Fitch Maintains Rating Watch Negative on Phoenix Companies, Inc. [Manufacturing Close – Up]
{February 7th, 2013} by N/A
Fitch Ratings has maintained its Rating Watch Negative on the ‘B’ rated holding company Issuer Default Rating ofPhoenix Companies, Inc.’s (PNX) and the ‘BB+’ Insurer Financial Strength (IFS) ratings of PNX’s primary insurance operating subsidiaries pending release of final restatements of GAAP financials. Fitch notes that PNX was successful in getting approval from a majority […]
Government’s Case Against S&P: Ratings Stopped Making Sense
{February 7th, 2013} by Jonathan Stempel
Barely two weeks after the big subprime lender New Century Financial Corp. went bankrupt, a top Standard & Poor’s executive assured Congress that her employer could be counted on to sound the alarm for the next credit disaster. S&P ratings are “grounded in the cornerstone principles of independence, transparency, credibility and quality,” resulting in a […]
Insurance Segments to Watch in 2013 – Part Three: Reputational Risk
{February 7th, 2013} by Amy O'Connor
While many in the insurance industry were focused on the cyber liability, cargo theft, and weather segments in 2012, this year a number of insurers are turning their attention to other emerging markets with potential. Carriers and brokers are strategizing over how they can best address three hot topics in particular: healthcare, the fracking segment […]
LPL ordered to pay $2M in restitution
{February 7th, 2013} by Bruce Kelly
After announcing this morning that it posted record revenue in 2012 but failed to boost profits, LPL Financial LLC was hit with an order by Massachusetts Security Division to pay restitution of more than $2 million to investors who bought shares of nontraded real estate investment trusts. Massachusetts regulators also hit LPL with a […]
Retirement Assets To Double By 2020
{February 7th, 2013} by N/A
WINDSOR, Conn., Feb. 4, 2013—According to new LIMRA research, investible retirement assets of U.S. households aged 55+ will nearly double to $22 trillion by 2020. “There is a huge opportunity for the financial services industry to help Americans identify how much income they will need in retirement, develop a plan for investing their portfolio to […]
Thomas P. Tooley, ChFC®, CLU®, Elected to The American College’s Board of Trustees
{February 6th, 2013} by Connie Fontaine
Bryan Mawr, PA – February 5, 2013 — The American College announced today that Thomas P. Tooley, ChFC®, CLU®, Senior Vice President and Head of Insurance Solutions Distribution at Lincoln Financial Distributors, Inc., has been named as the newest member of its Board of Trustees. “Tom is a proven leader and will be an exceptional […]
The American who quit money
{February 6th, 2013} by Matt Neuman
I recently had an advisor share with me his new seminar closing and I was fascinated. I’m here to share it with you; but before doing so, I want to preface it with something. I realize everyone likes to close their presentations in a different fashion, so this might fit your style and it might […]
5 things all financial advisors should know about compliance
{February 6th, 2013} by Amy McIlwain
Compliance has been and continues to be a pressing topic when it comes to financial advisor social media. While advisors are becoming more comfortable with social media and acquainted with compliance regulations, it is something that must be thoroughly understood and re-visited on a regular basis. If you are a rookie in social media compliance, […]
UBS advisers break $1 million per FA revenue mark
{February 6th, 2013} by Bruce Kelly
UBS financial advisers in the U.S. crossed the threshold of producing more than $1 million in revenue per adviser during the fourth quarter. Average production was up 8% from $927,000 in the third quarter and 15% from $869,000 year-over-year, according to UBS Wealth Management Americas. Along with the record revenue per adviser, which […]
Policy Count Drops with Agents
{February 6th, 2013} by Patrick T. Leary
It is commonly accepted that face-to-face distribution within the insurance and financial services industry will continue to evolve rapidly. Click here to read…
More Product Debuts Don't Necessarily Mean Smash Hits
{February 6th, 2013} by Linda Koco
It would seem simple math that more new products ina particular line would lead to more sales. After all, advisors demand them to spur sales. Click here to read…
2013 Finds Players Taking Seats, Upping Game at the Annuity Table
{February 6th, 2013} by Linda Koco
There was something for just about every annuity wonk in the beginning of 2013. Click here to read…
The Hartford sets to transform
{February 6th, 2013} by Mark E. Ruquet
Liam E. McGee, The Hartford’s chief executive, says he is well following brain surgery and the company is on its way toward shifting its focusing primarily to its property and casualty business. “I feel great and very blessed,” McGee told financial analysts during a conference call after receiving well wishes from one analyst. The call […]
Insurers continue meeting with Feds over capital standards
{February 6th, 2013} by Liz Festa
As the insurance world awaits the insurance modernization report from Treasury’s Federal Insurance Office (FIO), perhaps in the coming week or weeks, the pace of discussion between insurers and federal regulators continues, a federal regulation is already here, or imminent, for some. MetLife and other insurers, in a variety of capacities, continue to meet with […]
Adult Children Put Parents On Financial Pedestal
{February 6th, 2013} by Margarida Correia
In the eyes of most children, parents are authoritative “know-it-alls” who can do no wrong. The perception sticks even as children become adults, at least when it comes to managing money. A new report from Fidelity Investments shows that adult children often put their parents on a financial pedestal, with nearly half (47%) saying that […]
Generating Retirement Income Still Eludes Many Advisors
{February 6th, 2013} by Lee Conrad
Advisors are struggling to serve baby boomer clients and their retirement income needs, according to a new study fromGDC Research and Practical Perspectives. The study finds that advisors are challenged with attracting and engaging with investors who are retired or almost retired. They are also divided as to the best way to generate sustainable income, […]
How to Recruit Gen Y Advisors
{February 6th, 2013} by Rachel F. Elson
Are advisors getting it wrong on recruiting and hiring? A new report out from Pershing finds a gap between what advisors say they ought to be doing and what they’re actually getting right. The firm’s Study of Advisory Success quizzed a variety of advisors (from RIAs, wirehouses, independent broker-dealers and more) about how their […]
On The Dow, Super Bowl And Financial Advice
{February 6th, 2013} by Linda Koco
Financial prognosticators have really been busy recently, and what they are doing may be muddying the waters for consumers. Advisors could come to the rescue. Here is the issue. Financial gurus are finding it important to weigh in on whether the Dow hitting 14,000 and the Baltimore Ravens winning the 2013 Super Bowl are […]
Corporate culture trumps all
{February 6th, 2013} by Thomas K. Brueckner
One of the most consequential decisions any investment or insurance professional will ever make is the choice of which companies to align themselves with for the distribution of product, marketing initiatives and client service support. You are not only deciding upon the brands, products and solutions in which you’ll specialize, but whose corporate culture you […]
SEC Charges Fla. Pair With Defrauding Seniors
{February 6th, 2013} by N/A
WASHINGTON, Feb. 4 — The Securities & Exchange Commission issued the following news release: The Securities and Exchange Commission today charged a husband and wife who raised millions of dollars selling investments for a purported charitable organization in Tallahassee, Fla., while defrauding senior citizens and significantly exaggerating the amount of contributions actually made to […]
Tweet-challenged? Bulk of advisers still don't use social media for business
{February 6th, 2013} by Liz Skinner
Compliance concerns continue to keep most financial planners from using social networks such as LinkedIn, Twitter and Facebook for professional purposes. Only 45% of advisers and planners said they use social media for work, even though nearly three-quarters of them use the sites personally, according to a survey of 3,532 professionals with the certified financial […]
New York Life execs join boards of bereavement nonprofits
{February 6th, 2013} by Michael K. Stanley
New York Life announced that Senior Vice President Angela Kyle and Managing Partners Thomas Krach, Mark Madgett, and Frank Scarpa have joined the boards of nonprofit organizations focused on childhood bereavement. Childhood bereavement, a pet cause of The New York Life Foundation since 2008, the charitable arm of New York Life is a subject that […]
Iowa joins lawsuit against credit rating agency
{February 6th, 2013} by N/A
Iowa has filed a consumer fraud lawsuit against a credit rating agency accused of improperly giving high ratings on risky mortgage investments. Attorney General Tom Miller announced Tuesday that the state’s lawsuit in Polk County District Court against Standard & Poor’s Ratings Services is part of a coordinated civil law enforcement effort with other states. […]
Allianz Life named as Top Workplace 2013
{February 5th, 2013} by Michael K. Stanley
Allianz Life Insurance Company of North America (Allianz Life) has been named as one of the top places to work in the country. The distinction is part of WorkplaceDynamics’ inaugural “National Top 150 List.” WorkplaceDynamics is an employee survey provider that has polled over 1.7 million people over the last year. Allianz Life ranked number […]
MetLife to acquire Chilean pension business Provida
{February 5th, 2013} by Michael K. Stanley
MetLife agreed to purchase Chile’s largest private pension fund, AFP Provida S.A. (Provida) for $2 billion. The deal will be funded by a public cash tender offer for the outstanding shares of Provida and Spanish lender Banco Bilbao Vizcaya Argentia will transfer 64.3 percent of its stake to MetLife. Provida had $45.3 billion in assets […]
ING to cough up $5.2 million in Labor Department settlement
{February 5th, 2013} by Darla Mercado
The Labor Department has ordered ING Life Insurance and Annuity Co. to pay $5.2 million to 1,400 retirement plan clients for failure to disclose the company’s practice of holding onto any investment gains that resulted from transactions that weren’t processed in a timely manner. The firm also will shell out a $524,508.73 civil penalty […]
Getting seminar attendees into your office, Pt. 1
{February 4th, 2013} by Katherine Vessenes
Probably the most crucial part of any sales process is getting your seminar attendees to commit to coming to your office. You may be the best speaker in town, but if you can’t motivate your audience to meet with you, you won’t be in business for long. Here are a few things I have […]
Alternatives to CD and Money Market Accounts—When Zero is Your Hero
{February 4th, 2013} by Dariusz Godlewski
“Rule No.1: Never lose money. Rule No.2: Never forget rule No.1” -Warren Buffett When we start talking about investing or retirement planning there are many options from which to choose. There are qualified accounts like IRAs, 401Ks, and non-qualified. There are stocks, bonds, mutual funds, annuities, and cash value life insurance just to name a […]
Building your practice through better positioning, Pt. 3: Telling the income rider story
{February 4th, 2013} by Shawn Moran
Is it worth paying a fee for income predictability and reliability? In the final installment of this three-part series, I share a story I use to position income riders to my clients. As we head into the conclusion of this series, I want to share with you a metaphor that I use when positioning […]
Fee- or commission-based: Does it matter to seniors?
{February 4th, 2013} by Daniel Williams
We spoke with senior clients recently to find out if their advisor is fee- or commission-based and what they thought about how their financial professional is compensated. Following are highlights from those conversations. Click here to read…
Industry girds for DOL fiduciary rule
{February 4th, 2013} by Arthur D. Postal
Insurance agents and brokers are awaiting with bated breath a revised proposal from the Department of Labor (DOL) that would establish new rules for sale of investment products to beneficiaries of company-sponsored retirement plans and IRAs. The industry universally fears that such a regulation, if finalized, would eliminate commissions as a source of broker-dealer compensation […]
Top 5 Insurers For Each Social Media Platform
{February 4th, 2013} by Chris McMahon
Of the 13 largest insurance companies studied, MetLife, Farmers and Liberty Mutual are the most successful with social media, according to “Who’s Covered? Insurance Social Media Showdown,” a report that examined the social-media activity of insurers from Sept. 1 to Oct. 31, 2012. The report was produced by Unmetric, a social media benchmarking company. […]
Insurance Industry Predicts Super Bowl XLVII
{February 4th, 2013} by N/A
Insurance experts who make their living predicting and paying losses overwhelmingly believe that the Baltimore Ravens are headed for a loss in Sunday’s Super Bowl XLVII (47 for those who never learned Roman numerals). According to a quick online poll by the Insurance Journal Academy of Insurance, 62 percent of insurance professionals pick the San […]
Insurers Respond To Top 5 Potential Industry Disruptors
{February 4th, 2013} by Chris McMahon
Insurers likely face a future that includes more regulations, more demanding consumers, more challenging investment markets, more catastrophe losses and much more data to be consumed, managed and analyzed, according to “Top Five Disruptors in the Next Five Years for Insurers,” a report from Novarica. The top five potential disruptors to the P&C industry […]
The Benefits Of Holistic Planning
{February 4th, 2013} by Cerulli Associates
There are more than 67,000 financial advisors with the Certified Financial Planners (CFPs) designation, accounting for more than 20 percent of the total industry headcount. With a new “fiduciary standard” for advisors coming down the pike, and the broker/dealers’ shift away from investment advice and toward holistic wealth management, the financial planner description seems a […]
Like predecessors, White not perfect
{February 4th, 2013} by N/A
In choosing Mary Jo White as his nominee to head the Securities and Exchange Commission, President Barack Obama has picked someone with a rare background for the position. There is no perfect career path for the role of chairman of the SEC. The chairmen appointed by the four most recent presidents had varied backgrounds, and […]
Why many FMOs are Standard and Poorer
{February 4th, 2013} by Kevin Startt
The myths about FMO value adds have certainly been exposed on Producers Web and in these blogs. After having spent 20 of my 33 years on the investment side, I continue to be amazed at how FMO consultants use a one-dimensional head fake to try and help advisors capture maximum index returns through correct product […]
Lifetime income options seen in DC plans' futures
{February 4th, 2013} by Andy Stonehouse
Although they don’t go quite as far as initially mentioning the ever-controversial word “annuity,” retirement trade organizations say they believe the future of the defined contribution plan will have to include more options for guaranteed lifetime income. A new report from the Insured Retirement Institute echoes the sentiment that using guaranteed lifetime income options as […]
Cogent Research: Thought Leadership Proves A Key Differentiator For Retirement Income Providers
{February 4th, 2013} by N/A
CAMBRIDGE, Mass.–(BUSINESS WIRE)–With advisors using an average of seven providers to meet the retirement income needs of clients, firms that can articulate a clear understanding of retirement income issues, help advisors manage and invest for income, and demonstrate their retirement income leadership position are most likely to stand out and be considered for future investment. […]
Annuities Targeting A Different Level Of Donors – 01/30/2013
{February 4th, 2013} by N/A
Some of the nation’s largest nonprofits are reporting fewer charitable gift annuities (CGA) in recent years amid historically low interest rates, but the CGAs they do receive are larger than in the past. “It was a huge part of our income stream, probably until 10 years ago even, and it has declined year in and […]
Gen X, Gen Y Not Focused On Retirement Saving
{February 4th, 2013} by Margarida Correia
How many Gen X and Gen Y consumers are saving for retirement? Not nearly enough, according to LIMRA, an industry-funded research group. In a new report, titled “Sowing the Seeds for Retirement: Gen X and Gen Y Markets,” LIMRA found that younger investors are not giving retirement the attention it deserves. Less than half […]
OMG! You Work With Millennials!
{February 4th, 2013} by Melissa Hillebrand
Are you having trouble collaborating with your young producer? Fail! And statistics prove it: Two out of three newly hired producers don’t last 2 years, according to the IIABA–and the total cost to the agency is four to six times the producer’s annual salary. The track record for bringing successful salespeople into the independent […]
Live! OneVoice2013: FSI cautions Finra about bonus disclosure proposal
{February 1st, 2013} by Frederick P. Gabriel Jr.
The main trade group representing independent-contractor broker-dealers will soon go public with its concerns over a Financial Industry Regulatory Authority Inc. proposal to require brokers to disclose recruiting incentives. While the Financial Services Institute Inc. has yet to file an official comment letter on the proposal, the group has identified three main areas of […]
LIMRA: 4 Strategies To Increase Productivity
{February 1st, 2013} by N/A
A recent LIMRA/McKinsey study identified four strategies that increase advisor productivity by more than 30 percent. The study found that the most productive advisors use one or more of these four strategies: 1.Teaming (regularly partnering with other advisors for specialized needs): The percentage of advisors teaming with others has increased eight percentage points since 2008. […]
RMDs Trigger Prime Time For Income Annuities
{February 1st, 2013} by Linda Koco
When do most advisors start talking with clients about income annuities? Quick, grab a pencil and jot your answer. Then read on. Executives from CANNEX USA say the prime time for today’s advisors to have “the talk” is when clients reach their late 60s or early 70s. This is not accidental, according to CANNEX President […]
Spending Cuts, Debt Ceiling Could Impact Tax Picture
{February 1st, 2013} by Kenneth Corbin
Financial advisors may have breathed a sigh of relief after lawmakers reached a deal to avoid the fiscal cliff, but the next several weeks will bring more debate, and potentially more turmoil, over big-ticket budget items that could dramatically alter the strategies you recommend to clients. Andy Friedman, principal at the policy-analysis shop the […]
Exploring the impact of interest rates on annuities, life products
{February 1st, 2013} by JONATHAN MUSGRAVE
With interest rates near all-time lows, the entire industry is feeling the squeeze. Carrier investment returns are down. Crediting rates for clients have fallen. Click here to read…
CFP Board Releases Survey On Social Media Use
{February 1st, 2013} by N/A
Survey shows that while many use it personally, only about half of CFP® professionals use social media professionally. WASHINGTON, Jan. 31, 2013 /PRNewswire-USNewswire/ –Certified Financial Planner Board of Standards, Inc. today released the results of a comprehensive survey of Certified Financial Planner™ professionals’ use of social media along with a new guide to help CFP® professionals navigate the ever-changing world of […]
