Practice

Maintaining a competitive environment is critical to the continuing development of new lifetime income solutions for employer-sponsored retirement plans, the SPARK Institute said in a joint letter to the Department of Labor and the Department of Treasury.

Connecticut Attorney General Richard Blumenthal recently filed suit against a bank and local money manager who served as custodians for two feeder funds that invested with convicted Ponzi-schemer Bernie Madoff.

More than 25 investment managers have already signed on to the platform.

Large banks have repeatedly prevailed in battles to preserve federal preemption in Congress and the courts, but that victory string is likely to be broken by the regulatory reform bill being debated in the Senate this week.

Overall sales of annuities though bank holding companies were up slightly at $2.62 billion in 2009, according to the latest Michael White-American Bankers Insurance Association Bank Annuity Fee Income Report. The results, however, were skewed somewhat by BHC-in-name-only Morgan Stanley.

Women are living longer, but that doesn’t necessarily mean they are prepared for the risks of longevity.

Jackson National Life Insurance has expanded the sub-accounts available for its variable annuities and variable universal life products with the addition of six of the funds in the American Funds Insurance Series.

Working within existing regulations for 401(k)s and other defined contribution plans, Nationwide Financial Services is proposing 401KIncome, a new choice for workplace savings that includes an annuity option.

Bank of America’s U.S. Trust unit is embarking on a new advertising campaign aimed at ultra-high-net-worth individuals. The “What Is Worth?” campaign is an attempt to demonstrate to potential clients U.S. Trust expertise in managing both their tangible and intangible assets.

Only four in 10 women say they develop a budget and save accordingly and less than 40% say they want help from a financial advisor to develop a lifetime or retirement income plan. Most are unsure of where to get help or the costs involved.