West Des Moines, Iowa – December 6, 2021
Midland National® Life Insurance Company, a member of Sammons Financial Group®, has invested the past 18 months in an aggressive growth strategy aimed squarely at the Registered Investment Advisor (RIA) market. In 2021 alone, the company has introduced new, innovative products while building – and expanding upon – its RIA partnerships.
“We have taken a strategic, focused approach that offers financial solutions that reflect the best possible outcome for clients,” said Rob TeKolste, president of Sammons Independent Annuity Group.
“Our RIA partners and their clients want safe and consistent performance, which is often anchored in insurance and annuity-based offerings.”
Additionally, the fixed index annuity (FIA) industry leader has added staff, expertise, and consultants to grow sales and develop its distribution platform. Among the most recent moves are new product innovations, a realignment of priorities, and the launch of MidlandAdvisory.com. The new website cements Midland National’s growing commitment to serve and become a resource to advisors.
“Our growth, commitment, and investment in technology solutions are well-timed,” TeKolste said. “We have great confidence in developing the advisory business through solutions that deliver compelling results that are specifically designed for these advisors.”
Midland National is strategically focused on building fee-only insurance solutions designed for advisors and their clients. Within the past two months, Midland National demonstrated this approach by launching two financial solutions: a contingent deferred annuity (CDA) and a multi-year guaranteed annuity (MYGA). Additionally, Midland National offers two FIA-product series with health-activated benefits and protected accumulation growth.
Also last March, Midland National named Cooper Sinclair as associate vice president to lead and strengthen the company’s efforts in the RIA market. The company is also actively growing relationships with outsourced insurance desk (OID) leaders. These relationships include RetireOne and DPL Financial Partners.
Next up: Oak ADVantage
Midland National is well seasoned in offering MYGAs through independent agents and broker dealers, and understands the value MYGAs bring to clients with interest rate guarantees and asset protection. As a result, Midland National expanded its MYGA presence into the RIA market with Oak ADVantage.
Oak ADVantage was created for the advisory market. The product offers strong credited interest rates with 3-, 5-, or 7-year guarantee periods, asset protection in a market downturn, and flexibility for advisors to take advisory fees from the product. Through Oak ADVantage, advisors not licensed in insurance can access the benefits of a Midland National MYGA without the requirement of having an insurance license. This advisor solution is available through outsourced insurance desks who act as agents of record, allowing an advisor to continue to maintain discretionary authority over the client’s account. Learn more here.
Midland National underwrites and manages the risk associated with other new solutions recently introduced to advisors:
Constance (CDA) offers a stand-alone living benefit to unbundle the annuity’s insurance component from the underlying investment. This allows RIAs to wrap client brokerage accounts, Individual Retirement Accounts (IRA), or Roth IRAs with lifetime-income protection. Constance acts as a “personal pension” to transfer risk to the insurance company. By doing so, advisors are empowered to help clients navigate sequence of returns risk, return volatility risk, and longevity risk while providing stable, guaranteed income for life.
IndexMax ADV offers three financial index options including an Environmental, Social, and Governance (ESG) index. ESG indices are becoming more popular with advisors and clients. IndexMax offers a dual-crediting strategy for accumulation growth and includes an index tied to the growing ESG market. Making an ESG index available across a range of FIAs allows clients broad access to tools to manage their annuity performance.
Capital Income is an FIA that enables advisors to help address the challenge of planning for a client’s long-term care costs. As clients live longer, Capital Income provides a health-activated income multiplier to help protect the client’s underlying assets if the client is not able to perform two activities of daily living.
“I am excited by the offerings we have brought to the marketplace and our ongoing focus to grow the value of Midland National among our agents, advisors, and clients. We are on a strong, upward trajectory,” TeKolste said. “In our first 20 years, we have delivered amazing results. We are now laying the foundation for our next 10 to 20 years of growth.”
About Midland National
For more than 115 years, Midland National® Life Insurance Company (Midland National) has been an industry leader, crediting the company’s strength to its commitment to stability, innovation, and dedicated customer service. Midland National is accredited by the Better Business Bureau, and has earned an A+ (Superior) rating from A.M. Best, a large third-party independent reporting and rating company that rates an insurance company on the basis of the company's financial strength, operating performance, and ability to meet its ongoing obligations to policyowners. This rating is the second-highest out of 15 categories and was affirmed by A.M. Best for Midland National as part Sammons® Financial Group, Inc. on July 30, 2021.
Founded as Dakota Mutual Life Insurance Company in 1906, Midland National has protected families and preserved legacies for generations. Midland National is one of the leading insurance companies in the United States. Midland National is a member of Sammons Financial Group, a subsidiary of Sammons Enterprises, Inc. With its annuity division in West Des Moines, Iowa, and its life insurance operations in Sioux Falls, South Dakota, Midland National operates in 49 states and the District of Columbia through its 12,000 licensed sales professionals. For more information, click here.