Which of the following is NOT authorized to sell LIFs?

The answer is clear because discretionary money managers typically operate in a capacity focused on managing portfolios and investments, rather than directly selling financial products like Life Income Funds (LIFs). LIFs are often sold through channels that provide a more in-depth advisory or distribution function, allowing clients to understand the regulatory and financial implications of these products.

Insurance agents are authorized to sell LIFs because they are licensed to offer various insurance products and investment vehicles. Trust companies also sell LIFs since they are permitted to administer and manage trust funds, which can include LIFs as part of their offerings. Investment advisors can help clients choose among various investment options, including LIFs, aligning with their goals and needs.

This distinction highlights the specific roles within the financial services sector, where certain professionals have the authority to sell specific products, while others, like discretionary money managers, are focused primarily on investment strategy and portfolio management rather than product sales.