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Cetera plans to offer retention bonuses to 900 Voya advisers
Details of the bonus plan have yet to be revealed. But Adam Antoniades, CEO of Cetera, said such a plan would be forthcoming in an effort to retain as many advisers as possible.
Cetera to buy Voya Financial Advisors’ broker-dealer reps and assets
Private equity-backed networks like Cetera Financial Group have been eager to expand. The latest deal will add 900 Voya advisers with $40 billion in client assets onto the independent broker-dealer's platform.
New York slaps AIG with $12 million penalty over pension risk transfers
Regulators say the insurance company’s American General Life subsidiary operated in the state without a license, undertaking four large-scale pension risk transfers and bidding on others.
Beware: Enrolling in Medicare can nix contributing to an HSA
HSAs have no annual use-it-or-lose-it requirements, and balances can be carried forward from year to year and withdrawn tax-free in retirement to pay for medical expenses, such as Medicare and long-term care premiums — but not Medigap premiums.
HSAs, an adviser favorite, just don’t get much love
Health savings accounts, often confused with flexible spending accounts, are prized for their tax leniency. But many things hold them back, including the high-deductible health plans to which they are tethered.
MassMutual to buy Great American Life Insurance
The deal will reinforce MassMutual’s focus on its retail annuities business. Last year, the company sold its defined-contribution record-keeping business to Empower Retirement via a reinsurance transaction with a ceding commission of $2.35 billion.
Jackson National to be spun off by UK insurer Prudential
An initial public offering of a stake in Jackson, one of the biggest annuities providers in the U.S., will be held in the first half of 2021, according to a Prudential statement.
Annuity sales spike as investors sought protection in Q4
Total U.S. annuity sales hit $58.7 billion in the last three months of the year, up 2% from the $57.6 billion during the same timeframe in 2019, according to data published by Limra’s Secure Retirement Institute. But sales were down for the full year.
Momentum picks up for state-level best interest rule on annuity sales
Arkansas and Michigan become the latest states to adopt the National Association of Insurance Commissioners model rule
Broker-dealers on getting annuities into 401(k) plans
Guests at the RPA Convergence Broker-Dealer Roundtable and Thinktank say it might be a while before annuities are used in many plans.
Finra hits Transamerica with $8.8 million sanction
The settlement includes $4.4 million in restitutions to harmed customers over the sales of unsuitable VA, mutual fund and 529 products
Transamerica to halt sales of VAs with guarantees, fixed annuities
The decision follows a similar one by Prudential Financial to stop selling variable annuities with living benefits, amid extremely low interest rates
401(k)s warming to rainy day savings, student loan features
While the majority of plans don't include such options, employers have become more receptive to financial wellness, according to new research
7 reasons RIAs are adding insurance products
As more commission-free products come to market, RIA firms are beginning to provide insurance solutions to clients
Americans experiencing high levels of financial stress, CFP Board finds
Health care is the top financial concern, survey reveals; 32% worry about unemployment
DOL lifetime income rule under fire from lawmaker
Sen. Richard Neal, D-Mass., criticized the measure for not including an assumption that 401(k) balances appreciate
Fixed-rate deferred annuity sales rebound in Q3
But total annuity sales year-to-date are off 13% from 2019
Deferred income annuities are more than just a risk management tool right now
In the current interest rate environment, income annuities find themselves in the unique position of being a competitive investment tool
Getting annuities onto 401(k) plan menus
SECURE Act provisions providing plan fiduciaries with some legal protection, requirements for lifetime income disclosures on 401(k) statements and a volatile stock market all bode well for these products
Medicare premiums, surcharges to rise slightly in 2021
Income brackets to be adjusted for inflation for high-income retirees next year
