Banks

Industry Braces for Fiduciary Rule, Firms Set Annuity Commission Rates

A new report from industry consultants, Kehrer Bielan Research & Consulting, predicts that banks and credit unions will likely establish commission rates on fixed-rate annuity sales around 3% once the DOL’s fiduciary rule is fully implemented. According to a recent article from Bank Investment Consultant, researchers surveyed 18 banks and third-party broker dealers to determine how institutions are planning to adapt pricing options to comply with the new rules. Expectations for future... Read More

Distribution Channels for Fixed Indexed Annuity Sales Changing After DOL Rule

The majority of fixed indexed annuity products are sold through independent insurance agents. But after the final DOL fiduciary rule was announce on April 6, it's much less desirable for insurance companies to sell these annuities through independent agents. The insurance companies will be held liable for the BICE requirements because the independent marketing organizations that represent agents aren't considered financial institutions that can take on the liability. Banks and independent... Read More

2015 Was a Record Year for Fixed Indexed Annuity Products

After reviewing the final 2015 sales results, fixed indexed annuities had a record year and seem to be continuing their path to eventually overtake variable annuity products as the top selling annuities. Investment News' Greg Iacurci discussed the importance of last year in "Fixed indexed annuities continue their surge with record sales year." Fourth quarter indexed annuity sales of $16.1 billion were the highest ever, besting the previous quarter's record setting $14.3 billion. After those two... Read More

NAFA’s Response to Misinformed Annuity Advice

The National Association for Fixed Annuities' response to some misinformed advice given by Dave Ramsey is brilliant.  Someone wrote Mr. Ramsey asking for advice before purchasing a fixed annuity.  Without knowing much about the reader, Mr. Ramsey of course bashed the prospect of the gentleman using a fixed annuity in any capacity in his financial planning.  In The Daily Journal's "A Response to a Dave Ramsey Column," NAFA President & CEO Kim O'Brien offers some true advice and recommends... Read More

Jackson National & New York Life Sold the Most Annuities In 2013

The total annuity sales for 2013 were released last month and included some surprises and some results that were expected.  Daniel Williams of LifeHealthPro summarized all of the sales results in the article "Top 20 annuity sales leaders for 2013".  The results are divided into total annuity sales, fixed annuity sales, and variable annuity sales.  Jackson National Life was the top seller in both total annuity sales and variable annuity sales.  They sold $23.2 billion of annuities, $20.9... Read More

Variable & Indexed Annuities Likely to See Sales & Development Increases in 2014

Investment News' Darla Mercado predicts that the "New year could bring a boon for annuities."  She mentions variable and indexed annuities in particular.  Increasing taxes and interest rates are likely to spark not only sales of variable and indexed annuities, but also development of new products.  Rising interest rates typically bring about increases in product development.  We saw the biggest increases in May and June of this year, although the Fed says that they will keep the benchmark... Read More

Annuity Inflows Up in May, Per DTCC

Annuity inflows were up just over 1% in May, despite the fact that overall annuity activity has gone down in the past year.  This information comes from Financial Planning's "Annuity Inflows Increase, Overall Activity Declines," by Ann Marsh.  The Depository Trust & Clearing Corporation released this data based on the transactions that it processes, which the DTCC says is close to 100% of all industry transactions.  While they may not be well known, the DTCC handles all of the back... Read More

Advisory Variable Annuity From Wells Fargo

Four insurance companies will be offering the new Advisory Variable Annuity from Wells Fargo.  According to a MarketWatch press release, Allianz Life, Lincoln Financial, Nationwide, and Pacific Life are all going to distribute Wells Fargo Advisors' newest product.  The Advisory Variable Annuity is part of their Asset Advisor Program, which is fee-based.  Wells Fargo says that the introduction of this product will give advisors a more efficient way to offer their clients variable annuities'... Read More

Now Is the Time to Buy Fixed Annuities

According to Annuity News Journal, the best time to purchase a fixed annuity is during a recession.  In the article "Tumbling Annuity Rates," Christi Roberts recommends locking in fixed annuity rates now because they may be going down soon.  As the financial markets recover all across the world, annuity rates are likely to change to a lower center.  It's not like fixed annuities are offering huge returns, but Roberts says that this is the highest fixed annuity rates are likely to be as... Read More

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