Wells Fargo

Risks in Reverse Mortgage Market Lead to Wells Fargo Exit

Bloomberg reports that Wells Fargo Bank is exiting the reverse mortgage market. Wells is apparently concerned about the risk of further declines in residential real estate prices. A reverse mortgage puts a bank like Wells Fargo in the role of lender with the home serving as the asset or collateral for the loan. Further declines in home values put the bank at risk since the asset base against which they are lending is shrinking while their obligation stays the same. A deflationary environment is...

Saybrus Partners Lands Wells Fargo Advisors as Client

Life insurance consultancy Saybrus Partners recently landed Wells Fargo Advisors as a new client. Saybrus is a relatively new venture that was formed with backing from the Phoenix Companies.

The Five Most Interesting Companies at Finovate

Finovate is a popular conference series featuring young technology companies that are focused on financial services.

Bank Annuity Sales

Banks are a powerful source of annuity sales.

The most recent quarterly results for bank annuity sales was $582.6 million.  This amount represents income from fees and commissions on product sales, and it is a decrease of 20.7 percent from the previous year's quarterly figure of $734.5 million.

Retirement Income Product Innovation a Possibility in Wake of Financial Crisis

The financial crisis may have one unintended consequence that would prove beneficial for millions of retirees. There is a renewed focus among providers of retirement income products in the wake of the financial crisis. The crisis has provided an opportunity for the remaining life and annuity insurers and asset managers to rethink their product offerings. The result could be a wave of innovation that is focused on retirement income and asset decumulation rather than asset accumulation and...