Magazine article American Banker

Insurance: Community First, Jackson National in Annuities Alliance

Magazine article American Banker

Insurance: Community First, Jackson National in Annuities Alliance

Article excerpt

Community First Bankshares of Fargo, N.D., has formed an alliance with Jackson National Life to sell annuities.

The banking company said last week that it had signed on to Jackson National Life's JNL Platform Support Partnership Program to better train its 300 licensed platform workers in the intricacies of annuities.

Community First is to continue using the third-party marketer Invest Financial Corp. of Tampa to support brokerage activities.

But the Jackson National agreement will offer educational opportunities, said Brad Rasmus, a newly appointed senior vice president of financial services at the $6 billion-asset bank.

During the next three months each licensed platform representative is to attend a training session that will deal with annuities and all Jackson National's annuity products, he said.

"Our No. 1 thing is to look at strategic partnerships to focus our efforts," Mr. Rasmus said.

And he said he plans to announce other strategic relationships this year. The company is considering partnerships to sell life, homeowners, and auto insurance to customers over the Internet or through direct mail, Mr. Rasmus said.

When Jackson's program was unveiled in September, consultant Valerie Jordan, principal of Jordan & Jordan Associates in Belchertown, Mass., commended it. She said face-to-face education is better than dial-up support lines for training platform workers to sell annuities.

Jackson National's products are to replace those of Keyport Life Insurance Co. …

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