Banks have happily watched their annuities sales rise in recent years. But a report from Sanford C. Bernstein & Co., a New York-based money management firm, is bad news for annuities marketers, including those who have prospered at banks.

The almost perfect confluence of demographic trends, interest rate spreads, and tax advantages that has nourished annuity sales may be ending, said Sallie L. Krawcheck, research analyst at Bernstein.

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