Bendigo Wealth to brand Challenger annuities to clients
Annuities specialist provider Challenger Limited has entered into an arrangement with the financial advisory arm of Bendigo and Adelaide Bank which will cover the distribution of Challenger’s Liquid Lifetime annuities.
The two companies said the annuities would be offered under the Bendigo brand to clients of Bendigo Financial Planning.
Confirming the arrangement this week, Bendigo Wealth Business Partners Services senior manager, Joshua Parisotto, said it fulfilled the company’s desire to provide a solution to customers.
“We wanted a solution to help Bendigo Financial Planning customers achieve a guaranteed minimum cashflow on top of any age pension entitlements – but without sacrificing liquidity,” he said.
“This way they can retain exposure to growth assets without having to worry as much about volatility.”
Challenger key accounts and platforms general manger, Rommel Hacopian, claimed income layering was becoming more popular, which had given rise to new interest in lifetime annuities.
“We are experiencing very strong sales growth and believe our Bendigo Financial Planning relationship will be central to re-establishing lifetime annuities in the Australian market,” he said.
Recommended for you
Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.
AMP has agreed in principle to settle an advice and insurance class action that commenced in 2020 related to historic commission payment activity.
BT has kicked off its second annual Career Pathways Program in partnership with Striver, almost doubling its intake from the inaugural program last year.
Kaplan has launched a six-week intensive program to start in January, targeting advisers who are unlikely to meet the education deadline but intend to return to the profession once they do.
