Raymond James Leads Industry with Revolutionary Variable Annuity Restructuring Initiative

Highland MI – Raymond James has announced an unprecedented move to require the restructuring of variable annuities, according to Financial Advisor and Investment Advisor Representative Don Gillis of the Raymond James Financial Services Highland Michigan location.

Effective August 2006, the firm will require all approved annuity providers to offer an alternative pricing structure that reduces client costs without impacting standard or optional benefits. Requirements communicated to annuity carriers earlier this summer are designed to:
- Lower policy fees,
- Create consistent commissions and
- Reduce opportunities for confusion by simplifying offerings.

“Once requirements are met, I will be able to recommend the same annuity features and benefits from leading insurance companies as those offered by other firms – simply at a lower cost to my clients,” explained Gillis. “Raymond James’ commitment to a better variable annuity alternative only reinforces my dedication to serving the best interests of my clients and the firm’s enthusiasm for improved product alignment within the securities industry.”

As part of this move, variable annuities from carriers that do not meet the new requirements will no longer be available. “Our providers have been supportive,” offered Scott Stolz, president of the firm’s insurance and annuity general agency. “We are confident they appreciate the issues addressed by Raymond James’ product design requests and that most will meet our deadline.”

About Raymond James Financial Services
Raymond James Financial Services, Inc. is a national investment firm providing financial services to individuals, corporations and municipalities through more than 3,400 financial advisors in 2,000 offices throughout the United States. For more than 30 years, Raymond James Financial Services has provided a wide range of services through our affiliate, Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. Both broker/dealers are wholly owned subsidiaries of Raymond James Financial, Inc. (NYSE-RJF), a financial services holding company which has more than 4,800 financial advisors serving 1.2 million accounts throughout the United States, Canada and overseas. In addition, total client assets are approximately $170 billion, of which approximately $31.7 billion are managed by the firm’s asset management subsidiaries.