Virginia, Maine and Alabama recently adopted annuity suitability rules that closely track model legislation proposed by the National Association of Insurance Commissioners.
Two industry trade groups — the American Council of Life Insurers and the National Association of Insurance and Financial Advisors — issued joint statements on the states’ actions, saying the new laws and regulations “align with the SEC’s Regulation Best Interest and, unlike a fiduciary-only approach that limits choices for consumers, these measures make sure savers, particularly financially vulnerable middle-income Americans, can access information about options for long-term security through retirement.”
In February 2020, the National Association of Insurance Commissioners approved a model rule that clarified that annuity recommendations by insurance agents and carriers must be in the best interests of consumers and that salespeople cannot put their financial interests ahead of those of the consumer.
That rule had already been approved by Arkansas, Michigan, Iowa, Arizona and Rhode Island.
FINRA's proposed rule filing would create a new 10-day fraud delay and nearly triple the maximum hold period for exploited senior investors
Fueled by a recent shot in the arm from private equity firm Carlyle, MAI adds a $490 million Atlanta RIA as it keeps building out its national footprint.
“Todd Burkhalter organized what is likely the largest Ponzi scheme in Georgia history,” said one FBI official.
With experience from Goldman Sachs and TD Ameritrade, the RIA's newest SVP hire adds to a recent wave of executive departures from hybrid Osaic.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
