Securian Financial review

What does Securian Financial do?

Securian Financial offers a financial professional-led service model that combines insurance, annuities, retirement solutions, and related financial planning support. 

For individual clients, the service focuses on working with a financial professional to evaluate life insurance, annuity, and retirement income needs, rather than using a standalone robo-advisor.

Securian Financial is a St. Paul, Minnesota-based financial services organization whose family of companies has provided insurance and retirement solutions for more than 140 years. It reports nearly $1.7 trillion of life insurance in force, more than 23 million customers in North America, $38 billion in total investments, and more than 5,700 employees.

Securian Financial Services’ SEC investment adviser registration was terminated effective Aug. 11, 2023. However, Securian Financial can still provide insurance, annuity, and retirement-related services through its insurance companies, broker-dealer, and financial professional channels.

Primary customers:

• Individuals
• Families
• Executives
• Business owners

Key services may include:

• Life insurance
• Annuities

• Fixed annuities
• Fixed indexed annuities
• Registered index-linked annuities
• Variable annuities
• Immediate annuities

• Financial professional-led planning conversations
• Retirement-related support

What are the pros and cons of Securian Financial?

Here is a look at the pros and cons of Securian Financial.

Pros of Securian Financial:

• Financial professional-led model: Clients who prefer human guidance can work through a financial professional.
• Insurance and retirement focus: Securian clearly supports life insurance and annuity needs, which may be useful for protection and retirement income planning.
• Multiple annuity categories: The product menu includes fixed, indexed, registered index-linked, variable, and immediate annuity types, giving financial professionals several structures to discuss with clients.

Cons of Securian Financial:

• Product complexity: Permanent life insurance and annuities may involve policy charges, surrender charges, investment expenses, riders, and market risk, depending on the product.
• Advisory status history requires care: The historical ADV contains past advisory data; however, the investment adviser registration is shown as terminated, so current investors need to rely on current product and professional disclosures.
• Limited current fee transparency: It does not publish a consolidated fee schedule for this reviewed service.

Securian Financial fees: How much does Securian Financial cost?

Securian does not publish a standard fee schedule for its financial professional-led planning, investment, insurance, and retirement relationship.

• Financial professional-led planning/investment support: Financial professionals may be paid through flat or hourly fees, asset-based fees, or commissions from recommended insurance or investment products.
• Life insurance: Life insurance products may include insurance costs, premiums, monthly policy payments, transaction charges, index segment charges, and surrender charges, and these charges may increase over time.
• Annuities/retirement income products: Annuities may have surrender charges, while variable annuities may also include mortality and expense risk charges, administrative charges, investment management fees, and rider fees.

Product costs:

MultiOption Extra lists a $10,000 initial purchase payment, M&E risk charges of 1.70% in years 1–9 and 1.10% thereafter, a 0.15% administrative charge, and a $35 maintenance fee.

MultiOption Momentum lists a $25,000 initial purchase payment, a 0.75% M&E risk charge, a 0.15% administrative charge, a $50 maintenance fee, and a five-year deferred sales charge schedule.

What is Securian Financial’s minimum account size?

Securian does not disclose one firmwide minimum account size for its financial professional-led planning, insurance, investment, and retirement relationships. However, some annuity products disclose product-level minimum purchase payments.

Who should choose Securian Financial?

Securian may work well for clients who want professional-led discussions that connect insurance protection, annuities, and retirement income planning.

Securian Financial works well for:

• Clients who want human guidance: The service is built around financial professionals rather than a purely self-directed digital experience.
• Retirement-income-focused clients: Securian offers several annuity products that can help create future income in retirement.
• Clients considering annuities: Securian offers several annuity types, including fixed deferred, fixed immediate, registered index-linked, and variable annuities.

Who might not benefit as much:

• DIY investors: Securian is less suitable for people who want to manage everything themselves online.
• Cost-sensitive investors: Fees and commissions may vary by product and financial professional, so pricing is not always simple.
• Clients seeking a pure investment account: Securian’s current public materials focus more on annuities and retirement income than on standalone portfolio management.

Securian Financial: Is it secure?

Securian Financial has several regulatory and privacy safeguards, but its insurance, annuity, and investment-related products still carry product-specific risks. 

Securian states that Securian Financial Services, Inc., a FINRA member, distributes securities.

Securian’s privacy notice discloses specific safeguards, including computer safeguards, secured files and buildings, physical/electronic/procedural protections, restricted employee access, confidentiality training, and disciplinary measures for employees who violate privacy standards.

Securian Financial: Customer service

For policies, contracts, or accounts obtained through a financial professional or agent, Securian says clients may contact that professional directly. 

Securian Financial: Mobile App

Securian does not appear to offer a dedicated mobile app for financial professional-led planning, insurance, annuity, investment, or retirement account management. 

Clients rely instead on Securian’s web-based account login, product service channels, and their financial professional for account access and support.

Is Securian Financial worth it?

Securian Financial may be worth considering for clients seeking a financial professional-led relationship focused on life insurance, annuities, and retirement income planning. 

Its strengths are the human-advice channel, insurance depth, and multiple annuity options. The main trade-offs are limited transparency of public fees and product complexity. 

Overall, Securian appears better suited to clients seeking insurance and retirement-income guidance than to investors looking for a low-cost, fee-only, fully digital investment management service.

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