"We know the future of business is to work with fee-based advisers," said Joseph Sprague, vice president of relationship strategies at Nationwide Financial.
"We will have to change our orientation as an insurance company."
said the insurance industry also needs to change the public's perception of annuities.
"In order to have stand-alone living benefits, they will need to be easy to use and incorporate into platforms so that advisers will use them on a regular basis," Sprague
"We know that cost is critically important.
These things can't be expensive.
One percent is the magic number."
Right now there is a tremendous amount of enthusiasm for these products, but it takes time to change behaviors, Sprague
"Consumer demographics will drive this," Sprague