Portfolio

Sales of annuities through banks in September lost their momentum after hitting a peak for the year in March.

Uncertainty around the estate tax and other tax rates is causing many wealthy Americans to have second thoughts about how much to donate to charities.

Prudential Retirement has added the stable value Prudential Protection Account to its suite of institutional 401(k) retirement solutions. The account guarantees up to $250,000 of principal and accrued interest through the Federal Deposit Insurance Corp.

Legg Mason announced Tuesday it has formed the Legg Mason Retirement Advisory Council, comprised of 14 industry leaders who will meet quarterly to discuss major challenges facing retirement products, service provides and best practices.

FINRA panel says firm must pay $1.8 million to investor.

A survey of affluent investors by research firm TNS shows that the TNS Investor Confidence Index rose to 116 in October, its highest level since hitting 129 in 2007. Its lowest point was 81 in October 2008.

As it readies for a massive pruning of its mutual fund family, Columbia Management Investment Advisers is promising a stronger, more affordable lineup.

Fidelity Investments announced Tuesday that since it introduced its Fidelity Rewards Card in 2003, which gives back 2% of purchases in cash for investment accounts, customers have earned $300 million. Customers may apply this money to 529 college savings plans, brokerage or retirement accounts.

According to LIMRA’s Guaranteed Income Annuities report released on Monday, women buy six of every 10 immediate annuity contracts, a significant chunk of the $250 billion annuitization market.

The average 401(k) retirement account rose nearly 32%, 31.9%, in 2009, according to a report issued Monday by the Employee Benefit Research Institute and the Investment Company Institute. The average balance among those who consistently contributed to their 401(k) plan reached $109,723 at year-end 2009, up from $61.106 at year-end 2003—for an annual growth rate of 10.5%.