In the recent past, insurers have viewed stronger relationships with registered investment advisors (RIAs) as a critical element of their growth strategies. Compared with other types of asset managers, RIAs have seen their asset bases expand – a trend many in the industry expect to continue. To capture market share in the RIA channel, variable annuity (VA) writers have introduced customized versions of their core offering targeted to RIAs. In fact, 18 of the top 20 variable annuity insurers offer RIA variable annuities, according to 2012 sales data from LIMRA. But the expected VA growth in the RIA distribution channel hasn't yet materialized, leaving many insurers perplexed as to why.