Banks and Broker/Dealers Industry

News

Wachovia Appoints New Retirement Chief

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

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

A steeper yield curve gives fixed annuities a competitive advantage over certificates of deposit.

Advanced Sales Reports Variable Annuity Data

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

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

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Articles

On the Road to STP

Last March, 32 members of the NASA-FSI working group met in Dallas to agree on an STP process for independent broker/dealers and to plan their next activity.

Unbundled GLWBs Await SEC Approval

Starting this year, investors may be able to visit their favorite brokerage and buy an extended warranty on certain mutual fund investments.

It's Official: Your Clients Are Confused - SEC/RAND Study Confirms Obvious; Impact Unclear

A new RAND Corporation study seems sure to provide ammunition to both the broker/dealer and the financial planning communities in their debate over whether brokers who manage fee-based accounts should be held to the same fiduciary standards as registered investment advisors (RIAs) and financial planners. On the one hand, the study showed that most clients are satisfied with the service provided by both broker/dealers and advisors. But the research also indicated that investors would not knowingly give control of their money to intermediaries who weren't held to the higher standard.

Word On The Street: B/Ds Now Embracing Suitability Training

Broker/dealers have started beefing up their variable annuity sales training to comply with the new SEC Rule 2821, which has a mandatory compliance date of May 5. Meanwhile, those offering training materials for the rules are reporting brisk sales.

New Report Competes with VARDS

Morningstar's VARDS online variable annuity tracking and product information reports face new competition. Advanced Sales Corp. of Oakbrook Terrace, Ill.,...

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