Fidelity Investments has introduced an open architecture annuity platform that an executive said should help the Boston investment company retain assets after 401(k) customers retire. The platform, Fidelity Life Income Solutions, lets people who are leaving a 401(k) plan buy fixed or variable annuities in order to establish an income stream for retirement. Fidelity will offer both proprietary and nonproprietary annuities to customers interested in rolling their 401(k) assets into a product that guarantees retirement income. Though Fidelity has long offered annuities, coupling them with 401(k) plans is new at the Boston fund giant. Fidelity manages more than $1.3 trillion of assets and has $2.7 trillion under custody. Steve Deschenes, an executive vice president at Fidelity Investments Life Insurance, said it will offer its annuities along with products from the insurers Principal and the John Hancock unit of Manulife Financial. The company has agreements with two other annuity providers, he said, and plans announcements about platform enhancements this year. “We want to maintain a long-term relationship with our 401(k) participants,” he said, “and this is part of a broad suite of services that we are using in order to insure that this occurs.” Retaining customers after they retire is a top priority at Fidelity. Deschenes said that, in the past couple of years, Fidelity has launched Fidelity Retirement Income Services and Fidelity Retirement Income Management Account as products to receive customers’ 401(k) rollovers. This is the first time, however, that Fidelity is marketing annuities for plan sponsors to offer participants, he said. |
-
Terri Kallsen will precede him next year as chair of the Board of Directors; Seay will take over that role in 2027.
July 16 -
The popular industry recruiting and retention barometer provided another window into the challenges facing LPL Financial with its latest major acquisition.
July 16 -
The Wall Street powerhouse has built its wealth division in large part through big deals but is not "looking to make acquisitions just for the sake of it, " said CEO Ted Pick.
July 16 -
But the Bank of America subsidiaries nonetheless reported rises in AUM and net revenue in the second quarter while adding thousands of new client relationships.
July 16 -
The accusations led to the end of 16 years at the firm.
July 15 -
In an earnings call Tuesday, CEO Charlie Scharf credited brokers in the firm's branches for working with consumer bankers for a 10% increase in new assets.
July 15