Morningstar estimates that just 25% of Americans are on track to have what they need for retirement. It is one of many studies showing the gap in retirement savings as Americans transition from defined benefit to defined contribution planning.
John Hilton
Panel: Let’s Hope The SEC Takes Charge Of ‘Best Interest’ Movement
The Securities and Exchange Commission has been very deliberate with its Regulation Best Interest, which was tentatively adopted last April.
State Regulators Driving The (Best Interest) Train
The fiduciary battleground is moving to the states as more of them eye best-interest regulations.
The Fed Holds The Line On Interest Rates
The Federal Reserve did the expected today and is holding interest rates to the current range of 2.25 to 2.5 percent.
N.Y. Advisors Face Tough Standard
Regulation 187 will change the way annuities are sold in New York.
Ohio National Facing New Lawsuit Over Trail Comp Cut
A new lawsuit was filed Monday challenging Ohio National’s decision to stop paying trail commissions on certain variable annuity contracts.
Arizona Annuity Law Passes Senate One Month After Being Introduced
Senate Bill 1534 was introduced Feb. 6 and quickly passed out of the Senate Finance Committee before clearing the full Senate this week. The bill moves on to the House of Representatives.
House Finance Committee To Hold Hearing On SEC Reg Bi
The House Financial Services Committee announced today that a subcommittee hearing will be held on the SEC’s best interest rule on March 14.
Annuity Sales Spiked 14 Percent In 2018, No Slowdown In Sight
Total 2018 annuity sales increased 14 percent to $232.1 billion, compared with 2017 results, according to LIMRA. Rising interest rates and the elimination of the Department of Labor fiduciary rule are seen as factor boosting annuity sales, which are the best LIMRA has seen since it began tracking sales.
Jackson National Inks Deal To Distribute Annuities To RIAs
DPL Financial Partners and Jackson National Life Insurance Company have an new agreement to bring the carrier’s advisory annuity products to fee-only advisors. The deal represents Jackson’s first distribution partnership targeting the independent RIA channel.
Start Me Up: Annuity Group To Sponsor Rolling Stones’ Tour
The annuity focused Alliance for Lifetime Income has signed on as the sole sponsor of The Rolling Stones’ 2019 “No…
Ohio National: We Can Legally Terminate Selling Agreements
Ohio National informed broker-dealers in a Sept. 28 letter that it would terminate “any and all servicing agreements” on Dec. 13. That means all compensation, specifically trail commissions, stopped on that date.
Congress Punts Retirement Security Bill To Next Session
With Congress consumed by finding a way to keep the government open for business, and the session coming near the end, the financial services industry is conceding defeat on passing a retirement security package in 2018.
2019 Looking Like A Good Year To Be An Advisor
Americans have money to invest in retirement and want financial advice.
Ohio National Officially Terminates Select VA Trails
Trail commissions stopped today for any producer who sold a VA with a guaranteed minimum income benefit rider. The company has been sued twice so far by broker-dealers in federal court.
NAIFA Files Second Lawsuit Against NY Best-Interest Rule
The National Association of Insurance and Financial Advisors’ New York chapter filed a lawsuit to stop the state’s controversial best-interest rule. The rule is “arbitrary and capricious” and was crafted outside of the New York Legislature, the lawsuit claims, which has the proper authority.
Ohio National President/COO Departs After A Controversial Three Months
Ohio National Financial Services made a surprise announcement Tuesday that president and COO Christopher Carlson is retiring three months after taking the position.
What The Midterms Mean For Financial Services
Election night yielded a little something for everyone. But what does it mean for insurance and financial services as a whole? We see three key takeaways, and not all of them are bad news.
‘Fraudsters’ Gaining On Insurance Industry, Expert Says
Cyberattacks cost financial-services firms more to address and contain than in any other industry, and the rate of breaches in the industry has tripled over the past five years, according to a February report from Accenture.
Succession: Ready Or Not
Many agents and advisors are aging out of the business, but are often failing to plan a transition for their agencies until they approach retirement.
Industry Stunned By Ohio National Decision To End Broker Contracts On VAs
“Crazy,” “stunning” and “very odd” were just some of the reactions today to news from Ohio National that it will end advisor compensation on existing variable annuity contracts.
That Very Bad Monday At Lehman Brothers
An employee on maternity leave was watching news on TV the day before she was returning to work. Then she saw it would also be the last day as she knew it at her venerable Wall Street firm.
A Decade Later: Safer Financial System Yet Much Hasn’t Changed
On the brink of crumbling a decade ago, America’s financial system was saved by an extraordinary rescue that revived Wall Street and the economy yet did little for individuals who felt duped and left to suffer from the reckless bets of giant banking institutions.
State and Securities and Exchange Commission regulators are scrambling to finalize best-interest standards after a late-game appeals court decision tossed out the Department of Labor fiduciary rule.
Congress is considering a variety of changes to make it easier for Americans to set aside money for retirement, including allowing annuities to be sold inside 401(k) plans. Auto-enrollment and multi-employer plans are some other ideas on the table.
The Department of Labor fiduciary rule might be history, but it leaves new interpretations behind, along with some paperwork, a leading regulatory law firm says. The rule’s impact is sure to be felt for some time to come.
SEC Walks The ‘Best Interest’ Tightrope As Opposition Gathers
The Securities and Exchange Commission’s Regulation Best Interest is drawing heated opposition from an interesting coalition of allies. But Chairman Jay Clayton insists that the agency will not be deterred in its rulemaking efforts.
That’s not a superlative one might expect to describe Millennials, 1 but according to the J.D. Power 2018 Group Retirement Satisfaction Study, SM released today, it’s true.
Commenters favor a tougher fiduciary type standard for brokers in initial feedback received by the Securities and Exchange Commission. The SEC’s Regulation Best Interest was released April 18 to mixed reviews.
Investment advice rules announced this week by the Securities and Exchange Commission, if finalized, will have a broad impact across the financial services industry. Here is who will be affected.
401(k) Tax Reform Boost Spells Opportunity for Advisors
The GOP tax reform bill is prompting more U.S. companies to bring financial advisory help in-house to help workers maximize their 401(k) plan participation.
Massachusetts regulators charged Scottrade with state law violations after the company allegedly ignored its DOL fiduciary rule compliance measures. Will similar investigations follow among other regulators?
The National Association of Insurance Commissioners wants to produce a annuity transactions best interest model law each state could then adopt. But its draft law is drawing fire from both sides who consider it both too weak and too strong.
New York Proposes ‘Best Interest’ Standard
New York is bidding to become the second state, after Nevada, to adopt a state-based best interest standard for the sale of life insurance and annuities. Gov. Andrew Cuomo said New York is tired of waiting for the Department of Labor fiduciary rule to take effect.
Next year could be a big year for sorting out the future standard that agents and advisors will abide by when selling products into retirement accounts.
Using Mobile Apps to Curb Client Overspending
Nearly half of Americans say their expenses are equal to or greater than their income. That is a big problem for anyone trying to save for retirement. New spending apps are proving effective at keeping spending under control.
If you quake at the thought of losing money in the stock market, you might not be thinking about investing in the right way, and left unchecked, the fear could crumble your retirement plans.
DOL Releases New Round of Fiduciary Rule FAQs
A new guidance from the Department of Labor address some key sticking points for advisors acting as non-fiduciaries to defined contribution plans. For the most part, the department adopts a lenient stance toward compliance with fiduciary mandates.
Multi-Family Office Asset Growth Surpasses That of RIAs, New Data Finds
Assets gathered by multi-family offices grew 13 percent annually over the three-year period ending in 2015, according to new data. That surpasses the growth in the hot registered investment advisor (RIA) field. What does it mean?
VAs Outlook: Worse Before it Gets Better
Variable annuities have long been hot sellers for agents, but times have changed. Regulations and other pressures have squeezed the VA market. But the products aren’t likely to disappear, analysts say.
Fiduciary Rule Still On; Trump Fails to Order Delay
Trump memo fails to order specific delay the Department of Labor fiduciary rule. Language ordering a six-month delay removed from final version of memo signed Friday.
6-Month DOL Rule Delay Expected Within Days
While the Department of Labor fiduciary rule may be delayed, the risk of failure to comply are too great for firms to ignore the rule, two analysts say. At any rate, a future fiduciary standard is likely in some form.
Chamber: IMO Exemption Proves DOL Fiduciary Fail
In a new court filing, plaintiffs argue that the Department of Labor exemption to allow IMOs to participate in selling FIAs under the fiduciary rule is flawed. The exemption proves the worst predictions on the rule impact are coming true, attorneys claim.
Lawmaker Introduces Bill to Delay Fiduciary Rule
Rep. Joe Wilson, R-S.C., has introduced a bill to delay the Department of Labor fiduciary rule by two years. The delay will enable Republicans to complete the lengthy process of officially undoing the regulation.
DC Circuit Court Rejects DOL Rule Injunction
Another court decision goes against the National Association for Fixed Annuities in its legal fight to stop the Department of Labor fiduciary rule. This time, the U.S. Court of Appeals for the District of Columbia Circuit rejected NAFA’s appeal for a preliminary injunction.
Fed Hikes Interest Rates, Signals More To Come
As expected, the Fed raised interest rates today. Fed Chairwoman Janet Yellen spoke about unemployment, stimulus, tax cuts and the new administration in remarks following the announcement.
Chamber to Trump: Dump DOL Fiduciary Rule
U.S. Chamber of Commerce CEO Thomas J. Donohue urges President-elect Donald Trump to make repeal of the Department of Labor fiduciary rule a top priority.
3Q IUL Sales Up and Down, Report Finds
New Wink survey finds that indexed universal life sales are down year over year, but up from last quarter. That IUL is holding its own is good news in the face of increased regulation, Wink concluded.
NAFA To Appeal DOL Rule Decision
The National Association for Fixed Annuities will appeal a court decision rejecting its bid for a preliminary injunction to stop the Department of Labor fiduciary rule.
Treasury Dept. Rules Give Annuities a Boost
New Treasury Department rules are expected to encourage defined benefit plans to offer hybrid distribution options that include an annuity.
The DOL Responds to Fiduciary Rule Questions
The Department of Labor releases a guidance with answers to 34 questions received from financial services providers and others since its controversial fiduciary rule was published in April.
IMOs Dance With DOL On Fiduciary Rule Deadline
Insurance marketing organizations are sweating out applications to the Department of Labor that will allow them to continue selling financial products under new fiduciary rules.
Is it possible that some advisors will continue receiving trips and other incentive-based compensation under the Department of Labor fiduciary rule? The answer is yes, one analyst says.
Dos and Don’ts of Seminar Selling Under DOL Rule
The new Department of Labor fiduciary rule draws new lines on what is information for investors and what is advice. Agents need to take care to stay on the right side of the line when engaging in traditional selling practices.
DOL Rule Appeals Likely to Drag Well Into ’17
The first rulings are expected soon from a batch of lawsuits against the Department of Labor fiduciary rule. The resulting appeals are expected to push those cases well into 2017.
Market Synergy Hammers DOL on Public Notice of Rule Changes
Market Synergy Group and the Department of Labor both filed briefs this week on the former’s request for a preliminary injunction to halt the DOL fiduciary rule.
Judge Could Issue Partial Block of DOL Rule, Lawyer Says
A Kansas judge could strike down the inclusion of fixed indexed annuities in the tougher BIC exemption, while leaving the rest of the Department of Labor fiduciary rule intact, a lawyer says.
Kansas Judge ‘Sympathetic’ to Market Synergy DOL Case
Kansas judge skeptical of Department of Labor claims in lawsuit over fiduciary rule. Plaintiffs may be able to prove ‘irreparable harm’ by focusing on treatment of fixed indexed annuities, one analyst says.
Kansas Judge Hears Lawsuit Seeking to Throw Out DOL Rule
According to a source at today’s hearing, Market Synergy’s case to overturn the Department of Labor fiduciary rule went well. The plaintiffs seek a preliminary injunction.
Opponents Take On the DOL in a Kansas Court
The Department of Labor is back in court Wednesday, this time in Topeka, Kan. for the second of three lawsuits aimed at stopping its fiduciary rule. One prominent attorney says opponents have a tough job winning an injunction.
