Wells Fargo Advisors has added a new tool to its arsenal of investment services by creating a fee-based advisory variable annuity.
The new annuity products are being offered by wealth managers in the firm’s Advisor Asset Program. Wells Fargo’s move comes in response to a growing demand among investors for a more guaranteed form of tax-deferred retirement income and reflects the increasing popularity of such products. In fact, according to data from both Lincoln Financial and Morningstar, sales of fee-based variable annuities have jumped 36% between 2011 and 2008.
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