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But if it's market growth you want, why not put a portion in an IA to lock in guarantees, and then the rest in a low fee managed account? That makes a lot more sense imo. But of course every situation is different.
Also, the RIA VAs often have lower fee structures. So that can change things a bit too sometimes.
This is where the bulk of business that the group I work with is placed; Low fee managed accounts along with IA's. Client receives guarantees from the bulk of their money and the agent receives a fair commission. I'm always looking at ways others are doing business to determine if I can somehow fit a product in to my model. So far, I just can't see VA's as a viable option for most of my clientele.