MetLife says Obama plan threatens ability to advise middle class
{July 31st, 2015} by KATHERINE CHIGLINSKY, SELINA WANG
(Bloomberg) — MetLife Inc. said its dual roles of offering retirement products and advising customers are threatened by a U.S. Labor Department proposal that was designed to make sure savers’ interests are put first. “Without substantial modifications, the proposal could force companies such as MetLife to choose between manufacturing individual annuities and distributing,” Chief Executive Officer Steve Kandarian said […]
Highland Capital Brokerage Names Patrick Mulheran Managing Principal for HCB Heartland
{July 31st, 2015} by Wilma Turner
Highland Capital Brokerage, Inc. (HCB), a subsidiary of Ladenburg Thalmann Financial Services Inc., (NYSE MKT: LTS) announced today that it has named Patrick Mulheran as the managing principal for HCB’s regional office located in Indianapolis, Indiana. Mr. Mulheran will replace John Mulheran, managing principal for HCB Heartland who is retiring effective August 1. Mr. Mulheran […]
LPL Made 15,000 Tech Changes In Past Year
{July 31st, 2015} by InsuranceNewsNet
One goal is to fully automate LPL’s roughly 20 million pages it uses each year and eliminate the experience of working in an office over-filled with files. Click here to read…
Survey: Advisors ‘Overwhelmingly Positive’ About The Future
{July 31st, 2015} by Cyril Tuohy
A survey of registered investment advisors and fee-based advisors finds that most of them are focused on the long term, embrace technology and are not particularly worried about the “roboadvice” movement. Results are included in the first “Advisor Authority Executive Report,” by Jefferson National, distributor of the popular Monument Advisor suite of variable annuities. Among […]
Financial Services Guide 2015: Are annuities the answer?
{July 31st, 2015} by Grant Bledsoe
With baby boomers hitting retirement age in droves (about 10,000 per day in the U.S.), many are concerned about outliving their assets. With the U.S. still at record low interest rates and market valuations on the high side, many retirees have worries about drawing sufficient income from their nest eggs to afford the golden years […]
MetLife Posts 22% Drop in Second-Quarter Net Income
{July 31st, 2015} by Dennis Gorski
MetLife’s second-quarter net income dropped 22% to $1.04 billion. Revenue for the quarter fell 2% to $17.4 billion, the company said. “MetLife delivered strong double-digit operating earnings growth in the second quarter,” said Steven A. Kandarian, chairman, president and chief executive officer of MetLife. “Investment margins remained healthy despite persistent low interest rates, and underwriting […]
Weak Annuity Sales Show No Signs of Recovery, AnnuityFYI Says
{July 31st, 2015} by Steve Kaufman
Despite the retirement and pending retirement of Baby Boomers — the most affluent and second-biggest generation in American history — annuity sales are faltering and may not rebound, according to AnnuityFYI, an online informational resource for annuity shoppers. Data from the Insured Retirement Institute (IRI), Morningstar Inc., Beacon Research and LIMRA Secure Retirement Institute underscore […]
Prudential Shuts Down Curian Capital, a Jackson National Subsidiary
{July 31st, 2015} by Bloomberg
(Bloomberg) — Prudential Plc, the U.K.’s biggest insurer by market value, is winding down the Curian Capital asset management operation in the U.S. after a review of its business. Curian will stop accepting new accounts July 31 and expects to exit the business around the end of March, the Denver-based company said Thursday in a […]
2Q Earnings Slide In Insurance Sector
{July 31st, 2015} by Cyril Tuohy
Second quarter earnings reports dominated the news from the world of life and annuity companies this week. Among the developments of note in the earnings reports was that second quarter was a good one for American Equity Life, which took advantage of two competitors who scaled back on their annuity offerings, allowing American Equity to […]
MetLife: Fiduciary Rule Threatens Ability To Advise Middle Class
{July 31st, 2015} by Bloomberg
(Bloomberg) — MetLife Inc. said its dual roles of offering retirement products and advising customers are threatened by a U.S. Labor Department proposal that was designed to make sure savers’ interests are put first. “Without substantial modifications, the proposal could force companies such as MetLife to choose between manufacturing individual annuities and distributing,” Chief Executive […]
How will technology affect the role of insurance brokers? BLOG
{July 31st, 2015} by Sean McCormick
The Challenge… I have been in my current role with Unum for just over three years. Prior to working in the insurance industry, I studied finance at Bentley University in Waltham, Mass. I work with broker partners across the central and western New York markets to help develop forward-thinking and consultative ancillary/voluntary benefits strategies for […]
Morgan Stanley ordered to pay $2.4M arbitration award over former broker’s trades
{July 31st, 2015} by Trevor Hunnicutt
A Finra arbitration panel has ordered Morgan Stanley to pay at least $2.4 million in the latest round of claims by clients of a former Mississippi broker who has repeatedly been accused of mishandling investments, . A group of physicians and their family members were the latest clients to be awarded a monetary judgment after […]
Zurich Insurance Examining Bid For RSA Of Britain
{July 31st, 2015} by InsuranceNewsNet
Zurich Insurance Group said on Tuesday that it was examining making an offer for its smaller British rival RSA Insurance Group. Shares of RSA rose 11.1 percent to 486.30 pence, or about $7.55, on the news in early trading in London on Tuesday. RSA brought in Stephen Hester, a former chief executive of Royal Bank […]
Life Carriers Lag Behind In Customer Tech Support
{July 31st, 2015} by Ron Sussman
These days, people can bank through their smartphone, trade stocks online and instantly view their investments – all thanks to the latest Internet and mobile technology. Unfortunately, the same can’t be said about life insurance. Unlike other financial institutions, life insurance companies have been slow to implement consumer-oriented technology, or even to provide policy data […]
DOL Rule Affects More Than Advice, Execs Say
{July 31st, 2015} by Cyril Tuohy
A revised fiduciary standard for retirement accounts will affect more than the way advice is given to clients, according to corporate executives from the financial services industry. They say the rule would have an imprint on everything from product development to information technology to the revenue volume generated by individual business segments. The statements from […]
AIG Names Dachille to manage $350 billion, will acquire his firm
{July 31st, 2015} by Sonali Basak
American International Group Inc. Chief Executive Officer Peter Hancock hired former colleague Doug Dachille to oversee the insurer’s investment portfolio of more than $350 billion, and agreed to buy his firm. Dachille, 51, was named chief investment officer and takes over the duties of William Dooley, who is retiring, New York- based AIG said in […]
3 dos and don’ts for insurance innovation (Part 1)
{July 31st, 2015} by Maria Ferrante-Schepis
The word innovation seems to be on the lips of many more insurance industry executives today than it was even three years ago. C-suite executives are declaring innovation to be a top priority, and many are taking steps to embed innovation into their organizations. If you are one of those people, this article is intended […]
Death from heroin overdose covered under “accidental death” policy
{July 31st, 2015} by Steven A. Meyerowitz
A federal district court in California, distinguishing between “accidental means” and “accidental death” insurance policies, has ruled that an insured’s death from a self-administered heroin overdose was accidental and covered by the governing policy. The Case Angelica Jones’ husband, Rodney, died of a heroin overdose that allegedly occurred as a result of his self-injection of […]
Milliman Survey Indicates Past Trends Continue: Life Insurers Focus on Living Benefit Riders and Indexed Universal Life
{July 30th, 2015} by Milliman
SEATTLE, July 30, 2015 /PRNewswire/ — The popularity of indexed universal life (IUL) products has increased over the last few years as reported by participants in Milliman’s annual comprehensive study of universal life (UL) and IUL issues. Total IUL sales as a percent of total UL and IUL sales combined for survey participants increased from […]
Coach Clients on More Than Just Finances
{July 30th, 2015} by Kathy Kristof
Less than six months after hanging out a new shingle, Scott Highmark can already lay claim to $500 million in assets under management at Mosaic Family Wealth. The money comes from clients that he and his partner, Larry Shikles, worked with at Morgan Stanley before they left in February. “Our legacy business was not subject […]
Symetra Financial Co. Plans $0.50 Special Dividend (SYA)
{July 30th, 2015} by Faye Duncan
Symetra Financial (NYSE:SYA) declared a special dividend on Thursday, July 30th, ARNreports. Shareholders of record on Monday, August 10th will be paid a dividend of 0.50 per share on Friday, August 28th. A number of research firms have recently commented on SYA. JPMorgan Chase & Co. lifted their target price on Symetra Financial from $22.00 to […]
American Equity Investment Life Holding (AEL) Issues Quarterly Earnings Results
{July 29th, 2015} by Doug Madison
American Equity Investment Life Holding (NYSE:AEL) released its earnings results on Wednesday. The company reported $0.64 earnings per share (EPS) for the quarter, topping the Thomson Reuters consensus estimate of $0.60 by $0.04, Analyst Ratings.Net reports. Separately, Zacks raised American Equity InvestmentLife Holding from a “hold” rating to a “buy” rating and set a $31.00 price […]
New Data Reveals Millennials Upending Traditional Retirement Saving Strategies
{July 29th, 2015} by Jamie Johnson
DES MOINES, Iowa–(BUSINESS WIRE)–Newly released, independent research uncovers that millennials are less hopeful about traditional retirement savings products. The study found that a surprisingly large number of millennials, 52 percent, are very or somewhat interested in annuities, indicating that those just starting to save for retirement are planning to depend on alternative retirement savings products. […]
Orlando insurance agent arrested for pocketing client premiums
{July 29th, 2015} by Paul Brinkman
State authorities arrested a 67-year-old Orlando woman on allegations that she collected insurance premiums from people and simply pocketed them for personal use. The state’s Division of Insurance Fraud announced the arrest Monday. They allege that Julia Shurdom was working for Absolute Insurance Services with a suspended license when she committed the fraud. Orlando fraud […]
Fidelity & Guaranty Life Launches Exciting New Modified Single Premium Annuity
{July 29th, 2015} by Paul Tyler
Fidelity & Guaranty Life, a leading provider of fixed indexed annuities (FIA) and fixed indexed universal life products, today announced the launch of FG Retirement Pro, an innovative annuity offering that is designed to provide income payments for retirees. The company designed this unique product to offer protection in retirement by potentially growing the benefit […]
Evensky: Fee-only advisors face annuity dilemma
{July 29th, 2015} by NICK THORNTON
Don’t confuse fee-based RIAs with fee-only RIAs if you want to talk fiduciary regulations with Harold Evensky and expect to get away with it. Evensky, chairman of Evensky, Katz and Foldes Financial, a fee-only wealth management firm with about $1.5 billion in assets under management, is credited with being one of the first to pioneer […]
Genworth Enters Into Negotiations With AXA To Sell Lifestyle Protection Insurance Business
{July 29th, 2015} by PR Newswire
Genworth Financial, Inc. (NYSE: GNW) announces it has entered into exclusive negotiations with AXA S.A. after receiving an irrevocable offer to purchase its lifestyle protection insurance business. The company expects to accept the offer and execute an associated purchase agreement upon completion of the French works council1 consultation process. The sale price is expected to […]
Life Insurance With Living Benefits: A Policy With Built-In ‘Apps’
{July 29th, 2015} by Tracy King
It’s 10 p.m. and as I go to sit down for the first time today, I realize I forgot to call the orthodontist, forgot to schedule a strategy meeting for work, need to update my homeowners insurance for the deck we built, and still need to write a check for school lunches. I’ve been up for 15 […]
California Makes an Annuity Best Practice a Law
{July 29th, 2015} by Linda Koco
The California legislature has passed, and the governor has signed, a new fixed annuity law that essentially codifies a surrender charge practice that most annuity carriers have followed as a matter of everyday practice—or a “current best practice,” as Insurance Commissioner Dave Jones has put it. The measure, Senate Bill 426 (Leyva), requires that, when […]
New Online Submission Tool Simplifies the Process of Writing Annuity Business
{July 29th, 2015} by PR Web
PANORA, IOWA (PRWEB) JULY 28, 2015 Independent insurance agents nationwide can help speed up and simplify the process of writing annuity business, thanks to a new online submission tool available at Brokers International. The online application portal, called WriteNow, provides agents with: The most up-to-date forms; Checkpoints to ensure complete and accurate applications; and Saved […]
Broker-Dealers Embracing Fixed Indexed Annuities as Demand Grows
{July 27th, 2015} by Andrew Simonelli
The Insured Retirement Institute (IRI) today released a new research report showing that fixed indexed annuities (FIAs) are becoming a greater part of broker-dealers’ annuity business. The IRI report found that FIAs made up 10 percent of total broker-dealer annuity sales in 2014, and half of broker-dealers expect this share to continue to grow. “The […]
Financial Planner seeks Insurance Appointment Setter
{July 27th, 2015} by Victoria Peterson
Financial Planner seeks Insurance Appointment Setter Only considering candidates who meet the following requirements: Minimum 2 years Insurance/Financial experience setting appointments with a proven track record. Ability to connect and build rapport. Find out what clients main goals and concerns are about Retirement and what’s most important to them. Must have experience with booking new […]
Sammons Financial Group Appoints Greg Smith as Chief Marketing Officer of Broker-Dealer and Bank Distribution
{July 27th, 2015} by JOHN MYERS
Sammons Annuity Group, a division of Sammons Financial Group, is proud to announce the appointment of Greg Smith as Vice President and Chief Marketing Officer of Broker Dealer and Bank Distribution. He will be responsible for refining and implementing the bank and broker dealer strategy. “We’re very excited to have Greg as a member of […]
Raymond James Advisor Force Reaches Record Size
{July 27th, 2015} by InsuranceNewsNet
Recruiting stayed strong as Raymond James reported a 6% increase in quarterly profits for its wealth management unit year over year. Click here to read….
The Superfluous Life Insurance Policy
{July 27th, 2015} by InsuranceNewsNet
Of the over 18.4 trillion dollars’ worth of all forms of life insurance in force, over 85 percent of those policies are surrendered or lapsed before death. 1 The insureds, however, can salvage some of these assets to be used for charitable donations. In reviewing your client’ s assets, be sure to address life insurance […]
Hartford Losing Its Ties To The Insurance Industry
{July 27th, 2015} by Hartford Courant (CT)
In the mid- to late-1950s, Connecticut General Life Insurance Co. shook the foundation of the city’s venerable insurance industry when it built a suburban office complex in Bloomfield — becoming the first insurer to move out of downtown Hartford. A defensive Connecticut General chief executive promised that the company would still be close by and […]
Questions On DOL Rule Focus On Preserving Annuity Business
{July 27th, 2015} by Cyril Tuohy
U.S. Department of Labor Secretary Thomas E. Perez this week suggested he was ready to work with the financial advisory industry to improve proposed conflict of interest rules. But he left no doubt that his agency was serious about pushing through tougher rules. For sellers of fixed annuities, a sticking point in the DOL proposal […]
Principal Financial Posts 21% Drop in 2Q Net as Exchange Rates Affect International Business
{July 27th, 2015} by Renée Kiriluk-Hill
Principal Financial Group’s second-quarter net income dropped by 21% while total operating revenues climbed by 34%. Principal reported net income of $241.1 million. In its international business, Principal operating earnings dropped by 13%, to $59.3 million. It said foreign exchange rates were largely to blame. The company said its $539.9 billion in assets under management […]
Mutual Life Insurer Meiji Yasuda to Acquire StanCorp for US$5 Billion
{July 27th, 2015} by Iris Lai
Meiji Yasuda Life Insurance Co. has agreed to acquire StanCorp Financial Group Inc. in the United States for approximately US$5 billion. The buy moves the Japanese mutual life insurer into the international market. Meiji Yasuda will acquire all outstanding shares of StanCorp for US$115 per share in cash. The acquisition price represents a 50% premium […]
Fixed index annuities: Sales growing, products evolving
{July 27th, 2015} by ED MCCARTHY, CFP, RICP
Indexed annuities (IAs or fixed index annuities [FIAs]) continue to produce solid business results. LIMRA Secure Retirement Research reported that the products’ sales reached $48.2 billion in 2014, a 23 percent increase over 2013. For the first time, FIAs accounted for more than a 50 percent market share for all annuity sales. Click here to […]
The accidental insurance agent
{July 27th, 2015} by LORI WIDMER
To Christopher Sullivan, a perfect world is one in which insurance agents would be viewed in the same light as attorneys andaccountants. Sullivan, a risk management advisor with Powers Insurance and Benefits in Clayton, Missouri, says insurance is just as crucial to a business’s longevity, yet is often looked upon as a commodity rather than […]
Social Security is here to stay, and advisors are studying up
{July 27th, 2015} by JOYCE HANSON
Long live Social Security. That’s the message from Social Security’s trustees in their annual report released last week, saying the federal program is in better shape than last year, and they’re supported in that message by financial advisors who routinely use Social Security as part of their retirement income planning for clients. On Wednesday, the […]
Missouri Changes Asset Protection Law For Married Couples
{July 27th, 2015} by InsuranceNewsNet
On July 10, 2015, Governor Jay Nixon of Missouri signed Senate Bill No. 164, which dramatically changes the Missouri qualified spousal trust requirements and, as a consequence, the entire asset protection landscape for Missouri married couples. The new law takes effect on Aug. 28, 2015 and should apply to traditional as well as same sex- […]
Miami Insurance Agent Arrested For Fraud
{July 27th, 2015} by Miami Herald
A Miami insurance agent faces several felony fraud and grand theft charges after detectives say he stole more than $80,000 from four clients by giving them fake policy documents, the Florida Department of Financial Services’ Division of Insurance Fraud announced Wednesday. Mandy Rodriguez, 35, was arrested Wednesday and charged with one count of unlawfully diverting […]
Ameriprise Operating Earnings Rise In Flat Investing Environment
{July 27th, 2015} by Star Tribune
Ameriprise Financial Inc. said its second-quarter operating earnings rose 6 percent to $436 million and its investment level held relatively steady after overseas earnings were dented by the effect of the strong dollar. The Minneapolis-based financial management firm also said its net income rose 11 percent to $415 million and revenue jumped 2 percent to […]
DOL, Industry Years Apart on Fiduciary Rule Implementation Schedule
{July 27th, 2015} by Cyril Tuohy
The dust has barely settled between U.S. Department of Labor regulators and the financial advisory industry over the finer points of a proposed fiduciary rule and both sides are ready to square off over the implementation sequence of the rule. The American Council of Life Insurers said the DOL needs to give the industry at […]
California Makes an Annuity Best Practice a Law
{July 27th, 2015} by Linda Koco
The California legislature has passed, and the governor has signed, a new fixed annuity law that essentially codifies a surrender charge practice that most annuity carriers have followed as a matter of everyday practice—or a “current best practice,” as Insurance Commissioner Dave Jones has put it. The measure, Senate Bill 426 (Leyva), requires that, when […]
10 of the wealthiest U.S. women
{July 27th, 2015} by DAN BERMAN
There’s plenty of evidence that the wealth of women is growing. A Wells Fargo survey last year found that not only are women accruing more money, but they also enjoy investing their resources. The rise in wealth among women got us wondering who are among the richest in the U.S. Click there to read…
Man Pleads Guilty To Duping Family With Fake Life Insurance Policy For 12 Years
{July 27th, 2015} by Commercial Appeal
Eric Boyland testified Tuesday that no other family should have to endure what his family experienced after discovering a man had stolen his mother’s life insurance money. Boyland said he has worked with juveniles, but “when you get to that point when you’re an older person, you should know better,” Boyland said. Jerry Gardner, 62, […]
The DOL fiduciary rule: reactions from 4 industry associations
{July 27th, 2015} by WARREN S. HERSCH
The Department of Labor’s proposed fiduciary rule on retirement account investment advice is bad for the industry and bad for consumers. This is the overwhelming consensus of industry associations that have submitted last-minute letters in advance of a comment deadline set by the DOL. Among the organizations voicing concerns: the Association for Advanced Life Underwriting […]
Fixed indexed annuity sales displacing some VA products at BDs
{July 27th, 2015} by DANIELLE ANDRUS
Although variable annuity sales, both with and without guaranteed lifetime income benefits, far outpace total annuity sales for broker-dealers, fixed indexed annuity sales account for 10 percent of broker-dealers’ total annuity sales, according to a survey released Monday by the Insured Retirement Institute. Furthermore, FIAs are starting to displace sales of VAs and traditional fixed annuities. Almost […]
Sen. Warren rips Primerica president during Senate panel on DOL rule
{July 27th, 2015} by NICK THORNTON
A well-mannered, at times jocular subcommittee hearing on the Department of Labor’s conflict of interest proposal in the Senate turned in tone when Sen. Elizabeth Warren, D-Massachusetts, took to questioning panel witnesses. One in particular, Peter Schneider, president of Primerica Inc., a Georgia-based provider of investment services distributed through a channel of 90,000 advisors, was specifically signaled out by […]
Midland Park Man Admits Stealing $650,000 From Investment Company Clients
{July 27th, 2015} by Paul Nichols
Kwen Y. Chun, a former registered representative of a broker-dealer offering investment products and services, including variable life insurance and annuities, today admitted using his position to steal more than $650,000 from the company’s clients, U.S. Attorney Paul J. Fishman announced. Chun, 58, of Midland Park, New Jersey, pleaded guilty before U.S. District Judge Susan […]
Lincoln National Hires Voya’s Hobbs for Annuity Risk-Management
{July 27th, 2015} by Katherine Chiglinsky
Lincoln National Corp. hired Carey Hobbs as head of variable-annuity risk management to help with the day-to-day oversight of its hedge program. Hobbs, 38, joins from Voya Financial Inc. where he was head of market risk management, Radnor, Pennsylvania-based Lincoln said Wednesday in a statement. He replaces Eoin Elliffe and will report to Lincoln’s chief […]
How much retirement income will $1 million generate?
{July 27th, 2015} by Walter Updegrave
How much retirement income can I get from a $1 Million nest egg? — Darrell, Texas I hate to sound as if I’m equivocating, but the answer depends on a whole bunch of factors, including your age, your sex, the level of interest rates and the investment returns you earn, how long you would like […]
ACCUSED SENIOR SCAMMER SIPHONED THOUSANDS FROM DEAD WOMAN’S BANK ACCOUNT
{July 27th, 2015} by Corin Hoggard
A Fresno money manager is accused of scamming seniors to help pay off his own massive debts. The numbers just didn’t add up. Thousands of dollars were leaving Alta Crawford’s trust fund — money the Kern County woman left behind for her children and grandchildren. When state insurance investigators checked into it, they discovered more […]
Meiji Yasuda to pay $5 billion for StanCorp
{July 27th, 2015} by ALLISON BELL
Meiji Yasuda Life Insurance Company has agreed to pay $5 billion in cash for StanCorp Financial Group Inc. (NYSE:SFG), the parent of The Standard. The deal amounts to $115 per share, or a price about 50 percent higher than the recent stock price. StanCorp, a company founded in 1906, has been a top player in […]
Broker/Dealers Embracing FIAs As Demand Grows
{July 22nd, 2015} by InsuranceNewsNet
The Insured Retirement Institute (IRI) today released a new research report showing that fixed indexed annuities (FIAs) are becoming a greater part of broker-dealers’ annuity business. The IRI report found that FIAs made up 10 percent of total broker-dealer annuity sales in 2014, and half of broker-dealers expect this share to continue to grow. “The […]
MetLife Enters The Individual QLAC Market
{July 22nd, 2015} by Cyril Tuohy
MetLife’s announcement today that it had entered the individual qualifying longevity annuity contract (QLAC) market offers advisors and their clients more retirement income flexibility. This comes as millions of baby boomers become subject to required minimum distribution (RMD) rules beginning next year. MetLife’s individual QLAC is built on the company’s Guaranteed Income Builder deferred income […]
DOL Secretary Questioned Over Proposed Fiduciary Duty Rule
{July 22nd, 2015} by Frank Klimko
Lawmakers questioned U.S. Department of Labor Secretary Thomas Perez over the possible unintended consequences of a proposed rule that would extend conflict of interest fiduciary duty requirements to brokers and dealers — including those who provide consumer retirement advice. U.S. Sen. Johnny Isakson, R-Ga., chairman of the Senate Labor subcommittee on Employment and Workplace Safety, […]
The living benefits of life insurance: Eye on 2 riders
{July 22nd, 2015} by Greg Linde
Most people have a basic understanding of life insurance: as a product that provides a death benefit for loved ones left behind. But what about using life insurance to protect against other financial risks? The chances of a long-term illness, for instance, are greater than many people realize. Click here to read…
Voya’s New Indexed Universal Life Insurance Solution Offers Protection and Flexibility for Retirement Planning
{July 22nd, 2015} by Voya Financial, Inc.
Voya Financial, Inc. (NYSE: VOYA), announced today that its Individual Life business has launched a new cash value life insurance solution that allows consumers to protect the financial future of their loved ones while building cash value that can be used to supplement retirement income. Voya Indexed Universal Life–Accumulator (Voya IUL–Accumulator)1 provides consumers with a […]
New Connecticut law protects retirees’ annuity benefits from creditors
{July 22nd, 2015} by Jerry Geisel
The pension benefits earned by Connecticut residents whose employers transfer those liabilities to insurers under corporate pension derisking — programs will be protected from creditors under a new state law. In such programs, employers, who include such well-known organizations as Bristol-Myers Squibb Co., General Motors Co., Kimberly Clark Corp., and Motorola Solutions Inc., have transferred […]
Sammons Financial Group Names Ann Hughes as Chief Distribution Officer of Annuities
{July 22nd, 2015} by John Myers
Sammons Annuity Group, a division of Sammons Financial Group, is proud to announce the appointment of Ann Hughes as Vice President and Chief Distribution Officer. She will be responsible for setting strategic direction for distribution activities of the organization, which includes developing the sales, recruiting, and training strategy for distribution channels. “We are pleased to […]
California Governor Signs Bill Prohibiting Surrender Penalties on Fixed Deferred Life Annuities
{July 21st, 2015} by Thomas Harman
California Gov. Jerry Brown has signed a bill prohibiting insurers from charging surrender penalties on life annuities paid as a death benefit. The new law also requires the death benefit for fixed deferred annuities be at least equal to either the annuity amount or the accumulation value for those annuities issued to consumers 65 years […]
Credit Suisse cites impact of fiduciary rule on insurers
{July 21st, 2015} by Arthur D. Postal
The comment period closes today (Monday) on a regulation proposed by the Department of Labor that, if imposed in its present form, would have a sweeping impact on insurers, agents and advisors. The DOL expects thousands of comment letters, and insurers and agents, as well as industry lawyers and trade groups, have been working on […]
The dangerous lie Dave Ramsey tells about cash value life insurance
{July 21st, 2015} by Michael Markey
Numbers fascinate me. Patterns and coincidence puzzle me. The other day I was in a meeting, sitting across from one of those leg-crossing men. Click here to read…
Fiduciary Rule Comment Period Ends Tuesday
{July 21st, 2015} by Cyril Tuohy
Advisors and industry groups who want to comment on the U.S. Department of Labor’s (DOL) proposed fiduciary rule, also known as the conflict of interest rule, have until 11:59 p.m. Tuesday, July 21, to submit written comments. Advisors, trade organizations and others who are interested in making their voices heard on the proposed rules should […]
The Future of the Insurance Industry Is a Present Concern
{July 21st, 2015} by William J. Hold
Three trusted organizations have come together to empower the next generation of insurance professionals with opportunities and learning resources. The National Alliance- dedicated to the mission of bringing new people to the industry- has joined with Assurex Global to become the inaugural Sustaining Partners of Gamma Iota Sigma. According to William J. Hold, CRM, CISR, […]
New Women’s Financial Services Organization Announced
{July 21st, 2015} by Amy Jeffryes
Life & Annuity Masters (LAAM), a national insurance marketing organization, has launched the organization Women Empowering Financial Independence (WEFI). WEFI, a nationwide, woman-owned and operated organization based in Simi Valley, California, is dedicated exclusively to helping women succeed in the insurance and financial services industry. Reinventing the way the insurance and financial services industry does […]
Emulating Their Elders Can Help Young Adults Get Rich, Fed Says
{July 20th, 2015} by InsuranceNewsNet
The key to success for young adults struggling to build wealth in the aftermath of the biggest economic downturn since the Great Depression may come down to a familiar bit of advice: Mind your elders. Click here to read…
Napkin-Eating Broker Agrees To Cooperate With SEC
{July 20th, 2015} by InsuranceNewsNet
Among recent enforcement actions by the SEC, the middleman in the Post-It notes insider trading case agreed to settle with the agency; a hedge fund manager admitted wrongdoing and paid $4.5 million in SEC penalties for reporting bad information; and 34 defendants were charged in a scheme to manipulate the market for microcap securities. Click […]
Robust Growth Predicted In The RIA Channel
{July 20th, 2015} by Cyril Tuohy
Yes, many financial advisors are retiring and it’s not clear whether they can be replaced in big enough numbers to sustain the industry over the long term. Yes, the regulatory burdens on advisors are greater than they ever have been before and appear likely to thicken. Yes, registered investment advisors (RIAs) are bound to face […]
DOL Fiduciary Rule Would Slam Variable Annuities, Credit Suisse Says
{July 20th, 2015} by John Hilton
The Department of Labor’s proposed fiduciary rule will disproportionately harm financial firms that deal significantly in variable annuities, according to Credit Suisse analysts. In a July 12 research note, Credit Suisse singles out Lincoln National, Prudential Financial and Aegon as three firms for which VAs have been “an important driver of earnings growth.” VA sales […]
Best and Worst States To Live In When Preparing For Retirement
{July 20th, 2015} by Jamie Hopkins
New research, the LPL Research Retirement Index, from LPL Financial ranked U.S. states on their attractiveness for pre-retirees as they save and prepare for the challenges ahead in retirement. According to David Reich, Executive Vice President Head of Retirement Partners at LPL, this new index is important because most other retirement indexes examine how people are doing in retirement as […]
What If Social Security Disappeared Tomorrow?
{July 20th, 2015} by Capital (Annapolis, MD)
What if American citizens’ pessimistic concerns about Social Security and its viability for the future turned out to be accurate? What if tomorrow Congress got together and came to a fateful compromise? Rather than trying to increase taxes or allow private investment accounts with the currently collected FICA taxes, they dissolved the program. Click here […]
AIG expands presence in Chinese-American life insurance market
{July 20th, 2015} by Warren S. Hersch
American International Group has unveiled an initiative to expand access to life insurance for Chinese-American consumers in the United States. As part of AIG’s plan to build out its product distribution network, the insurer has begun recruiting “several hundred” life insurance agents to serve Chinese-Americans. The carrier is also instituting measures to better serve this […]
NAIC highlights consumer complaints
{July 20th, 2015} by Brian Anderson
State insurance departments received nearly 280,000 official complaints and 1.9 million inquiries last year, according to a recently released report from the National Association of Insurance Commissioners (NAIC). That is an increase of 20,000 complaints compared to 2013, while consumer inquiries actually dropped from 2.1 million. Volume 1 of the 28th edition of the Insurance […]
Revenue Flat At Merrill Lynch
{July 20th, 2015} by InsuranceNewsNet
Though the firm’s revenue growth was tepid, the advisor ranks at the wirehouse expanded by 187 advisors, according to Bank of America which reported second quarter earnings for its wealth management unit. Click here to read…
Recent Fines Show Regulators Serious About Protecting Seniors
{July 20th, 2015} by Cyril Tuohy
Recent fines against LPL Financial levied by Massachusetts financial regulators indicate that some states are serious about enforcing regulations designed to protect seniors, a group often targeted by brokers and financial advisors. In the latest example, LPL agreed to pay a $250,000 fine to settle charges for “failure to establish and enforce review procedures” related […]
Voya Financial Files Comments on DOL Fiduciary Proposal
{July 16th, 2015} by Joe Loparco
Voya Financial, Inc. (NYSE: VOYA), announced today that it has filed comments in connection with the Department of Labor (DOL) proposal to expand the definition of “fiduciary” under the Employee Retirement Income Security Act (ERISA). This proposal impacts the institutions and individuals across America that sponsor and save in workplace retirement plans (401(k), 457 and […]
A.M. Best Affirms Ratings of Jackson National Life Insurance Company and Its Affiliates
{July 16th, 2015} by AM Best
A.M. Best has affirmed the financial strength rating of A+ (Superior) and the issuer credit ratings of “aa-” of Jackson National Life Insurance Company, its wholly owned subsidiary, Jackson National Life Insurance Company of New York (together known as JNL) and its direct parent, Brooke Life Insurance Company. Additionally, A.M. Best has affirmed the debt […]
Palm Desert man sentenced over nine years for annuities scam
{July 16th, 2015} by Patrick Edgell
A former Coachella Valley insurance agent was sentenced to nine years and four months in prison for swindling 13 elderly clients out of their life savings through an annuities scam, prosecutors announced Wednesday. Palm Desert resident John Paul Slawinski, 60, pleaded guilty June 5 to six felonies: three counts of embezzlement from an elderly victim, […]
Fiduciary Rule Will Be a Vital Consumer Protection, Obama Says
{July 15th, 2015} by Kenneth Corbin
Too often Americans planning for retirement receive conflicted advice from brokers and advisors who put their interests ahead of their clients, critics charge. One of the most prominent critics, President Obama, renewed his call for stronger rules to protect investors saving for retirement from conflicts of interest, announcing a new push to expand access to […]
Highland Capital Brokerage to Acquire Select Brokerage Services, Inc., Announces New Managing Principal for HCB Southeast
{July 15th, 2015} by Wilma Turner
Highland Capital Brokerage, Inc. (HCB), a subsidiary of Ladenburg Thalmann Financial Services (NYSE MKT: LTS), announced today that it will acquire Select Brokerage Services, Inc., an affiliate of National Brokerage in Tampa, Florida. Lance Barton, formerly of Select Brokerage Services, Inc., has been named as the new managing principal for HCB’s regional office located in […]
Reliance Standard Life Selects iPipeline AFFIRM for Annuities to Automate Advisor and Agent Selling Process
{July 15th, 2015} by Lisa Bollinger
iPipeline® – a leading provider of cloud-based software solutions for the life insurance industry – today announced Reliance Standard Life Insurance Company has selected AFFIRM® for Annuities to automate the selling process for fixed rate and fixed indexed annuities tied to the S&P 500. The solution streamlines the order-entry process and supports customized workflows and […]
U.S. Life Insurance Activity Up 2% In June
{July 15th, 2015} by InsuranceNewsNet
U.S. application activity for individually underwritten life insurance was up +2.0% in June, year-over-year, all ages combined according to the MIB Life Index. The Index has shown growth in ten of the last eleven months trailing, marking +2.6% growth in the second quarter over Q2 2014. Year-to-date (YTD) life insurance application activity was up +2.1%, […]
403(b) design diversifies, but still heavy on annuities
{July 15th, 2015} by Nick Thornton
Assets in 403(b) plans, the tax-deferred defined-contribution option for non-profit and educational institutions, are fast approaching the $1 trillion mark, new data from the Investment Company Institute shows. That’s compared to the $4.7 trillion held in 401(k) plans. While the ICI’s new data on the non-profit workplace savings option shows 403(b) plan design is benefiting from greater […]
Greater Transparency Needed From Fed on Insurance Regulation, Experts Say
{July 15th, 2015} by Frank Klimko
Congress should impose better transparency on the Federal Reserve, especially as it takes on a larger role in the regulation of insurance companies that, if unchecked, could supplant the current system of state-based insurance regulators, experts testified at a hearing of the House Financial Services Oversight and Investigations subcommittee. “The Fed is empowered to examine […]
9 more tech tools to increase productivity
{July 15th, 2015} by Dan Waldschmidt
If you haven’t mastered the art of getting things done, it’s no wonder you aren’t more successful. Being productive is one of the biggest struggles we face. It’s all too easy to let the most important things go undone. Click here to read…
Americans need to change how they think about dying
{July 15th, 2015} by The Bloomberg Editors
Regrettably, you’re going to die. As far as that goes, you don’t have much choice. But your death may involve a lot of other decisions, and perhaps you’d like to be the one to make them. Click here to read…
Annuity perks: Don’t say you weren’t “Warrened”
{July 15th, 2015} by Steven McCarty
Have you been following U.S. Senator Elizabeth Warren’s investigation into the non-cash perks annuity advisors earn for sales? Her efforts have sparked political debate, which I won’t go into here. But I would like to ponder the ethical implications of her charges. Ready? Click here to read…
Florida insurance agent charged with falsifying $3 million worth of life insurance policies
{July 15th, 2015} by Steven A. Meyerowitz
Cledith E. Oakley III, owner of Asset, Insurance & Mortgage Services, Inc. (“AIMS”) in Boynton Beach, Florida, has been charged with grand theft and insurance fraud for allegedly selling fraudulent life insurance policies. The Division of Insurance Fraud of the Florida Department of Financial Services (“DFS”) said in a statement that Mr. Oakley used his […]
John Hancock Adds Vitality Solution to Indexed Universal Life Insurance Product Portfolio
{July 15th, 2015} by John Hancock Financial
John Hancock Insurance announced today that the John Hancock Vitality solution, a new approach to life insurance that rewards people for healthy living, is now available on its indexed universal life (IUL) products, Protection IUL and Accumulation IUL. John Hancock had initially launched the Vitality solution on its Protection UL and term insurance products in […]
3 Hidden Risks of Buying an Annuity
{July 15th, 2015} by Dan Caplinger, Selena Maranjian, and John Maxfield
Annuities offer unique protection against the risk of living longer than your life expectancy, with terms that allow you to get dependable income throughout your lifetime. Yet annuities can be confusing, and they come with risks that buyers don’t always fully understand. To make sure you know what you’re getting into with an annuity contract, […]
DOL clarifies annuities in 401(k)s, kind of
{July 15th, 2015} by Nick Thornton
The Department of Labor has issued new guidance in a field assistance bulletin to clarify existing safe harbor rules for immediate and deferred annuities in defined contribution plans. The new guidance comes as the DOL is in the process of considering amendments to safe harbor regulations issued in 2008. Those safe harbor standards said a […]
Allianz Life Promotes Kristine Lord-Krahn to AVP, Senior Counsel – Distribution
{July 14th, 2015} by Sara Thurin Rollin
Allianz Life Insurance Company of North America (Allianz Life®) has promoted Kristine Lord-Krahn to assistant vice president, senior counsel – Distribution. Lord-Krahn will be responsible for legal support for all lines of distribution. She will report to Kara Barrow, vice president, Corporate Governance and Distribution “Kristine’s promotion is in recognition of her strong leadership, depth […]
5 ways experienced producers can find clients
{July 13th, 2015} by Bryce Sanders
Newer agents and advisors smile and dial to find clients. You’ve been there, done that. You are an experienced producer and want to continue adding new clients to your business. Click here to read…
Chris Griffith Appointed Senior Vice President and CFO at Partners Advantage
{July 10th, 2015} by Partners Advantage Insurance Services
Partners Advantage Insurance Services, LLC announced the appointment of Chris Griffith to the post of Senior Vice President and Chief Financial Officer for the company. Griffith will lead all financial and planning activities for the company, which just celebrated its 22nd anniversary. Partners Advantage is a national marketing organization serving the life, annuity and linked […]
403(b) design diversifies, but still heavy on annuities
{July 9th, 2015} by Nick Thornton
Assets in 403(b) plans, the tax-deferred defined-contribution option for non-profit and educational institutions, are fast approaching the $1 trillion mark, new data from the Investment Company Institute shows. That’s compared to the $4.7 trillion held in 401(k) plans. While the ICI’s new data on the non-profit workplace savings option shows 403(b) plan design is benefiting […]
NAIC to Examine DOL’s Proposed IRA Annuity Rules
{July 9th, 2015} by Arthur Postal
The National Association of Insurance Commissioners is not sure how the Department of Labor’s proposed fiduciary rule would affect insurance markets but NAIC officials said they are talking with the Obama administration to find out. The NAIC said in a statement that it is engaging the DOL and the Obama administration “to further discuss and […]
More Governments Get Into The Retirement Plan Act
{July 9th, 2015} by Linda Koco
For the most part, the idea of establishing a municipal-level retirement savings programs for workers in small businesses who have no access to a workplace savings plan has been only that — an idea. But a proposal along those lines is already under study in New York City. The city council had a hearing on […]
R.I. Top Court Finds Insurable Interest Not Necessary in Annuities
{July 9th, 2015} by Cyril Tuohy
In a legal decision that breaks new ground, the Rhode Island Supreme Court has found no requirement of insurable interest when it comes to the purchase of an annuity with a death benefit. Insurable interest is required in the purchase of life insurance policies to prevent wagering on people’s lives, but the court found that […]
NAIFA Texas names local member as officer
{July 9th, 2015} by El Paso Inc. Staff
NAIFA Texas has named Joseph Orr, LUTCF, as an officer for the state organization. He is secretary/treasurer of NAIFA El Paso. The state organization advocates for positive legislative and regulatory environments, enhancing business and professional skills and promoting the ethical conduct of its members who primarily practice in life insurance and annuities, health insurance and […]
All your annuity is now protected if company goes bust under new rules
{July 9th, 2015} by Money Mail Reporter
Savers who turn their nest eggs into incomes for life now have their entire payout covered if the firm offering the deal goes bust. By contrast, those who keep their savings invested and draw an income from it only have £50,000 protected – in many cases this is much less than they have put away. […]
Allianz Life Promotes James Nelson to Vice President in Legal Department
{July 9th, 2015} by Sara Thurin Rollin
Allianz Life Insurance Company of North America (Allianz Life®) has promoted James Nelson to vice president, Legal Business Operations and Product Development. In his new role, Nelson will oversee and manage strategy for legal support of tax, business operations and product development. He will report directly to Senior Vice President and General Counsel Gretchen Cepek. […]
What advisors should know about 80% of American families
{July 9th, 2015} by Olivia Mellon and Sherry Christie
If you’re in your 40s or older, you may remember the big flap when TV sitcom journalist Murphy Brown, played by Candice Bergen, decided to have a baby without benefit of marriage. Among those who sounded off was then-Vice President Dan Quayle, who publicly chastised single mothers like the fictional Murphy for “ignoring the importance […]
It’s a great time for a risk-tolerance reality check
{July 9th, 2015} by Suzanne Woolley
Financial advisors say clients often overestimate their tolerance for risk. But data suggest it’s really financial advisors who become more nervous than they expected when markets become volatile. Advisors often underestimate their own stomach for risk significantly, by as much as 20 points (on a scale of 1 to 100), according to FinaMetrica, a firm that runs psychometric risk […]
Why women need to improve their financial literacy
{July 9th, 2015} by Danielle Andrus
A December 2014 story from The New York Times concluded that the divorce rate in the United States has fallen off. Justin Wolfers, a University of Michigan economist, wrote that the divorce rate peaked in 1981 at 5.3 divorces per 1,000 people. It’s steadily fallen to 3.4 divorces per thousand in 2012 (although that excludes data for […]
Fraud, securities law violation accusations levied against high-profile Baltimore advisor
{July 9th, 2015} by Brian Anderson
A wide range of violations are being levied against a high-profile advisor in the Baltimore area in a case fraught with ethics issues. Maryland Attorney General Brian E. Frosh announced last month that his office is seeking to shut down the investment advisory operations of Everest Wealth Management, Inc. and Everest Investment Advisors, located in […]
The case for skipping the 401(k)-to-IRA rollover
{July 9th, 2015} by Robert Bloink and William H. Byrnes
Few options may seem to exist when determining what to do with the funds a client has accumulated in an employer-sponsored 401(k) upon changing employers — and the most likely course of action is to roll those funds into an IRA. While this strategy may be advisable in some cases, and can certainly serve to […]
FIA Buyers Keep Getting Younger
{July 9th, 2015} by Linda Koco
Fixed index annuity (FIA) buyers are getting increasingly younger, according to an analysis of sales data for the first quarter periods in the last four years. The average age for buyers in first quarter 2015 was 62, with the age range being 47 to 70, according to quarterly FIA sales trends data from Wink Inc. […]
Why elder financial abuse is not going away
{July 7th, 2015} by Paul Wilson
As the U.S. population ages, more attention is being paid to elder financial abuse. And the growing mountain of data and victims’ stories is beginning to provide a clearer picture of the threats seniors and their family members face, as well as clues about the best ways to battle the onslaught. Last year, Allianz conducted […]
The fight against fraud
{July 7th, 2015} by Daniel Williams
In a small condo in Los Angeles, in the shadows of Hollywood, an 82-year-old retiree named Ron* lived alone. No kids, no wife, not even an ex to pester him with an outdated honey-do list. From the windows of his condo, Ron couldn’t see the famous Hollywood sign, but he knew it was there. Click […]
Partners Advantage Appoints Charlie Gipple as Senior Vice President of Sales and Marketing
{July 7th, 2015} by Partners Advantage Insurance Services, LLC
Partners Advantage Insurance Services, LLC is pleased to announce the appointment of Charlie Gipple as Senior Vice President of Sales and Marketing. Gipple will manage all sales, marketing, recruiting, agent training and sales support activities across all company segments, which include the Platinum, Premier and Advantage divisions. Partners Advantage is a national marketing organization serving […]
Security Mutual Announces New Rider
{July 7th, 2015} by PR Newswire
Security Mutual Life Insurance Company of New York has announced a new rider, available on its whole life line, that will allow a policyowner significant flexibility in funding the paid-up additions element of his or her policy. This added flexibility will appeal to individuals whose incomes fluctuate, such as business owners, self-employed professionals, employees whose […]
New York Life Completes John Hancock Deal
{July 7th, 2015} by Arthur Postal
New York Life has completed the acquisition of a majority interest in $25 billion of in-force life insurance policies from John Hancock. New York Life disclosed that earlier this year that its general account, managed for the benefit of policyholders, exceeded $200 billion in assets for the first time in its 170-year history. With these […]
AXA is selling annuities through ATMs in China
{July 7th, 2015} by Emily Holbrook
Shanghai is the Silicon Valley of Asia. That’s what AXA executives stressed recently. I was in China’s most populous city just last month, attending the annual AXA Global Media Summit. Click here to read…
Gen Y Starting To Think About Annuities
{July 7th, 2015} by Linda Koco
Generation Y had some surprising answers to a simple survey question about annuities. Posed by researchers for TIAA-CREF, the question was: Have you purchased an annuity or do you plan to in the future? Based on their ages — 18-34 — virtually all of these younger adults might be expected to answer “no.” After all, […]
NY Life seeks deals after adding $12 billion of Hancock assets
{July 7th, 2015} by Selina Wang
New York Life Insurance Co. is targeting more deals after purchasing about 1.3 million policies from Manulife Financial Corp.’s John Hancock unit. “The company is interested in acquiring other blocks of high-quality life insurance in the future,” Chief Executive Officer Ted Mathas said in a statement Thursday announcing the completion of the Hancock deal. The […]
Advisors Excel announces corporate partnership with NAIFA
{July 7th, 2015} by Kathy Toelkes
Advisors Excel, a national insurance marketing organization, today announced a corporate partnership with the National Association of Insurance and Financial Advisors (NAIFA). With this partnership, Advisors Excel extends its ongoing commitment to developing a stronger financial services industry for consumers and advisors. “Whether through professional development programs, member resources, advocacy efforts or special communications, NAIFA […]
Women’s Financial Stress Continues To Grow
{July 7th, 2015} by Linda Koco
Women under age 30 are nearly twice as likely as men to report feeling “overwhelming” or “high” financial stress levels, according to a study from Financial Finesse. The report joins a string of studies that probe the trends and tendencies among women consumers in the financial marketplace. The subject is of growing interest to the […]
At IRI Legislative Conference ‘It’s a Wrap’ Around Regulation
{July 7th, 2015} by Cyril Tuohy
One of the burning questions among attendees at this year’s Insured Retirement Institute’s Government, Legal & Regulatory Conference wrapping up today was how heavy the proverbial elephant in the room actually weighed. Ever since Sunday, estimating the size of this year’s regulatory beast — the U.S. Department of Labor’s proposed fiduciary rule — had devolved […]
Reality versus the DOL Fiduciary Proposal
{July 7th, 2015} by NAFA
Facts about the current financial state of Americans and today’s planning environment Consumer Assets vs. Advisor Minimums $34,000 = IRA median value1 $30,000 = 401(k) median value1 $1,000,000 = median fee-based advisor minimum required assets2 79 = percentage of Hispanic and African-American households with assets under $100,0001 9 = percentage of financial advisors who don’t […]
NIJU VASWANI JOINS LEGACY MARKETING GROUP® AS CHIEF MARKETING OFFICER
{July 7th, 2015} by Diane Shemi
Legacy Marketing Group is excited to announce the return of Niju Vaswani as the company’s Chief Marketing Officer. Niju, an insurance industry leader with field and corporate development expertise, will be responsible for the strategic direction of Legacy’s sales and marketing areas, including management of the sales and marketing teams, promotion of the company’s products […]
State regulators work on uniform approach to elder financial abuse
{July 7th, 2015} by Mark Schoeff Jr
State securities regulators are working on a recommendation for how states can best protect senior citizens from financial exploitation. Three states – Missouri, Washington and Delaware – have recently enacted laws targeting elder abuse. The measures allow brokers to notify state and local authorities when they suspect that someone is trying to scam one of […]
Finra launches ad campaign for BrokerCheck
{July 7th, 2015} by Mark Schoeff Jr.
Finra launched a $3.5 million advertising campaign on Monday to encourage investors to research their brokers before hiring them, but some industry observers said Finra’s database doesn’t provide enough information. The digital, print and television ads, which will run through the month of June, promote BrokerCheck, an online database managed by the Financial Industry Regulatory […]
Watch Out for ERISAfication of All Retirement Money, Experts Warn IRI
{July 7th, 2015} by Cyril Tuohy
Legal experts with retirement plan companies and broker-dealers on Monday warned of the “ERISAfication” of individual retirement plans if the U.S. Department of Labor’s (DOL) fiduciary rule proposal is adopted. ERISAfication, a made-up term referring to the Employee Retirement Income Security Act (ERISA), governs many employer-sponsored retirement plans. The public comment period closes July 21 […]
DOL Open to Changing Fiduciary Proposal
{July 7th, 2015} by Cyril Tuohy
The Department of Labor is open to changes to its proposed expansion of the fiduciary standard that would cover all retirement funds, according to a DOL administrator speaking on Monday at a conference in Washington, D.C. The proposal is aimed at protecting consumers by placing all money in retirement accounts under the fiduciary standard, even […]
Willis Group, Towers Watson Agree to $18 Billion Merger
{July 7th, 2015} by Insurance Journal
Global reinsurance and insurance broker Willis Group Holdings and professional services and analytics firm Towers Watson have agreed to an all-stock merger of equals valued at $18 billion. Upon completion of the merger, Willis shareholders will own approximately 50.1 percent and Towers Watson shareholders will own approximately 49.9 percent of the combined company. The combined […]
Millennials want in on annuities
{July 7th, 2015} by Hadley Malcolm
Make way, Baby Boomers, Millennials want in on your annuities. The nation’s youngest batch of retirement savers are more interested than any other age group in the investing strategy behind annuities, even though most of them have likely never heard the word “annuity,” according to a survey just out from the Indexed Annuity Leadership Council. […]
Motley Fool for June 27
{July 7th, 2015} by The St. Augustine Record
ASK THE FOOL DIFFERENT GROWTH RATES Q: I recently noticed a company post quarterly results that featured earnings growing faster than revenue. Shouldn’t those two items grow at a similar rate? — W.A., Wilmington, Delaware A: Not necessarily. Revenue (or “sales”) is the top line of the income statement and earnings (or “net income”) the […]
OneAmerica set to acquire BMO Retirement Services
{July 7th, 2015} by Melanie Waddell
Fulfilling its promise to protect retirement savers, the OneAmerica and BMO Financial Group have announced that they have reached an agreement for OneAmerica to acquire BMO Retirement Services, BMO’s Milwaukee-based U.S. retirement services business. BMO Retirement Services is a division of BMO Global Asset Management. Terms of the agreement were not disclosed. Click here to […]
Advisor Network Summit: One conference you can’t afford to miss
{July 7th, 2015} by Van Mueller
The annual Advisor Network Summit in Las Vegas is a vital meeting for agents to attend. A small investment of your time and money will provide you with some of the best ideas in the industry and access to the people sharing those ideas. Every year, agents tell me that they decided to stay in […]
Beyond the rhetoric: Three real life impacts of the DOL rule
{July 7th, 2015} by Kim O'Brien
All of us have been reading about the DOL Rule lately. The public relations campaign in support of the Rule suggests many good intentions like “standards should be harmonized,” “a sale in the consumer’s best interest is better than a suitable sale,” “we need to avoid conflicts of interests for consumers.” In reality, the seemingly […]
Gen Y wants ‘safe’ savings options, yet unfamiliar with annuities
{July 7th, 2015} by Paula Aven Gladych
Generation Y is more conservative than other generations when it comes to retirement savings. Thirty-four percent of those between the ages of 18 and 34 said their primary goal for their retirement plan is to ensure their savings will be safe regardless of what happens in the stock market, according to a TIAA-CREF retirement survey. […]
LPL Releases First Annual U.S. Retirement Index
{July 7th, 2015} by GlobeNewswire
LPL Financial LLC, the nation’s largest independent broker-dealer*, a custodian for registered investment advisors, and a wholly owned subsidiary of LPL Financial Holdings Inc. (Nasdaq:LPLA), today made available its first annual Retirement Index, which ranks all 50 states and the District of Columbia on their retirement desirability for pre-retirees between the ages of 45 and […]
Magic Johnson Buys Into FIA Carrier EquiTrust
{July 7th, 2015} by Linda Koco
Retired basketball legend-turned-entrepreneur Earvin “Magic” Johnson has acquired more than 60 percent of EquiTrust Life from Guggenheim Partners. The deal, which began last year, concluded for an undisclosed amount. EquiTrust is a leading writer of retail annuities. Guggenheim is a New York-based investment and advisory firm that reportedly had bought the carrier in 2011. The […]
Pair Charged With $8M Fraud By SEC
{July 3rd, 2015} by Karen Demasters
Two residents of New York state have been charged by the Securities and Exchange Commission with defrauding investors, many of them upstate New York residents who purchased securities and so-called “charitable gift annuities,” the SEC announced Thursday. Eight companies associated with the two men have also been charged in the scheme that raised at least […]
