DOL Fiduciary News: October 13, 2016
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LPL Faces Challenges as It Mulls Alternatives
The Wall Street Journal; Oct. 12, 2016 4:57 p.m. ET
LPL Financial Holdings Inc.’s decision to explore a possible sale underscores how brokerages that rely heavily on commissions are struggling with how to comply with and make a profit under new rules governing retirement savers.
LPL, the biggest of the so-called independent brokerages with more than 14,000 advisers, faces big challenges in the coming months once new rules requiring brokers to put the interests of retirement savers ahead of their own begin to take effect in April. Independent firms, whose brokers are independent contractors who own their own practices but pay the brokerage for various services, already operate under tight profit margins, and the new retirement rules are expected to squeeze them even further, analysts and industry experts say.
(http://www.wsj.com)
Great American Life’s New Fee-Based Annuity Now Available through Raymond James
October 12, 2016 05:23 PM EDT
CINCINNATI -- (BUSINESS WIRE) -- Great American Life Insurance Company® is pleased to announce that its new, fee-based fixed-indexed annuity with optional guaranteed income rider is now available through financial advisors at Raymond James. The annuity will complement the commissioned-based indexed annuities already on the firm’s platform and provide an additional fee-based option.
The Index ProtectorSM 7 fixed-indexed annuity, introduced in August, marks Great American Life’s entry into the investment advisory channel. As one of the first fixed-indexed annuities to hit this emerging market, the Index Protector 7 is designed for financial advisors who offer fee-based services.
(http://www.businesswire.com)