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What’s Behind the War on Variable Annuities?

17:00 23 January in Articles Written by Jon Henschen by rafferty

January 22, 2019 By Jon Henschen, ThinkAdvisor Beyond the current fight over Ohio National trailing commissions, it seems that broker-dealers and regulators hate VAs; but for some investor clients, the security they offer makes them lovable. After the market carnage of 2008-2009, a number of advisors shared stories with me about clients who would literally kiss them in adoration, so grateful for the fact that their nest egg suffered no losses during this market turbulence because they were invested in variable annuities with living benefits. Clients like to make money. More importantly, they don’t want to lose money. Advisors who market principal protection often fulfill these objectives with variable annuities and fixed indexed annuities, which provide underlying guarantees. During the last two years, however, the regulatory environment has become increasingly hostile toward advisors that largely focus...

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What Advisors, BDs Should Do About Ohio National’s End of Trailing Commissions

19:19 01 December in Articles Written by Jon Henschen by rafferty

November 20, 2018 By Jon Henschen, ThinkAdvisor The insurance company's decision to stop trails on variable annuities is now the target of numerous lawsuits, which could spread like wildfire through the industry.   Ohio National’s decision to stop trail payments has started a wave of legal actions — and this is before the change is set to take effect on Dec. 12, 2018. Here’s a list of some of the legal actions being taken against Ohio National: LPL Financial representative Lance Browning filed a lawsuit in federal district court; Veritas Independent Partners filed a lawsuit in federal district court; Commonwealth Financial Network has filed a lawsuit as well as an arbitration claim; Cetera Advisor Networks and First Allied filed suit, claiming breach of contractual obligations for Ohio National’s failure to pay millions of dollars in compensation;...