LABELS THAT CAN BE PLACED (OR ANNOTATION THAT HAS THE FLEXABILITY OF A LABEL). SPECIFACLY FOR POINTS, BEING ABLE TO STORE AN xy FOR A LABLE PLACEMENT WOULD BE HELPFUL.
Make points from your annotation class... or live with the labels associated with your features... why do you need to try and muddle the difference between Annotation and Labels?
I usually convert my labels to graphics, which allows better placement without hassle. I love graphic labels. Just right click on your layer in the Table of Contents pane, and choose Convert Labels, Convert Lables to Graphics.
As @WendyHarrison mentioned, feature linked annotation is very powerful. And once you have the annotation feature class, you can edit it -- move labels around, change symbology, etc -- as if it was a graphic label.
@WendyHarrison that's not really a perfect solution since feature-linked annotation is required to live in the same .gdb as the layer, which is rarely desirable. If I have a project with labels that is reading data from a source location that is used in many projects, the last thing I want to do is start sticking annotation feature classes in that location or make needless and confusing copies of the data. I don't think the idea being requested is 'already offered.'
@wayfaringrobI think I'm misunderstanding the idea -- isn't the question whether or not a label will auto-update according to the feature attributes? If this is the case, I would think it would be best to keep the annotation feature class near/with/in the same GDB as the original feature class. I'm sure I'm missing something so please correct me!
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