Intermediaries improve decisions when understanding products is costly, but introduce distortions due to agency problems. In insurance markets, advice affects adverse selection. I analyze the consumer-welfare effect of intermediation in the Chilean pension and annuity market, where products are complex and advisors have incentives to sell annuities. I estimate a demand model with life-cycle decisions, product, and intermediation choices. I use the model to examine intermediary regulation. Despite advisors steering customers into annuities, a ban on intermediation is consumer-welfare neutral. Intermediaries eliminate large choice frictions and dampen adverse selection into annuities. The variety of annuities limits the harm from biased recommendations.