IRAs now hold more money than employer-sponsored retirement plans, and the big beneficiaries are Fidelity, Vanguard and Charles Schwab, says a report from Cogent Research.
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.)
At the Lifetime Income Summit in Washington last week, federal officials and financial industry executives amiably swapped views. But competitive tensions lay not far beneath the surface. Rep. Earl Pomeroy, D-ND (at left), was a featured speaker.
“Thank God I'm not the average retiree trying to decide who or what to believe regarding what to do with my retirement savings.”
Jeffrey Gundlach, co-founder, CEO and chief investment officer of DoubleLine Capital, will speak on June 23; and Bill McNabb, president and CEO of Vanguard, will address attendees on June 24.
The current debt-to-gross domestic product (GDP) ratio in the United States is 57%, compared to an average of 37% over the last 50 years.
Dan Guilbert is now Chief Risk Officer at Aviva North America and Allyson McDonald is senior vice president, Retirement Income Security, at New York Life.
“Insurance companies and their fund partners could provide a windfall of over $220 million if they continue to adopt the summary prospectus,” said NewRiver CEO and chairman Russ Planitzer.
Nearly two-thirds of market participants say they have already implemented changes in advance of regulatory reform, with 79% expecting central clearing to become standard.