Raymond James Financial Inc. announced an initiative that would require the restructuring of variable annuities offered through financial advisors at the firm's broker/dealer subsidiaries, Raymond James Financial Services and Raymond James & Associates.

President and chief operating officer Chet Helck said that beginning in August, Raymond James will require all approved annuity providers to offer an alternative pricing structure that reduces client costs without impacting standard or optional benefits. The changes are designed to lower policy fees, create consistent commissions and reduce opportunities for confusion by simplifying offerings.

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