Ohio National to end Variable Annuity brokerage arrangements

Oct 2, 2018

  1. Golfnut2112
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    Golfnut2112 Guru

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    Your right it does not address the commissions. I put around 2 million with them during the past year and took the 1% trail option. Boy am I a dumb a$$. If they screw me out of the trails I will never do life business with them again.
     
  2. VolAgent
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    My belief is they would love for you to roll away that annuity book to get your commissions again.
     
  3. AboutThatLife
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    So what if it does. They can just build an insurance startup like Mass Mutual did a la Haven.
     
  4. AboutThatLife
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    It's all about reducing their guarantee risk. Supposedly the VA guarantees could absorb up to 60% of their statutory capital in a severe downturn.
     
  5. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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  6. Mattschmidt
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    Bad move in my eyes not to pay trails to agents of record.....
     
  7. scagnt83
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    scagnt83 Worldwide Expert of Everything

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    You assume that is a profitable business model. Haven is not the first shot at a carrier attempting to cut out the agent.
     
  8. Geno Berchiatti
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    Geno Berchiatti New Member

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    Any clients with a GMIB benefit base near their contract value would be wise to find another Annuity carrier with similar guarantees who intends on staying active in the investment world.
    I'm sure no one @ Ohio National understands "adverse selection" when the only contracts that stay are the ones with excessive exposure to the GMIB guarantees. This might not turn out well.
     
  9. VolAgent
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    I realize Ivory Tower can be dumb at times, but this has been a known issue for sometime. I suspect Ohio National is wanting to cut their losses. They may also be afraid the economy will turn and want to get out before they create a lot more new exposure.
     
  10. ATM
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    ATM Super Genius

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    Ending VA and Pension products today, selling the BD and the life business later.

    Just wait.
     
    ATM, Oct 17, 2018
    #20
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