LPL to pay at least $11.7 million for range of abuses
LPL, which had revenues of $1.1 billion in the first quarter of 2015, was charged with “broad supervisory failures in a number of key areas.” The broker-dealer consented to...
Wells Fargo used “pernicious” and “illegal” sales tactics: LA city attorney
The company, as part of its “Gr-eight” growth initiative, pressured its employees to sell each customer eight 'solutions,' ranging from credit card services to savings accounts to insurance products,...
Dutch gov’t to drop forced DC annuitization—but not this year
The Dutch Parliament and the pensions industry urged the state secretary to introduce legislation soon, because low interest rates are leading to low pension incomes for retiring workers as...
Retirement Clearinghouse reaches $3 billion in ‘roll-ins’
"More plan sponsors are promoting and facilitating roll-ins of accounts as a cost-effective way to improve plan performance metrics, as well as retirement outcomes for participants,” said Spencer Williams,...
The Bucket
Brief or late-breaking items from LIMRA-LOMA, Wintergreen Advisers and Transamerica.
Annuity CEOs receive disclosure demands from Sen. Warren
Breaking News: Elizabeth Warren, the Democratic senator from Massachusetts, has asked chief executives at 15 major annuity issuers to furnish her with details about the incentives they offer, if...
Spring 2015 issue of The Journal of Retirement appears
This issue features articles relevant to retirement income mavens, including a piece on the way options can make a retirement more comfortable and one on the implications of offering...
DTCC enhancement will allow settlement of 1035 exchanges in one day
The asset transfers that are known as 1035 exchanges, or replacements, allow investors to move funds from one life insurance, annuity or endowment to another, without triggering an immediate...
Allianz Life adds new managed risk options on VA
Allianz’s AZL MVP DFA Multi-Strategy Fund and its RCM Dynamic Multi-Asset Plus VIT Portfolio are now available on contracts that either have no additional optional benefits or have the...
The Bucket
Brief or late-breaking items from Hearts & Wallets LLC, TIAA-CREF, Allianz Life, and American Financial Group.
Question: Can the DOL regulate advice on IRAs?
Last week, after almost five years of deliberation, the Department of Labor asserted its right to police the financial advice that individual IRA owners are given. What gives the...
Wealth protects health—but not permanently: EBRI
Among Americans who died at or above age 85, 20.6% had no non-housing assets, according to the Employee Benefits Research Institute. Among single people who died at those ages,...
Grasshoppers know they should act more like ants
Two-thirds of American adults consider themselves “savers,” but 54% have no net savings, according to a new survey sponsored by Northwest Mutual.
BlackRock fined $12 million for fund manager conflict of interest
One of the firm's top portfolio managers had a $50 million interest in one of his funds’ largest holdings, the Securities and Exchange Administration said, in announcing its settlement...
Video: Elizabeth Warren at the National Press Club
Sen. Warren spoke in favor of greater financial regulation at the annual Hyman Minsky Conference, sponsored by the Levy Economics Institute and held this year at the National Press...
AXA’s have-your-cake-and-eat-it-too approach to RMDs
AXA has developed RMD Wealth Guard, a guaranteed minimum death benefit designed to boost sales of its Retirement Cornerstone variable annuity among retirees who want to protect a chunk...
What time is it? Time for you to build an app for the Apple Watch
E*Trade has introduced an app for the Apple Watch, due out next week.
Public pensions aren’t falling behind in mortality expectations: CRR
A study by the Center for Retirement Research at Boston College shows that if public pension plans used the private sector mortality tables, they would have to increase their...
Quantitative easing in Europe entices equity investors: TrimTabs
“U.S. investors continue to follow the printing presses into European and Japanese equities,” said David Santschi, TrimTabs CEO.
IRS relaxes penalty that discouraged auto-enrollment
A penalty on plan sponsors for failing to make scheduled deferrals to auto-enrolled plan participants was identified as a barrier to adoption of auto-enrollment into retirement plans, so the...
