What happens when Wall Street dealmakers who are in business to make a killing enter the life insurance industry, where people are traditionally in business to make a living?
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.)
Taxes will go up in 2013 relative to 2012—not only on high-income households, as widely discussed, but also on every working man and woman in the country, via the end of the payroll tax cut, says this Brookings Institution expert.
What are insurance people saying privately about private equity’s invasion of the life industry? Five people who are close to the recent acquisitions spoke to RIJ on the condition of anonymity.
At year-end 2011, the average 401(k) participant account balance was $58,991 and the median (mid-point) account balance was $16,649.
The integration will be completed in the second quarter of 2013. Envestnet | Tamarac will continue to use other CRM technology and refine its own integrated CRM solution, Advisor CRM, the company said in a release.
The combined business now has approximately 40,000 retirement plans, three million participants, and $120 billion in retirement assets under management.
The five affiliate asset managers are 2100 Xenon Group, 300 North Capital, Analytic Investors, Ashfield Capital Partners and Larch Lane Advisors.
The firms complain of large annual premium debt, and worry that their earnings and finances could be adversely affected by the maturation of the funds in the future or by poor portfolio performance.