Most banks can now offer annuities only by renting space in their branch lobbies to independent insurance agents.

The company offers variable annuities and life and disability insurance.

Generally, they have had to offer annuities through independent insurance agents operating out of their branches.

For example, many banks offer annuities today by leasing space in their branches to agents of outside insurance companies.

In addition, 34 percent did not know that banks sold stocks, and 27 percent were unaware that they offered variable annuities.

But the average 401(k) balance for people in their 60's is about $140,000, and financial companies cannot profitably offer annuities for such relatively small sums.

RiverSource Annuities offers variable and fixed annuities for individual investors.

"As I remembered, they had their own insurance company when they started" offering annuities, he said.

The fund previously offered variable annuities only to employees of educational and research institutions as part of their retirement plans.

But for now, a lot of companies offering variable annuities are practically minting money.