The American Life Insurance Company of New York has launched Direct Annuity, a variable annuity for RIAs. The firm contends that this product comes with no insurance charges.

Direct Annuity is intended to be a completely online process. RIAs can visit the firm's website and purchase the product for their clients there.

Instead of paying insurance fees, clients pay the management fees.

There are 85 funds from 12 managers including:

• American Century,
• Berger,
• Delaware Investments,
• Invesco,
• Navellier,
• PIMCO,
• Pioneer,
• Royce,
• Safeco,
• Scudder,
• Third Avenue Funds,
• and Van Kampen

 

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