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Ohio National extends variable annuity buyout offer

February 20, 2019

Ohio National Life Insurance Co. is extending by about a month a buyout offer it made on some of its variable annuity products. The insurer last year gave owners of ONcore variable annuities with a guaranteed minimum income benefit rider the...

Insurance groups tell NAIC to put 'best interest' back into annuity suitability rule draft

February 19, 2019

Insurance industry trade associations are telling state commissioners to put the words "best interest" back in a proposal to raise the advice standard for annuity sales. In the latest iteration of National Association of Insurance Commissioners'...

Cetera, other broker-dealers refuse to sign Ohio National contracts

February 15, 2019

A handful of broker-dealers, including Cetera Financial Group and NEXT Financial Group, have rebuffed Ohio National Financial Services Inc. by refusing to sign new agreements with the insurer, the latest twist in an ongoing dispute over variable...

It's not a stock … it's not a bond

February 15, 2019

The market and investors always follow external events, and at this point in time we're experiencing a roster of factors that run the gamut. The historic bull run is on a trajectory fueled by corporate tax reform, regulatory changes and trade...

Convergence of retirement planning and employee benefits is here

February 13, 2019

Ten years ago, only a small percentage of financial advisers offered fiduciary advice services, either because their broker-dealer would not allow it or because there was more money in selling commissioned products. Now, more advisers than not...

Jackson National looks to expand distribution of fee-only annuities

February 11, 2019

Jackson National Life Insurance Co., the largest annuity seller, is broadening the distribution of its fee-only annuities to try to capitalize on the growing ranks of independent registered investment advisers. The insurer has partnered with...

Great-West Life taps Edmund Murphy to succeed Robert Reynolds as CEO

February 7, 2019

Edmund F. Murphy III will succeed Robert L. Reynolds as president and CEO of Great-West Life & Annuity, the U.S. subsidiary of Great-West Lifeco Inc. and the parent of Empower Retirement, of which Mr. Murphy remains president. Mr. Reynolds becomes...

Annuities group signs up for Rolling Stones tour

February 7, 2019

The Alliance for Lifetime Income, an organization that's trying to improve the public perception of annuity products, will be the sole sponsor of the Rolling Stones' U.S. tour later this year. The national sponsorship consists of "co-branded...

Retirement savings bill re-introduced in House with bipartisan backing

February 6, 2019

Legislation that would help small businesses offer retirement plans to their employees and ease the use of annuities in them was re-introduced in the House on Wednesday with bipartisan backing. The Retirement Enhancement and Savings Act contains...

Genworth diverts $327 million to shore up long-term-care insurance

February 6, 2019

Genworth Financial Inc., the largest long-term-care insurer by number of policyholders, diverted $327 million before taxes in the fourth quarter in order to shore up the reserves it uses to pay LTC insurance claims. The amount, which came to...

Trump State of the Union: What advisers want to hear

February 5, 2019

Financial advisers want President Donald J. Trump to put aside divisive political rhetoric and give a positive message about the economy and solutions to pressing problems during his address to Congress tonight. In his State of the Union address,...

Planning potholes and banana peels

February 4, 2019

I once worked with a terrific wirehouse adviser based in Southeast Florida who suffered from serial honesty. Even in the heady bull market of the 1990s, he insisted on plotting retirement income strategies according to the 4% rule. This was...

HSAs give asset managers distribution outlet for in-house funds

January 30, 2019

Health savings accounts are getting more popular, and it's no surprise asset managers and retirement plan record keepers are debuting products to jump on the bandwagon. Voya Financial Inc. launched its first HSA platform last week, following...

FSI works to defend association health plans rule against court threat

January 29, 2019

This time, the Financial Services Institute is siding with the Labor Department in a lawsuit. The trade association, which represents independent broker-dealers and financial advisers, last month joined an amicus brief in a suit brought in a...

New York slaps MetLife with $19.75 million in penalties for heel-dragging

January 29, 2019

MetLife Insurance Company will pay a $19.75 million penalty for violating New York insurance law by failing to properly locate and pay benefits to thousands of insureds and beneficiaries in the state. As part of a consent order with the state's...

Great-West sells life insurance and annuity business for $1.2 billion

January 24, 2019

Great-West Life & Annuity Insurance Co. has agreed to sell the bulk of its individual life insurance and annuity business to Protective Life Insurance Co. for an estimated $1.2 billion, via a reinsurance transaction, according to a company announcement...

LPL reacts to Ohio National 'violation of trust' by renegotiating VA contracts

January 24, 2019

LPL Financial, the country's largest independent broker-dealer, has renegotiated its contracts with all of its variable annuity partners in the wake of Ohio National Financial Services Inc.'s surprise announcement that it would no longer pay...

Readers weigh in on annuity buyout offer

January 23, 2019

As a nation, we have become accustomed to divided politics. As a financial planning community, we have our own version of contentious issues, and one of those hot-button issues involves variable annuities. When I asked InvestmentNews readers...

Royal Alliance charged with failure to supervise variable annuity sales

January 22, 2019

Massachusetts securities regulators have charged Royal Alliance Associates with failure to supervise a broker who recommended unsuitable investments to a couple, which ultimately cost the investors nearly $60,000. The broker, Stephen F. Davis...

My Medicare year

January 21, 2019

I turned 64 last December. That means I am eligible to enroll in Medicare at the end of this year. Based on the inquiries I have received from friends and InvestmentNews readers, the Medicare enrollment process is filled with angst. But with...

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