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Variable Annuities: Current Issues and Considerations

SKU: FR1900
Total Credits
1 - 1.2
Price$50
  • Online Access
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Description

This CLE program covers suitability and supervision considerations for variable annuities. Industry panelists discuss monitoring, use of exception reports and effective practices for training registered representatives on variable annuities. FINRA staff highlights areas of focus for examiners and recent examination deficiencies related to the sale of variable annuities.

After attending this session, you will be able to:

  • Understand suitability considerations relating to the sale of variable annuities.
  • Implement effective practices related to the supervision of variable annuities.
  • Implement effective training of registered representatives and principals on variable annuities.
  • Summarize the areas of focus on examinations of variable annuities and examination deficiencies.

FINRA® is a registered trademark of the Financial Industry Regulatory Authority, Inc.

Lecturer Bios

Ed Wegener

Ed Wegener is Senior Vice President and Midwest Regional Director for FINRA. In that role, he is responsible for leading the department of Member Regulation’s regulatory efforts for the region including its surveillance and examination programs. Mr. Wegener started with FINRA (fka NASD) in 1998. Since that time, he has lead or been involved in several significant fraud, sales practice and financial and operational examinations and investigations. He has served in a leadership role in a number of key strategic initiatives for the organization including the design and implementation of FINRA’s risk-based examination program. FINRA is responsible for regulating brokerage firms and licensed brokers doing business in the United States. The Midwest Region covers firms and individuals conducting securities business in the states of Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin. FINRA’s Midwest Region is made up of approximately 130 surveillance and examination staff. Mr. Wegener is a graduate of Illinois State University and he has a Certified Regulatory and Compliance Professional designation from the FINRA Institute at the Wharton School of the University of Pennsylvania. Mr. Wegener has completed the FINRA Leadership Program at the Wharton School and the Leadership Development Program at the Center for Creative Leadership.

Lawrence Kosciulek

Lawrence Kosciulek is Director in FINRA’s Regulatory Policy Department, previously named Investment Companies Regulation. He served in the same capacities at NASD before its 2007 consolidation with NYSE Member Regulation, which resulted in the formation of FINRA. He is responsible for administering and interpreting the rules relating to investment companies and variable contracts, and working with FINRA Board Advisory Committees in developing policies and procedures regarding investment companies regulations. He is Liaison to the Independent Dealer/Insurance Affiliate Committee, a FINRA Board Advisory Committee. He has also assisted in the creation of various publications, including Notice to Members (NtM) 95-80 (Mutual Fund Sales Practices), NtM 99-35 (Variable Annuity Guidelines), NtM 99-55 (Q&A – Non-Cash Compensation), NtM 00-44 (Variable Life Insurance Guidelines), Regulatory Notices 09-32 and 10-05 (Deferred Variable Annuities) and Regulatory Notice 09-42 (Variable Life Settlements). He began his career in 1976 in the Chicago District Office of NASD. In November 1994 he transferred to NASD’s home office in Washington, DC. Mr. Kosciulek received a degree in Finance from Northern Illinois University and has completed several professional education programs.

Jeffrey B. Williams

Jeffrey B Williams is the Vice President and Chief Compliance Officer (CCO) for Northwestern Mutual Investment Services, LLC, a SEC registered Broker Dealer and Investment Advisor, and a subsidiary of The Northwestern Mutual Life Insurance Company. The primary products offered by the firm through its 6,000 registered representatives are mutual funds, variable annuities, bonds and exchange traded products. Mr. Williams joined The Northwestern Mutual Life Insurance Company in 1991 as the corporate Risk Manager. In 2006 he became the CCO for Northwestern Mutual Investment Services. In his capacity as the CCO, Mr. Williams is responsible for the firm’s compliance program, including its policies, supervisory procedures and monitoring controls. Mr. Williams received a B.S. degree in Business Administration from the University of Illinois (Champaign) in 1977.

Ron King

Ron King is Chief Compliance Officer with the Capital Investment Companies. He has been with the firm since 2007 and in the financial securities industry since 1994. Mr. King is a graduate of The Southeastern Trust School of Campbell University and a 2006 graduate of the National Association of Insurance and Financial Advisors Leadership in Life Institute. Prior to joining Capital, he served as an Investigator with the North Carolina Secretary of State Securities Division. He is married with one child and enjoys fly fishing, classic cars and photography.



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