
JPMorgan’s Asset Management Arm Names New Chief Retirement Strategist
J.P. Morgan Asset Management promotes head of education savings to lead retirement insights and research division.

SEC Cites Broker/Dealers for Not Meeting Reg BI Standards
The SEC issued a warning after finding issues, including advisers not properly disclosing conflicts of interest or maintaining written policies.

Morningstar, PAi Follow DOL Rule with ESG-Driven Pooled Employer Plan
Third-party administrator PAi has teamed up with Morningstar to offer small and medium-sized businesses an employer retirement plan with an ESG overlay.

Republican States Challenge DOL ESG Rule in Court
A 2022 DOL rule clarifying that ESG strategy can be used in fiduciary decisions was challenged by 25 states in a Texas federal court.

Advisory M&A
Charles Schwab acquires resource provider to family wealth firms; Voya completes acquisition of benefits administrator Benefitfocus; Franklin Templeton partners with fixed-annuity index provider to build out product offering; and more.

SECURE 2.0 Makes a Few Changes to Annuities
While not the focus of the bill, annuities gained increased flexibility and availability.

New York Life Investment Management Names New CEO
The country’s largest mutual life insurer taps Naïm Abou-Jaoudé from a subsidiary to head its investment division, overseeing $371 billion in AUM.

Most Advisers Seeking Options Like HSAs, 529s to Compete for New Plans
Advisers are most interested in adding HSAs, 529s and emergency savings accounts to their offerings, according to a survey by small plan provider Vestwell.

CFP Restructures To Boost Diversity in Financial Advisement
The CFP Board is creating a new entity to advance financial planning as a career; separately, Broadridge’s Fi360 is funding 100 investing certifications for women and people of color.

Research: Adding Alts To Target-Date Funds Can Boost Savings Outcomes
Adding private market investments to TDFs can boost retirement income as much as 2%, according to Georgetown and WTW research.

Retirement Industry People Moves
Private Advisor Group Taps Frank Smith to be CEO; Accelerate Retirement names Thurston managing director; The Marygold Companies appoints fintech president to lead launch of new banking and investing app; and more.

States’ Suit Could Delay DOL Rule on ESG Investing
Rule to permit ESG considerations is due to take effect on Monday, but a federal lawsuit aims to derail it.

Investment and Product Services
Vanguard offers multi-sector income bond fund; Hub starts HR technology consulting practice; Vestmark launches six direct-index separately managed accounts; and more.

LIMRA: Individual Annuity Sales Shatter Prior Record in 2022
The trade association found retail annuity sales were 17% higher than a prior 2008 record, driven in part by investors locking in higher interest rates as well as seeking safety from market volatility.

SEC Proposal Would Restrict Conflicted Asset-Backed Securities
The proposal seeks to implement a provision in the Dodd-Frank financial reform law and would prevent asset-backed security issuers from betting against their own products.

Capital Group Names New CEO as Part of Leadership Changes
CEO Tim Armour will be replaced by Mike Gitlin in a wide-sweeping change at the top of one of the leading mutual fund providers for defined contribution retirement plans.

OneAmerica Teams Up With Benartzi on New Retirement Income Product
The personalized strategy to provide a monthly retirement paycheck was designed by behavioral economist Shlomo Benartzi; a pilot program is in the field with retirement plan advisers and plan sponsors.

SageView Launches Financial Education Platform for Participants
One of the country’s largest independent retirement plan advisories taps Kerry Woods to lead a new financial readiness platform to provide financial planning services for retirement plan participants.

SECURE 2.0 Error Threatens Catch-Up Contributions, but Meaning Is Clear
A mistake in SECURE 2.0 legislation would eliminate both future and existing retirement plan catch-up contributions, though IRS interpretation to keep the rule as intended seems possible.

Cetera to Acquire Securian Financial’s Retail Wealth Business
Cetera will bring 1,000 Securian financial professionals into its network.