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Indexed, variable annuity sales slump as DOL fiduciary rule looms

May 18, 2017

Annual sales of indexed and variable annuities took another nosedive in the first quarter with the Department of Labor's fiduciary rule set to come into force. Despite a stronger equities market and interest-rate environment, the fiduciary-rule...

Include health savings accounts in fiduciary process

May 4, 2017

It is anyone's guess how the partisan fight in Congress over health care will eventually shake out, but one trend that financial advisers need to pay particularly close attention to is the rise of health savings accounts. HSAs, which are increasingly...

Finra whacks mid-sized NJ broker-dealer with $325,000 fine over variable annuity sales

May 2, 2017

The Financial Industry Regulatory Authority Inc. on Monday said it had fined a New Jersey broker-dealer, Summit Equities Inc., $325,000 for failing to supervise brokers' sales of multi-share class variable annuities to clients. From October...

Finra issues complaint against broker for unsuitable variable annuity sales

April 26, 2017

The Financial Industry Regulatory Authority Inc. has issued a disciplinary complaint against former broker Walter Marino for recommending exchanges of non-qualified variable annuities to two customers without having a reasonable basis for recommending...

Some broker-dealers changing indexed-annuity compensation due to DOL fiduciary rule

April 24, 2017

Brokerage firms are evaluating how they and their advisers get paid for indexed annuity sales to clients, as the start date of a new Labor Department rule governing investment advice in retirement accounts inches closer. At present, many broker-dealers...

Finra arbitration panel awards Wilbanks Securities investor $1 million for misleading sales pitch on variable annuity

April 14, 2017

Finra arbitrators awarded an investor more than $1 million for what she alleges was a Wilbank Securities Inc. broker's misleading sales pitch about a variable annuity that over-promised and under-delivered. Grace S. Huitt won a total of $1,073,440...

State insurance commissioners consider strengthening annuity sales rules

April 12, 2017

State insurance regulators are considering strengthening investor protections surrounding sales of annuity products. The National Association of Insurance Commissioners launched an annuity suitability working group April 8 at the organization's...

Retirement plan advisers should bone up on lifetime income

April 11, 2017

The continuing demise of defined benefit plans and increasing concern about the future of Social Security have dramatically reduced the certainty of retirement income for most Americans. Guaranteed income options in defined-contribution plans...

How to define yourself as a life insurance adviser

April 7, 2017

Over the course of my career, I learned that if I didn't define myself, then I was defined by what others said about me. Life insurance advisers distinguish themselves as advisers by first defining their role and responsibilities on the planning...

'Retirement Rip-Off Counter' underscores impact of Department of Labor's fiduciary rule delay

April 5, 2017

A counter adding up the $46 million retirement savers are losing daily from a delay of the Department of Labor's fiduciary rule will be projected onto federal buildings in Washington to protest the Trump administration's efforts to postpone...

Help clients boost returns without increasing risk

April 3, 2017

Private placement life insurance and private placement variable annuities have grown in popularity among financial professionals seeking tax-efficient investment vehicles for their affluent clients. These products enable investors to defer or...

Department of Labor's fiduciary rule blamed for insurers' massive hit on variable annuity sales

March 28, 2017

The variable annuity industry took a beating in 2016, with several of the top sellers inking losses upwards of 25% on the year and some exceeding 40%. The Department of Labor's fiduciary rule, issued in its final form last spring, played a big...

Tips for managing clients' health care expenses in retirement

March 27, 2017

Survey after survey shows that health care expenses in retirement are a top concern for clients, and financial advisers are finally taking notice. According to a 2017 Survey conducted by The American College of Financial Services, advisers reported...

Tax cut optimism may be overblown

March 22, 2017

Even if new health-care legislation makes it through the House and Senate, the timing is likely to push tax reform into next year, pushing tax cuts further into the future, says Wall Street Journal columnist Justin Lahart. "Investors who are...

Rules governing indexed universal life insurance may not go far enough

March 20, 2017

New rules designed to curb overly rosy policy return illustrations, the primary sales tool used to sell indexed universal life insurance, seem to be having their desired effect, but they may not go far enough. The rules, Actuarial Guideline...

6 essential ingredients to life insurance advice

March 14, 2017

There's never been a better time to provide life insurance advice. Guiding clients through a proven decision-making process to products in their best interests can be a terrific way to build a business. Advice differs from product sales in that...

Study finds most retirees want guaranteed lifetime income

March 8, 2017

Most Americans are comfortable with the idea of working towards a savings goal as they approach retirement, but few know how to create an income strategy once they get there. The greatest financial challenge facing retirees is determining how...

Strict timeline governs health savings accounts and Medicare

February 28, 2017

Many clients have chosen to enroll in health savings accounts (HSAs) because they like the triple tax savings that HSAs offer when paired with a high-deductible health insurance plan. But things can get very complicated when clients approach...

There's never been a better time to provide life insurance advice

February 10, 2017

I've never seen a better time to advise clients about life insurance. With insurers increasing costs with increasing frequency and performance consistently disappointing clients' expectations for decades, clients need help with this last, largest,...

Medicare enrollment ends HSA eligibility

February 9, 2017

As many clients continue to work beyond the traditional retirement age of 65, financial advisers are often confronted with questions about the interaction of employer-provided health insurance, Medicare and health savings accounts. Health savings...

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