio Advisor Variable Annuity was developed through a strategic alliance with Jefferson National Life Insurance Company to develop low-cost annuities specifically for the fee-based advisers among Phoenix’s distribution partners, according to a press release. The product will have a flat insurance fee of $20 a month rather than the typical variable annuity insurance fee of 1.35% of asset value, the company said.
Phoenix Portfolio Advisor offers a broad range of investment choices, with more than 170 investment funds from 20 top independent money managers. Advisers and clients who want to diversify their holdings can choose from a number of asset allocation options available through the annuity.
Clients wanting additional insurance protections can purchase an optional living benefits rider, such as the guaranteed minimum withdrawal benefit, which provides clients in retirement a flexible, guaranteed income for life, regardless of investment performance.
Jefferson National’s technology platform was designed to serve the fee-based market. New Web-based tools, available at www.portfolioadvisorva.com, allow an adviser to compare the fee savings of the Phoenix Portfolio Advisor over other variable annuities, generate a proposal online, and immediately apply for an account.
Additional tools allow clients to transfer assets between funds, view their transaction history, develop a customized asset allocation model, and search, review, and track data about investment options that are available.
Advisers can also call 866-226-0120 for additional information.