Newport Beach, CA – Pacific Life Insurance Company has launched Pacific Odyssey®, the company’s fee-based variable annuity, at LPL Financial within LPL’s Strategic Asset Management (SAM) and Strategic Wealth Management (SWM) platforms.
For LPL Financial, the move is a timely one. As a result of the new U.S. Department of Labor (DOL) fiduciary rule, which goes into effect April 10, 2017, many broker/dealer firms are placing heightened emphasis on offering 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."
"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 advisors seeking a fee-based product that provides the opportunity for growth, guaranteed income for retirement and legacy protection."
Key features of Pacific Odyssey include:
- Mortality & expense and administrative charges of just 0.30% annually.
- No withdrawal charges–There are no front-end loads or back-end withdrawal charges, allowing clients full access to their account values anytime in the form of partial or lump-sum withdrawals.
- More than 100 investment options—The product offers more than 100 investment options across several different asset classes along with more than 50 funds with net fund expenses currently less than 1%.
- Optional living benefit—For an additional cost, clients can add a living benefit option for guaranteed lifetime income without giving up control of their assets.
- A standard death benefit for no additional cost
The value of the variable investment options will fluctuate so that shares when redeemed, may be worth more or less than the original value.
About Pacific Life
Offering insurance since 1868, Pacific Life provides a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Pacific Life counts more than half of the 100 largest U.S. companies as its clients. For additional company information, including current financial strength ratings, visit Pacific Life online at www.PacificLife.com.