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Banks and Broker/Dealers

DTCC Offers New Licensing & Appointments Tool

November 30, 2008 - LNA Access allows distributors to manage appointments in one application directly online. This tool almost entirely removes the need for manual intervention by the carrier.

Envestnet Offers Enhanced Wealth Reporting Tools

November 23, 2008 - 'The wealth manager is now equipped to effectively manage family office investments through a single, unified platform,” said Andrew Rose, senior vice president for Envestnet.

Citigroup Buys Wachovia, the Bank Channel’s Top Annuity Seller

September 29, 2008 - Citigroup will pay $2.16 billion in stock and assume up to $42 billion in losses from a pool of $312 billion in loans held by Wachovia. The FDIC will absorb losses beyond that.

Bank of America Exec Addresses RIIA Annual Meeting

September 29, 2008 - The bank became more retirement-oriented when it hired Jeffrey Carney from Fidelity to be president of Retirement and Global Wealth and Investment Management.

Bank Annuity Commissions
Up 13% in First Half 2008

September 9, 2008 - Bank annuity commissions and fees rose 13.2% to $539.6 million in the first half of 2008 from $476.9 million in first half of 2007.

Bank Fixed Annuity Sales Rise 26% in Second Quarter

August 26, 2008 - Reported second quarter sales of about $7 billion were 25.8% higher than in the prior quarter and 81.1% higher than sales in the second quarter of 2007.

More Time Needed to Comment on Index Annuity Rule—Old Mutual

August 10, 2008 - An attorney for Old Mutual Financial Network has asked the SEC to extend by 120 days the comment period on SEC proposed Rule 151A, which would classify index annuities as securities.

Correction Regarding “Income For Life Model”

July 7, 2008 - An article in the July 2008 issue of Retirement Income Reporter incorrectly described the Income for Life Model planning software from Wealth2K.

Wachovia Appoints New Retirement Chief

May 26, 2008 - John Papadopulos, a 12-year Wachovia veteran, is replacing Robert Reid as president of Wachovia’s Retirement and Investment Group.

E*Assist Offers Variable Annuity Comparison Tools

May 26, 2008 - The calculators allow registered representatives to compare the benefits of variable annuity products and analyze the outcome of a 1035 exchange.

With Short-Term Rates Down, Fixed Annuity Sales Soar

May 19, 2008 - A steeper yield curve gives fixed annuities a competitive advantage over certificates of deposit.

Advanced Sales Reports Variable Annuity Data

May 5, 2008 - Between 10 and 15 independent broker/dealers report at least 50 VA transactions per day and $70 million in gross revenues per year, the Oakbrook Terrace, Illinois, firm has found.

At Pershing, AnnuityNet Leaps Over Blue Frog

April 28, 2008 - Pershing, the prominent clearing firm, switched annuity order-entry software vendors in November 2007, in a move not previously publicized.

Another Delay for Parts of “Suitability” Rule

April 28, 2008 - The Financial Industry Regulatory Authority has asked the SEC to delay the effective date of paragraphs (c) and (d) of FINRA Rule 2821.

FundQuest Offers Retirement Income Management System to Advisors

April 19, 2008 - FundQuest, a turnkey asset management company, is adding a new open-architecture Retirement Income Management System to its platform.