The focus was on mutual funds and ETFs at Morningstar's 30th Investor Conference this week in Chicago, but retirement financing and the 'best interest' proposal were also discussed. (Photo: Nobel Prize-winner Daniel Kahneman and Morningstar's Sarah Newcomb talk behavioral finance.)
Two dozen major life insurers and asset managers have formed a non-profit to educate the public about the benefits of lifetime income products. That's never been done before, they say.
New annuity product
The new contract, called Agility, offers an annual deferral bonus of 175% of the increase in the account value, and income that steps up by the percentage earned each year during the payout stage.
A.M. Best sees private equity firms dominating life/annuity M&A; Merrill Lynch penalized for deceiving customers on RMBS sales; MetLife and Brighthouse may release up to $116 million to owners of abandoned retirement plans.
'In a world of radical automation potential, which threatens low wage growth and rising inequality, a rapidly growing workforce is neither necessary nor beneficial,' writes our guest columnist, chairman of the Institute for New Economic Thinking.
'The current problem with the Index 500 fund is that over 25% of the fund is in technology stocks,' a former Vanguard employee told the local press.
The last time the rate topped 2% was in late summer 2008, when the economy was contracting and the Fed was cutting rates toward zero.