Results for "variable annuities"

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Prudential reverses variable annuity suspension in New York

October 4, 2019

Prudential Financial Inc. will reintroduce its fee-based variable annuities in New York, following a suspension of its product sales a few months ago in connection with the state's new best-interest rule for annuity and life insurance sales....

Income annuities provide retirees longevity protection

September 28, 2019

Though the discussion in this chapter could be applied to any annuity offering lifetime income benefits, the focus for now returns to income annuities to keep the discussion more manageable. Previous chapters have introduced the role annuities...

Voya Financial Advisors settles with more than a dozen clients of former broker

September 27, 2019

Voya Financial Advisors Inc. is cleaning up the mess a former broker created by investing clients heavily in nontraded real estate investment trusts and variable annuities. The ex-broker, James T. Flynn, was registered with Voya Financial Advisors...

Jackson National to reintroduce fee-based annuities in New York

September 16, 2019

Jackson National Life Insurance Co. plans to reintroduce fee-based annuities in New York, weeks after the company suspended sales due to concerns about an insurance regulation that took effect in the state. Jackson, which is the second-largest...

Lincoln, Penn Mutual pull insurance products from New York in wake of best-interest rule

September 6, 2019

More insurers are deciding to pull products like annuities and life insurance from the New York market as the state's best-interest rule takes hold. Lincoln Financial Group, the fourth-largest seller of annuities in the U.S. last year, suspended...

Headwinds to annuities in 401(k) plans persist

September 4, 2019

The uptake of annuities in 401(k) plans has been muted and slow. There are several reasons for this state of affairs, such as administrative and legal challenges, which have withstood the industry's push to change the status quo and many advisers'...

Jackson National suspends fee-based annuity sales in New York due to best-interest rule

September 3, 2019

Jackson National Life Insurance Co. has suspended sales of fee-based annuities in New York in response to a new rule that imposes tougher standards on brokers and life insurance agents selling insurance products in the state. The insurer, which...

Variable, indexed annuities may cost more than you think

August 29, 2019

Variable and indexed annuities are lambasted in some circles as being high-cost insurance products, with all-in annual expenses often exceeding 3%-4%. Yet investors may be paying even more for certain contract features than they think. Many...

Cost to play bigger role in investment recommendations

August 19, 2019

Cost will soon play a more important role in the investment recommendations brokers make to clients. The Securities and Exchange Commission, as part of its recent overhaul of investment-advice standards for brokers and financial advisers, explicitly...

SEC draws ire with indexed annuity misstep

August 16, 2019

This story has been updated with information from the Securities and Exchange Commission. The agency originally did not want to comment on the matter. The Securities and Exchange Commission caused concern among the financial advice and insurance...

Insurers pivot amid declining interest rates

August 15, 2019

Interest rates have done an about-face, and insurers are feeling the pinch. Just less than a year ago, insurance companies, financial advisers and their clients were celebrating the return of higher interest rates. More money flowed into insurers'...

Fee-based annuities still require caution, despite IRS olive branch

August 14, 2019

Financial advisers who use fee-based annuities are likely celebrating after the Internal Revenue Service extended an olive branch last week, ruling favorably on how advisers can charge for annuity advice. But registered investment advisers should...

IRS delivers 'game changer' for fee-based annuities

August 9, 2019

The Internal Revenue Service has issued a tax ruling that may quickly boost the use of annuities by registered investment advisers with clients, by knocking down what many saw as the primary road block to their uptake. The IRS furnished a private...

New York best interest rule for annuity, life insurance sales upheld by state court

August 5, 2019

The New York State Supreme court upheld a state regulation imposing a tougher standard on agents and brokers selling annuity and life insurance policies, on the eve of the rule taking effect. Acting Supreme Court justice Henry F. Zwack said...

Adviser compensation is the challenge with fee-based annuities

July 15, 2019

Fee-based annuities are becoming more popular, but there's a thorny issue that could limit their uptake and negatively affect clients: the question of how an adviser is paid to help manage the annuity. Fee-based annuities are products meant...

Judge rejects Ohio National motion to throw out case involving variable annuity commissions

July 1, 2019

A broker of LPL Financial Inc. has won an important round of legal sparring with Ohio National Life Insurance Co., with a judge ruling that the broker's class-action lawsuit over variable annuity trail commissions should move forward. U.S. magistrate...

Lessons for those 'graduating' to retirement

June 13, 2019

To those newly retired, I offer my congratulations. Those of us who provide financial guidance to this growing segment of consumers know that this is a critical time and a major transition in the lives of people who have worked hard throughout...

Some insurance agents breaking law with 401(k) rollovers

May 30, 2019

Rolling money out of a 401(k) plan to fund an insurance product, like an annuity or life insurance policy, can be a difficult, tense decision for retirees. After all, seniors are earmarking a large chunk of their nest egg. These rollovers are...

Variable annuities lose more ground to fixed annuities

May 21, 2019

Variable annuity sales continued their downward spiral last quarter on the back of volatile equity markets, losing yet more ground to fixed annuities. VA sales of $22.8 billion in the first quarter were down 7% from the year prior, according...

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,...

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