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Jackson launches Private Wealth and Trust group

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Jackson National Life Insurance Company has formed a Private Wealth & Trust group, a specialised team focused on complex planning, investment management and tax mitigation strategies for high-net-worth and ultra high-net-worth families.

This dedicated group works with private banks and trust firms as well as families’ trusted tax and legal advisors on long-term, tax-efficient planning and wealth transfer opportunities.
 
“Since trust and private wealth firms operate on a fee-only business model, many of these entities haven’t traditionally utilised annuities in their practices,” says Justin Fitzpatrick, head of Private Wealth & Trust at Jackson National Life Distributors LLC (JNLD). “However, we’re hoping to change that. We believe fiduciaries should have access to the tax deferral and income control provided by variable annuities in a commission-free form that fits their business. We’re looking forward to building relationships with the firms in this space.”
 
In creating this product, Jackson sought input from trust and investment management firms and created Private Wealth Shield, an investment-only, tax-deferred variable annuity developed specifically for trusts and private banks. This new annuity is institutionally priced and available as a fee-based offering without commissions or surrender charges.
 
By leveraging the tax-deferred nature of variable annuities and the investment-only feature of Private Wealth Shield, portfolio managers and trust officers can help high-net-worth and ultra high-net-worth individuals and families access tax-sheltered investments, lessen tax burdens and enhance flexible portfolio construction for long-term growth over multiple generations in agency and trust accounts. For irrevocable trusts, Private Wealth Shield provides greater income and tax control and removes the need for tax-related distributions, keeping more assets in the trust for improved growth potential.
 
“Private trustees have long relied on tax-deferred annuities, but Private Wealth Shield’s investment-only platform offers trust and private wealth firms a more powerful solution for mitigating taxes on non-qualified assets, particularly within the high-net-worth market,” says John Poulsen, executive vice president of sales strategy at JNLD. “As financial institutions and professionals navigate complicated fiduciary rules that can lead to difficult investment and tax management decisions, Private Wealth Shield presents a viable strategy that can help alleviate these challenges to meet the needs of their clients.”
 

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