AXA Equitable Launches Cornerstone Allocator Powered by Morningstar Associates
Ground-breaking Web Application Helps Financial Professionals Enhance Clients' Investment Option Allocations in the Retirement Cornerstone Variable Annuity
NEW YORK, May 11, 2011 /PRNewswire/ -- AXA Equitable Life Insurance Company announced today the launch of the Cornerstone Allocator. The company teamed with Morningstar Associates, LLC to develop this innovative web application that helps financial professionals tailor client investment allocation recommendations in the Retirement Cornerstone(SM) variable annuity.
Retirement Cornerstone, introduced in 2010, is a tax-deferred investment platform that, unlike a traditional annuity, supports two interactive but distinct accounts – one focused on the opportunity to maximize investment growth potential through over 100 sub-account fund choices, the other on providing innovative retirement income protection that can help address the inflationary impact of rising interest rates.
"Retirement Cornerstone has transformed how financial professionals and their clients view the benefits of variable annuities," said Nick Lane, president of the Retirement Savings Division of AXA Equitable. "We are thrilled to join forces with Morningstar Associates to develop an application, based on an industry-leading investment methodology that helps financial professionals build customized client allocations tailored to each individual's retirement income needs."
Cornerstone Allocator serves as a user-friendly guide to aligning the power of Retirement Cornerstone to each client's risk profile and income objectives. Specifically, it is designed to assist financial professionals in making determinations about how to distribute assets between Retirement Cornerstone's Investment Performance Account and Protection with Investment Performance Account and to allocate assets among the many investment options within each account.
"We are extremely pleased to work with AXA Equitable to help develop the Cornerstone Allocator," said Peng Chen, president of Morningstar's global investment management division. "This application allows financial professionals to view a client's account holistically and propose a financial strategy that helps balance both the need for safety and the need for income."
The tool helps financial professionals facilitate Retirement Cornerstone client reviews and promote understanding of the objectives behind account and asset allocation choices. Using Cornerstone Allocator, financial professionals can generate a client-approved Allocation Report that complements hypothetical illustrations and/or marketing materials provided to the client during the account opening process.
The client-facing Allocation Report displays the following information:
- A review of the client profile responses
- Investment Performance Account and Protection with Investment Performance Account allocations
- Aggregate and detailed asset allocation summary by Account
- Individual Investment Profiles for the sub-accounts elected generated by Morningstar
For more information, please call the AXA Distributors Sales Desk at (888)-517-9900.
About Retirement Cornerstone
Variable annuities are subject to market volatility, including the loss of principal. Withdrawals from annuities are subject to ordinary income tax treatment and, if taken prior to age 59 1/2, may be subject to an additional 10% federal income tax penalty. Withdrawals from the Retirement Cornerstone annuity may also be subject to contractual withdrawal charges. The downside protection account referred to in this release is available as an optional benefit (the "Guaranteed Income Benefit") in the Guaranteed Benefit Account within the Retirement Cornerstone variable annuity, required to be elected at the time of purchase and, when funded, at an additional cost and subject to certain restrictions and limitations. Access to guaranteed annual withdrawal amounts starts after the 5th contract year. Early or excess withdrawals may have an adverse affect on the guarantee. All guarantees are based on the claims-paying ability of AXA Equitable. This release does not contain all material provisions of the Retirement Cornerstone contract. Certain types of contracts, features, and benefits may not be available in all jurisdictions.
Consider the charges, risks, expenses and investment objectives before purchasing a variable annuity. Contact a financial professional for a prospectus containing this information. Read it carefully.
Retirement Cornerstone SM, issued by AXA Equitable Life Insurance Company NY, NY and co-distributed by AXA Advisors, LLC and AXA Distributors, LLC, is a service mark of AXA Equitable.
About AXA Equitable
In business since 1859, AXA Equitable Life Insurance Company (NY, NY) is a leading financial protection company and one of the nation's premier providers of life insurance, annuity, and financial products and services. The company's products and services are distributed to individuals and business owners through its retail distribution channel, AXA Advisors, LLC (member FINRA, SIPC) and to the financial services market through its wholesale distribution channel, AXA Distributors, LLC. Find AXA Equitable on Facebook and Twitter or visit the company's multi-media newsroom The Source @ AXA Equitable.
AXA Equitable, a subsidiary of AXA Financial Inc., is part of the global AXA Group, a worldwide leader in financial protection strategies and wealth management. "AXA Group" refers to AXA, a French holding company for an international group of insurance and financial services companies together with its direct and indirect consolidated subsidiaries. For more information, visit www.axa-equitable.com.
About Morningstar Associates
Morningstar Associates, LLC is a registered investment advisor and a wholly owned subsidiary of Morningstar, Inc. Morningstar Associates, along with Morningstar's other investment advisory subsidiaries, comprise the Morningstar Investment Management division. This division provides independent investment management and consulting services to institutions and advisors and has approximately $138.7 billion in assets under advisement and management as of March 31, 2011.
AXA Equitable has entered into a contract with Morningstar Associates, LLC to provide guidance to representatives with regard to the Retirement Cornerstone(SM) variable annuity product. Morningstar Associates does not provide advice to registered representatives or to individual investors with respect to the suitability of, or the investment allocations within, the Retirement Cornerstone variable annuity product. Neither Morningstar Associates nor Morningstar, Inc. are affiliated with AXA Equitable.
SOURCE AXA Equitable
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