Displaying 553 results
Carson Group Excell conference whets the appetite of advisers looking for fee-based insurance products.
The case shows California is paying attention to annuity recommendations made through RIAs, and other state insurance departments could follow its lead. The settlement could also lead insurers and licensed third parties that work with RIAs to scrutinize recommendations more carefully, if they don't already vet them closely.
The B-D's $1.3 million settlement with the regulator involves its failure to supervise adequately a complex series of transactions involving variable annuities and whole life insurance policies.
The insurer recently won a long-running case brought by several brokers, though it is fighting several other suits from broker-dealers.
The changes, which take effect May 1, mark the second time in a year that the company has significantly altered its insurance-series funds to make them match their better-known retail counterparts.
Short-term mutual fund trades and variable annuity switching is generally regarded in the retail securities industry as a way for brokers and advisers to increase commissions at the expense of clients.
Total U.S. annuity sales hit $58.7 billion in the last three months of the year, up 2% from the $57.6 billion during the same timeframe in 2019, according to data published by Limra’s Secure Retirement Institute. But sales were down for the full year.
Arkansas and Michigan become the latest states to adopt the National Association of Insurance Commissioners model rule
The settlement includes $4.4 million in restitutions to harmed customers over the sales of unsuitable VA, mutual fund and 529 products
The decision follows a similar one by Prudential Financial to stop selling variable annuities with living benefits, amid extremely low interest rates
Sen. Richard Neal, D-Mass., criticized the measure for not including an assumption that 401(k) balances appreciate
But total annuity sales year-to-date are off 13% from 2019
VA sales drop 10% in Q3, while fixed annuity sales increase 11%
The variable annuity product has mortality and expense fees of 30 basis points
Even though a federal appeals court vacated the measure in 2018, its impact lives on
More advisers are becoming open to the products, but many still don't like their costs, complexity and lack of liquidity
Firms will pay $1.4 million in restitution to about 100 clients and fines of $675,000
Some types of annuities are getting a lot of attention even though sales are down overall
The Secure Act provides numerous opportunities for advisers, and annuities are part of that, panelists said
Despite the relief provided by the CARES Act, people are more worried about retirement than ever, and their concept of it is changing, panelists said