Annuity Net is looking at a quartet of agencies for its estimated $3 million-plus advertising account, which is currently at Martin/Williams in Minneapolis.
According to a client representative, the agencies under consideration include the Minnesota-based incumbent, Ad-works in Washington, D.C.; CadmusCom of Richmond, Va.; and Richardson, Myers & Donofrio in Baltimore.
Executives with Martin/ Williams said they had been invited to participate in the review. As of last week, however, they remained undecided about whether they would pursue the business.
The Minneapolis agency has had discussions with Annuity Net officials. The shop understood one factor driving the pitch is that the client may be looking for an agency closer to its Virginia home.
Assuming the incumbent participates in the review, the four agencies in contention are scheduled to make their next round of presentations to the Leesburg, Va.-headquartered client during the second week of November.
According to a client official, an agency decision should come shortly after those pitches.
AnnuityNet offers investors the opportunity to purchase regular and variable annuities online. The prime consumers for the service are those investors who make their own financial choices, usually through an Internet provider.
While investing through online providers is not new, the client said the field of annuities purchasing through the Internet is still mostly uncharted territory.
"There is an education period to investors," said Annuity Net's Steve Jaworowski. "It will take some people time to understand the benefits of an annuity. This is a category that we think is going to see a lot of growth."
The company offers its eAnnuity program under the aegis of Lincoln National Life Insurance Co., which is located in Fort Wayne, Ind.