Efforts by the National Association of Securities Dealers to regulate sales of variable annuities more tightly may favor wirehouses over other VA retailers.[@@]
Andrew Kligerman, the lead life sector analyst at UBS Investment Research, New York, presents that conclusion in a research note based on a recent conference call with the executive in charge of the UBS annuities sales program.
The executive, John Mulhall, the UBS annuities product director, said a proposed NASD rule that could require registered principals to review and approve VA sales could strain the supervisory resources available to independent financial planners and small regional firms, Kligerman writes.
