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SEC charges advisor with failing to disclose annuity commissions
The attorney for Massachusetts-based Jeffrey Cutter fires back at SEC, saying the agency is 'flat out wrong' and accusing it of trying to 'get a toehold into regulating the insurance industry.'
Annuity demand not slowing after strong 2022, Limra says
Total U.S. annuity sales hit a record-high $312.8 billion in 2022, and bank sales were the big driver in the fourth quarter.
Annuity risk transfer sales soared in 2022, Limra says
There were 562 buy-out contracts last year, 34% higher than the number of sold in 2021 and breaking the previous record set in 2019.
Insured Retirement Institute seeks to build on SECURE 2.0 wins
The annuity sector trade association is advocating for legislation that would mandate retirement plans for small employers that don't have them, as well as bills that would increase the use of annuities.
Retirement experts advise staying nimble regarding 4% rule
While the popular guideline is a good starting point, inflation and rising interest rates are factors that change the game when it comes to retirement withdrawals.
Cetera CEO Antoniades enthusiastic about Securian pickup
But the deal raises the possibility other firms may go after the Securian advisors; Cetera and LPL have faced off in the past over recruiting advisors amid an acquisition.
HSAs saw net increase despite pandemic spending spike: EBRI
The majority of account holders contributed more to their HSA than they took out in 2021. But only 12% invested their HSAs in assets other than cash.
AIG interim CFO Lyons fired over confidentiality breach
Sabra Purtill succeeds Lyons as the insurer's interim CFO, while Turab Hussain was named interim chief actuary.
Plan sponsors, participants agree on value of guaranteed income options
A growing number of defined-contribution retirement plan participants are seeking guaranteed lifetime income products, according to a report from Greenwald Research.
Finra bars ex-UBS broker in Texas who sold phony annuities
According to Robert Earl Turner's BrokerCheck profile, UBS has settled six disputes with his customers for close to $12 million.
2022 saw an annuity explosion: Limra
Total annuity sales surged to $310.6 billion last year, a 22% spike from 2021 results and 17% above the record set in 2008.
Cetera to buy Securian’s wealth business
The deal will bring Cetera more than 1,000 advisors with $24.8 billion in assets under management and $47.4 billion in assets under administration.
Ex-LPL broker sentenced to 8 years in prison for fraud
James Couture of Worcester, Massachusetts, had pleaded guilty in September to being involved in a scheme to steal $2.8 million from clients.
Finra keeps focus on Reg BI in 2023 exam report
In this year's report, the regulator also created a separate section under the heading of 'financial crimes,' which includes cybersecurity, anti-money laundering and manipulative trading.
Tontines are making a comeback and no, it’s not a movie
Offerings of the obscure, yet historically significant, financial product have been popping up in the global retirement marketplace of late.
The latest in financial #AdviserTech — December 2022
This month’s highlights include Savvy Wealth’s $11 million funding round to enter the realm of tech-enabled RIAs, along with DPL Partners’ new adviser-matching solution and InvestCloud’s Advisor Connect solution.
Former broker, insurance agent arrested in California on fraud charges
Gautam Arora allegedly defrauded four victims out of $100,000 to secure investments that didn't exist.
Morningstar adds Luma annuity technology to Advisor Workstation
The new annuity functionality will help advisers using Morningstar's workstations manage annuity transactions for their clients.
Senate approves bill to streamline regulatory paperwork for index-linked annuities
Supporters say the measure will help consumers grasp the product, a kind of variable annuity touted for its downside protection and used in retirement savings.
Lincoln Financial team managing $650 million moves to LPL
Financial House, a six-adviser group based in Centreville, Delaware, was established more than 30 years ago and is now in its second generation of owners.