Submitted by tom on
This is a continuation of a comment/question that started here:
The short answer is that standalone living benefits most likely would not be available (at the moment) through a plain-vanilla mutual fund.
An example of a professionally managed investment account would be an account where the advisor or manager has the ability to purchase individual funds or securities on behalf of the customer. A "Unified Managed Account" or UMA is an example.
They key is that the account is covered by omnibus accounting which is necessary for the administrative functions of the standalone living benefit.
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Anonymous replied on Permalink
Managed Accounts
Who offers managed accounts and standalone living benefits?
tom replied on Permalink
Managed Accounts
Registered investment advisors (RIA) and brokerage firms such as Morgan Stanley. I think one of the wirehouses (maybe Morgan Smith Barney) just announced a deal with Nationwide insurance company to cover up to $250 million in assets with SALBs.
There may be account or net worth minimums.