Ohio National leaving the Annuity & Retirement Plan business

Sep 6, 2018

  1. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    Ohio National now to only focus on Life Insurance and Disability - no more annuities or retirement plans.

    Ohio National Online

    "Trimming the fat" is a decent way to help keep your ratings and dividends strong as well as being in a product focus where you don't have to worry about "fiduciary duty" claims, etc.
     
    DHK, Sep 6, 2018
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  2. IsaacA
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    IsaacA Expert

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    Well...Another Captive Annuity company I don't have to compete with.
    It was frustrating at times trying to compare annuity policies when I couldn't get any info on the product or company.
    Id there a trend happening? Voya? Ohio National?
     
    IsaacA, Sep 7, 2018
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  3. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    I don't know but it makes perfect business sense for Ohio National. When agents talk about Ohio National, we talk about their life insurance products. When you attend an Ohio National regional meeting, they're talking about their life insurance.

    Considering the regulatory nature (and reserve requirements) of annuities and company retirement plans, I don't doubt that they decided to do the "hedgehog theory" in Good to Great and just focus on what they do best.
     
    DHK, Sep 7, 2018
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  4. PCBI
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    PCBI Super Genius

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    Taking away money from agents that brought them millions is like penny wise dollar foolish. Might see them pay more with legal battles just to try to steal what isnt theirs.
     
    PCBI, Nov 16, 2018
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  5. Kenneth Busch
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    Kenneth Busch New Member

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    So if a client is taking a buyout, are there any potential compliance or suitability issues to be concerned about? Thanks in advance
     
  6. Golfnut2112
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    Golfnut2112 Guru

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    Ohio National is a piece of sh$$t company. I would sell caskets in Bangladesh before I would sell another one of their products. Any stand up company would have at least paid trail commissions until the broker received the amount they would have been paid if they took it all up front.
     
  7. scagnt83
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    scagnt83 Worldwide Expert of Everything

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    This move will likely tank the company imo. Agents dont forget. And there are lots of other options for indy agents for quality WL (Penn, Guardian, Mass, Columbus, etc).

    But that does nothing to change the damage Ohio National has done to the families of agents they illegally took commissions from. I wonder if it even crossed their mind that ON was taking food off of families tables. Mutual Life Insurers are supposed to be the good guys. Ohio National has lost their soul.
     
    scagnt83, Nov 25, 2018
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  8. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    I'm sure that's why they left the trail commissions in place for their captive career agents and said 'screw you' to everyone else.
     
    DHK, Nov 25, 2018
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  9. scagnt83
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    scagnt83 Worldwide Expert of Everything

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    Probably.

    But imo, the Career Agency system is dying. Consumers want, need, and deserve multiple options. More and more consumers are looking for carrier/product comparisons from agents. And rightly so, there are fundamental differences in products from carrier to carrier.

    I already wasnt selling ON WL because it hadnt kept up with the times (I used to). Def never again after this. They are blacklisted. just like Jackson National (JN was life insurance).

    And Consumers look at stuff like this as a MAJOR negative.

    I casually mentioned what JN did to a guy who was looking at a JN VA (not my prospect or client)... he immediately said "what a scumbag company... no way am I putting my money with them". I even told him it was a solid VA product, it didnt matter, he said there were plenty of other solid products from other carriers. He said if they will screw over an agent, they will screw over a client. Thats how consumers look at the situation.
     
    scagnt83, Nov 25, 2018
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  10. AboutThatLife
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    AboutThatLife Guru

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    Can you elaborate on this?
     
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