Banks and Broker/Dealers Industry

News

DTCC Offers New Licensing & Appointments Tool

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

'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

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

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

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.

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Articles

Morgan Stanley Ready for Electronic VA Sales

A Merrill Lynch rival, Morgan Stanley, has also been aggressive in putting variable annuities on its advisers' workstations.

On the Road to STP: October 2008

Electronic signing of electronic documents produces a truly 'paper-free' STP process, which will reduce errors, compress process time, and assure a transparent, expeditious, and error-free outcome.

Why Small Banks Overlook Annuities

Community bankers are trailing their bigger brethren in offering annuities, a fee-rich product that consumers flock to in uncertain times.

For Wachovia, Annuities Are A Bright Spot: Amid Subprime Woes, Bank Topped Rivals in 2007 Annuity Fees

Wachovia Corporation at least had one income statement item to celebrate this spring: undisputed leadership in 2007 bank annuity sales.

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.

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