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.
Pew survey reveals slight majority consensus on tax rates, but views splinter based on political alignment and income levels.
While the Federal Reserve's decision to hold interest rates steady in March was widely expected, it's the reactions from financial professionals that provide a more nuanced picture of the central bank's approach.
The pioneering member of Canada's Maple Eight is stepping back from its go-it-alone private equity approach as a drought in deals and Trump's trade war prompt a rethink.
The firms' latest additions in Florida and Nevada come as a strategic change at UBS raises risk of advisor defections.
The new program offers opportunities and events structured for rookies, next-gen advisor leaders, and soon-to-exit veterans.
In an industry of broad solutions, firms like intelliflo prove 'you just need tools that play well together'
Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies
