Great-West Life & Annuity Insurance Company has introduced a new retirement income solution for bank-affiliated broker/dealers, called Great-West SecureFoundation Smart Future.

The product enables clients to participate in potential gains in the stock and bond markets while providing an insurance benefit that features a lifetime income guarantee. The solution combines the Maxim SecureFoundation Balanced ETF Portfolio, which invests in a cost-effective portfolio of Vanguard exchange-traded funds, and the Great-West SecureFoundation Guarantee, which provides steady income payments guaranteed for life.

“With fewer employers offering defined benefit plans, clients have to shoulder more of the responsibility for providing their own retirement income,” said Jacques Brousseau, national director of retirement income products for the Individual Markets Division at Great-West. “As a result, bank affiliated broker/dealers are looking for new and better ways to help their clients close this gap. Our retirement income offering delivers an innovative solution that advisors can readily recommend to clients who are looking for savings opportunities that ensure they’ll have guaranteed income throughout their retirement.”