The Commission has requested public comment until February 15, 2019, on the proposed rule changes, as well as on hypothetical summary prospectus samples that it has published.
Income annuity tied to debit card with cash rewards is launched
You pay Guggenheim Life about $60,000 today, and it puts $1,000 on your debit card every month for the next five years. You average 7% cash-back on purchases with...
‘Roll-in’ specialist exceeds $4 billion in account consolidations
Retirement Clearinghouse works with plan sponsors, record-keepers, and participants to complete assisted rollovers, automatic rollovers, and both assisted and automatic roll-ins.
Managed wealth exceeds $46 trillion in US: Cerulli
'As asset managers look to the future of product development and strategy, they should carefully evaluate... the increased demand for low-cost index options, fee pressure, and commoditization,' a Cerulli...
Brighthouse makes it easier for advisors to sell its annuities
'This can help firms without a fixed suitability process in place, allowing them to add fixed and income products to their shelves,' said Myles Lambert, chief distribution and marketing...
Jackson National hires Michael Falcon as new CEO
In other Jackson-related news, A.M. Best has removed from under review and affirmed the A+ (Superior) strength rating of Jackson National Life Insurance Co.
Honorable Mention
New CEO at Thrivent, Prudential announces $3.2 billion in pension risk transfer deals, new FIA for retirement savings from American Equity, Concord Coalition warns about growing federal deficit and...
New digital MYGA platform from Blueprint Income
'We're seeing that many of those nearing retirement want to have at least a portion of their money earning a guarantee, whether that's a guaranteed return or guaranteed income,'...
Flight from active to passive funds and ETFs slowed in September: Morningstar
Among all U.S. open-end mutual funds and ETFs, Fidelity Advisor Growth & Income saw the most inflows of all active strategies at $1.8 billion, the fund's highest inflows in a...
Two firms position themselves for the ‘open MEP’ market
TAG Resources, LLC, headquartered in Knoxville, TN, is a pioneer in the area of Multiple Employer Plans (MEPs), including creating and trademarking 'The Open MEP.'
Some investors ‘bet the farm’
Most respondents overestimate the probability of rare events, and underestimate the likelihood of more certain, but lower-value, payouts, according to a new paper from the National Bureau of Economic...
Are fewer people seeking financial advice?
'After an extended period of good economic news—and right before recessions—people tend to believe that they do not need financial advice,' according to this brief from MacroMonitor, a publication...
Jackson joins Envestnet Insurance Exchange
Envestnet will be offering a service called Guidance Desk that will allow unlicensed RIAs access to the consulting and fiduciary services that would enable them to use the Insurance...
Which annuities pay the most income? Cannex has a clue.
'Our study reveals a complex story—the highest guaranteed income product varies significantly by client and when income begins,' said Tamiko Toland, head of Annuity Research at Cannex.
New robo-advice platform launches in Britain
Wealthsimple, which offers clients free access to human advice, is backed by Power Financial Corporation, the parent of Great-West Financial, Empower Retirement and Putnam Investments.
Master trusts face tighter regulation in the UK
Britain's experience with 'master trusts' could help inform US policymakers who are on the brink of allowing plan providers to set up similar types of plans in this country....
TIAA VA joins RetireOne annuity platform for RIAs
TIAA Life will also add its no-load fixed annuity, which has 10 guarantee period options, and a no-load single premium immediate annuity, to the RetireOne platform.
Society of Actuaries posts resources for actuaries, retirement planners
More highlights and research sessions from the Aging and Retirement Strategic Research Program will be introduced at the SoA Annual Meeting in Nashville, October 14-17, 2018.
Fed increases benchmark interest rate to between 2% and 2.25%
The Fed’s decision, announced after a two-day meeting of its Federal Open Market Committee, which sets monetary policy, represents the eighth time that the Fed has raised interest rates...
Ten most popular ‘former’ 401(k) providers
Nearly half (46%) of former plan participants did not take any action with regard to rollover options in 2017 and 43% intend to leave their assets in-plan this year,...