Fiduciary 401(k) Proposal a ‘Broadside Attack’ on Annuity Market
November 20, 2023 by Austin R. Ramsey
The Biden administration’s controversial new fiduciary investment advice proposal has in its cross hairs a $300 billion life insurance annuities market with deep ties to 401(k)s as a method for delivering steady retirement income.
Click HERE to read the full story via Bloomberg Law
Wink’s Moore on the Market: What?!?
The indexed annuity market is not a $300 billion market. It is merely a $78 billion market, Austin R. Ramsey.
Further, this is not a “showdown between Wall Street and DOL’s benefits regulator.” If anything, it is a showdown between the insurance industry and the DOL’s benefits regulator. Wall Street has nothing to do with insurance products, such as indexed annuities.
What on earth is meant by “junk fees?” Indexed annuities generally have no fees. I am just curious what fees could be the target, here.
Just trying to get journalists on board with reporting factual information…garbage in, garbage out. -sjm
