PIMCO last month teamed up with product and technology platform provider Aria Retirement Solutions and insurer Transamerica Advisors Life Insurance Company to market contingent deferred annuities to asset-based fee-only registered investment advisors. The name of the new product: RetireOne Transamerica II.
The partnership reflects the burgeoning RIA market and the insurance industrys desire to capitalize on it. The growth of the RIA market, after all, is hard to miss, as Baby Boomers are retiring in huge numbers and seek financial advice. According to research by Cerulli Associates, RIA assets are expected to account for approximately a quarter of the financial advisor asset market share by the end of next year.
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