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