SEC Sides with the Brokers
Although there will be no higher standard of conduct for advice on tax-deferred retirement accounts—the essence of the Obama DOL fiduciary rule—the new 'Regulation Best Interest' will apply to...
Variable annuity client behavior revealed in Ruark survey
'On a nominal basis 81% of GLWB exposure is in-the-money, whereas on an actuarial basis only 11% is in-the-money,' writes Ruark CEO Timothy Paris. (It's complicated.)
Protective pays $1.2bn for Great-West’s individual life and annuity business
'This is the fourth acquisition completed since Protective became part of Dai-ichi in 2015. Dai-ichi considers Protective to be its North American growth platform and continues to aim for...
Honorable Mention
Bank of America offers new hybrid advice model; Fidelity adds 150 new ETFs to its no-load ETF supermarket; Pacific Life taps Salesforce for CRM services; RetireUp can now model...
U.S. life/annuity insurers see higher net income in 1Q2019
Net income in the first quarter of 2019 rose sharply over the prior-year period, to $14.9 billion from $3.2 billion, due mainly to a significant decline in total expenses,...
Auto-enrollees don’t ‘borrow to save,’ researchers say
In a departure from their preliminary findings of three years ago, economists found that middle-income government workers didn't increase their debt levels after being auto-enrolled in the Thrift Savings...
Flash: House passes major retirement bill
The Secure Act (H.R. 1994), which provides for "open multiple employer plans" and reduced liability for employers who want to add annuities to their retirement plans, passed by a...
Allianz Life enhances popular FIA contracts
New benefits for people with disabilities, a two-year crediting option, and a new lock-in feature have been added to the best-selling Allianz 222, the Minneapolis-based insurer announced.
Sales of Bonds and Fixed Annuities Soar
'The uptick in fixed annuity sales was bolstered by recent volatile equity markets, which had investors seeking solutions with guarantees,' said Todd Giesing, annuity research director, LIMRA SRI.
AIG enhances index annuities
The enhanced Power Series also offers the Russell 2000, a U.S. small-cap stock index, and the MSCI EAFE, an international stock index, in addition to the existing S&P 500,...
Many regret claiming SS early: MassMutual
Many people file early because they aren’t working, lack savings, and need the monthly income Social Security provides; yet the same people would benefit most from claiming later.
Target-date CITs grew in 2018: Morningstar
Assets in target-date strategies totaled more than $1.7 trillion at the end of 2018, with $1.1 trillion in mutual funds and approximately $660 billion in target date CITs. Vanguard...
Germany struggles with defined contribution
Among low-income Germans, only 28% of those earning up to €2,500 ($2,804) a month were signed up for a workplace pension and just over half (52%) of those earning...
Honorable Mention
Securian to offer individual annuities in the bank channel; 'Bucketing' software, by subscription, for professionals and amateurs; Loans from 401(k)s still declining: T. Rowe Price.
Top earners in US own mid-sized businesses
Among the top 0.1% Americans in terms of income, business owners are well-represented. They frequently own small or mid-sized companies such as auto dealerships, beverage distributors, or large law...
Honorable Mention
UK pensions race to de-risk before Brexit; 'The environment' ranks low when choosing investments: Allianz Life; OASDI reserves rise $3 billion and gain a year of viability; CBO expects...
A retirement readiness tool from Alliance for Lifetime Income
The Alliance for Lifetime Income, a trade group made up mainly of annuity issuers and asset managers, has created an online wizard for calculating retirement readiness.
Financial Engines keeps growing
The 401k investment advice firm added hundreds of plans. Phyllis C. Borzi, who led the Obama administration's fiduciary rule effort, has joined the Edelman Financial Engines board of directors....
Global insurers wary of recession: Goldman Sachs
'Global insurers are decreasing allocation to public equities,' said Michael Siegel, GSAM’s Global Head of Insurance Asset Management. 'Insurers are also shifting to less liquid asset classes such as...
Fin-wellness offerings grow at Prudential, MassMutual
Prudential has enhanced its Prudential Pathways offering and MassMutual has added health care savings accounts to its MapMyFinances platform.
