Retirement Clearinghouse (formerly RolloverSystems) CEO Spencer Williams wants people to consolidate (roll in) their retirement accounts in their current 401(k)s. It would mean fewer ‘stranded’ retirement accounts and less ‘leakage,’ he claims.
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.
Many factors are driving the increase in indexed annuity sales: More manufacturers, better products, more distributors, competitive commissions, aging boomers, and relaxed regulation. But does the bubble contain the seeds of its own deflation?
Israel has found that even a mandatory defined contribution system can’t resolve all of the behavioral, economic, or administrative issues that prevent low-income and minority workers from saving for retirement. (Photo: Mahane Yehuda market in Jerusalem.)
The expose's whole approach implied, sadly, that even after three decades of exposure to and participation in 401(k) programs, most Americans are still in the dark about them.
"We’re trying to innovate around the concept of combining and creating a single product," Henderson told RIJ.
The lawsuit charges that Fidelity should have offered cheaper, better-performing funds--like Vanguard's--to the participants in its own plan. Fidelity denies the charge and says it contributes up to 17% of pay to participants each year.
Low interest rates “lower the relative profitability of some traditional products while also lowering the cost of borrowing if debt is used to finance the acquisition of these businesses,” Fitch Ratings believes.
When Treasury yields begin to rise, the increase is likely to be gradual, resembling the rise in 2004 rather than the sudden increase which occurred in 1994, BNY Mellon's Standish fixed income unit believes.
The Consumer Financial Protection Bureau recently issued a list of senior designations and policy recommendations, in part based on input from the CFP Board.
Brief or late-breaking items from or about Goldman Sachs, Transamerica Retirement Services, Lincoln Financial Network, Fidelity Investments, and BNY Mellon.