The universities' retirement plans were the latest to be sued by the law firm of Jerome Schlichter (pictured at his office in St. Louis) for violations of fiduciary duty. The suits charge that the schools should have bargained for lower fund expenses and administrative fees.
Last month, we reported on John Walton's "tilt" method of fine-tuning systematic withdrawals in retirement. New research by the Texas hydrologist-turned-retirement income specialist combines tilting and income annuities.
Although Schwab and Vanguard have a head start in this space, “I don’t think Fidelity has lost anything by waiting,” William Boland, an analyst with Aite Group, told RIJ.
As the DOL rule changes the role of the employee-advisor, the mode of compensating and incentivizing advisors may need to evolve. And that may spell changes in the almighty “grid.”
'The DOL gave it some impetus, but the real issue is that the markets are pretty much topping out,' said Great American senior vice president Malott Nyhart.
'Consistent with the rest of the industry, variable annuity sales have slowed due to market volatility and activity surrounding the U.S. Department of Labor fiduciary rule,' said Barry Stowe, Jackson's chairman and CEO.
EverBank stockholders will receive $19.50 per share in cash, or an approximate total of $2.5 billion.
The enhancement “helps advisors address the impact taxes have on retirement planning and the need for income in retirement,” said John Kennedy, head of Retirement Solutions Distribution, Lincoln Financial Distributors.
In addition to the average ETF fee of 25 basis points, Scalable Capital charges an all-in annual fee of 75 basis points, for an approximate annual expense ratio of 100 basis points (one percent).
The deal is structured as a tri-partite insurance policy between Electricity Pension Trustee Limited, Manweb (a unit of Scottish Power, which is a unit of Iberdrola) and Abbey Life, according to IPE.com.
'Trustees of pension schemes, whose deficits keep rising, are facing almost impossible investment dilemmas,' said Amlan Roy of the London School of Economics.