A National Association of Insurance Commissioners executive group last Thursday vetoed a proposal from the insurance industry to loosen required capital and surplus levels.
The departure of Ellyn McColgan after just 10 months as president and chief operating officer of Morgan Stanley's Global Wealth Management Group robs the company of some much-needed client service talent, a consultant said.
Advance estimates for 2008’s fourth-quarter gross domestic product — the output of goods and services produced by labor and property located in the United States — show a decrease of 3.8% from the third quarter, according to the Bureau of Economic Analysis.
The troubles that hit variable annuity insurers last year will follow them into this year, further denting their financial strength, according to a report from Standard and Poor’s in New York.
The 529 college savings plan industry’s two advocacy organizations are taking steps to work more closely on 529 legislative issues in Washington.
The 529 college savings plan industry will face “a period of challenge” in Washington this year, according to veteran industry consultant James Delaplane, an attorney based in the capitol.
The Atlanta-based global investment manager recorded net income of $31.9 million, an 82% drop from the $175.9 million it reported in the year-earlier period — and down from $131.8 million in the third quarter of 2008.
Consumer confidence improved slightly over the last month, but is still near its lowest levels in decades, according to the Reuters/University of Michigan Index of Consumer Sentiment report, released this morning.
Even the normally upbeat Section 529 college savings plan industry is in the dumps as it grapples with the financial crisis, according to a survey released this morning by the College Savings Foundation at its annual conference in Miami Beach, Fla.
Registered investment advisers who custody client assets with Charles Schwab have made a strong push into cash, the company’s chief executive, Walt Bettinger, said in a conference call with analysts today.
T. Rowe Price Group Inc. posted an 87% fourth-quarter profit drop today, as the money manager was hammered by impairment charges, fund outflows and a steep drop in assets under management.
The push to require investment advisory firms to use independent custodians gained momentum today after members of the Senate Banking Committee and officials of the SEC endorsed the action at a hearing on the giant Ponzi scheme allegedly perpetrated by Bernard L. Madoff.
The Conference Board Consumer Confidence Index fell 0.9 points from 38.6 in December to 37.7 in January — its lowest level since the board began keeping records in 1967.
Those with an average income of nearly $200,000 spent 6.4% less on luxury goods such as fashion accessories, electronics and upscale home furnishings in the fourth quarter of 2008 than they did in the third quarter, according to a study.
Waddell & Reed Financial reported a fourth-quarter loss of $730 million, or 1 cent per share, compared with a profit of $35.1 million, or 42 cents per share, a year earlier, due to a severe decline in assets under management.
Lincoln National Corp. has announced that it will lay off 5% of its employees, or approximately 540 positions, according to published reports.
While incoming contributions to the Fidelity Charitable Gift Fund dropped 43% last year, its grant making to non-profit organizations increased.
Who would be better at running an independent broker-dealer than an independent rep?
The severe market downturn is wreaking havoc on an independent-broker-dealer industry, putting all sources of income under siege and flattening already thin profit margins.
Disenchanted brokers are migrating slowly to independent channels, adding to the coffers of major custodians like Charles Schwab & Co. and Fidelity Investments.
