SecureKey Advisory (Raymond James) review

It depends on the context. For a fee-based advisory client at Raymond James who wants FIA-style principal protection and index crediting without tying up assets in a surrender period, this is a well-structured product. The no-surrender design is a genuine differentiator and solves a real problem. It is less compelling for someone primarily chasing the highest possible crediting rates, because no-surrender FIAs carry that structural tradeoff, and it is difficult to fully evaluate without knowing the ReadyPay rider fee or current crediting terms.

The main reason to buy SecureKey Advisory is the combination of FIA-style principal protection and full liquidity. A client who wants to participate in index-linked growth without direct market exposure, but who also wants to be able to reposition assets without penalty, has very few good options — most FIAs require a 5-to-10-year surrender commitment to access meaningful crediting terms. The advisory-channel structure here sidesteps that. The secondary reason is the breadth of the index menu and crediting approach choices, which give a fee-based advisor real flexibility to align the product with a client's strategy.

I think SecureKey Advisory is best for a client in a fee-based advisory relationship at Raymond James who holds a mid-to-large balance they want in a principal-protected, tax-deferred account with index-linked growth potential — but who is not comfortable with the liquidity restrictions of a traditional surrender-charge FIA. The $25,000 minimum and the IRA, Roth IRA, and non-qualified account support make this accessible across common retirement account types. It is less well-suited for someone who wants the highest possible crediting rates (surrender-charge products will typically win there), someone focused primarily on generating guaranteed lifetime income, or someone outside the Raymond James advisory channel.

You are buying a principal-protected, no-surrender FIA inside a fee-based advisory account. The structure means your purchase payment cannot be lost to market performance — the floor on any annual crediting period is zero — and any money you need back is accessible without a surrender penalty. What you are not buying is direct market participation. Your upside is shaped by caps, participation rates, spreads, or step-rate rules tied to index performance, not by owning the index itself. On this product, the advisory-channel pricing reflects the absent surrender charge: you will generally see lower caps and participation rates than on surrender-charge siblings. That is the structural deal.

SecureKey Advisory offers five crediting approaches across four indices: S&P 500, Russell 2000, MSCI EAFE, and the S&P 500 Low Volatility Price Return Daily Risk Control 5% index. Each strategy uses a 1-year term with annual point-to-point crediting. The floor on every strategy is 0% — you will not be credited negative interest in any annual period, regardless of index performance.

The five crediting methods are Cap Rate (your return is capped at a set maximum), Step Rate (you receive a fixed step-rate if the index finishes positive), Participation Rate (you receive a percentage of the index gain), Participation Rate with Spread Rate (a percentage of the gain minus a spread deducted before crediting), and Performance Triggered (a fixed trigger rate is credited if the index meets a set condition). A fixed account with a 1-year rate guarantee is also available.

Current caps, participation percentages, spreads, and step rates were not available in the materials provided. If you are actively shopping this product, request the current rate sheet directly from your Raymond James advisor — these terms are what ultimately determine how competitive the product is on a year-to-year basis.

The ReadyPay rider is the optional guaranteed lifetime withdrawal benefit (GLWB) that transforms SecureKey Advisory from a pure accumulation product into an income-capable one. The income base initially equals your purchase payment and cannot decrease due to market performance, though it can grow. Single life and joint life (spouses only) payout options are available. Issue age for the rider is 50–85, which narrows the eligible pool compared to the base contract.

The rider fee was not specified in available materials. That gap is worth flagging because the fee is deducted from account value annually, and its magnitude matters significantly when evaluating whether the income guarantees justify the cost. Ask your advisor for the current ReadyPay fee schedule before deciding whether to add this rider.

There is no surrender charge and no market value adjustment on this product. Full liquidity is the headline. You can withdraw any amount at any time without an insurance-company penalty — the only constraints are the standard IRS rules: withdrawals are subject to ordinary income tax, and amounts taken before age 59½ may also incur a 10% federal early-withdrawal penalty. The minimum account value to maintain the contract is $2,000.

The product supports IRA, Roth IRA, Non-Qualified, and Inherited Non-Qualified account types, and the contract is RMD-friendly — required minimum distributions are available without restriction.

The base contract carries no internal insurance charges — this is a fee-based advisory product. The cost of the advisory relationship itself (the advisor's fee) is separate and paid outside the annuity, consistent with how fee-only RIA and brokerage advisory accounts work.

The one fee that matters here is the ReadyPay rider fee if you elect that benefit. That fee was not disclosed in available materials. As noted above, ask for the current rate sheet before electing the rider.

The structural tradeoff is simpler: no surrender charge means no crediting rate premium. Fully liquid FIAs trade lower caps and participation rates for the flexibility. Whether that tradeoff is favorable depends on how much you value liquidity against an equivalent surrender-charge FIA, and on the specific current terms, which you need to verify directly.

Legal Entity: Brighthouse Life Insurance Company

AM Best Rating: A

Brighthouse Life Insurance Company is the issuing entity. Brighthouse was spun off from MetLife in 2017 and operates as a standalone carrier focused primarily on annuities and life insurance. The AM Best A rating reflects solid financial strength and claims-paying ability for a carrier of this profile.