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Fee-Based Annuity Models Versus Commission-Based

It's no secret that a lot of annuity organizations and experts think that the Department of Labor made a big mistake with their fiduciary rule. Some don't agree that indexed annuities should have been included with variable annuities, while others think that the BICE guidelines will not really be in the best interest of consumers. Kim O'Brien wrote an article about this for Insurance News Net called "The Compensation Conundrum: Why the DOL Got It Wrong." O'Brien's group, Americans for Annuity... Read More

Read This Before You Exchange Your Variable Annuity

There are many reasons why you might consider exchanging your variable annuity product. You might be looking for a better deal, your needs might have changed, or perhaps your insurance company is initiating a variable annuity exchange. Whatever the reason, there are a lot of details to look into before you make the final decision to exchange your annuity. MetLife Securities Inc. was recently fined $20 million by FINRA because of the way they represented their variable annuity products. The... Read More

Annuity Information Abounds Online

There is a wealth of information online to support people interested in purchasing annuity products, as well as the brokers and advisors who sell them. In this advanced technological time, online tools are crucial to the annuity industry and help overall annuity sales. In "Online tools, information, research support annuity sales," LifeHealthPro's Peggy Bresnick gathered a list of some of the most important sites available for this type of research. These online resources can help explain the... Read More

The 20 Year Evolution of Fixed Indexed Annuities

This year marks the 20th anniversary of fixed indexed annuities.  They have undergone a lot of changes during those two decades, some good and some bad.  In Insurance News Net Magazine's article "Happy 20th, Fias!", Editor-in-Chief Steven Morelli talks about the state of fixed indexed annuity products.  He summed it up well with the first sentence, "Fixed index annuities want what any 20-year-old desires: Acceptance and respect." Keyport Life introduced the first indexed annuity in... Read More

FINRA Closely Monitoring Exchanges from Variable to Fixed Indexed Annuities

Fixed indexed annuities are replacing variable annuities in many circles.  Some people are opting to buy fixed or indexed annuities from the start, while others are making 1035 exchanges from a variable annuity that they currently own.  FINRA is more closely monitoring these annuity exchanges, especially since broker-dealers are selling more indexed annuities than ever.  This information comes from Investment News' "Fixed annuity sales receiving added scrutiny from Finra," by Bruce Kelly and... Read More

Fixed Annuity Industry’s Biggest Challenge is Misperception

The National Association for Fixed Annuities (NAFA) held a contest last month celebrating their 15th anniversary.  They asked members to answer two crucial questions regarding the fixed annuity industry.  It was a contest to encourage more responses from their members, whose time is valuable.  In NAFA Member Insights on Industry Challenges & Solutions, Kim O'Brien gives the questions and the winning member responses.  NAFA members represent more than 85% of the independent fixed annuity... Read More

FIO Says States Should Adopt NAIC’s Annuity Suitability Model

Late last year, the Federal Insurance Office issued a 70 page report about how it would like to modernize the industry.  This branch of the U.S. Treasury is important to the insurance industry, including those selling annuities.  While they didn't mandate any kind of standards just yet, they have issued recommendations for the annuity industry.  This information comes from Maria Wood of Life Health Pro, in the article "The FIO Report: What it says about annuities."  The Federal Insurance... Read More

UPDATED BLOG: Minnesota Adopts Suitability Guidelines

Suitability guidelines are very important for annuity products.  Those of us with good ethical standards need to make sure that the industry is treating consumers well.  Two groups putting suitability standards into effect are FINRA and the NAIC.  I just updated a blog post about suitability standards from the two organizations as Minnesota became the 31st state to adopt the NAIC's guidelines. Written by Rachel Summit Follow Rachel, aka Finance Mama, on Twitter and... Read More

FINRA No Longer Fighting to Regulate Advisors

Although FINRA isn't pleased with their recent decision, advisors are happy that the regulatory agency is no longer trying to regulate them.  According to Financial Planning's "Advisors Cheer as FINRA Drops Bid to Regulate RIAs," FINRA will no longer be campaigning to be the regulatory force for registered investment advisors.  FINRA's chairman and CEO, Richard Ketchum, said that the company didn't want to fight a losing battle anymore.  Between the $5 million they have spent lobbying over... Read More

FINRA's New Rules Regarding Annuity Suitability

UPDATED JUNE 14, 2013 Last year, this blog discussed FINRA's new suitability guidelines taking effect in the United States.  These coincide with NAIC suitability guidelines in working to protect consumers from unethical sales of annuities.  Minnesota is the latest state to adopt these guidelines, according to Maria Wood from Life Health Pro.  In "Minnesota adopts NAIC model annuity law," Minnesota is the 31st state to start using the NAIC's 2010 Suitability in Annuity Transaction Model. ... Read More

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