Changing of the guard

Every few years we experience shifts which are recognised as industry changing. We are at a time when two such developments may well combine to create such a change over the next decade. The first is the continued development of wraps. The second, and potentially of greater impact, is the development of guaranteed variable annuities. This is the generic term coined in the USA for unit-linked funds with attaching guaranteed features of one type or another. Examples of these guaranteed features might be:- - Guaranteed Minimum Death Benefit (GMDB) i.e. a minimum return on death of the tota...