Jackson National Life Insurance adds new group to cater to ultra high-net-worth families
November 2, 2017 by Monica Mendoza
Jackson National Life Insurance Co. is getting into a new line of work and it’s aimed at high-net-worth families.
The Lansing, Michigan-based company, which has a Denver Tech Center office with about 450 employees, said it has formed a Private Wealth & Trust group to specialize on complex planning, investment management and tax mitigation strategies for high-net-worth and ultra high-net-worth families.
Jackson National Life Insurance Co., which is a unit of United Kingdom-based insurance giant Prudential plc., opened its Denver office 20 years ago. The firm specializes in annuities and variable annuities.
The new group will work with private banks and trust firms, as well as families’ trusted tax and legal advisors, on long-term, tax-efficient planning and wealth transfer opportunities.
“Since trust and private wealth firms operate on a fee-only business model, many of these entities haven’t traditionally utilized annuities in their practices,” said Justin Fitzpatrick, head of Private Wealth & Trust at Jackson National Life Distributors LLC. “However, we’re hoping to change that. We believe fiduciaries should have access to the tax deferral and income control provided by variable annuities in a commission-free form that fits their business.”
In creating the new group, the company also developed a new product called Private Wealth Shield, an investment-only, tax-deferred variable annuity developed specifically for trusts and private banks. This new annuity is available as a fee-based offering without commissions or surrender charge