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Insurers Launch 17 Fee-Based VAs In Two Months
InsuranceNewsNet; March 6, 2017
In the first two months of the year, insurers have filed no fewer than 17 fee-based variable annuity contracts. This is more than the number of variable annuity contracts filed in a typical calendar-year period, according to Morningstar.
Fee-based variable annuity contracts are designed to offer advisors more sales options as the April 10 Department of Labor fiduciary rule deadline approaches.
“In this new world, there will be a push for brokers from selling commission-based variable annuities to fee-based products,” said Kevin Loffredi, senior product manager of Annuity Solutions with Morningstar in Chicago.
ThinkAdvisor; March 6, 2017
Massachusetts Securities Regulator William Galvin is pressing ahead with training the state’s investment advisors on how to comply with the Department of Labor’s fiduciary rule, despite a likely delay in the rule’s April 10 compliance date.
On Tuesday, as many as 350 state-registered advisors will gather in Boston to hear Tamar Frankel, law professor at Boston University, and Michael Kitces, director of wealth management for Pinnacle Advisory Group, co-founder of the XY Planning Network and author of the Nerd’s Eye View blog, hash over compliance with the rule.