Jackson Hosts Legal and Compliance Summit to Increase Access to Annuities
November 07 2022 - 9:00AM
Business Wire
Event facilitated collaboration among key
industry players to address annuity distribution issues
Jackson National Life Insurance Company® (Jackson®), the main
operating subsidiary of Jackson Financial Inc. (NYSE: JXN), held
its Legal and Compliance Executive Council on October 27-28, 2022
in Washington, D.C. The goal of the meeting was to promote
partnership, collaboration and transparency between distribution,
legal and compliance leaders at Jackson and counterparts at more
than 20 distribution partner firms. Participants share a common
view that annuity solutions can be an important part of a client’s
holistic wealth management portfolio and that opportunities exist
to create stronger alignment between carriers and financial
professionals to increase access to annuities.
Key takeaways from the summit include:
- As a leading seller of retail annuities in the U.S. with one of
the largest distribution networks, Jackson plays a critical role in
bringing the industry together to help Americans achieve better
retirement outcomes.
- The pace of regulatory change in the annuity industry is not
slowing, providing an opportunity for Jackson to better understand
the needs of its distribution partners in implementing these
changes.
- Educational materials that clearly articulate the value of
various annuities are needed by financial professionals. By
reducing the complexity, financial professionals can more easily
identify when these products may help clients reach their financial
goals.
“This event was an important step in our work with distribution
partners to ensure that Jackson’s annuity products are available to
financial professionals who seek to provide their clients with
greater certainty in retirement planning,” said Scott Golde, senior
vice president and enterprise chief compliance officer, Jackson.
"Together, we can ensure that clients receive the valuable benefits
that Jackson annuities can provide, such as the opportunity to grow
retirement assets and receive lifetime income. We made encouraging
progress in a short amount of time by sharing ideas and best
practices and look forward to continuing these important
conversations that can ultimately help us effect change within our
industry.”
The two-day summit was hosted at the Willard Hotel in Washington
D.C. The range of topics covered included the regulatory
environment, including proposals from the SEC, states and the NAIC;
the ongoing integration of fintech platforms with annuities; and
education on how risks are priced and managed through product
design.
“As someone who has seen first-hand the positive impacts that
better collaboration and partnership among industry leaders and
regulators can have, I was delighted to share some of my insights
with the summit attendees,” said Michael Piwowar, former acting
chairman and commissioner at the U.S. Securities and Exchange
Commission. “Events like these are critical for the annuity
industry to tackle important issues, and I’m glad to lend my voice
in support of this effort.”
“This event was a result of the strong partnership between our
distribution, legal and compliance teams working closely with
executive leadership,” said Greg Masucci, senior vice president,
strategic relationships, Jackson National Life Distributors LLC.
“The productive conversations we were able to facilitate help us
better understand the unique perspectives of our distribution
partners and create better alignment across our teams as we move
forward.”
To learn more about how Jackson is working to drive better
outcomes, please visit www.jackson.com.
ABOUT JACKSON
Jackson® (NYSE: JXN) is committed to helping clarify the
complexity of retirement planning—for financial professionals and
their clients. Through our range of annuity products, financial
know-how, history of award-winning service* and streamlined
experiences, we strive to reduce the confusion that complicates
retirement planning. We take a balanced, long-term approach to
responsibly serving all of our stakeholders, including customers,
shareholders, distribution partners, employees, regulators and
community partners. We believe by providing clarity for all today,
we can help drive better outcomes for tomorrow. For more
information, visit www.jackson.com.
*SQM (Service Quality Measurement Group) Contact Center Awards
Program for 2004 and 2006-2021, for the financial services
industry. (To achieve world-class certification, 80% or more of
call-center customers surveyed must have rated their experience as
very satisfied, the highest rating possible).
Jackson® is the marketing name for Jackson Financial Inc.,
Jackson National Life Insurance Company® (Home Office: Lansing,
Michigan) and Jackson National Life Insurance Company of New York®
(Home Office: Purchase, New York).
Before investing, investors should carefully consider the
investment objectives, risks, charges and expenses of the variable
annuity and its underlying investment options. The current contract
prospectus and underlying fund prospectuses provide this and other
important information. Please contact your financial professional
or the Company to obtain the prospectuses. Please read the
prospectuses carefully before investing or sending money.
Annuities are long-term, tax-deferred vehicles designed for
retirement. Variable annuities involve investment risks and may
lose value. Earnings are taxable as ordinary income when
distributed. Individuals may be subject to a 10% additional tax for
withdrawals before age 59½ unless an exception to the tax is
met.
Annuities are issued by Jackson National Life Insurance Company
and in New York by Jackson National Life Insurance Company of New
York. Variable annuities are distributed by Jackson National Life
Distributors LLC. May not be available in all states and state
variations may apply. These products have limitations and
restrictions. Contact Jackson for more information.
Guarantees are backed by the claims-paying ability of the
issuing insurance company.
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Patrick Rich Jackson patrick.rich@jackson.com
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