Since making money on a winning trade «feels» easy after you've secured the money, your perception of risk in the market gets altered. (learntotradethemarket.com)
So, instead of a variable annuity, where they were paying fees and their money was at risk in the market, they now have a fixed indexed annuity with no fees. (blog.annuity123.com)
One argument is that asset classes are exposed to systematic risks in the market which diversification can not eliminate. (pnc.com)