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.
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