Bloomberg reported this week that Prudential is considering selling its retirement plan recordkeeping business. Prudential didn't confirm the report, but several industry insiders did. Low interest rates, high costs of IT makeovers, and sticky stable value fund guarantees are driving the move, RIJ was told.
Isn't it time for someone to say something loud about the damage (seen and unseen) inflicted on traditional life insurance companies--and their strategic partners and customers--in recent years? Larry Rybka, CEO of Valmark Financial Group, thought so. He expressed his opinion in a video that's worth 15 minutes of your time.
A $4.7 billion realized investment loss on derivatives for Prudential Financial was the main driver of the drop in its net income, according to a new report from ratings company A.M. Best.
Re: Rollover Advice
The Biden Department of Labor evidently wants retirement plan participants to be ready with questions to ask advisers who invite them to roll their plan assets to a brokerage IRA. Two publications remind investors that advisers must put investors' best interests ahead of their own.
'Asset managers and advisors are discounting the interest from a broad swath of the investing public,' Cerulli's Matt Belnap said. 'Both asset and wealth managers should seek to make ESG investing more accessible across wealth tiers.'