The expense speaks to the difficulty broker-dealers are facing to comply with the controversial new regulation.
The suits against NYU and Yale are especially significant because they're the first regarding university 403(b) plans.
Because platform initially will be offered through B-Ds, firm doesn't see it undercutting plan advisers' business, though it has considered going direct to plan sponsors.
Finra says the firm failed to detect and prevent theft of approximately $1.3 million from an 89-year-old man's account.
The settlement was part of a broader crackdown by regulators in five states on insurers who allegedly failed to make death benefit payouts on a timely basis.
Valuing Mr. Ali's image rights, inheritance tax on property and the will's treatment of his nine children are a few potential estate quirks that could come up.
Tight restrictions are placed on investment options in VAs with guaranteed income to reduce their risk. Returns have lagged as a result, frustrating advisers and investors.
The insurer's variable annuities dipped 39% year-over-year in the second quarter, offering a glimpse into the power of big distributors like Fidelity.
Regulatory experts say there's a strong likelihood advisers would lose the grandfathering exemption granted under the fiduciary measure simply by switching firms.
The national advisory firm works with institutional clients such as defined-contribution and traditional pension plans.
