Fixed-rate deferred annuity sales jumped 60% in the third quarter to $15.8 billion, driven by a rebound in sales through banks, many branches of which were closed during the early stages of the pandemic, according to the Secure Retirement Institute.
Year-to-date, however, sales of fixed-rate deferred annuities are up just 1% from year-ago levels, the group reported in its annual annuity sales survey.
Total annuity sales were $55.3 billion in the third quarter, up 14% from the second quarter but 7% lower than during the third quarter last year. Year-to-date, annuity sales totaled $159.7 billion, falling 13% from the prior year.
Fixed indexed annuity sales for the third quarter were $13.2 billion, up 10% from the second quarter, yet 29% below prior year levels, SRI said. All channels except the independent agent channel, which saw FIA sales drop 2%, experienced double-digit growth, compared with second quarter results.
In the first three quarters of 2020, FIA sales totaled $41.4 billion, 27% lower than in the first three quarters of 2019.
Total variable annuity sales at $23.5 billion were 13% higher than in the second quarter, but down 11% compared with third quarter 2019.
The "Crypto Mom" departure would leave the SEC commission with just two members and no Democratic commissioners on the panel.
IFP Securities’ owner, Bill Hamm, has a long-term plan for the firm and its 279 financial advisors.
Meanwhile, a Osaic and Envestnet ink a new adaptive wealthtech partnership to better support the firm's 10,000-plus advisors, and RIA-focused VastAdvisor unveils native integrations with leading CRMs.
A former Alabama investment advisor and ex-Kestra rep has been permanently barred and penalized after clients he promised to protect got caught in a $2.6 million fraud.
As more active strategies get packaged into the ETF wrapper, advisors and investors have to look beyond expense ratios as the benchmark for value.
Wellington explores how multi strategy hedge funds may enhance diversification
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
