Broker-dealers expect DOL rule to prompt exodus of advisors: LIMRA
“This is a transformational event in the financial services market,” said Kathy Krozel, research director, LIMRA Distribution Research.
Unexpected taxes can hurt seniors who work longer: Kotlikoff
"We are all made worse off when are pushed out of the labor market by policies that encourage them to retire," said Larry Kotlikoff, a Boston University...
Asset location tool could boost savings by 15% over 30 years: Betterment
'Asset location is the closest thing there is to a free lunch in wealth creation,' Boris Khentov, vice president of operations and a tax attorney at Betterment.
Russell and Envestnet roll out managed account option for DC plans
The Russell QDIA is called Adaptive Retirement Accounts; Envestnet Retirement Solutions Qualified Individualized Life Target Solutions delivers participant investment advice.
Jackson offers no-load VA for fiduciary era
'In today’s heightened regulatory environment, many of our distribution partners are choosing this type of product to serve their clients who are seeking strategies for retirement planning, a Jackson...
With eye on DOL, IRI hires Milliman to survey annuity comp
The survey is necessary to establish industry compensation benchmarks because the DOL didn’t define “reasonable” compensation except to say that it should follow 'a market based standard,' the Insured...
MassMutual, Envestnet enhance fiduciary services
Earlier this year, MassMutual and ERS, Envestnet's registered investment advisor, added '3(21)' service to their Fiduciary Assure program. Now they're adding a '3(38)' service.
Advisors to retirees shouldn’t neglect the ‘household balance sheet’
'A complete understanding of the household's requirements and resources is necessary to apply a fiduciary standard effectively in both the accumulation and disbursement phases,' according to MacroMonitor, a publication...
Flight from active equity funds continues: Morningstar
Passive U.S. equity funds persisted in attracting investor money, with an estimated inflow of $16.4 billion in August, but it was only about half of July's $33.8 billion intake....
Financial Engines prepares to roar
Counting on synergy between its institutional managed accounts and its 120 newly-named Financial Engines Advisor Centers, the Silicon Valley managed account giant wants to aggregate all of a middle-market...
A.M. Best report defines VA issuers’ dilemma
Qualified VA’s will be affected by the DOL fiduciary rule, which includes more fee disclosures and level compensation structures, said a new report from the ratings agency. About 58%...
Jackson National and the Rolling Stones. Of course.
Sponsored by the British-owned, Michigan-based insurer, a massive traveling exhibit called "Exhibitionism" will feature the personal memorabilia of Mick Jagger, Charlie Watts, Keith Richards and Ronnie Wood. It opens...
Lincoln Financial enhances VA income rider
'The 5% rollup starts at purchase and runs for 10 years. It applies only in years when there’s no withdrawal and there’s a hard stop at 10 years from...
Labor Department acts on state-sponsored workplace IRAs
So far, eight states have passed legislation requiring private-sector employers that don’t offer retirement plans to auto-enroll their workers in state-administered, payroll-deduction IRAs.
Publicly-traded U.S. life insurers see 19% income decline: Fitch
Fitch expects low reinvestment rates to continue to be an earnings headwind in the second half of 2016.
AXA wins excessive fee litigation suit
U.S. Judge Peter G. Sheridan ruled that the plaintiffs failed to prove that AXA Equitable’s Fund Management Group had charged “exorbitant fees” while delegating “all of the services” to...
Schwab’s new TDFs sport ultra-low fees
The new funds, which are available to employer-sponsored retirement plans, have an across-the-board expense ratio of eight basis points (0.08%) and no minimum investment requirements regardless of plan size.
Honorable Mention
Brief or late-breaking items from Voya Financial, MassMutual, TIAA, Diversified Services Group, Ameritas, The Guardian, and the World Demographic and Ageing Forum.
Demand for retail “institutional” funds to accelerate: Strategic Insight
Distributors are likely to apply the standards of the DOL fiduciary (or "conflict of interest") rule to all client money, not just qualified assets, said Dennis Bowden (pictured), lead...
Vanguard continues to dominate mutual fund flows: Morningstar
“Cost definitely plays an important part , but it’s not the only reason,” Morningstar’s Alina Lamy (pictured) told RIJ. “A lot of it has to do with...
