Selling Investments to and Advising Senior Citizens
|
|
- Logan Dennis
- 7 years ago
- Views:
Transcription
1 Selling Investments to and Advising Senior Citizens Andrew Davitt, Esq. Direct Dial: Rachael Luken, Esq. Direct Dial: Marshall, Dennehey, Warner, Coleman & Goggin 1845 Walnut Street, 17 th Floor Philadelphia, PA 19103
2 Purposes of this Presentation Selling investments to and advising senior citizens 1. Discuss evolving issues the investment and financial services industry face in dealing with "senior citizens" in light of the regulatory environment and initiatives. 2. How "senior citizen" is being defined. 3. Actions some state and federal agencies and S.R.O.s have taken to protect "senior citizens" as well as consumers overall.
3 Purposes of this Presentation 4. Discuss some areas of regulatory concern, such as: Seminars designed to target senior citizens Professional designations targeting senior citizens Advice as to early retirement recommendations Advice as to retirement asset rollovers and allocations Allocations and reallocations Specific products (E.I.A., D.P.P., V.A.)
4 Purposes of this Presentation 5. To provide you with some "Best Practice" ideas as to how you may be able to keep yourself out of the regulatory limelight or diminish your likelihood of exposure.
5 Statistically Speaking The U.S. population age 65 and older will double in size within the next 25 years. By 2030, 1 in 5 Americans, or approximately 72 million people, will be 65 and older. The age group of individuals 85 and older is the fastest growing segment of the U.S. population.
6 Statistically Speaking 23% - percentage of American families that currently have pensions 61% - percentage of Americans that think they have pensions coming to them 30% - percentage of companies that currently offer pensions Year 2018 year in which Social Security will have a negative cash flow 25 million the number of Baby Boomers that have ZERO retirement savings $88,000 average amount that the Baby Boomers who have saved for retirement have put away 50% - percentage chance that, of a couple currently age 65, one will live to age 92
7 Statistics on Senior Investment Fraud Investment fraud involving senior citizens accounts for approximately 50% of all investor complaints. Approximately one third of all enforcement actions initiated by state regulators involves senior investment fraud.
8 Regulatory Concern Regulators are concerned about the potential for fraud involving senior citizens and the investment professional. Sample areas of particular concern: 1. Seminars targeting senior citizens 2. Designations used by investment and insurance professionals 3. Early retirement recommendations and advices
9 How is a "senior citizen" defined? It depends on whom you ask. Pennsylvania and New Jersey: anyone age 60 and over. Delaware, Connecticut, and Nebraska: anyone 65 and over. Conclusion: You need to know the laws of each of the states in which you conduct business
10 What are regulators and the S.R.O.s doing to protect senior citizens? Protection under legislative acts (laws) such as Securities, Insurance and Consumer Protection Acts Protection under Senior Protection in Annuity Transactions Acts Consider: NASD Notice to Members NASD D.P.P. proposals NASD Rule 2821 Educational outreach to senior citizens Enforcement actions
11 What is NASD Proposed Rule 2821? Entitled: "Members Responsibilities Regarding Deferred Variable Annuities" 4 th Amended Proposal March 5, 2007: Proposed Variable Annuity Sales Practice and Supervisory Standards Rule
12 NASD Proposed Rule 2821 If adopted with its current text, the proposed Rule would set forth recommendation requirements (suitability criteria), principal review and approval criteria, supervisory procedures and training obligations designed specifically to address variable annuity transactions.
13 What does the proposed Rule entail? Multiple prongs of responsibility I. Registered Representative II. III. Registered Principal Member Firms
14 Prong I: The Registered Representative "Reasonable basis" to believe the annuity is suitable Inform customer of the various features of the product Will the customer benefit from the transaction and the product?
15 Prong I: The Registered Representative If the recommendation involves an exchange, will there be surrender charges or increased costs? Has the customer exchanged an annuity in the past 36 months? Document the suitability determination
16 Prong II: The Registered Principal Responsibilities of the Registered Principal: Review the registered representative's suitability determinations Perform own analysis for purposes of suitability approval Do so before the application is transmitted to the company; no later than 7 days after the customer signs the application
17 Prong III: Firm Obligations Firm must establish and maintain specific written supervisory procedures "reasonably" designed to achieve compliance with the standards and obligations contained in the proposed Rule 2821 as well as other applicable NASD rules and laws.
18 Prong III: Firm Obligations Firm must implement surveillance procedures in order to determine if its registered representatives have levels or rates of engaging in deferred V.A. exchanges that may raise an issue, and hence possibly a review, of whether such volume of exchanges may reflect conduct which is noncompliant or inconsistent with the proposed Rule's provisions, S.R.O. rules and other applicable laws.
19 Prong III: Firm Obligations Policies and procedures "reasonably" designed to implement corrective measures to address both inappropriate exchanges and the registered representative who engaged in the inappropriate exchanges.
20 NAIC Model Senior Protection in Annuity Transactions Act Proposed Rule 2821 is similar in objective to the NAIC's Model Senior Protection in Annuity Transactions Act (MSPAT) Some states, such as Nebraska, Delaware and Connecticut have passed Acts similar to MSPAT
21 What the states are doing to protect "senior citizens" We will use Delaware, New Jersey and Pennsylvania as examples. We encourage you to educate yourself about the laws of the states in which you conduct business.
22 Delaware Senior Protection in Annuity Transactions Act Insurance regulation No private cause of action Gives the regulator the right to take corrective action Consumer Fraud Act Provides for private cause of action Applies to securities transactions Allows for treble damages
23 New Jersey New Jersey Senior Citizen Investment Protection Act Insurance regulation Limits how long surrender charges may be imposed Actual, or deemed, maturity date is the later of age 70 or the tenth anniversary of the contract Consumer Fraud Act Provides for private cause of action Applies to securities transactions
24 Pennsylvania Securities Act Higher enforcement penalties for violations against senior citizens Unfair Trade Practices and Consumer Protection Law Treble damages Attorneys' fees
25 Regulatory "Hot Topics" Seminars targeting senior citizens Professional designations directed towards senior citizens Early retirement recommendations, rollovers and allocations Sales through bank channels D.P.P. products
26 Professional Designations Over 90 designations, titles, degrees, affiliations NASD, SEC, state regulators each concerned about misuse of designations Regulators are concerned that designations are being misused or misrepresented to inspire trust and confidence in customers
27 NASD Conduct Rule 2210 Prohibits firms and associated persons from referencing nonexistent or self-conferred degrees or misrepresenting legitimate degrees
28 NASD's Explanation of Professional Designations NASD offers explanations of Professional Designations on its website, including: Pre-requisites Educational requirements Issuing organization Investor complaint process
29 What are some states doing with regard to professional designations? Nebraska prohibits use of senior designations Massachusetts proposes regulations requiring advisors to prove they have special senior expertise Pennsylvania has issued Cease and Desist Orders against at least one "senior specialist"
30 Senior Seminars Regulators concerned about the "free meal" lure Regulators concerned about "free estate planning" and "asset transfer" seminars What have we seen?
31 Senior Seminars SEC/NASAA Initiative to Protect Senior Citizens Intent to attend "free meal" seminars unannounced Enforcement proceedings Investor education and outreach States are also concerned Pennsylvania Attorney General offers advice to senior citizens on its website about senior seminars and recommendations to senior citizens Pennsylvania Securities Commission issues brochures and does commercials on the radio aimed at educating and protecting senior citizens
32 Early Retirement Pitches Regulators' concern: Free seminars Encouragement to retire early Roll over pension and/or 401(k) Plan in lump sum into IRA Recommend purchase of unsuitable securities or allocations What can Member Firms do?
33 Early Retirement Pitches: Recent Incidents Enforcement actions and customer arbitrations: Member broker/dealers lost customer-initiated arbitrations and were ordered to pay millions by NASD arbitration panels and then fined by NASD Enforcement Division. Brokers had offered free seminars and/or advices to long-term employees and persuaded some of those employees to retire early, cash out their companysponsored 401(k) and/or pension plans, and reinvest the rollover proceeds in accounts managed by the registered representatives associated with the firms. The brokers then placed these customers into investment products the brokers recommended and allegedly made representations that their monthly income from these investments would match the salary they'd been earning. In other words, the registered representatives allegedly assured the retirees that, in retirement, they could safely withdraw an amount equivalent to their salary.
34 Investment sales via bank channels Big business! Perception of regulations: Older customers who are bank clients are generally savers, not investors Regulators concerned because senior citizens are involved. Regulators concerned about these customers' ability to understand complex products and assume product and market risks
35 What can you, the Member Firm, do? Suggested "Best Practice" tips You know your sales force best: Educate the sales force Educate home office staff Educate the supervisors
36 What can you, the Member Firm, do? Consider: Training associated persons on these topics Issuing written bulletins to associated persons informing them of these issues Making sure home office and associated persons know the regulators' concerns
37 What can you, the Member Firm, do? Consider: Written notice to sales force reminding of regulatory concerns regarding: Senior citizen issues Advising on early retirement Advising on rollover versus guaranteed pension Advising on allocation of rollover assets Use of projections "72(t)"
38 What can you, the Member Firm, do? Provide the sales force with practice tips such as Encourage note taking by client 2. Have client fill out forms in their own handwriting 3. Client must sign documentation 4. Keep an organized file of client notes and documentation 5. Manage client expectations
39 What can you, the Member Firm, do? For your registered representatives that conduct seminars geared towards senior citizens: Seminar materials must be pre-approved and not changed or strayed from at the presentation stage NASD Rules require fair and balanced communications with the public Be clear as to designation (if allowed by member firm)
40 Additional tips for conducting seminars: If associated persons are soliciting a product, make sure they are appropriately registered Make attendees pre-register, fill out basic information (such as employer... i.e., Securities Commission) and ask for I.D. at the door.
41 Selling Investments to and Advising Senior Citizens Andrew Davitt, Esq. Direct Dial: Rachael Luken, Esq. Direct Dial: Marshall, Dennehey, Warner, Coleman & Goggin 1845 Walnut Street, 17 th Floor Philadelphia, PA 19103
Broker-Dealer Supervision of Variable Annuity Sales
Broker-Dealer Supervision of Variable Annuity Sales Clifford Kirsch Sutherland Asbill & Brennan LLP 1114 Avenue of Americas-40 th Floor New York, NY 10036 (212) 389-5052 clifford.kirsch@sablaw.com 1 Relevant
More informationFinancial Advisor Variable Annuity Sales Practices
Financial Advisor Variable Annuity Sales Practices Clifford Kirsch Sutherland Asbill & Brennan LLP 1114 Avenue of Americas-40 th Floor New York, NY 10036 (212) 389-5052 clifford.kirsch@sablaw.com 1 Relevant
More informationFinancial Services Issues for Senior Citizens
Financial Services Issues for Senior Citizens This document was developed by the State Financial Regulators Roundtable (SFRR), a group of State Regulators Membership Associations including banking, consumer
More informationANNUITY SUITABILITY WHY REGULATORS ARE CONCERNED. Wisconsin Office of the Commissioner of Insurance
ANNUITY SUITABILITY WHY REGULATORS ARE CONCERNED Wisconsin Office of the Commissioner of Insurance Agenda Why regulators are concerned about suitability. When may a sale be unsuitable. Serious violations.
More informationPlease see Section VIII. for Additional Information:
The Florida Senate BILL ANALYSIS AND FISCAL IMPACT STATEMENT (This document is based on the provisions contained in the legislation as of the latest date listed below.) BILL: CS/SB 166 Prepared By: The
More informationREVISED. SUITABILITY IN ANNUITY TRANSACTIONS MODEL REGULATION Executive Summary
REVISED SUITABILITY IN ANNUITY TRANSACTIONS MODEL REGULATION Executive Summary Commissioners Thomas R. Sullivan (CT) and Adam Hamm (ND) chair and vice chair of the Life Insurance and Annuities (A) Committee,
More informationHow To Get A Fixed Annuity From A Mutual Fund
Presentation on Suitability in Variable Annuity Sales - How to avoid [Your Name Here] pays $2 million to Missouri, other states, over variable annuity sales Introduction: Jefferson City, Mo. - Two companies
More informationPension Protection Act of 2006 Makes Significant Changes to Single Employer Defined Benefit Plans
Important Information Legislation November 2006 Pension Protection Act of 2006 Makes Significant Changes to Single Employer Defined Benefit Plans This is one of a series of Pension Analyst publications
More informationPHL Variable Insurance Company PO Box 8027, Boston, MA 02266-8027
PHL Variable Insurance Company PO Box 8027, Boston, MA 02266-8027 Phoenix Personal Income Annuity and Phoenix Personal Protection Choice Indexed Annuity Disclosure Document A Single Premium Deferred Modified
More informationGAO RETIREMENT SECURITY. Annuities with Guaranteed Lifetime Withdrawals Have Both Benefits and Risks, but Regulation Varies across States
GAO United States Government Accountability Office Report to Congressional Requesters December 2012 RETIREMENT SECURITY Annuities with Guaranteed Lifetime Withdrawals Have Both Benefits and Risks, but
More informationCONFIDENCE FLEX 85. Confidence is Liquidity Liquidity is Confidence
CONFIDENCE FLEX 85 Confidence is Liquidity Liquidity is Confidence THE CONFIDENCE SERIES A GROUP FLEXIBLE PREMIUM DEFERRED ANNUITY WITH PREMIUM BONUS GROUP POLICY FORM 01-1114-98 CERTIFICATE FORM 01-1114CA-98
More informationMississippi, Alabama Regulators Assess $225,000 Fine and Penalties Against AmSouth Investment Services
Page 1 of 5 FOR IMMEDIATE RELEASE: March 26, 2004 Agency Press Releases 2004 List 2003 List 2002 List 2001 List 2000 List 1999 List 1998 List 1997 List Search Press Releases CONTACT: David Blount, (601)
More informationCHAPTER 88. AN ACT concerning certain annuity products, and supplementing chapter 25 of Title 17B of the New Jersey Statutes.
CHAPTER 88 AN ACT concerning certain annuity products, and supplementing chapter 25 of Title 17B of the New Jersey Statutes. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey:
More informationJob Dislocation: Making Smart Financial Choices after a Job Loss
Investor Education Series Investor Alert Key Topics: Job Loss Plant Closing Layoffs Investment Fraud Health Insurance/Cobra 401(k) Hardship Withdrawals what s inside Making Smart Financial Choices after
More informationA CONSUMER GUIDE TO ANNUITIES INSURANCE ADMINISTRATION
A CONSUMER GUIDE TO ANNUITIES INSURANCE ADMINISTRATION TABLE OF CONTENTS Who We Are...1 How We Help Consumers....1 Resources For Consumers...2 What Is An Annuity?....2 Five Basic Questions For Understanding
More informationTHE CINCINNATI LIFE INSURANCE COMPANY. Annuity Product Training
THE CINCINNATI LIFE INSURANCE COMPANY Annuity Product Training I) Definitions a. Single Premium Deferred Annuity (SPDA) an annuity contract purchased with a single premium payment, periodic income payments
More informationGuaranteed Income for Life Select
Guaranteed Income for Life Select Adding a source of guaranteed income to your retirement A source of guaranteed income for life Retirement planning that incorporates a guarantee At John Hancock Retirement
More informationSettlement Options for Life Insurance Proceeds: Estate Planning
Settlement Options for Life Insurance Proceeds: Estate Planning Settlement Options for Life Insurance Proceeds: Estate Planning What are settlement options? Mode of receiving death proceeds A settlement
More informationHighlights of the. Boehringer Ingelheim. Retirement Savings Plan Retirement Plan. This brochure is intended for eligible employees of
Highlights of the Boehringer Ingelheim: Retirement Savings Plan Retirement Plan This brochure is intended for eligible employees of Boehringer Ingelheim hired after December 31, 2003. Table of Contents
More informationUNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION
UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION SECURITIES EXCHANGE ACT OF 1934 Release No. 55946 / June 25, 2007 INVESTMENT ADVISERS ACT OF 1940 Release No. 2610 / June 25, 2007
More informationDaily Opportunities To Capture Greater Lifetime Income...
Daily Opportunities To Capture Greater Lifetime Income... Highest Daily Lifetime Five SM variable annuity optional benefit HD Lifetime Five Offers:» 5% INCOME STREAM EVERY YEAR FOR LIFE, WITH NO ANNUITIZATION
More informationJob Dislocation. Making Smart Financial Choices after a Job Loss
Job Dislocation Making Smart Financial Choices after a Job Loss Who We Are FINRA FINRA, the Financial Industry Regulatory Authority, is an independent regulatory organization empowered by the federal government
More informationChoice 6. American Equity. Simple Choices for a Secure Retirement. The one who works for you!
American Equity Simple Choices for a Secure Retirement The one who works for you! A Good Plan is Always Better Than a Good Guess The security of your future begins today with sound planning and a dependable
More informationLooking Forward: Where Are We Headed on Life Insurance Suitability?
Looking Forward: Where Are We Headed on Life Insurance Suitability? ACLI Legal & Compliance Conference July 9, 2008 Karen Alvarado, Transamerica Susan Krawczyk, Sutherland Overview Observations Regulatory
More informationLegal Alert: NASD NTM 06-38: Life Settlements
Legal Alert: NASD NTM 06-38: Life Settlements September 19, 2006 NASD issued a Notice to Members 1 ( NTM 06-38 ) reminding firms and associated persons that life settlements involving variable insurance
More informationDOL Proposes Rule Redefining Fiduciary Status in the Investment Advice Context
DOL Proposes Rule Redefining Fiduciary Status in the Investment Advice Context By Tess J. Ferrera and Christine A. Schleppegrell June 3, 2015 Background The Department of Labor (DOL) released its long-awaited
More informationRegulatory Practice Letter May 2013 RPL 13-10
Regulatory Practice Letter May 2013 RPL 13-10 Senior Designations for Financial Advisers- CFPB Report Executive Summary The Bureau of Consumer Financial Protection s (CFPB or Bureau) Office of Financial
More informationLifetime Income Solutions for DC Participants
Lifetime Income Solutions for DC Participants Federal Regulators Offer New, Practical Guidance for Plan Sponsors 80% of participants responded that a guaranteed monthly payout benefit is a must have in
More informationLimitations on the Use of Specific Terms or Designations in the Sale of Life Insurance
INSURANCE 42 N.J.R. 10(1) October 4, 2010 Filed September 8, 2010 DEPARTMENT OF BANKING AND INSURANCE OFFICE OF CONSUMER PROTECTION SERVICES Limitations on the Use of Specific Terms or Designations in
More informationCalifornia Department of Insurance 15-Hour Life Settlement Broker Outline
Overview The following outline is a listing of the topics that must be addressed as part of a 15-hour life settlement broker course designed to meet the requirements in Section 10113.2 of the California
More informationBUYER S GUIDE TO FIXED DEFERRED ANNUITIES. Prepared by the National Association of Insurance Commissioners
BUYER S GUIDE TO FIXED DEFERRED ANNUITIES Prepared by the National Association of Insurance Commissioners OAR 836-051-0915 EXHIBIT 1 The National Association of Insurance Commissioners is an association
More informationTHE STATE OF WASHINGTON TO: DEPARTMENT OF FINANCIAL INSTITUTIONS SECURITIES DIVISION
STATE OF WASHINGTON SECURITIES DIVISION IN THE MATTER OF DETERMINING whether there has been a violation of the Securities Act of Washington by: Sarah Rose Sorensen; Sigh of Relief, Life and Financial,
More informationUNITED STATES OF AMERICA
UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION SECURITIES EXCHANGE ACT OF 1934 Release No. 76432 / November 12, 2015 INVESTMENT ADVISERS ACT OF 1940 Release No. 4262 / November
More informationWriting the Business - Compliance Guide Retirement Solutions Division
Writing the Business - Compliance Guide Retirement Solutions Division For Producer Use Only. Not For Use With the Public. The Retirement Solutions Division of Pacific Life makes this Writing the Business
More informationFixed Indexed Single Premium Deferred Annuity Disclosure SecurePlus Preferred 6, Policy Form 8965NJ(0212) With Rider Form 8967(0411)
Fixed Indexed Single Premium Deferred Annuity Disclosure SecurePlus Preferred 6, Policy Form 8965NJ(0212) With Rider Form 8967(0411) Qualified Annuity Non-qualified Annuity This is a summary document and
More informationImportant Disclosure Information
Important Disclosure Information Health Savings Account Custodial Agreement (Under section 223(a) of the Internal Revenue Code) Please keep this agreement with your HSA records. Thank you for choosing
More informationPension Protection Act of 2006 Changes Affect Single-Employer Defined Benefit Plans in 2008
Important Information Legislation June 2007 Pension Protection Act of 2006 Changes Affect Single-Employer Defined Benefit Plans in 2008 This is one of a series of Pension Analyst publications providing
More informationPersonal Retirement Bond Application Form
Personal Retirement Bond Application Form SECTION A: PRB HOLDER DETAILS First Name: Surname: Title: Address: Date of Birth: Email Address: Phone No: PPS/Tax Reference Number (evidence required): Marital
More informationPARTIES TO AN ANNUITY CONTRACT By: Edward J. Barrett
PARTIES TO AN ANNUITY CONTRACT By: Edward J. Barrett Overview An annuity is a contract between an annuity owner and an insurance company. However, while most other types of contracts involve only two parties,
More information(1) (2) (3) (4) SUBSCRIPTION AGREEMENT INSTRUCTIONS TO INVESTORS
INSTRUCTIONS TO INVESTORS Any person(s) desiring to subscribe for shares of common stock (the shares ) in Griffin Capital Essential Asset REIT II, Inc. (the Company ) should carefully read and review the
More informationCONSUMER S GUIDE TO. Annuities. Be secure and confident in the decisions you make
A CONSUMER S GUIDE TO Annuities Be secure and confident in the decisions you make Americans are living longer than ever before. How will they fund these extra years? There are many different approaches.
More informationI need a financial plan for life after DROP
deferred retirement option program (DROP) for the IBC model plan program I need a financial plan for life after DROP AXA Equitable is proud to support the IBC s Florida Education Initiative www.themodelplan.com
More informationVariable Annuities: Beyond the Hard Sell
Page 1 of 5 Variable Annuities: Beyond the Hard Sell May 27, 2003 The marketing efforts used by some variable annuity sellers deserve scrutiny - especially when seniors are the targeted investors. Sales
More informationThe Keystone Index 5 Annuity
The Keystone Index 5 Annuity A Smart Choice for Safety Concious Individuals Seeking Financial Security and Growth Keystone Index 5 Annuity Single Premium Deferred Equity Index Annuity (Policy form may
More informationthe Seibel Act, Safeguard Our Seniors Act, Regulatory Framework 2011 Wall Street Instructors, Inc.
A nnuities at their most basic level are a simple concept to grasp but as the old saying goes: the devil is in the details. Each contract has its own the unique set of provisions, which complicates the
More informationThe Hartford Saver Solution SM A FIXED INDEX ANNUITY DISCLOSURE STATEMENT
The Hartford Saver Solution SM A FIXED INDEX ANNUITY DISCLOSURE STATEMENT THE HARTFORD SAVER SOLUTION SM FIXED INDEX ANNUITY DISCLOSURE STATEMENT This Disclosure Statement provides important information
More informationWealth Management Platform. - Advisor Managed Portfolios - Part 2A Appendix 1. Program Brochure. For
Wealth Management Platform - Advisor Managed Portfolios - Part 2A Appendix 1 Program Brochure For VISION2020 Wealth Management Corp. One World Financial Center, 15th Floor New York, NY 10281 (800) 821-5100
More informationThe Increasingly Regulated World of IRA Rollovers... and What to Do About It FRED REISH, ESQ.
The Increasingly Regulated World of IRA Rollovers... and What to Do About It FRED REISH, ESQ. Capturing Rollovers With the aging of the baby boomers in a defined contribution world, the importance and
More informationFixed Deferred Annuities
Buyer s Guide to: Fixed Deferred Annuities with Appendix for Equity-Indexed Annuities National Association of Insurance Commissioners 2301 McGee St Suite 800 Kansas City, MO 64108-2604 (816) 842-3600 1999,
More informationBUYER S GUIDE TO FIXED DEFERRED ANNUITIES
BUYER S GUIDE TO FIXED DEFERRED ANNUITIES Prepared by the National Association of Insurance Commissioners The National Association of Insurance Commissioners is an association of state insurance regulatory
More informationColumbia Management SIMPLE IRA
Columbia Management SIMPLE IRA An Employer s Guide to Plan Set-Up Establishing a Plan is Easy 1. Read through this booklet before signing any forms. You may want to consult your tax and/or legal advisor
More informationIntroduction. Overview. One Size Does Not Fit All Variable annuities are not a one-sizefits-all
Introduction Overview One Size Does Not Fit All Variable annuities are not a one-sizefits-all investment. Variable annuities are products that have gained great popularity because of retirement planning.
More informationANNUITY DISCLOSURE MODEL REGULATION
Model Regulation Service 2 nd Quarter 2015 ANNUITY DISCLOSURE MODEL REGULATION Table of Contents Section 1. Section 2. Section 3. Section 4. Section 5. Section 6. Section 7. Section 8. Section 9. Section
More informationINVESTMENT ADVISORY MANAGEMENT AGREEMENT
INVESTMENT ADVISORY MANAGEMENT AGREEMENT This Investment Advisory Agreement ( Agreement ) is entered into this day of, 20, by and between Rockbridge Asset Management, LLC ( Rockbridge ), a Registered Investment
More informationFixed Deferred Annuities
Buyer s Guide to: Fixed Deferred Annuities National Association of Insurance Commissioners 2301 McGee St Suite 800 Kansas City, MO 64108-2604 (816) 842-3600 1999, 2007 National Association of Insurance
More informationBUYER S GUIDE TO FIXED DEFERRED ANNUITIES
BUYER S GUIDE TO FIXED DEFERRED ANNUITIES IT IS IMPORTANT that you understand the differences among various annuities so you can choose the kind that best fits your needs. This guide focuses on fixed deferred
More informationOctober 23, 2015. Ann Marie Regal, CFP Wealth Manager +65 9146 1862 amregal@globaleye.sg
October 23, 2015 Ann Marie Regal, CFP Wealth Manager +65 9146 1862 amregal@globaleye.sg Aron Lanie Wealth Manager +84 (0) 938531784 alanie@globaleye.com Disclaimer The information presented herein is for
More informationPension Protection Act of 2006 Makes Changes To Defined Benefit Governmental and Church Plans
Important Information Legislation November 2006 Pension Protection Act of 2006 Makes Changes To Defined Benefit Governmental and Church Plans This is one of a series of Pension Analyst publications providing
More informationsmart Distribution Options Massachusetts Deferred Compensation SMART Plan PARTICIPATE Office of the State Treasurer and Receiver General
smart S A V E M O N E Y A N D R E T I R E T O M O R R O W PARTICIPATE Distribution Options Massachusetts Deferred Compensation SMART Plan Office of the State Treasurer and Receiver General Live Your Dreams
More informationMACQUARIE LIFETIME INCOME GUARANTEE POLICY
MACQUARIE LIFETIME INCOME GUARANTEE POLICY series 1: Product disclosure statement issued 8 march 2010 Important NOTICE This Product Disclosure Statement ( PDS ) is dated 8 March 2010 and together with
More informationBUYER S GUIDE TO FIXED DEFERRED ANNUITIES. The face page of the Fixed Deferred Annuity Buyer s Guide shall read as follows:
BUYER S GUIDE TO FIXED DEFERRED ANNUITIES The face page of the Fixed Deferred Annuity Buyer s Guide shall read as follows: Prepared by the National Association of Insurance Commissioners The National Association
More informationTestimony Before the Securities and Exchange Commission and the Department of Labor s Employee Benefits Security Administration
Testimony Before the Securities and Exchange Commission and the Department of Labor s Employee Benefits Security Administration By Ms. Marilyn Capelli Dimitroff Chairman, Certified Financial Planner Board
More informationADMINISTRATIVE PROCEEDING BEFORE THE SECURITIES COMMISSIONER OF MARYLAND
ADMINISTRATIVE PROCEEDING BEFORE THE SECURITIES COMMISSIONER OF MARYLAND IN THE MATTER OF: * MATTHEW A. KRIMM * Case No. 2015-0120 and * KRIMM FINANCIAL SERVICES, LLC * and * ADAM DUSO * and * KAIROS CAPITAL
More informationInterplay Between FDA Advertising and Promotion Enforcement Activities, Product Liability, and Consumer Fraud Litigation
Interplay Between FDA Advertising and Promotion Enforcement Activities, Product Liability, and Consumer Fraud Litigation Leslie M. Tector Quarles & Brady LLP September 30, 2014 Objectives Which federal
More informationBUYER S GUIDE TO FIXED DEFERRED ANNUITIES WITH APPENDIX FOR EQUITY-INDEXED ANNUITIES
BUYER S GUIDE TO FIXED DEFERRED ANNUITIES WITH APPENDIX FOR EQUITY-INDEXED ANNUITIES Prepared by the NAIC National Association of Insurance Commissioners The National Association of Insurance Commissioners
More informationLeaving your employer? Options for your retirement plan
Leaving your employer? Options for your retirement plan Contents Evaluating your options 1 The benefits of tax-deferred investing 4 Flexibility offered by an IRA rollover 6 How to get started 9 Evaluating
More informationNATIONAL SENIOR INVESTOR INITIATIVE
NATIONAL SENIOR INVESTOR INITIATIVE A Coordinated Series of Examinations The SEC s Office of Compliance Inspections and Examinations and FINRA Table of Contents Executive Summary... 2 Background on the
More informationUNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION
SECURITIES ACT OF 1933 Release No. 9581 / May 1, 2014 SECURITIES EXCHANGE ACT OF 1934 Release No. 72073 / May 1, 2014 INVESTMENT ADVISERS ACT OF 1940 Release No. 3828 / May 1, 2014 INVESTMENT COMPANY ACT
More information(No. 210) (Approved August 28, 2003) AN ACT
(S. B. 754) (No. 210) (Approved August 28, 2003) AN ACT To create an Act for the Prevention of Fraud in Telemarketing; to set forth its purposes and to establish penalties. STATEMENT OF MOTIVES In Puerto
More informationBuyer s Guide for. Deferred Annuities. For personal, non-commercial use only.
Buyer s Guide for Deferred Annuities Prepared by the NAIC National Association of Insurance Commissioners The National Association of Insurance Commissioners is an association of state insurance regulatory
More informationLong Term Disability Conversion Insurance Application Instructions For Residents of: AR, CO, DC, KY, LA, NJ, NM, NY, OH, OK, PA, TN
Long Term Disability Conversion Insurance Application Instructions THE RIGHT TO CONVERT If your long term disability (LTD) insurance ends under your Employer s Group LTD Policy from Standard Insurance
More informationHow To Get A Life Insurance Policy In California
California Senate Bill 620 Impacts agents selling in the state of California only. This information, as it relates to products offered by Security Benefit Life Insurance Company, is being provided to you
More informationInvestment Advisory Disclosure Brochure
ADV Part 2A Appendix 1 211 E. High Street, Pottstown, PA 19464 610.323.5860 800.266.6532 www.mlfa.com Investment Advisory Disclosure Brochure March 25, 2013 This wrap fee program brochure provides information
More informationINCOME TAX AND THE SRP
INCOME TAX AND THE SRP (For Participants joining the Plan on or after April 15, 1998 Net Plan) The information provided below is for information purposes only - it is not tax advice. U.S. tax law is subject
More informationNORTHEAST INVESTORS TRUST. 125 High Street Boston, MA 02110 Telephone: 800-225-6704
NORTHEAST INVESTORS TRUST traditional IRA INVESTOR S KIT 125 High Street Boston, MA 02110 Telephone: 800-225-6704 Table of Contents NORTHEAST INVESTORS TRUST TRADITIONAL IRA DISCLOSURE STATEMENT...1 INTRODUCTION...1
More informationMacquarie Longevity Solutions. Macquarie Lifetime Income Guarantee
Macquarie Longevity Solutions Macquarie Lifetime Income Guarantee How can Macquarie help? The Macquarie Lifetime Income Guarantee Policy provides you with a flexible, low cost investment which guarantees
More informationChapter 605. (House Bill 882)
Martin O'Malley, Governor Ch. 605 Chapter 605 (House Bill 882) AN ACT concerning Life and Health Insurance Senior Investment Protection Insurance Producers Use of Senior or Retiree Credential or Designation
More informationFunding Your Buy-Sell Agreement with Disability Insurance
Platinum Advisory Group, LLC Michael Foley, CLTC, LUTCF Managing Partner 373 Collins Road NE Suite #214 Cedar Rapids, IA 52402 Office: 319-832-2200 Direct: 319-431-7520 mdfoley@mdfoley.com www.platinumadvisorygroupllc.com
More informationMapping Your Retirement Destination. ING Secure Index Seven Annuity. Flexible Premium Deferred Fixed Index Annuity. Your future. Made easier.
Mapping Your Retirement Destination ING Secure Index Seven Annuity Flexible Premium Deferred Fixed Index Annuity Your future. Made easier. Where will retirement take you? Before and during your retirement,
More informationNO. 17-11 DATE: June 27, 2011
NO. 17-11 DATE: June 27, 2011 TO: FROM: SUBJECT: All Producers Licensed in New Jersey James P. Payne, Compliance Officer Suitability in Annuity Transactions The purpose of this Compliance Bulletin is to
More informationYour Guide to Fixed Annuities
Your Guide to Fixed Annuities A Smart Choice for Safety Conscious Individuals Seeking Financial Security Protect Your Future Whether you re preparing for retirement or already enjoying retirement, a fixed
More informationVoya Financial Annuities and Retirement Services
COMPLIANCE DEPARTMENT CONTACT INFORMATION Voya Insurance and Annuity Company Kristi Cooper, VP and Chief Compliance Officer, MLRO Phone: 800-369-3690, Option 3, Ext. 698-7606 Email: kristi.cooper@voya.com
More informationSUITABILITY IN THE SALE OF FIXED LIFE AND ANNUITY PRODUCTS
SUITABILITY IN THE SALE OF FIXED LIFE AND ANNUITY PRODUCTS Gary C. Harriger, Esq. (410) 659-7755 On Tuesday June 11, 2002, the last day of the June NAIC meeting in Philadelphia, the Life Insurance and
More informationBuyer s Guide for. Deferred Annuities. Fixed
Buyer s Guide for Deferred Annuities Fixed Prepared by the NAIC National Association of Insurance Commissioners The National Association of Insurance Commissioners is an association of state insurance
More informationAnna M. Lascurain Deputy Attorney General
PETER C. HARVEY ATTORNEY GENERAL OF NEW JERSEY 124 Halsey Street Newark, New Jersey 07101 Attorney for Plaintiff Franklin Widmann, Bureau Chief New Jersey Bureau of Securities Anna M. Lascurain Deputy
More informationUNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION
UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION SECURITIES EXCHANGE ACT OF 1934 Release No. 78054 / June 13, 2016 INVESTMENT COMPANY ACT OF 1940 Release No. 32147 / June 13, 2016
More informationProviding income. when you need it for as long as you need it. MAX Income Single Premium Immediate Annuity is issued by
MetLife Income Annuity SM Providing income when you need it for as long as you need it Single Premium Immediate Annuity is issued by MetLife Investors USA Insurance Company and in New York, only by First
More informationKey Annuity Legislation
SB 482 (Johnston, Chapter 974) Key Annuity Legislation California insurance consumers are protected against insurance company insolvency or impairment by the California Life and Health Insurance Guarantee
More informationWealth Management Platform. - Model Portfolios Program - Part 2A Appendix 1. Program Brochure. For
Wealth Management Platform - Model Portfolios Program - Part 2A Appendix 1 Program Brochure For VISION2020 Wealth Management Corp. One World Financial Center, 15th Floor New York, NY 10281 (800) 821-5100
More informationSANDLAPPER Wealth Management, LLC. A SANDLAPPER company. Investment Management Agreement
800 E North Street 2 nd Floor Greenville, SC 29601 Investment Advisory Agreement Office/Advisor: / Account Number: This Agreement is entered into by and between: Client(s) (hereinafter referred to as you
More informationBuyer s Guide for. Deferred Annuities
Buyer s Guide for Deferred Annuities Prepared by the NAIC National Association of Insurance Commissioners The National Association of Insurance Commissioners is an association of state insurance regulatory
More informationSUITABILITY IN ANNUITY TRANSACTIONS MODEL REGULATION
Model Regulation Service April 2010 SUITABILITY IN ANNUITY TRANSACTIONS MODEL REGULATION Table of Contents Section 1. Section 2. Section 3. Section 4. Section 5. Section 6. Section 7. Section 8. Section
More informationA Consumer Guide For Annuity Products in New York
A Consumer Guide For Annuity Products in New York Boris Kulikov Wandanowak.com Andrew M. Cuomo, Governor Benjamin M. Lawsky, Superintendent New York State Department of Financial Services This guide provides
More informationPreparing for Your Retirement: An IRA Review
Preparing for Your Retirement: An IRA Review How much of your earning power will be available for your use when you retire? What will happen to your standard of living when your income ceases at retirement?
More informationCode means the Internal Revenue Code of 1986, as amended.
The American Funds Roth IRA Trust Agreement Pending IRS approval. Section 1 Definitions As used in this trust agreement ( Agreement ) and the related Application, the following terms shall have the meaning
More informationDesign your own retirement
Design your own retirement Lincoln Deferred Income Solutions SM Annuity Products issued by: The Lincoln National Life Insurance Company Not a deposit Not FDIC-insured May go down in value Not insured by
More informationNASD Notice to Members 00-44. Executive Summary
INFORMATIONAL Variable Contracts The NASD Reminds Members Of Their Responsibilities Regarding The Sale Of Variable Life Insurance SUGGESTED ROUTING The Suggested Routing function is meant to aid the reader
More informationA Consumer s Guide to Annuities
Insurance Facts for Pennsylvania Consumers A Consumer s Guide to Annuities 1-877-881-6388 Toll-free Automated Consumer Line www.insurance.pa.gov Pennsylvania Insurance Department Web site Accumulation
More informationAugust 6, 2004. Ms. Barbara Z. Sweeney NASD Office of the Corporate Secretary 1735 K Street, NW Washington, DC 20006-1500
NATIONAL ASSOCIATION O F INSURANCE AND FINANCIAL ADVISORS August 6, 2004 Ms. Barbara Z. Sweeney NASD Office of the Corporate Secretary 1735 K Street, NW Washington, DC 20006-1500 Via Electronic Mail: pubcom@nasd.com
More informationJob Dislocation. Making Smart Financial Choices After a Job Loss
Job Dislocation Making Smart Financial Choices After a Job Loss Who We Are FINRA FINRA, the Financial Industry Regulatory Authority, is an independent regulatory organization empowered by the federal government
More information