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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

Carefully Review Your Variable Annuities

Variable annuities are excellent products, but they can be extremely complex and must be carefully reviewed by potential purchasers.  Advisor One's Melanie Waddell says that "FINRA and SEC Warn About Annuity Risks" in this new article.  The two organizations are concerned with variable annuity disclosures, suitability for consumers, and the practice of chasing high yields.  At the IRI's regulatory conference, FINRA's VP of member regulation programs said that the organization looks at... Read More

FINRA Doles Out Annuity Selling Punishment

Lesson learned for Robert Joseph Kennedy III, a financial advisor in New York.  Don't break the rules when it comes to selling annuities, even if it seems like a minor infraction or your firm says it will be fine.  FINRA works hard to make sure that financial advisors are meeting standards and following rules when it comes to the financial industry, so just follow the rules and your business will run smoothly.  According to Bill Singer's Forbes article, "FINRA Rejects A New York State of... Read More

National Retirement Planning Week Ends Friday

Tomorrow is the last day for National Retirement Planning Week, an informative week run by the National Retirement Planning Coalition.  The Insured Retirement Institute leads this Coalition and works hard to show Americans that they can plan for a successful retirement despite all the difficulties in our current economy.  According to Exec Digital's "AXA Equitable Supports National Retirement Planning Week," AXA Equitable is also working hard this week to spread information and education... Read More

FINRA Reminds Investors to Look at Statements

FINRA urges investors to look closely at their statements and ask questions about anything they don't understand.  According to a news release on their website, "FINRA issues (a) new investor alert to help investors understand their brokerage account statements."  It can be daunting for investors to open those account statements and figure out what everything means if they don't have a financial background.  After big losses in the financial markets as well, many investors would prefer to... Read More

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