Financial Services Industry
Industry: Email Alert RSS FeedAllianz OKs broker end run around FMOs; Stance will let broker-dealers monitor EIAs more closely.(News)
Investment News, October, 2006
Byline: Gary S. Mogel NEW YORK - Allianz Life Insurance Company of North America is changing the way it sells equity index annuities from a model based exclusively on "independent'' wholesalers to one in which large broker-dealers may access EIAs directly. Starting Nov. 6, broker-dealers with at least 1,000 registered reps will have the option of purchasing the annuities directly from wholesalers employed by Minneapolis-based Allianz as well as from so-called field marketing organizations.
Allianz is the largest provider of EIAs, with about a one-third market share. The universe of broker-dealers that will have direct access to Allianz's EIAs will comprise about 50 of the industry's biggest firms, said Patrick Foley, chief marketing...
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