FIA sales on pace to exceed $60 billion
'While most other annuity products have faltered because of falling interest rates and anticipation of the Department of Labor (DOL) fiduciary rule, FIAs continue to thrive,' said Todd Giesing,...
Does GOP now represent the downtrodden? Not exactly
The median net worth of members of the GOP was $525,000, or 81% higher than the Democrats’ $301,000. Ethnically, 91% of GOP voters are white, while 43% of Democrats...
Securian expands suite of annuity solutions
Securian's new SecureLink Future fixed indexed annuity offers a lifetime income benefit with an 8% annual rollup in each year with no withdrawals (or 200% after 10 years with...
Honorable Mention
Brief or late-breaking items from Allianz Life, Athene Holding, MassMutual, A.M. Best and Cogent Reports.
No reason to raise rates now, writes heterodox economist
In the paper, 'Normalizing the Fed Funds Rate: The Fed’s Unjustified Rationale,' economist Flavia Dantas of SUNY-Cortland, claims that the U.S. job market is much softer than the official...
Transamerica’s new living benefit offers 1% more payout for 5-year deferral
The payout bands for single-life contracts are 4% until age 65 and 5% until age 80, with payouts for joint-life contracts a half percentage point lower. For investors who...
Edward Jones’ 401(k) plan accused again of ERISA violations
A federal class action suit in St. Louis charges the Edward Jones 401(k) plan with offering its participants high-cost funds from asset managers that were also paying tens of...
Will pensions become subject to state income tax in Illinois?
AARP is leading an effort to prevent fiscally-challenged Illinois from taxing pension income again after a holiday of 32 years. Reinstating the tax would bring in an estimated $2...
Honorable Mention
New York Life pays dividend on deferred income annuity, Capital One Financial drops IRA commissioned sales, and Voya Financial Advisors touts its technology-led growth.
Federal judge rejects NAFA’s suit against DOL
'NAFA’s own declarations leave little doubt that those engaged in the annuities business do not simply dispense products but, rather, provide individualized investment advice,' wrote U.S. District judge Randolph...
AUM of 500 top asset managers edges down, to $76.7 trillion
Some of the main gainers by rank in the top 50 during the past five years include Aegon Group, New York Life Investments, Dimensional Fund Advisors, Sumitomo Mitsui Trust...
17 life-annuity issuers meet Conning’s ‘multi-year success criteria’
'Of those successful companies, thirteen also met the criteria in last year's analysis, which is a significant accomplishment in this challenging environment for new sales and low interest rates,"...
Life insurers ‘out of levers’ to fight low rates: Conning
'The shift to BBB-rated bonds has performed well over 2011 to 2015; yet the question remains as to how long that performance can continue,' said Conning insurance research chief...
Cambridge advisors will use the BIC, accept “levelized” commissions
Like Raymond James and Morgan Stanley—but unlike Merrill Lynch—Cambridge will let commission-based advisors serve retirement clients.
Advisors: Your next prospect could be a “mystery shopper”
A unit of Fidelity Investments has engaged real investors—not actors—to pose as typical prospects, interact with financial advisors, and then report their levels of satisfaction with the sales process...
A new robo-advice solution from TD Ameritrade
'Essential Portfolios' costs 30 basis points (0.3%) per year. Each of the five model portfolios consists of non-proprietary ETFs and cash with weighted average expense ratios of 0.06% to...
Strategic Insight buys BrightScope
The acquisition of BrightScope, founded in 2008 by Ryan and Mike Alfred, follows Strategic Insight’s recent acquisition of Market Metrics and Matrix Solutions.
FAQs (and Answers) from DOL
The DOL said 'No' to the question: Can advisors rely on the 'streamlined' version of the Best Interest Contract Exemption if the products they recommend to IRA owners...
