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The move has been interpreted by some as a signal the insurance-led asset manager is exiting the mutual fund business.
3 announcing the introduction of variable annuities from Jackson National Life Insurance Co.“Our goal is to help people live life confidently, and an important component of that is helping people grow their savings, then position those savings to last a lifetime,” said Joe Monk, senior vice president, financial services for State Farm in the statement.
Also, on State Farm's website, are allusions to a broader financial planning future for the firm: "We are working to expand your investment options and agents’ ability to help meet your investment planning goals.
We have taken an important step by recommending a merger of State Farm mutual funds with Black Rock and American Funds.
Once approved by fund shareholders, we expect the merger to happen in mid-November."In another sign of its pending move, Black Rock took over nine of State Farm Investment Management’s funds in September.
Though firms that tried to make non-advisors into part-time advisors historically have struggled, State Farm's use of Money Guide Pro may give it a much better shot at success, according to Joel Bruckenstein, founder and producer of the T3 conference series.
Historically, Bruckenstein says, firms have tried to employ the same software for a mass market investor as a high-net-worth investor. If they can deliver, this will be very big." See: At T3 e Money and Money Guide Pro redraw the lines of battle and post-API-era blockchain discussion begins This is not State Farm’s first foray into financial services. According to its ADV, State Farm has billion in assets but those all appear to be in mutual funds. What does "get financial planning credentials" mean?
It's making the leap by ordering most of its agents to get financial planning credentials by early next year, according to a variety of sources related to asset custody, financial planing software and general industry sources with knowledge of the deal.
These State Farm agents consist largely of the ones who up to now have mostly helped sell its mutual funds.
Sales of annuities are a great source of revenue for brokers but sources say State Farm also hopes to derive fees from its advisory business with an innovative sliding scale. I'M VERY GLAD THIS POOR OLE LADY STOOD UP FOR HERSELF. This is strictly anecdotal and I have not attempted to confirm but it makes sense.
The pricing strategy on the asset management portion, shared with RIABiz by a source, goes like this: A person with more than 0,000 in assets would pay just 25 basis points with higher prices charged at breakpoints lower than that. even payed for towing i called gave me that young guy and he hung up phone just because I told him that he was wrong I paid for it 30 years. i got every tthing by him word by word fron bunch idiots call staff. SHE IS SO VERY RIGHT, STATEFARM NEEDS GET RID OF THAT AGENT. He also said it was State Farm that would not allow.