MassMutual ‘Leaning Toward’ BD Channel Sales
August 10, 2016 by Cyril Tuohy
MassMutual Financial Group is “leaning toward” selling financial products into retirement accounts through broker-dealers to satisfy new Department of Labor fiduciary rules.
Companies are busy deciding how to sell popular products such as fixed indexed annuities under the new DOL rules, which start taking effect in April. Analysts say banks and broker-dealers could take business away from independent agents as companies seek the best channels to limit their liability.
Meanwhile, MassMutual is developing a new fixed indexed annuity with MetLife, the first such product for the company. The annuity could be sold in partnership with Brighthouse Financial, which MetLife is about to spin off as a separate company, a MassMutual executive said.
The new FIA is expected to launch this year or next, said John Vaccaro, CEO of MML Investors Services, MassMutual’s broker-dealer, in an interview with InsuranceNewsNet.
“We didn’t have a fixed indexed annuity in the product portfolio so that’s why we developed it,” he said. Click HERE to view the full story. INN news article may require registration to read.
