Sunday, 19 May 2019
BREAKING NEWS

Steak Dinner and Annuities: Retirement Product Surges After Fiduciary Rule’s Demise

Eloise Prevost at home in Peoria, Ariz. Ms. Prevost began investing in annuities several years ago after she accepted a dinner invitation from an annuity salesman.
Eloise Prevost at home in Peoria, Ariz. Ms. Prevost began investing in annuities several years ago after she accepted a dinner invitation from an annuity salesman. Photo: Caitlin O’Hara for The Wall Street Journal

A retirement investment product associated with steak-dinner sales pitches is flourishing thanks to the death of a regulation once expected to curtail it.

Annuity sales totaled $59.5 billion in the April-to-June period, the highest since late 2015, according to the Limra Secure Retirement Institute. Sales are expected to remain strong through at least the rest of the year.