Wealth Management
Top stories summarized by our editors
8/15/2018

A surety company is seeking to recoup more than $2 million from a bankrupt oil and gas company. According to a lawsuit filed by the surety, the bonds had multiple claims against them.

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Louisiana Record
8/15/2018

The Planning Commission in Elko, Nev., plans to hold a public workshop on proposed updates to the city's subdivision code that should help clarify performance bond requirements. City officials say inconsistent enforcement of city codes has led to confusion among developers about performance guarantees.

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Planning Commission
8/15/2018

Ted Benna, sometimes known as the father of the 401(k), says advisers who set up the plans and help sponsors run them are paid too much. Advisers' roles "should shift to helping people focus on how to succeed at retiring successfully, not on investment return," Benna says.

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Ted Benna
8/15/2018

The decision of whether to pay off a mortgage in retirement depends on a number of factors, financial experts say. Among them are how long you plan to stay in your home, whether you have enough retirement savings and how high your interest rate is.

8/15/2018

China Oceanwide has agreed to push out its deadline for the completion of a deal to buy Genworth Financial to Dec. 1 and update the terms of the deal. Under the new terms, Genworth's life and annuity business will remain a subsidiary of the company's long-term care unit, after Delaware regulators refused to approve the separation of the units.

8/15/2018

AXA Equitable executives said better variable annuity margins contributed to strong second-quarter earnings in the individual retirement unit. They also noted that currently about 60% of the company's variable annuity sales are for contracts that do not provide guaranteed minimum death benefits or guaranteed minimum living benefits.

8/15/2018

The 2018 TIAA Plan Sponsor Retirement Survey found employees have a strong interest in options that provide guaranteed lifetime income, but only 12% of their retirement plans offer annuities. "We must make it easier for employers to add lifetime income options to their retirement plans, not only to help today's employees reduce their financial risk, but to ensure the financial wellbeing of generations to come, and support the overall economic health of our society," said TIAA's Doug Chittenden.

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PlanAdviser online
8/15/2018

The Insured Retirement Institute said in comments to the Securities and Exchange Commission about its proposed best-interest rule that investors have different expectations of investment advisors and broker-dealers. "The principles-based framework embodied in the proposals will help investors understand the differences between [broker-dealers] and [investment advisors], thereby enabling them to make informed decisions about the type of financial professional that would best meet their needs," wrote Cathy Weatherford, IRI's president and CEO.

8/15/2018

The Financial Services Institute's partnership with Bachrach & Associates offers FSI members preferred pricing for AdvisorRoadmap, a client acquisition training program. FSI President and CEO Dale Brown says the platform will help advisors and firms "grow their practices, achieve their business objectives and advance the cause of strengthening the independent financial advice industry."

8/15/2018

Advisors who sell securities without their firm's knowledge violate the Financial Industry Regulatory Authority's Rule 3280, or Private Securities Transactions of an Associated Person, regardless of whether compensation was received, writes Alan Foxman of NCS Regulatory Compliance. Violating this rule could result in termination and disciplinary action from FINRA, he warns.