At the LIMRA-Society of Actuaries Retirement Industry Conference in Baltimore last week, Scott Stolz from Raymond James, Greg Jaeck from Edward Jones and Jarrod Fisher from Simplicity Financial Distributors delivered frank opinions about annuities and annuity issuers.
Instead of buying variable and indexed annuities for lifetime income and protection against outliving their savings, Americans are buying annuities for accumulation. We pose six theories for the weakness of sales of annuities with lifetime income riders.
Onward and upward
Wade D. Pfau (pictured) will also serve as co-director, with Steve Parrish, of the New York Life Center for Retirement Income at the college. College president and CEO George Nichols III also announced professional transitions within the college for Colin Slabach, David Littell, and Chad Patrizi.
The deferred income annuity is called 'Next.' The two companies envision Generation X-ers using the Blueprint Income platform to buy a personal retirement pension, one installment payment at a time.
Public-option retirement plans
The authors of this article, Angela M. Antonelli, director of the Georgetown University Center for Retirement Initiatives (pictured), J. Mark Iwry, a Brookings Institution fellow, and David C. John, an AARP policy advisor, recommend that individual US states with public-option workplace retirement plans should work in concert rather than alone.
The acquisition will double the size of Principal’s U.S. retirement business in terms of total recordkeeping assets. More than two-thirds of Wells Fargo’s institutional retirement assets are in plans ranging in size from $10 million to $1 billion.
IRI issues 4Q 2018 annuity sales report; iPipeline favors “best interest” rule in New York; Vestwell, a retirement plan fintech, raises $30 million; Vanguard brings new active commodities fund to market; Giovanni and Coutts rise at Lincoln Financial; Global Bankers to divest its US life companies.