Jackson National Life Insurance Company, the US life insurance arm of Prudential, has launched a private wealth and trust group that will work alongside private banks, trust firms and families’ tax and legal advisers to offer complex planning, investment management and tax mitigation strategies for wealthy clients.
Jackson also launched an investment-only, tax-deferred variable annuity for trusts and private banks, dubbed Private Wealth Shield.
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The company said that the annuity will help HNW and UHNW customers to gain access to tax-sheltered investments and will support portfolio construction for long-term growth.
In case of irrevocable trusts, the new product will phase out the requirement for tax-related distributions, Jackson said. The service will be fee-based and will not charge commissions or exit charges.
Jackson National Life Distributors head of private wealth & trust Justin Fitzpatrick said: “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. 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. We’re looking forward to building relationships with the firms in this space.”
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