Wealth management

by Kevin Rex

NASD Fines AmEx Financial Advisors $350K for Improper Sales: The National Association of Securities Dealers has censured and fined American Express Financial Advisors Inc. $350,000 for its questionable sales of variable annuities and variable life insurance products.

by Bob Rywick

by Melissa Klein

The Principal Financial Group Unveils COLI Financing Options: Employee benefits provider and 401(k) administrator the Principal Financial Group has introduced Benefit Variable Universal Life, a financing vehicle for nonqualified deferred compensation plans for both smaller and growing companies.

by Bob Rywick

Financial Data Aggregator Partners with Portfolio Software: ByAllAccounts, a financial data aggregation company, is pooling its resources with wealth management software provider netDecide to design a new product for financial planning professionals.

by Bob Rywick

by Melissa Klein

The early withdrawal 10 percent penalty tax for distributions before age 59-1/2 from a qualified retirement plan or an IRA does not apply to distributions that are part of a series of substantially equal periodic payments that are made at least annually for:

by Melissa Klein

by Bob Rywick

TIAA-CREF Unit Adds Four: The Advisor Services unit of TIAA-CREF, a major pension provider and financial services concern said that it has added four executives.

by Cynthia Harrington, CFA

by Bob Rywick

by Melissa Klein

Equitable Enhances Product Portfolios: The Equitable Life Assurance Society of the United States - a wholly owned subsidiary of AXA Financial Inc. - has redesigned its Universal Life and Survivorship Universal Life product portfolios with enhancements of existing features and benefits.

AIG To Begin Expensing Stock Options: Insurance and financial services concern American International Group Inc. has joined a growing list of Fortune 500 companies that have said they will begin expensing stock options. The company said that it would begin reporting the value of its employee stock options as an expense beginning next year. The company, however, said that it would have a scant impact on earnings, pointing out that had the company expensed options in 2001, it would have reduced its EPS by just 5 cents. In recent weeks, other companies, such as General Electric, Bank One Corp., Coca-Cola Co. and Procter & Gamble Co. have said that they will begin expensing options.

by Bob Rywick

Neuberger Berman To Expense Options: Investment advisory concern Neuberger Berman Inc. said it would expense the cost of all stock options the company grants beginning January 2003.