Lincoln Financial Group is looking to banks for initial distribution of a variable annuity that gives investors more access to their money, and it has struck a deal with the San Francisco banking company Wells Fargo & Co. to start the process.

The product, called Wells Fargo New Directions, is the first major offering to use Lincoln’s new Income4Life program, which differs from other variable annuities in that it gives investors a lump sum of money to draw on in addition to the recurring revenue, said Bill Boscow, chief marketing officer at Lincoln Annuities, a subsidiary of Lincoln Financial.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.