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Wells Fargo Finds Itself In DOL Crosshairs

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The Department of Labor is questioning Wells Fargo's practices in recommending retirement savings vehicles.

Wells Fargo is the target of a Department of Labor probe on whether the bank has been pushing its customers to take their money out of low-cost corporate 401(k) plans and roll their holdings into more expensive individual retirement accounts at the bank, The Wall Street Journal reported.

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AARP is not giving up on its fight to restore the Department of Labor fiduciary rule. The lobbying group will file an appeal to keep the rule, which was tossed out by a New Orleans court last month.

The Massachusetts decision to charge Scottrade with Department of Labor fiduciary rule violations shows the lengthy reach of the DOL rule. Our Kim O’Brien explains the rule’s chilling potential.

Keys parts of the annuity market stabilized in the fourth quarter, a sign that the industry might be recovering from the chilling Department of Labor fiduciary rule.

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AARP members at a recent Lobby Day in Washington.
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AARP is not giving up on its fight to restore the Department of Labor fiduciary rule. The lobbying group will file an appeal to keep the rule, which was tossed out by a New Orleans court last month.
Annuities are getting back into the fight this year.

A leading annuity expert lays out four reasons why annuity sales will be bouncing back in a big-time way in 2018 and ahead. Market conditions and reasonable regulation are the two main themes.
Securities and Exchange Commission Chairman Jay Clayton asks staff members questions about the proposed rule.

The SEC gave the public a first glance at its investment advice rules for brokers. The panel divided in its assessment, but voted 4-1 to tentatively adopt the rules.
Fallout from an industrywide regulation push is likely going to sharply reduce the number of independent marketing organizations.

The 350 Independent Marketing Organizations serving independent agents could shrink by 30 to 50 percent due to pressing regulation on several fronts, experts say. Many IMOs will be looking to buy or sell for the foreseeable future.

The Department of Labor fiduciary rule could be dead, or it could be in front of the Supreme Court in the near future. It all depends on how federal government attorneys decide to respond to a court of appeals decision last week.

The National Association of Insurance Commissioners’ working group discussed its controversial annuity transaction model law today with little agreement. The NAIC effort to establish a best-interest standard has been fraught with disagreement so far.

Appeals court sides with lower court on Department of Labor’s treatment of fixed indexed annuities in its fiduciary rule. Market Synergy Group filed one of several industry lawsuits to stop the rule, which has since been delayed.
Exclusive

The Massachusetts decision to charge Scottrade with Department of Labor fiduciary rule violations shows the lengthy reach of the DOL rule. Our Kim O’Brien explains the rule’s chilling potential.
Wjile fee-based variable and indexed annuity sales are moving at a tortoise-like pace, analysts say there is hope the products will catch on with advisors.

Fee-based indexed and variable annuities are still posting small sales, but the numbers are rising. A key to future sales is whether the products catch on with registered investment advisors (RIAs), analysts say.
What will 2018 bring to the life and annuity industries?

Technology, regulations and low interest rates are all 2018 trends that will keep the U.S. life segment in the negative, analyst A.M. Best concluded in a new report. But it is not all bad news, the report found.
Annuity sales appear to have bottomed out, according to fourth-quarter data. Can companies look forward to growing their market segment again?
Exclusive

Keys parts of the annuity market stabilized in the fourth quarter, a sign that the industry might be recovering from the chilling Department of Labor fiduciary rule.
Exclusive

The Securities and Exchange Commission is again being pressured to limit who can call themselves an “advisor.” Does it even matter anymore? Our Kim O’Brien wonders about that.

The National Association of Insurance Commissioners wants to produce a annuity transactions best interest model law each state could then adopt. But its draft law is drawing fire from both sides who consider it both too weak and too strong.

The Department of Labor fiduciary rule is being delayed, but brokers and advisors need to remember the rules that have already taken effect. Many of them are lax on compliance, a pair of prominent analysts say.