Allianz Life Insurance has entered the defined-contribution business and hired Mike De Feo as the segment’s leader. De Feo most recently headed Voya’s retirement and DC business and earlier led Nuveen’s DC business.
The insurer’s first product for the DC market is Allianz Lifetime Income+ Annuity, which provides a guaranteed income option that is “flexible and portable, featuring growth potential, protection from market loss and guaranteed lifetime income that has the potential to increase annually for life to help address the effects of inflation,” the company said in a release.
A survey of participants in employer-sponsored retirement participants, showed that 73% would consider a plan option offering guaranteed income for life, Allianz said, while 64% said that pandemic-caused market volatility has increased their interest in adding an option that offers guaranteed lifetime income to their plan.
The wirehouse-focused aggregator's rollout to more than 100 advisors lands as financial advisors race to add tax and estate planning tools.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
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
