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Edward Jones doesn't sell indexed annuities, bucking broker-dealer trend

May 6, 2019

Edward Jones has taken a contrarian stance on indexed annuities, declining to allow its brokers to sell the annuity products even though its peers are doing so and the products are increasingly popular industrywide. The St. Louis-based brokerage,...

Elderly investors win $3.2 million Finra arbitration award against AXA Advisors

May 1, 2019

An elderly couple in upstate New York won a $3.2 million Finra arbitration award against AXA Advisors in a case involving unsuitable variable annuity and life insurance sales. James and Sandra Fitzpatrick alleged that their then-AXA representative,...

Insurance lobby plans blitz to get retirement bills through Congress quickly

April 24, 2019

Insurance trade associations are set to launch a campaign to gain approval for retirement-savings bills by August to ensure they don't stall again as attention turns to the 2020 election. The American Council of Life Insurers is coordinating...

The drawback of Richard Thaler's 401(k)-Social Security idea? Social Security itself

April 22, 2019

Nobel laureate Richard Thaler's idea to increase retirees' Social Security payments by using a portion of their 401(k) accounts is drawing criticism from some corners of the financial-advice industry, primarily due to the current less-than-stellar...

A new way to look at retirement income planning

April 22, 2019

Retirement income is a major concern among upcoming retirees, with 46% of Americans predicting they won't have enough money once they leave the workforce. Compounding these fears, 10,000 baby boomers retire every day. This translates to the...

Variable annuity sales up big among independent broker-dealers

April 19, 2019

Independent broker-dealers saw big growth in their sales of variable annuities last year, even as other distribution channels such as the wirehouses and other large national brokerage houses saw sales stay flat or decline. The boost appears...

The cost of putting off enrolling in a Medicare drug plan

April 15, 2019

I heard from a financial adviser in Florida recently who asked if there was anything her clients, a married couple ages 69 and 70, could do to avoid paying a delayed enrollment penalty for their new Medicare Part D prescription drug plan. "They...

Two women arrested for defrauding elderly California woman

April 12, 2019

California Department of Insurance detectives arrested two women Thursday on charges of financial elder abuse against an elderly woman. Insurance agent Erica Salda and financial adviser Wendy Foster allegedly began their fraud in 2005, when...

Envestnet adds loan facility to platform

April 9, 2019

Envestnet has introduced a program that integrates lending solutions with its platform. Called the Envestnet Credit Exchange, the program involves a partnership with Advisor Credit Exchange (ACE), which created an advice-driven program that...

Commonwealth case against Ohio National should be arbitrated, court rules

April 8, 2019

A dispute between Commonwealth Financial Network and Ohio National Life Insurance Co. over the insurer's decision to end trail commissions on variable annuities will be decided in Finra arbitration. The venue was settled in a decision by a Massachusetts...

Finra fines former LPL rep $5,000 over viatical sale

April 5, 2019

The Financial Industry Regulatory Authority Inc. has fined Scott Klor, a former registered representative who had been affiliated with LPL Financial, $5,000 and suspended him for 14 months for his involvement in a lie insurance scheme not disclosed...

Indexed annuity sales projected to grow nearly 40% by 2023

April 5, 2019

Indexed annuities, fresh off a record sales year, are poised for substantial growth over the next four years, according to projections from Limra, an insurance industry group that expects the stock market to remain volatile and interest rates...

Fidelity says retirees can expect to spend $285,000 on health care

April 2, 2019

A 65-year old couple retiring this year can expect to spend $285,000 on health care and medical expenses throughout retirement, according to an annual health care study done by Fidelity. For individuals, the estimate is $150,000 for women and...

New annuities starting to address RMDs

April 1, 2019

Allianz Life Insurance Co. of North America is launching an indexed annuity geared toward clients 70½ and older who don't need the money that the government requires they withdraw each year from retirement accounts in the form of required minimum...

Jackson National loses top annuity sales spot to AIG

March 26, 2019

Jackson National Life Insurance Co. ceded its six-year reign atop the annuity sales leaderboard to American International Group Inc. last year, as AIG rode a wave of strong fixed and indexed annuity sales to overtake the former No. 1. AIG sold...

Ameriprise offloads $1.7 billion in fixed annuities

March 20, 2019

Ameriprise Financial Inc. has offloaded $1.7 billion in fixed-annuity liabilities to Global Atlantic Financial Group, representing roughly 20% of the company's fixed-annuity account balances, the firm announced Tuesday. Commonwealth Annuity...

Carolyn McClanahan talks aging, prostates and going out of business

March 20, 2019

To hear Carolyn McClanahan tell it, healthcare has become a sort of pariah among financial advisers — they don't want to deal with the issue with clients, at least not in a substantial way. Ms. McClanahan, a financial adviser, recently co-founded...

Indexed universal life insurance sales continue hot streak

March 15, 2019

Insurers sold indexed universal life insurance policies at record levels last year as consumers sought a measure of protection from stock market volatility and more insurers offered product. Indexed life insurance sales of $2.1 billion last...

Genworth move could signal big shift in distribution of long-term-care insurance

March 14, 2019

Genworth Financial Inc.'s recent decision to halt sales of individual long-term-care insurance policies through brokers and agents and just go directly to consumers could represent an emerging trend among insurers. Genworth, the largest long-term-care...

Clients don't trust you? Here's a perfect product to pitch

March 13, 2019

For advisers who are licensed to sell insurance and are great salespeople, but believe their clients and prospects don't trust them, a Towson, Md.-based insurance company has come up with what may be the perfect product: anti-embezzlement insurance....

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