No surprises here.
Firm drops variable-annuity product. Voya Financial Advisors is restricting the sale of variable-annuity sales for retirement planning amid increasing pressure from regulators, InvestmentNews reports. Voya’s 2,200 brokers are no longer allowed to sell a type of variable-annuity contract known as an “L share” if the annuity contract includes riders. The firm says it received Finra “guidance” that such annuities are presumptively unsuitable. “We feel strongly that it is in the best interests of our advisers and their clients to make this change to Voya Financial Advisors’ suitability policy,” says Tina Hurley, an executive with the firm.
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