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Commonwealth files Finra arbitration, lawsuit against Ohio National for 'unlawful' VA scheme

November 15, 2018

Commonwealth Financial Network has brought both a lawsuit and Finra arbitration against Ohio National Life Insurance Co. for the alleged "unlawful scheme" orchestrated by the insurer involving variable annuity compensation. Ohio National shocked...

Ohio National offers buyouts, ends commission trails amid jumbled regulatory oversight of VAs

November 14, 2018

Ohio National Financial Services Inc. began offering buyouts this week to policyholders who have a variable annuity on which the firm will stop paying brokers next month. In a letter to investors, however, the firm encouraged customers to "work...

InvestmentNews turns 20: A young industry evolves, as does our coverage

November 10, 2018

The 20 years since InvestmentNews launched in 1998 have involved tremendous change in and around the financial advice industry. Here are 20 events that rocked advisers and their clients — many of which will continue to shape the profession...

USAA retreats from asset management business with $850 million sale to Victory Capital

November 8, 2018

After several years of celebrated efforts to expand the distribution of its investment products beyond its loyal membership base of veterans and active-duty military members, USAA has found a solution in selling the $69.2 billion asset management...

Ohio National sued by broker-dealer Veritas over annuity trail commissions

November 8, 2018

Ohio National Financial Services Inc. and its affiliates have been sued by an independent broker-dealer, Veritas Independent Partners, over the insurer's recent termination of trail commissions on some variable annuities. In September, Ohio...

Here's how a Democratic House will affect financial advisers

November 7, 2018

A Democratic takeover of the House isn't likely to influence the Securities and Exchange Commission's investment advice reform proposal despite one of the leading critics of the SEC's effort being poised to head the committee overseeing the...

LPL broker sues Ohio National for 'unlawful' move on variable annuity compensation

November 6, 2018

A broker with LPL Financial has filed a class-action lawsuit against Ohio National Life Insurance Co. and two affiliates for the allegedly unlawful termination of trail commissions on certain variable annuity policies. Ohio National stunned...

SEC proposes variable annuity summary prospectus

October 31, 2018

The Securities and Exchange Commission is attempting to help investors grasp how variable annuities work and what they cost, but one skeptic says the agency's proposal would not deliver plain-language clarity. The SEC released for public comment...

Voya to exit individual life insurance business

October 31, 2018

By the end of the year, Voya Financial Inc. will no longer sell individual life insurance in order to focus on higher-growth business lines. Voya, which was spun off from Dutch parent ING Groep in a 2013 initial public offering, decided to exit...

Ohio National offers new round of variable annuity buyouts

October 29, 2018

Ohio National Financial Services Inc. is offering buyouts to some variable-annuity customers, a move that some industy experts believe is related to a recent announcement that it would be cutting advisers' trail commissions by the end of the...

State insurance commissioners draft annuity sales rule

October 26, 2018

State insurance regulators want to strengthen rules for annuity sales by requiring they be conducted with the consumer's interest as the priority, rather than the insurance professional's compensation. Members of the National Association of...

Morgan Stanley brokers will keep Ohio National annuity trail commissions

October 25, 2018

The elimination of trail commissions on variable annuities underwritten by Ohio National Financial Services Inc. will not apply to Morgan Stanley brokers. Ohio National stunned the insurance and brokerage industries late last month when it announced...

Ohio National stokes adviser fears over annuity trail compensation

October 23, 2018

It's been a few weeks since Ohio National Financial Services Inc.'s bombshell announcement around annuity trail compensation, and financial advisers are still trying to make sense of its implications for them and the broader industry. One question...

Providing incentives for annuities within retirement plans

October 15, 2018

TIAA was founded 100 years ago by Andrew Carnegie to provide college professors with retirement income through employment-based annuities. This was an innovative concept for the time, predating the Social Security system by two decades. The...

After Ohio National decision, the fine print of annuity trails is now a must-read

October 13, 2018

It's still a fresh sting, hearing that Ohio National Financial Services Inc. plans to terminate servicing agreements and cut off trail commissions to broker-dealers that sell some of its variable annuities. Can they really do this, some B-Ds...

Using an IRA to fund an HSA

October 9, 2018

Funds from individual retirement accounts generally cannot be rolled over to a health savings account, but there is a one-time exception for a qualified HSA funding distribution, or QHFD. An individual is allowed to transfer funds from an IRA...

In cases that could tarnish a broker's reputation, Finra must do better

October 9, 2018

In a court of law, the accused has the right to face the witnesses testifying against him. The details of a recent Financial Industry Regulatory Authority Inc. enforcement action show how far removed from a court of law such actions are taken,...

Why You Needed a Continuity Plan Yesterday

October 4, 2018

When the young advisor received the call that one of his partners had died, he assumed it was the older partner, 35 years his senior. He and his partners had planned for that, purchased life insurance and created agreements for purchasing that...

How Ohio National's move may lead to 'unscrupulous' broker behavior with annuities

October 4, 2018

Ohio National Financial Services Inc. recently told broker-dealers it would be terminating trailing commissions on some of its variable annuities, which has led experts to fear that the insurer's action will cause unscrupulous behavior among...

Transamerica pays $195 million to settle lawsuit over universal life insurance

October 4, 2018

Transamerica Life Insurance Co. will pay $195 million to settle a class-action lawsuit alleging the company improperly increased the monthly charges on 70,000 universal life insurance policies. According to Harvey Rosenfield, an attorney with...

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