White House officials project lingering high unemployment in the short term and a massive 10-year federal deficit of $9 trillion that feeds a ballooning national debt.
Total individual-annuity sales tumbled during the second quarter as carriers' new business slowed and fixed-annuity interest rates fell, although sales for all fixed annuities fared better, according to data from LIMRA.
A new life insurance product from The Phoenix Cos. Inc. covers two lives under one policy, providing a death benefit for a spouse or business partner.
The U.S. government must continue its efforts to crack Switzerland's bank secrecy walls. Those barriers have helped perhaps hundreds of thousands of wealthy Americans shield at least some of their income from the Internal Revenue Service.
Although members of the insurance industry and some broker-dealer executives are butting heads with state regulators on tougher annuity regulation, financial advisers cheered the proposed use of Finra-esque suitability layers for all annuity sales.
The declining value of fixed-income portfolios in a climate of rising interest rates will hinder life insurers' performance over the next two years.
In the wake of a decision last month by LPL to bring in-house the clearing function at three subsidiary broker-dealers, about 200 financial advisers at those firms have moved to other firms or are planning to do so.
Another team of registered representatives who work with wealthy clients has turned its back on Wall Street to become independent registered investment advisers.
Independent broker-dealer Securities America Inc. has announced that USAdvisors Network LLC of Eden Prairie, Minn., has signed an agreement for its affiliated advisers and institutions to join the La Vista, Neb.-based firm.
A Swiss banker and a lawyer are the latest to face U.S. criminal charges in a wide-ranging international tax evasion investigation.
The Swiss government said today it made a profit of 1.2 billion Swiss francs ($1.1 billion) from the sale of its stake in UBS AG, a day after concluding a deal that appears to end the bank's yearlong tax-evasion battle in the United States.
Henry Waxman, chairman of the House Committee on Energy and Commerce, is asking executives at Genworth Financial Inc., The Guardian Life Insurance Company of America and MetLife Inc. to produce details on executives' pay.
American International Group Inc. has named Jay S. Wintrob president and chief executive of its Domestic Life and Retirement Services business.
Florida Atlantic University's College of Business yesterday stripped life insurance guru Barry Kaye's name from the school, according to published reports.
Financial services executives believe business conditions will bottom in 2009 before a recovery in the sector and broader economy occurs next year, according to a new study from KPMG LLP.
While Swiss banking giant UBS AG has agreed to release information on 4,450 client accounts to settle a contentious lawsuit with the Internal Revenue Service that centered on alleged offshore tax evasion by the bank's clients, the IRS said that it may eye other banks for similar activities.
Medical Capital Holdings Inc., which sold private-placement offerings through a number of independent broker-dealers and has been charged with fraud by the Securities and Exchange Commission, spent freely and lavishly on assets that had nothing to do with medical receivables — its core business — according to court papers filed last week.
It turns out that Bob Benmosche, the new head of American International Group, isn't selling the company's three independent broker-dealers.
The Financial Industry Regulatory Authority Inc. isn't backing down from its position that it has authority over broker-dealers' financial planning activities.
