New Variable Annuities from Charles Schwab

Charles Schwab recently teamed up with Protective Life Insurance Company to launch two new variable annuity products. The Schwab Genesis Variable Annuity will be offered directly to Schwab clients, while the Schwab Genesis Advisory Variable Annuity will be available through independent RIAs. According to a recent ThinkAdvisor article, both products have base annuity fees of 40% to 75% below the industry average.

SGVA boasts a total variable account annual expense of 0.45%, excluding optional income and death benefit charges. The industry average of similar products is 1.15%, Schwab stated, citing a Morningstar survey of 2,990 variable annuities. SGAVA has a total variable account annual expense of 0.25%, excluding optional benefit charges.

Both products offer a lineup of 63 professionally managed investment portfolios from 12 different fund families, including the Schwab S&P 500 Index Portfolio, with a total annual operating expense of 0.03%.

On a related note, Charles Schwab Investment Management recently expanded its offerings of fixed income strategies. The Wasmer Schroeder Strategies comprises six actively managed strategies, two ultra-short fixed income strategies and 12 bond ladders. For more information, visit

Written by Rachel Summit

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