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Killing two birds with one stone, Schwab delves deeper into the variable annuity game

With interest rates low, consumers are desperate for safe income and Schwab needs a way to generate revenues to replace lost money market fees

Author Lisa Shidler March 18, 2013 at 5:40 PM
Admin:
no description available
Tina Valenzuela: Schwab will continue looking into product development opportunities.


Elmer Rich III

Elmer Rich III

March 18, 2013 — 7:47 PM

We work a lot in the retirement market. Our study suggest annuities are a must — for everyone. There is no other way, yet invented, to handle longevity risk.

We suspect they will be a government utility at some point. If governments are the payer of last resort for individual’s bills, for decades after work, how else would those liabilities be funded?

While a lot of money is spent to SELL annuities, the marketing of annuities is just awful. Disclosure – we are marketers. Maybe they are too complex to market widely, but the basic research and testing needed to answer that kind of question hasn’t been done yet. Long-term Care has similar issues on the pricing and terms side.

If we were betting, we would predict the industry will continue to hit it’s head against the wall and some kind of government sponsored utility will we created – for most retirees.

Schwab has lots of money and great resources to put against the problem – so good luck to them. Hope they did some testing, experiments, etc, with the distribution and sales partners (advisors) along with basic, product development. But while those steps are standard practice in other industries, they are still very radical for financial services.

Greg Gable

Greg Gable

March 18, 2013 — 11:34 PM

A correction on two of your points: Schwab filed six new ETFs, not five as reported; and Tony Davidow was not “hired to head Schwab’s effort to expand its fundamental fund using ETFs.” He is a portfolio strategist within Schwab focusing on alternative beta and asset allocation education and advice for advisors and retail investors, not within Charles Schwab Investment Management, which manages investment products such as ETFs.

— Company spokesperson

Brooke Southall

Brooke Southall

March 19, 2013 — 3:56 AM

Greg,

Thanks for the catches…100% on me. I made deletions and fixes that hopefully eliminated these inaccuracies.

Brooke

VincentCok

VincentCok

July 9, 2015 — 5:55 AM

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morgan alley

morgan alley

July 26, 2016 — 9:32 AM

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