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Of Course there are income limits to deduct an IRA...you already knew that...Most people are uneducated re Variable Annuities....Agreed a tax-advantaged fund is ok if you plan on never selling the fund...i.e changing you asset allocation. Everytime you rebalance your portfolio it is taxable 20% for most people. You can re-balance in a V.A. without any tax liability. You can have multiple fund family managers with one statement (Janus, Fidelity, MFS Putnam Marsico etc) and you can have all those managers for a relatively small investment. Yes there is a M&E charge but I'd rather pay the 1% fee than the 20% cap gain to Uncle Sam....Capiche?
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