Results for "variable annuities"

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Anger over Ohio National's attack on VA contracts

November 30, 2018

I am angry and appalled by Ohio National Financial Services' announcement that it will terminate the trailing commissions on existing variable annuity contracts with guaranteed income benefits. Talk about changing the rules in the middle of...

Finra fines H. Beck $400,000 for unsuitable sale of variable annuities

November 21, 2018

The Financial Industry and Regulatory Authority Inc. fined H. Beck $400,000 Tuesday for failing to mandate and enforce its own written supervisory procedures, resulting in the unsuitable sale of L-share variable annuities tied to long-term riders....

Cetera broker-dealers latest to file legal claim against Ohio National

November 21, 2018

This story has been updated to include additional information not available when originally published. The six broker-dealers in the Cetera Financial Group network have filed arbitration claims against Ohio National Life Insurance Co. and affiliates,...

Ohio National lays off chief distribution officer; president retires after three months on the job

November 20, 2018

Ohio National Financial Services Inc. laid off its chief distribution officer, H. Douglas Cooke, at the same time that president and chief operating officer Christopher Carlson has decided to retire, three months after being promoted. The executive...

3 reasons for the annuity sales spike

November 19, 2018

LIMRA reported that total​ annuity sales in the second quarter were $59.5 billion, up nearly 15% from the previous quarter. It's been almost three years since the industry has reported sales at these levels. When LIMRA releases third-quarter...

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...

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...

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...

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...

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...

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,...

Ohio National to end brokerage arrangements, eliminate adviser compensation on variable annuities

October 2, 2018

In what is believed to be a first-of-its-kind move among insurers, Ohio National Financial Services Inc. has informed broker-dealers that sell its variable annuities that it will terminate servicing agreements and cut off trail commissions by...

Indexed annuity sales grow among wirehouses, independent broker-dealers

September 20, 2018

Wirehouses and independent broker-dealers have upped their sales of indexed annuities over the past few years, with a greater share of product sales coming through registered representatives at brokerage firms. There are a number of reasons...

Fixed annuities are on a tear

September 14, 2018

Fixed annuities have been on a tear this year, with sales seeing double-digit growth across several product categories amid rising interest rates and easing regulatory pressure. Overall sales of individual fixed annuities were $33.7 billion...

Merrill Lynch takes two avenues with annuity commissions

September 10, 2018

When Merrill Lynch recently decided to reverse its ban on commissions in individual retirement accounts, it did so for all products with one exception: annuities. The policy effectively creates a dual approach for Merrill's 17,000-plus advisers...

Finra fines Securities America $175,000 for failure to supervise variable annuity sales

September 7, 2018

The Financial Industry Regulatory Authority Inc. fined Securities America $175,000 for failing to properly oversee the sale of a certain type of short-term variable annuity product. According to Finra, Securities America brokers violated or...

Ohio National, a big variable annuity provider, exits the annuity business

September 7, 2018

Ohio National Financial Services Inc., among the top 20 sellers of variable annuities, is quitting the annuity business and is simultaneously laying off 300 employees, signaling the challenges of the variable annuity market in recent years....

Structured ETFs offer fresh twist on popular variable annuity strategy

September 6, 2018

There's nothing quite like the month of September to remind investors and financial advisers that the financial markets are fraught with risks, which is the kind of mindset that Innovator Capital Management is banking on with its new suite of...

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