Great American Life Annuity Now Available on BNY Mellon’s Pershing RIA Custody Platform
CINCINNATI — September 17, 2019 — Great American Life Insurance Company® is pleased to announce its fee-based fixed-indexed annuity, Index Protector 7, is now available on BNY Mellon’s Pershing (“Pershing”) registered investment advisor (RIA) custody platform. Index Protector 7 offers competitive earning potential, tax-deferred growth and a return of premium guarantee, allowing advisors to further diversify their clients’ portfolios and help get their clients closer to retirement security.
Index Protector 7 also features an optional guaranteed income rider, Income Keeper®, which offers lifetime income payments that could increase each year.
According to Tony Compton, Great American Life Vice President of Broker/Dealer and RIA Sales, “Great American is committed to supporting the RIA market and simplifying the entire annuity experience. It’s imperative that we integrate and work with firms like Pershing that already do an excellent job helping advisors serve their clients.”
Compton adds, “The addition of our fee-based annuity to the Pershing platform makes it easier for advisors to offer their clients an alternative solution to fixed income investments. We appreciate the opportunity to work with Pershing and give advisors more options to help their clients reach their goals.”
Hans Schemmel, Director of Retirement, Insurance-based and Cash Management Solutions at Pershing, says, “We are committed to providing advisors with the flexibility and choice they need to deliver holistic planning to investors. Adding new fee-based annuity carriers, such as Great American, to our RIA custody platform underscores our focus on empowering advisors with the tools and products they need to deepen client relationships.”
Great American Life launched the industry’s first fee-based fixed-indexed annuity in 2016, and the company continues to introduce new technology solutions that make it easier for RIAs to include an annuity in a fee-based portfolio. Most recently, Great American advocated for industry change and received an IRS Private Letter Ruling that permits advisory fees to be withdrawn from Great American Life’s fee-based non-qualified annuities without creating a taxable event, as long as certain conditions are met.
Great American Life Insurance Company® is a member of Great American Insurance Group® and is rated “A+” by Standard & Poor’s and “A” (Excellent) by A.M. Best for financial strength and operating performance.
The annuity operations of Great American Insurance Group (GAIG) offer retirement solutions through the sale of traditional fixed, fixed-indexed and variable-indexed annuities in the retail, broker-dealer, financial institutions, registered investment advisor and education markets. Annuity subsidiaries include Great American Life Insurance Company® and Annuity Investors Life Insurance Company®. GAIG’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. The members of GAIG are subsidiaries of American Financial Group, Inc. (AFG). AFG’s common stock is listed and traded on the New York Stock Exchange under the symbol AFG. AFG is a Fortune 500 Company with over $65 billion in assets. Learn more at GAIG.com.
S&P rating affirmed March 14, 2019. “A+” is fifth highest of 21 categories. A.M. Best rating affirmed September 11, 2019. “A” (Excellent) is third highest out of 16 categories.