Goldman Sachs Group Inc. has retreated even further from the life settlements arena, shutting down Longmore Capital, its life settlements provider, according to reports.
Shaken by the recession and concerned about risk, brokerage firm clients are buying life insurance.
Insurer looks to branch out with new products aimed at affluent customers, business owners
Nationwide Financial Services Inc. last week bumped up its variable annuity living benefits, signaling a return — for some carriers — to the generous benefits that backfired on insurers when the stock market imploded in 2008.
The group, comprising 60 to 70 representatives from broker-dealers and insurance companies, hopes to hash out a uniform solution to comply with the rules.
Though it appears that regulatory oversight of equity-indexed annuities will remain with states — and not shift to the Securities and Exchange Commission — some insurers are nonetheless rolling out indexed-annuities that qualify as securities.
The passage of a bill that would permit in-plan Roth conversions and allow partial annuitization of annuity contracts could prove to be a boon for financial advisers.
Baby boomers approaching retirement may be nervous about outliving their savings — but they continue to keep most of their money in riskier investments.
