Thinking Of Annuities As An Act Of Civilization
{September 29th, 2017} by Cyril Tuohy
Advisors and carriers are facing the challenge of recasting their approaches to annuity sales. In the midst of that challenge, a psychologist urged advisors to think of insurance and risk pooling as an act of civilization and social construct. Diluting longevity risk across large groups of people and the general account of an insurance company […]
SCC Names White as New Virginia Commissioner of Insurance
{September 29th, 2017} by Insurance Journal
The State Corporation Commission (SCC) in Virginia has appointed Scott A. White to serve as Virginia’s 14th Commissioner of Insurance in the 111-year history of the SCC’s regulation of the insurance industry. White assumes the post on Jan. 1, 2018, after the retirement of Jacqueline K. Cunningham. Cunningham will retire at the end of the year […]
7 Things to Know About Life Insurance as a Retirement Strategy
{September 29th, 2017} by Victor Ngai, Assistant VP, The Guardian Life Insurance Co. of America
Permanent life insurance can be a great vehicle for implementing a supplemental retirement strategy, but the details involved with using life insurance that way may be hazy even for financial professionals who have life agent licenses. Here’s an introduction to life insurance “life insurance as a retirement strategy,” or LIRS, aimed at financial professionals who […]
Advisers count the cost of complying with fiduciary rule
{September 28th, 2017} by Rita Raagas De Ramos
Financial advisers are counting the cost of complying with groundbreaking US regulations that compel them to put clients’ interests first. But with the final features of the rules still to come in, costs will continue to mount. The US Department of Labor’s fiduciary rule has been in place since June. Click HERE to view the […]
‘Tell Ken Fisher To Stuff It’
{September 28th, 2017} by Kerry Pechter
A highlight reel of the Insured Retirement Institute conference in Palm Beach, Fla., this week would surely feature Julius Caesar “J.C.” Watts, the former Oklahoma Sooners quarterback who in 1995 became the first black U.S. congressman elected south of the Mason-Dixon Line since Reconstruction. Appearing on a panel discussion about politics, Watts recalled how, weeks […]
Here’s How Financially Naive Millennial Parents Are
{September 28th, 2017} by Bernice Napach
The idealism of the millennial generation shines brightly in Personal Capital’s latest survey of affluent families. The online survey of just over 1,000 affluent investors, 18 or older with assets of $500,000 or more, found that millennials with children plan to spend more on their children’s college education and housing (including home purchases) than older […]
Zurich makes top 100 companies to work for list
{September 28th, 2017} by Contributo
Zurich North America has been selected by Working Mother magazine as one of the 100 Best Companies for 2017. It’s the fourth consecutive year Zurich has earned this honor. Zurich was recognized for its forward-thinking workplace programs, including flexible work arrangements, paid maternity leave, executive commitment and advancement of women. “We are honored to be named a 100 Best […]
Millennials trust humans over robo-advisors: Study
{September 28th, 2017} by Nick Thornton
A new study exploring millennials’ attitudes on automated investing shows the generation that has grown up with mobile devices as appendages actually prefers human advice when it comes to saving for retirement. And no, the data wasn’t generated by a brokerage firm or wire house. Rather, it comes from LendEDU, a Delaware-based start-up launched by debt-saddled millennnials that has […]
3 Types of Designated Beneficiaries You Must Understand
{September 28th, 2017} by Stephan R. Leimberg, Jay Katz, Edwin P. Morrow, Martin M. Shenkman, and L. Paul Hood, Jr. Share
The biggest consideration in estate planning for qualified plans and individual retirement accounts (IRAs) is determining the “right” beneficiary. Different rules apply to qualified retirement plans and IRAs, and those rules affect an account holder’s right to name a beneficiary other than a spouse. Under the Retirement Equity Act of 1984 (REA), a participant in a qualified retirement […]
Life insurance low on millennials’ priority list
{September 28th, 2017} by KATIE KUEHNER-HEBERT
Millennials may want to marry, buy a house and have kids, but most aren’t thinking about buying life insurance in case they die prematurely and saddle their family with a mortgage and other bills – including their student debt, so says an Anthem survey. The survey, conducted via YouGov, collected data from 905 U.S. adults who […]
John Hancock Tweaks IUL Products to Improve Performance
{September 27th, 2017} by Jay Cooper
After a strategic review of its IUL lineup, John Hancock is making tweaks to improve the performance of its Accumulation IUL, Protection IUL and Protection Survivorship IUL (SIUL) products. The insurer is also adding index options and the option for a higher cap within its protection suite. Click HERE to read the full story at […]
SEC’s Clayton says agency is ‘pushing’ toward a fiduciary rule, working with DOL
{September 26th, 2017} by Mark Schoeff Jr.
For the past week, Securities and Exchange Commission Chairman Jay Clayton has had his hands full dealing with cybersecurity, following the agency’s disclosure of a breach that may have led to illegal trading. But he told lawmakers on Tuesday that investment advice regulation remains a top priority. Mr. Clayton’s appearance before the Senate Banking Committee mostly focused on […]
John Hancock Introduces New Indexed UL Product Series
{September 26th, 2017} by John Hancock
BOSTON, Sept. 26, 2017 /PRNewswire/ — John Hancock today launched a new indexed universal life (IUL) portfolio with lower premiums, improved income potential, and policy management tools designed to help policyholders achieve their financial goals. John Hancock’s IUL policyholders can also earn significant savings and rewards for living healthy through the John Hancock Vitality Program, available with the IUL product […]
Industry Begs DOL For More Time
{September 26th, 2017} by Dan Jamieson
The financial services industry is begging the U.S. Department of Labor for an even longer delay of the fiduciary rule than a proposed extension to July 1, 2019. The DOL late last month asked for comment on its proposed delay from the current January 1, 2018 implementation date. In comment letters, industry groups […]
5 Financial Professional Ideas for Improving the DOL Fiduciary Rule
{September 26th, 2017} by Allison Bell
The Trump administration seems to be doing all that it legally can to put the U.S. Department of Labor’s fiduciary rule on the back burner. The DOL is doing what it can to postpone enforcement of the rule itself, and of the “prohibited transaction exemptions,” or batches of formal guidance, that could apply to annuities […]
Foresters Financial Maintains A.M. Best “A” (Excellent) Ratings
{September 26th, 2017} by Foresters Financial
TORONTO–(BUSINESS WIRE)–Foresters Financial™, an international financial services provider, has maintained its A.M. Best financial strength1 ratings across the organization. The independent rating agency A.M. Best Company2 has given The Independent Order of Foresters (IOF) an “A” (Excellent) Financial Strength Rating (FSR). The IOF has maintained an “A” rating for 17 consecutive years. A.M. Best also affirmed the […]
ATHENE USA Wins “Best Carrier” Award at the Inaugural Structured Retail Products (SRP) Indexed Insurance Conference
{September 26th, 2017} by Athene USA
WEST DES MOINES, Iowa–(BUSINESS WIRE)–Athene USA (Athene) – a leading provider of products in the retirement savings market – was recognized as a top performer at the Inaugural Structured Retail Products (SRP) Indexed Insurance Conference in Des Moines by winning the “BEST CARRIER” award. The SRP Awards are designed to recognize the best buy- and […]
5 Living Benefits Available With IUL Products
{September 26th, 2017} by Chad Tope
When it comes to talking to your clients about life insurance, there’s no doubt most would rather focus on maximizing their lives today versus thinking about protecting their financial future, if the unexpected happens. For example, a recent consumer survey by Voya Financial found that almost half (45%) of Americans were willing to sacrifice their financial security if it […]
Identity Thieves Are Trying to Loot Annuities
{September 26th, 2017} by Allison Bell
Officials at the Nebraska Department of Insurance say they see the identity theft crisis starting to affect the annuity sector. The Nebraska department put out a consumer alert in July after it heard of malefactors making “numerous attempts” to get into annuity contracts owned by Nebraska residents. Since then, the department “has learned that several of these attempts have been made […]
Keith Gillies to Lead NAIFA
{September 26th, 2017} by Allison Bell
The National Association of Insurance and Financial Advisors has moved Keith Gillies up into the post of president, and Jill Judd into the position of president-elect. The Falls Church, Virginia-based group was originally going to install its officers in Orlando, Florida, at the group’s annual in-person conference. Hurricane Harvey roared toward Florida as NAIFA members were preparing […]
Clients Like Guaranteed Lifetime Income but Not Annuities: Report
{September 26th, 2017} by Michael S. Fischer
Most Americans are aware that they will have to rely on personal savings in retirement, as Social Security benefits will be insufficient and only 21% can expect any kind of pension, according to Jackson National Life Insurance Co. Survey results recently released by Jackson show that some 90% of consumers are very or somewhat interested in financial […]
Many Millennials Aren’t Interested in Stock Market: Wells Fargo
{September 26th, 2017} by Emily Zulz
The percentage of total millennials who are not investing in the market today is large, finds the 2017 Wells Fargo Millennial Study, an online survey of 1,771 millennials (ages 20–36). The study finds that 20% of millennials are not currently invested in the market and “never plan to be.” Another 17% of millennials are not currently […]
Ministering to the Middle Class
{September 26th, 2017} by Steve Garmhausen
In an industry obsessed with pursuing the wealthiest clients, Joe Jacques is perfectly happy with his mostly middle-class clientele. “They’re down to earth, good savers, responsible people,” says Jacques, 63, whose typical client has a relatively modest $750,000 investment account. “They appreciate what you’re doing, and they actually say thank you.” Jacques and his seven-person […]
SEC ‘Pushing’ for Fiduciary Rule, Clayton Says
{September 26th, 2017} by Melanie Waddell
Securities and Exchange Commission Chairman Jay Clayton told Senate lawmakers Tuesday that harmonizing a fiduciary rule with the Labor Department is a top priority for him and laid out four steps the agency plans to take on such a harmonized rule. “Are you working with the DOL to harmonize that fiduciary rule so that people don’t […]
How ‘New Frugality’ Influences Boomers’ Rising Retirement Optimism
{September 26th, 2017} by Michael S. Fischer
Baby boomers today are feeling financially prepared for retirement, Allianz Life reported Monday. Not only that, more boomers think they can determine their post-work expenses and have the tools to figure out the retirement puzzle. A report early in the summer said American workers’ readiness for retirement compared favorably with that of foreign peers. Click HERE to read the […]
American Equity Investment Life Insurance Company Announces Transition of National Guard and Fire Fighter Group Insurance to Armed Forces Benefit Association
{September 26th, 2017} by American Equity Investment Life Holding Company
WEST DES MOINES, Iowa & ALEXANDRIA, Va.–(BUSINESS WIRE)–American Equity Investment Life Insurance Company (“American Equity”), a leading provider of fixed index annuities, and Armed Forces Benefit Association (“AFBA”) today announced that they will partner to transition American Equity’s National Guard and Fire Fighter group life insurance coverage to AFBA effective January 1, 2018. “We are […]
EIS Group Announces Sponsorship of 10th Annual Women in Insurance Leadership
{September 26th, 2017} by Kevin Haydon
GlobeNewswire Sep. 11, 2017, 10:00 AM SAN FRANCISCO, Sept. 11, 2017 (GLOBE NEWSWIRE) — EIS Group, a leading provider of core systems and digital solutions for insurers, today announced it will be a sponsor of the 10th annual Women in Insurance Leadership, an event hosted by Digital Insurance that honors women leaders in the insurance industry. The conference […]
How Lincoln, Erie, John Hancock Leverage Life Insurance Awareness Month
{September 26th, 2017} by Emily Holbrook
This month marks the 15th annual Life Insurance Awareness Month (LIAM), a consumer educational campaign created by Life Happens, nonprofit dedicated to raising awareness around the importance of life insurance. Carriers leverage LIAM each year in their quest to educate the public on why life insurance is imperative to the financial protection a family in […]
Variable Universal Life Sales Take Lead: LIMRA
{September 26th, 2017} by Allison Bell
High U.S. stock prices helped life insurers sell more variable universal life insurance in the United States in the second quarter. The annualized premium total from the sale of new individual VUL policies was 5% higher in the second quarter than in the second quarter of 2016, according to new data from LIMRA. The actual number of individual VUL policies […]
AIG to restructure into three new units, marking CEO’s first big move
{September 25th, 2017} by Suzanne Barlyn, Sweta Singh
(Reuters) – American International Group Inc (AIG.N) said on Monday it will reorganize into three new units and will no longer have separate commercial and consumer businesses, marking the first major strategic move by new Chief Executive Officer Brian Duperreault. Under the new structure, AIG will have a general insurance business, a life and retirement […]
New Individual Life Insurance Premium Up In First Half Of 2017
{September 25th, 2017} by N/A
WINDSOR, Conn., Sept. 25, 2017 — U.S. Individual life insurance new annualized premium increased 4 percent for the first half of 2017, compared with the first six months of 2016. In the second quarter, new annualized premium increased 3 percent, according to the LIMRA U.S. Retail Individual Life Insurance Sales Survey. “All major product lines experienced annualized […]
Guardian Life, RGA CEOs Rank Among ‘Most Powerful Women’
{September 22nd, 2017} by Greg Shulas
Guardian Life CEO Deanna Mulligan and RGA chief Anna Manning earned coveted spots on Fortune ‘s annual ranking of the “Most Powerful Women,” as both CEOs received credit for overseeing impressive growth at their respective firms. Fortune credited Mulligan for leading dramatic customer growth of 400% between 2012 and 2017, as Guardian Life’s client base grew from 5 million to 25 million in that time. […]
Prudential Nabs Top Spot Among Latina-Friendly Employers
{September 22nd, 2017} by Warren S. Hersch
Prudential Financial occupies the number one position in a new report that ranks 50 top companies in terms of employment best practices for Hispanic professional women. The 2017 Special Report, Latina Style 50, places three other major life-annuity carriers among the list’s top 25 companies. Among them: New York Life (10th place), Nationwide (15th) and […]
Regulators to consider downgrading federal oversight of AIG
{September 22nd, 2017} by Ryan Smith
Federal regulators are pondering whether to remove American International Group’s designation as a “systemically important financial institution” (SIFI). The designation subjects AIG to especially stringent federal oversight. The Financial Stability Oversight Council, which consists of senior regulators, is discussing the matter at a meeting Friday. AIG, which was one of the companies at the center of the […]
New Group to DOL: Hands off Fixed Index Annuities
{September 22nd, 2017} by N/A
A new lobbying group has sprung up to contest the inclusion of fixed indexed annuities under a provision of the DOL fiduciary rule. So reports ThinkAdvisor. The group, the Fixed Annuity Consumer Choice Campaign, is circulating a petition urging DOL secretary Alexander Acosta to delay implementation of the best-interest contract exemption until July 1, 2019, and […]
DOL Fiduciary Rule Delay All but Certain as Comment Period Closes
{September 21st, 2017} by Melanie Waddell
While detractors of the Labor Department’s plan to delay the remainder of its fiduciary rule continued to tell Labor that such a delay would be costly for investors, supporters of the delay argue that it’s all but needed in order to make revisions, propose new streamlined exemptions and coordinate with the Securities and Exchange Commission. Labor on […]
Life Insurers Avoid Voluntary Biz at Their Peril: Report
{September 21st, 2017} by Warren S. Hersch
Life-annuity carriers are increasingly directing their focus to a fast-growth, high-margin business: group benefits, most notably employee-paid, voluntary offerings that are enjoying double-digit gains in sales. So reports A.M. Best magazine Best’s Review in an August 2017 article about the increasingly urgent efforts of insurers —AXA, Ameritas, Guardian Life, New York Life, Unum, among others — to boost sales in the employee benefits […]
Major IMO Simplicity Financial Adds Heft with Two Acquisitions
{September 21st, 2017} by Jay Cooper
One of the nation’s largest independent marketing organizations has added distributional heft, with the acquisition of two smaller IMOs. Simplicity Financial Marketing announced last week it has acquired both WealthWise Partners and Liberty Financial Resources. “Simplicity Financial Marketing is growing rapidly and breaking new ground,” Simplicity’s CEO, Bill Malloy, said in a written statement. “We represent one of the top annuity, […]
AXA, Allianz, MassMutual, MetLife Identified as Insurtech Leaders
{September 21st, 2017} by Warren S. Hersch
A new study highlights Allianz, AXA, MassMutual and MetLife as carriers on the cutting edge in the insurtech space. The World Insurance Report 2017, published by consulting, technology and outsourcing services provider Capgemini and Efma, a global non-profit organization for insurers and banks, reveals that insurtech firms are increasingly crucial to carriers’ digital innovation initiatives. Among other programs, the report highlights the carriers’ efforts […]
Lincoln Aims to Ramp Up Sales of Hybrid Life, Annuity Products
{September 21st, 2017} by Warren S. Hersch
Lincoln Financial Group is intensifying efforts to boost sales of hybrid products enjoying growing market traction, including fixed-indexed-like variable annuities and life-long-term care insurance products, according to Lincoln President and CEO Dennis Glass. Interviewed during a question-and-and-answer session at Barclays’ 2017 Global Financial Services Conference, Glass touched on product plans for 2018 and beyond, the company’s performance on […]
Life Insurance Is Key To ‘Financial Fitness,’ Danica Patrick Says
{September 21st, 2017} by John Hilton
In the boys club that is stock car racing, Danica Patrick sticks out like white pants in November. When it comes to promoting life insurance, however, she is right at home. Both of Patrick’s parents lost their fathers when they were teenagers. And neither family had life insurance. Patrick’s mom was one of five kids […]
New Group Lobbies DOL on Fixed Indexed Annuities’ Treatment Under Fiduciary Rule
{September 21st, 2017} by Melanie Waddell
Annuity supporters are fighting to ensure that fixed indexed annuities get treated the same as other fixed annuities and not lumped in with securities products under the Department of Labor’s fiduciary rule. The newly formed group, the Fixed Annuity Consumer Choice Campaign, or FACC Campaign, is gathering signatures for a petition to be sent to Labor Secretary Alexander Acosta […]
A special need for financial advice
{September 21st, 2017} by Liz Skinner
Advisers don’t have to be experts to help special needs families get a jump on lifelong planning ELLEN RICE’S FATHER DIED suddenly this year, and she was surprised to discover he’d left her $1.6 million in property and investments. He had envisioned the inheritance would be a great blessing for a daughter who has struggled financially […]
Guardian Speaks Up for Whole Life in New Video Series
{September 21st, 2017} by Allison Bell
Guardian Life Insurance Company of America is using a new wave of YouTube videos to explain why it and its agents believe whole life insurance is worth the money. The New York-based company has recruited financial professionals and customers to talk about how owning whole life has protected and improved the customers’ financial well-being. The […]
Northwestern Mutual Donates $100,000 to Texas Children’s Hospital
{September 21st, 2017} by Northwestern Mutual
MILWAUKEE, Sept. 14, 2017 /PRNewswire/ — Northwestern Mutual, a leading national financial security company, is committed to giving back to the communities it serves. The company, through its Foundation, is donating $100,000 to the Texas Children’s Cancer Center Family Emergency Fund for Hurricane Harvey relief. Texas Children’s Cancer Center Family Emergency Fund supports patients and their families that struggle with […]
57% Of Americans Have Less Than $1,000 In Savings
{September 21st, 2017} by GoBankingRates
LOS ANGELES, Sept. 12, 2017 /PRNewswire/ — More than half of Americans have less than $1,000 in savings, a new survey found. In fact, 39 percent of survey respondents said they had no money set aside in savings at all. GOBankingRates For the second consecutive year, personal finance website GOBankingRates asked more than 8,000 Americans how much money they […]
Lincoln’s FIA Rider Signals Bullish Outlook for FIAs
{September 21st, 2017} by Cyril Tuohy
The launch of a new income rider on three families of indexed annuities indicates that Lincoln Financial product managers remain confident in the future of fixed indexed annuities. That confidence comes on the heels of disappointing second-quarter sales. Lincoln’s i4LIFE Indexed Advantage rider is available on the company’s New Directions, OptiBlend, and OptiChoice FIAs. These […]
Guggenheim’s CEO Is Said to Seek Control of Insurer in Shake-Up
{September 21st, 2017} by John Gittelsohn
Mark Walter, the billionaire chief executive of Guggenheim Partners, is in discussions to take control of one of the firm’s insurance units as the $290 billion company fractures, according to people with knowledge of the plans. Walter, 57, is taking steps to remove insurer Guggenheim Life and Annuity Co. and fold it into his Delaware Life Insurance Co., […]
Symetra Joins the Fee-Based FIA Stampede
{September 20th, 2017} by Cyril Tuohy
Add another insurer to the ranks of companies releasing fee-based fixed indexed annuities: Symetra Life Insurance. The Bellevue, Wash.-based life insurer announced the launch of Symetra Advisory Edge and Symetra Advisory Income Edge, two fee-based fixed indexed annuities. Advisors who sell Symetra annuities now have the traditional commission-based Edge FIA products and the fee-based Advisory […]
ACLI and NAIFA Fear New DOL Attacks on Commissions
{September 20th, 2017} by Allison Bell
Life insurance groups are wondering whether the U.S. Department of Labor will put off enforcing the current version of the fiduciary rule, then come back with new regulations that continue what the groups see as an attack on commission-based life insurance and annuity product distribution efforts. Click HERE to read the original story via ThinkAdvisor. James Szostek and Howard […]
National Life Group Unveils Custom Built Life Insurance Solution Focused on Accumulation
{September 20th, 2017} by National Life Group
MONTPELIER, VT (PRWEB) SEPTEMBER 18, 2017 National Life Group member companies National Life Insurance Company and Life Insurance Company of the Southwest introduce PeakLife Indexed Universal Life Insurance to meet the sophisticated planning needs in the mass affluent and emerging affluent markets. PeakLife helps individuals and business owners protect what matters most, while also helping address […]
NEWS RELEASE: Fraudulent Disbursement of Funds from Annuity Contracts
{September 20th, 2017} by Nebraska Department of Insurance
The Nebraska Department of Insurance, Insurance Fraud Prevention Division (IFPD), has recently received additional information regarding fraudulent access to funds from annuity contracts. Following a July consumer alert that was issued by the Department of Insurance, the IFPD has learned that several of these attempts have been made on policies held by individuals across the country. […]
Seeking Secure Retirement Income? An Annuity Could Be a Good Fit
{September 20th, 2017} by CARL ZEIDLER, CFP, MSFS
Locking down a solid retirement income plan in today’s volatile investment market can be challenging. Thanks to low interest rates, conservative investments such as certificates of deposit and money market accounts aren’t paying enough to even keep up with inflation. It’s tempting to take the risk and move money into this bull market, but if […]
DFS ISSUES FINAL REGULATION TO PROTECT NEW YORKERS FROM UNJUSTIFIED LIFE INSURANCE PREMIUM INCREASES
{September 20th, 2017} by Richard Loconte
New Regulation Requires Life Insurers to Notify DFS at Least 120 Days Before an Adverse Change in Non-Guaranteed Elements of an Existing Life Insurance Policy Starting March 19, 2018, Life Insurers Must Now Notify Consumers at Least 60 days Prior to an Adverse Change in Non-Guaranteed Elements of an In-Force Life Insurance or Annuity Policy […]
Latest NY Life Product a Nod to Growing Combo Life-LTCi Market
{September 20th, 2017} by Cyril Tuohy
Seeking to capitalize on rising demand for combination life insurance/long-term care products, New York Life is introducing a universal life policy giving owners access to nearly five times the premium for LTC expenses. A 60-year-old buyer paying a single premium of $100,000 for an Asset Flex policy has access to as much as $461,695 for […]
Employers Pull Back on Popular Life Insurance Benefits, Surveys Find
{September 20th, 2017} by Cyril Tuohy
One of the cruel little ironies of life insurance is that more people than ever obtain coverage through a group life contract, but fewer employers than ever are offering the benefit. That represents an obvious opportunity for agents and benefits brokers. As many as 108 million Americans have life insurance coverage through the workplace, compared […]
Texas Rangers’ New Stadium Named For Globe Life
{September 20th, 2017} by Dallas Observer (TX)
The Texas Rangers have announced the sale of the naming rights for their new stadium that’s under construction to Globe Life Insurance, which owns the naming rights to the team’s current stadium. The deal runs through 2048. For the next two seasons, the Rangers will ply their trade at Globe Life Park, but then it’s […]
Meet the Annuity Trust on Bernie Sanders’ Hit List
{September 20th, 2017} by Allison Bell
Sen. Bernie Sanders brought the worlds of health insurance, annuities and advanced estate planning together last week when he put together a list of ideas for paying for a shift toward a single-payer health insurance system. Few observers expect to see Sanders get his single-payer health insurance system bill, S. 1804, signed into law. The list of […]
RBC Wealth, Raymond James Launch Efforts to Boost Female Advisors
{September 20th, 2017} by Janet Levaux
RBC Wealth Management says it is making a digital pitch to female advisors to highlight the role of financial advisors and what it takes to become part of the industry. The initiative includes several documentary-style videos that show the work of the firm’s top female advisors and how they became so successful. “Some started out as rocket scientists, […]
Provision of House spending bill would kill DOL fiduciary rule
{September 20th, 2017} by Mark Schoeff Jr.
The House is moving toward approval of a spending bill that contains a provision to kill the Labor Department’s fiduciary rule, the latest attempt by congressional Republicans to use legislative means to stop the regulation. The House was set to vote on more than two dozen amendments to the appropriations measure Wednesday afternoon. The bill, along with […]
Young Consumers’ Life Activity Rises: MIB
{September 20th, 2017} by Allison Bell
MIB Group Inc. says young U.S. consumers may have shopped a little more for August than in August 2016. The Braintree, Massachusetts based data collection group says U.S. individual life insurance application activity for consumers under age 45 increased 0.2%, year over year. That’s the first increase MIB has reported for the 0-44 age group since April. Click […]
AmeriLife Announces New Leadership to Oversee its Annuities and Retirement Planning Division
{September 20th, 2017} by AmeriLife
August 28, 2017 AmeriLife, a national leader in the development, marketing and distribution of annuity, life and health insurance solutions headquartered in Clearwater, Fla., announces its new President of Annuities and Retirement Planning. Denny Southern, who recently served as a Regional Vice President of Marketing for American Equity Investment Life Insurance Company, has joined AmeriLife […]
Virginia Approves China Oceanwide-Genworth Deal
{September 19th, 2017} by Allison Bell
Regulators in Virginia are backing efforts by Genworth Financial Inc. to sell two life insurance companies domiciled in Virginia to China Oceanwide Holdings Group Co. Ltd. The Virginia Bureau of Insurance has given preliminary approval to China Oceanwide to buy the subsidiaries. Click HERE to view the original story via ThinkAdvisor. Virginia officials have said their approval of the […]
FINRA Releases Arbitrator Diversity Data for the First Time
{September 19th, 2017} by Melanie Waddell
For the first time, the Financial Industry Regulatory Authority on Tuesday morning published data on the diversity of its arbitrator pool on its website. The move comes after complaints that FINRA panels were skewed toward older men and that transparency on arbitrators’ backgrounds was lacking. The information is available on a new section of FINRA’s website: Our Commitment to Achieving […]
Tell Acosta you Support the 18 Month DOL Fiduciary Rule Delay Today!
{September 19th, 2017} by Chip Anderson
Members of the Financial Services Industry, On, September 15, 2017, NAFA filed its seventh comment letter regarding the onerous and overreaching fiduciary rule, this one in support of the proposed 18-month delay of the rule’s applicability date, from the currently-scheduled January 1, 2018 to July 1, 2019. Now, it’s your turn to amplify this call […]
Group One Thousand One Launches
{September 19th, 2017} by Group One Thousand One
INDIANAPOLIS, Sept. 5, 2017 /PRNewswire/ — Group One Thousand One was launched today as a newly rebranded insurance group in the United States. The group is a privately-owned insurance business with approximately 340,000 policyholders and $37 billion in assets. The rebranded group includes Delaware Life Insurance Company and Delaware Life Insurance Company of New York. Group One Thousand One will continue operating […]
First Guaranteed Income Rider Comes to FIAs
{September 19th, 2017} by Cyril Tuohy
Lincoln Financial’s i4LIFE Indexed Advantage is the first guaranteed income benefit rider to appear on a fixed indexed annuity (FIA), an annuities market expert said. Guaranteed income benefits riders have been a staple of variable annuities for years. “It is the first guaranteed income benefit to be introduced in the indexed annuity market,” said annuity […]
Judge Says ‘Shadow Insurance’ Documents Can Remain Secret
{September 19th, 2017} by Associated Press
DES MOINES, Iowa (AP) — An Iowa judge has ruled that the details of “shadow insurance” subsidiaries created by several life insurers can remain confidential. Indiana University professor emeritus Joseph Belth sought the documents last year under Iowa’s open records law, saying he believes they would expose risky financial practices that could bankrupt some insurers. Judge Lawrence McLellan […]
Sallie Krawcheck wants Ellevest to change the way women save for retirement
{September 19th, 2017} by Bloomberg News
Women’s careers are different from men’s, and their retirement planning should be, too, is Sallie Krawcheck’s pitch. Now Krawcheck, one of the top women on Wall Street, has closed a hefty new round of funding for her startup robo-adviser, Ellevest. Click HERE to read the full story via InvestmentNews.
Legacy Launches FlexMark Select Series Of Annuities
{September 19th, 2017} by Legacy Marketing Group
For Immediate Release LEGACY LAUNCHES FLEXMARK SELECT SERIES OF ANNUITIES Upgraded earnings and income opportunities plus flexible liquidity—all bundled into a single FIA. PETALUMA, CA, September 19, 2017—Legacy Marketing Group® is excited to announce the launch of FlexMark SelectSM Series single premium deferred index annuities, its newest custom-designed proprietary FIA series. Developed with “A” rated […]
Annuities Solve Two Consumer Wealth Challenges: Analyst
{September 18th, 2017} by Cyril Tuohy
A focus on generating income in retirement and planning for the risk of living too long are among the trends that will define the future of consumer wealth, a consultant who tracks the financial advisor market said last week. Annuities are designed to deliver income in retirement and solving for longevity risk by generating income […]
Guardian Life to Relocate HQ to 10 Hudson Yards
{September 18th, 2017} by John Jordan
Guardian Life Insurance Company of America has entered into a sublease to relocate its headquarters in New York’s Financial District into more than 148,000 square feet of subleased space at 10 Hudson Yards. The sublease deal with handbag retailer Coach Inc. was revealed in a Sept. 13th 8-K filing with the Securities and Exchange Commission by Coach. […]
KUVARE TO ACQUIRE UNITED LIFE INSURANCE COMPANY
{September 17th, 2017} by Kuvare US Holdings, Inc.
Latest acquisition to expand offering of life and annuity solutions for the middle market Chicago, September 19, 2017 – Kuvare US Holdings, Inc. (“Kuvare”), a growth-oriented life and annuity business, is pleased to announce an agreement to purchase United Life Insurance Company (“United Life” or “The Company”), the life insurance company of United Fire Group, Inc. […]
Private Equity-Backed Distributor Buys Two Firms
{September 17th, 2017} by Allison Bell
A big, private equity-backed life insurance and annuity distributor is expanding. Simplicity Financial Marketing announced last week that it has acquired two smaller life and annuity distributors: WealthWise Partners L.L.C. and Liberty Financial Resources Inc. Simplicity is a Hartford, Connecticut-based company that was known as Futurity First Financial Corp. up until June. It has backing from Aquiline […]
A.M. Best Affirms Credit Ratings of Kansas City Life Insurance Company and Its Subsidiaries
{September 15th, 2017} by Best's News Service
FOR IMMEDIATE RELEASE OLDWICK – SEPTEMBER 15, 2017 A.M. Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” of Kansas City Life Insurance Company (Kansas City Life). Concurrently, A.M. Best has affirmed the FSR of A- (Excellent) and the Long-Term ICRs of “a-” of Kansas City […]
John Hancock names its first-ever female CEO
{September 14th, 2017} by Greg Ryan
John Hancock Financial Services will have a new chief executive come Oct. 1, the first woman to lead the Boston-based company in its century and a half of existence. John Hancock’s Canadian parent company, Manulife Financial, has named Marianne Harrison as Hancock’s president and CEO. She is replacing interim Hancock CEO Michael Doughty. The pair is swapping roles: Doughty […]
DOL Fiduciary Rule Explained as of August 31, 2017
{September 13th, 2017} by Investopedia
The Department of Labor (DOL) Fiduciary Rule is a new ruling, originally scheduled to be phased in April 10, 2017 – January 1, 2018, but delayed until June 9, 2017, including a transition period for the application of certain exemptions to the rule extending through January 1, 2018. Full implementation of all elements of the rule […]
Jim Glickman Named SOA President for ’17 – ’18
{September 13th, 2017} by The Society of Actuaries
The Society of Actuaries (SOA) announced the results of its member voting, with James M. Glickman, FSA, MAAA, CLU, serving as 2017-2018 president-elect. Glickman will begin his duties as the 70th SOA President at the 2018 SOA Annual Meeting and Exhibit, for the 2018-2019 term. A total of 6,006 SOA members, or 26.25 percent of eligible voters, voted in this year’s […]
IRA Beneficiary Designation Forms
{September 13th, 2017} by Stephan R. Leimberg, L. Paul Hood, Jr., Jay Katz, Edwin P. Morrow, and Martin M. Shenkman
Here is something to important to know about the beneficiary selections for an individual retirement account (IRA): The beneficiary designation form on file with the plan administrator or custodian will govern ownership and distribution of the plan/individual retirement. Not the client’s will or trust. Click HERE to view the original story via ThinkAdvisor. All plan administrators and IRA custodians […]
Diversity equals profitability
{September 13th, 2017} by Emily Holbrook
In this issue, Emily Viner, the vice president of agency growth and leadership development for The Guardian Life Insurance Company, writes about the need for more women in sales roles within this industry. Viner, who’s also at the helm of the company’s gender balance strategy, has experience to draw from. In 2013, she created Guardian’s strategy […]
NAIFA Makes a Marketing Deal With Sallie Mae
{September 13th, 2017} by Allison Bell
If bank employees can sell life insurance and annuities, maybe financial professionals with roots in the life insurance industry can market student loans. The National Association of Insurance and Financial Advisors recently set up a marketing relationship with Sallie Mae, the private student loan giant, that could ease NAIFA members into the college planning market. Click HERE to read the […]
Manulife reveals new CEO for US business
{September 13th, 2017} by Lyle Adriano
Manulife has announced several structural and leadership changes across its various segments. “We are confident that the changes we are making today will enable us to achieve our significant potential and deliver on our purpose of helping customers achieve their dreams and aspirations,” said Manulife president and incoming CEO Roy Gori. “Importantly, they showcase the […]
Advisors Split on DOL Fiduciary Rule
{September 13th, 2017} by Cyril Tuohy
There’s nothing quite like compiling responses to the Department of Labor’s fiduciary rule straight from the horse’s mouth: that of the individual advisor. Last month, consultant Howard Schneider decided to take stock of where advisors stood on the rule and both sides seemed as fired up as ever about the rule. Supporters, fee-based and fee-only […]
Annuities Will Retain Strong Product Sales, Analysts Predict
{September 13th, 2017} by Cyril Tuohy
Although some annuity sales numbers are fluctuating wildly, analysts say the long-term prognosis for annuity products remains very strong. Like power changing hands from one political party to another, the money in the annuity world sloshes about between the variable and fixed buckets and back again, analysts say. Some numbers look bad, but can be […]
10 Best Jobs of the Future: 2017
{September 13th, 2017} by Michael S. Fischer
The U.S. labor market is looking robust these days, though not all professions are thriving. Kiplinger has taken a deep look at 785 popular occupations, and produced a list of the 10 most promising ones in fields that currently pay well and are projected to burgeon over the coming decade. Click HERE to view the original […]
DOL fiduciary rule has enforcement gaps — and they could widen
{September 13th, 2017} by Greg Iacurci
The Department of Labor’s fiduciary rule, as it’s currently written, has some enforcement gaps. And they could widen, especially for annuity products, depending on how the Trump administration’s review of the rule shakes out. The primary enforcement mechanism of the Obama-era regulation, which raises investment advice standards in retirement accounts, is a “best-interest contract” between an investor […]
California Governor Signs Annuity Cash Surrender Bill
{September 12th, 2017} by Allison Bell
California Gov. Jerry Brown, D, has signed A.B. 1398, a bill that will set new procedural rules for individual annuity cash surrenders that take place in California. The law created by the bill, which was introduced by Assemblymember Ash Kalra, D-San Jose, Calif., will apply to annuity contracts issued on or after Jan. 1, 2019, according to a legislative analysis posted by the […]
As IUL Market Heats Up, Large Carriers Focus on Service, Simplicity
{September 12th, 2017} by Jay Cooper
Competition is ramping up in the IUL landscape. Complexity isn’t. A growing number of carriers have entered the indexed universal life (IUL) space, and product growth and other data points suggest an increasingly competitive marketplace. To maintain a strong foothold, large IUL incumbents say they have focused less on product innovation and more on making […]
American Equity’s New Fee-Based FIA Broadens Portfolio for Agents
{September 12th, 2017} by Cyril Tuohy
American Equity Investment Life Holding’s first fee-based fixed indexed annuity (FIA) broadens the appeal of the company’s FIA family of annuities to fee-based advisors, the company said. American Equity, based in West Des Moines, Iowa, is the latest company to launch a fee-based FIA. Voya Financial, Allianz Life, Lincoln Financial and Great American have launched […]
New Study Shows Consumers Desire Guaranteed Lifetime Income, But They Don’t Know Where to Find It
{September 12th, 2017} by Jackson National Life Insurance Company
LANSING, Mich.–(BUSINESS WIRE)–A new nationwide study released today, The Language of Retirement 2017: Advisor and Consumer Attitudes Toward Securing Income in Retirement, reveals most Americans favor financial strategies that offer guaranteed lifetime income1, yet they are largely unaware that annuities can provide this feature. While 75 percent of all consumers surveyed said they were familiar with annuities, less […]
Brighthouse Leaps Into the Annuity Future
{September 12th, 2017} by Jane Wollman Rusoff
Brighthouse Financial, the new independent company created from MetLife’s retail annuities and life insurance operations, has spun off as a Nasdaq-traded firm focused exclusively on those two product lines. That’s where Brighthouse is right now. As for where it plans to go, ThinkAdvisor recently interviewed BHF president-CEO Eric Steigerwalt to find out. Click HERE to view […]
Fidelity & Guaranty Life Announces Diana Hickert-Hill to lead Marketing, Investor Relations and Communications
{September 12th, 2017} by Fidelity & Guaranty Life
DES MOINES, Iowa, Sept. 5, 2017 /PRNewswire/ — Fidelity & Guaranty Life (NYSE: FGL), a leading provider of annuities and life insurance, announced today that Diana J. Hickert-Hill is joining the company as Senior Vice President – Marketing, Investor Relations & Communications. Ms. Hickert-Hill will report directly to Chris Littlefield, FGL’s President and Chief Executive Officer. Ms. Hickert-Hill is a seasoned executive in […]
DOL Filing In Thrivent Fiduciary Rule Litigation
{September 12th, 2017} by VW Staff
In a court filing as part of the ongoing Thrivent litigation, the DOL discussed various potential claims that could be brought by retirement investors under the fiduciary rule, highlighting the uncertainty that remains for the financial industry until the fate of the proposed 18-month applicability date for certain requirements of the BIC is settled. The […]
Saying you are a fiduciary does not mean you are a fiduciary
{September 12th, 2017} by Danny Sarch
Have you noticed the plethora of recent headlines of bad advisers cheating clients? In case you missed them, here are a few from just the last few weeks: • SEC says RIA stole $1 million from clients, using some of it to support gambling habit • RIA adviser gets two years in prison for cherry-picking trades • Court […]
Tax Overhaul Likely Punted Into 2018 Or Beyond
{September 12th, 2017} by Washington Times
Tax activists antsy over Congress’ ability to overhaul the country’s tax code this year are urging lawmakers to shift gears and work instead on a big tax cut, saying the GOP needs to post a win before it faces voters in 2018. Advocates of such immediate action, including former House Speaker Newt Gingrich, say a […]
After LPL deal, $170M firm bolts National Planning for Securities America
{September 12th, 2017} by Tobias Salinger
In the first major defection announced since LPL Financial’s purchase of National Planning Holdings, a four-advisor firm with $170 million in client assets joined Securities America. Benson Financial Group bolted from National Planning weeks after LPL bought its parentwith the goal of retaining most of its advisors. Benson Financial will keep its name but merge into another […]
Life Insurance & the Path To Financial Security
{September 12th, 2017} by PE Kelley
New research from the American Council of Life Insurers (ACLI) reveals a promising trend among consumers that indicates that more Americans possess a deeper understanding of the importance of a sound financial plan, and the role that life insurance plays in that plan. The study shows that a much larger segment of the American […]
Annuity Regulatory Climate Looks Mild: Analyst
{September 12th, 2017} by Allison Bell
The current regulatory forecast for the U.S. individual annuity market may now be for a little sunshine, with a chance of helpful breezes. Ryan Krueger, a securities analyst at Keefe, Bruyette & Woods Inc., gave a glimpse of how helpfully calm the annuity regulatory climate might be in a report on the life insurance and annuity issuer presentations at his firm’s […]
Pacific Life Dominates Indexed Life Sales as Market Heats Up
{September 12th, 2017} by Alex Padalka
Sales in indexed life insurance are poised to reach record highs this year, with Pacific Life Companies dominating the market, according to a press release from Wink. Pacific Life now has a 12.8% market share in the sector, with Transamerica, National Life Group, Minnesota Life-Securian and Zurich filling out the top five spots. The best-selling product across all channels, however, remains Transamerica Premier Financial […]
Study: Fee-Based Advice to Soldier on Regardless of Rule Outcome
{September 12th, 2017} by Cyril Tuohy
Regardless of the long-term fate of the Department of Labor’s fiduciary rule, advisors in broker-dealer channels will continue shifting to fee-based products and passively managed investments, a new survey found. Broker-dealer advisors are also expected to disengage from smaller, less profitable clients. Likewise, these advisors say they expect changes in how they manage rollovers from […]
Milliman launches innovative benchmarking tool for assessing the variability in unpaid claim estimates
{September 12th, 2017} by Milliman, Inc
SEATTLE, Sept. 11, 2017 /PRNewswire/ — Milliman, Inc., a premier global consulting and actuarial firm, today announced the launch of its latest InsurTech offering, an innovative casualty benchmarking tool that provides a new industry standard and a better, more efficient way of assessing variability in unpaid claims estimates. Milliman’s Claim Variability Guidelines™, debuting at the Casualty Loss Reserve […]
Florida-based broker-dealers flee Irma, setting up operations out-of-state
{September 11th, 2017} by Bruce Kelly
As Hurricane Irma lashed the sunshine state from its tip to its top over the weekend, business continuity plans for independent broker-dealers based in Florida kicked in, keeping the firms open for business for thousands of financial advisers. Prior to the hurricane, Raymond James Financial Inc., with more than 7,000 financial advisers across business lines, […]
Equifax Hack Teaches Hard Lessons for Firms
{September 11th, 2017} by Gabrielle Orum Hernandez
Most cybersecurity experts now agree that organizations should be planning incident response strategies for when, not if, their companies experience data breaches. Credit reporting agency Equifax learned this lesson the hard way when it was hit by a cyberattack that exposed addresses, Social Security numbers and financial information for 134 million customers. Equifax is the latest in a […]
NY Life Faces Age Discrimination Suit from Former Senior VP
{September 11th, 2017} by Jay Cooper
A high-ranking former New York Life executive has filed a lawsuit against the company, alleging it sought reasons to fire him to replace him with younger employees who made less and were not a part of the company’s defined benefit plan. The plaintiff, Patrick McCraw, was a senior VP who was in charge of the New York Life’s […]
Prudential, Aflac Rank Highest in Recruiting Hispanic Pros
{September 11th, 2017} by Daniel Williams
Multiple life-annuity manufacturers have been named to Hispanic Network Magazine‘s 2017 Best of the Best list, which recognizes employers with the best performance in recruiting and retaining Hispanic professionals. Aetna, Aflac, Allstate, Anthem, Combined Insurance, MassMututal Financial, Nationwide, New York Life, Northwestern Mutual and Prudential all made the list, conducted each year by DiversityComm, Inc., parent company of Hispanic […]
Q2 Annuity Sales Look Better: IRI
{September 11th, 2017} by Allison Bell
The Insured Retirement Institute says it’s seeing the same firming in U.S. individual fixed annuity sales that two other insurance industry organizations have detected. Revenue from fixed annuity sales fell to $27 billion in the second quarter, IRI reported today. That total is down 9.5% from the total IRI reported for the second quarter of 2016. But the year-over-decline has […]
Life Insurers May Get an FSOC Bill Onto Trump’s Desk
{September 10th, 2017} by Allison Bell
Insurance players have a shot at overcoming partisan gridlock in Washington and getting a bill they like signed into law. The bill, S. 1463, would fix a glitch in the rules governing the Financial Stability Oversight Council — a body that’s supposed to help the federal government identify, monitor and manage potential sources of systemic risk. Click […]
DOL Puts Non-Arbitration Policy in Writing
{September 9th, 2017} by Hannah Glover
The Department of Labor last week issued a bulletin officially stating that it will not enforce the controversial anti-arbitration clause within the fiduciary rule. That clause has been among the most contentious elements of the rule, and in some ways served as the teeth of its overall enforcement. By providing a private right of action — essentially […]
Annuities Now Pay More Than CDs: AnnuityAdvantage
{September 8th, 2017} by Allison Bell
Trends in the gap between what fixed annuity contracts pay holders and what comparable bank certificates of deposit pay are moving in the annuity issuers’ favor, according to AnnuityAdvantage. The Medford, Oregon-based company runs an annuity sales website. It tracks 290 annuity contracts from 35 insurers. View the original story via ThinkAdvisor, Click HERE. The highest-paying 3-year contract now offers a […]
Two Online Life Distributors Expand
{September 8th, 2017} by Allison Bell
Bestow Inc., an online life insurance distribution startup, is celebrating Life Insurance Awareness Month by making a life product supplier deal. The Dallas-based company says it will be getting products for its new life distribution system from a partnership with Munich American Reassurance Company, the U.S. life and disability reinsurance division of Munich Re, and with North […]
Congressman intends to hold Finra’s feet to the fire on how SRO spends fine money
{September 8th, 2017} by Mark Schoeff Jr.
A lawmaker who called on Finra to be more transparent about what it does with fine proceeds intends to keep the pressure on the broker regulator — even to the point of introducing legislation. “We will continue to ask Finra to provide a report to Congress on how it spends its fine money,” Rep. Brad […]
Insurance stuck in the dark ages – Manulife CEO
{September 8th, 2017} by Lyle Adriano
Incoming Manulife CEO Roy Gori has stressed that the insurance industry is “still in the dark ages” and should adapt to changing consumer behavior by embracing new technologies. Gori revealed to summit participants that most of Manulife’s technology budget is spent on maintaining existing systems instead of investing in innovations. “We need to transform our […]
Financial Security Is Up, Despite Low Financial Literacy
{September 8th, 2017} by Danielle Andrus
Americans feel more financially secure than they did five years ago, despite financial literacy being low, according to a survey released Thursday by Financial Engines. Almost half of Americans surveyed said they feel more secure than they did in 2012, but only 6% were able to pass a financial literacy quiz. Click HERE to view the […]
MetLife Slashes Annuity Pay to Former Advisors
{September 8th, 2017} by N/A
MetLife is taking a hatchet to compensation on annuities sold by former advisors who went to other broker-dealers in the wake of MetLife’s sale of its Premier Client Group to Massachusetts Mutual Life Insurance, InvestmentNews reports. The publication cites a memo LPL Financial sent last week to its advisors who previously worked in MetLife’s Premier Client Group. The […]
Congress likely to ‘push down’ the priority of killing DOL fiduciary rule
{September 8th, 2017} by Greg Iacurci
A main congressional opponent of the Department of Labor’s fiduciary rule said Thursday that Capitol Hill’s swelling political agenda will decrease the priority level of taking up legislation to kill the rule. “Right now, you’ve got a debt-ceiling vote coming up, a hurricane bearing down on us, … health care that hasn’t been done [and] […]
Rep. Wagner to Introduce Bill Repealing DOL Fiduciary Rule by Sept. 30
{September 7th, 2017} by Melanie Waddell
Click HERE to view the original story via ThinkAdvisor. Rep. Ann Wagner, R-Mo., said Thursday that she plans to introduce her bill to repeal the Department of Labor’s fiduciary rule by the end of September. Wagner, who chairs the House Financial Services Committee’s Oversight and Investigations Subcommittee, floated the draft bill, which also keeps a fiduciary […]
How a Finance Chief Winds Down The World’s Oldest Mutual Insurer
{September 7th, 2017} by Nina Trentmann
Simon Small has an unusual task as finance chief of Equitable Life Assurance Society: he is winding down the business, instead of growing it. The world’s oldest mutual insurer can trace its roots back to 1762, but the company’s demise began in 1998. That’s when it started to become clear that Equitable Life would not […]
The Time to Buy Annuities is Now
{September 7th, 2017} by Kerry Pechter
Investors, like George Costanza on ‘Opposite Day,’ should never trust their own instincts. In 1975, when they should have stocked up on cheap stocks (as a guy named Buffett did), they wouldn’t touch equities. In 1999, when people should have dumped tech stocks, the dot.com mystique held them transfixed. So it is today. Boomers should […]
Advisers in Florida brace for Hurricane Irma’s wrath
{September 7th, 2017} by Greg Iacurci
Financial advisers in Florida are gearing up for Hurricane Irma as the storm — one of the most powerful ever recorded in the Atlantic — bears down on the region. “We’re in full-contingency, emergency-plan mode here,” said Richard Steinberg, president of Steinberg Global Asset Management in Boca Raton, located on the southeast coast of the […]
Ban on fiduciary rule’s class-action waivers won’t be enforced: DOL
{September 7th, 2017} by Nick Thornton
The Labor Department has instructed its field investigators not to enforce the ban on class-action waivers in the fiduciary rule’sprohibited transaction exemptions. The rule’s best interest contract exemption and other prohibited transaction exemptions allow brokers, advisors, and insurance agents to receive variable compensation on sales of investment and insurance products in qualified retirement accounts. In order […]
Irma Forces NAIFA to Cancel Annual Conference
{September 7th, 2017} by Allison Bell
The National Association of Insurance and Financial Advisors has canceled its 2017 annual conference in the Orlando, Florida, area because of Hurricane Irma. NAIFA was preparing to bring about 1,500 life insurance agents and financial advisors to the Walt Disney World Dolphin Hotel from Friday through Sunday. The Falls Church, Virginia-based group had scheduled a vote on […]
Advisors Getting More Support From Companies
{September 7th, 2017} by Cyril Tuohy
With downward pressure on fees, new fiduciary regulations talking hold and interest rates still low, financial advisors say they want more support from companies with whom they do business. That life insurance companies, asset managers, broker dealers and benefits platforms. The good news is that companies are gradually heeding the call with the introduction of […]
Too Much Gloom on Brighthouse
{September 6th, 2017} by Aaron Back
Brighthouse Financial BHF 0.15% had a dim start to life as an independent company. For patient investors, this could be an opportunity. Shares of Brighthouse Financial have fallen 10% since it was separated from MetLifeMET 1.91% and began trading last week. That is not terribly surprising. MetLife was keen to part with the unit, which specializes in annuities and individual life insurance, because […]
Life Insurer Faces Off Against African-American Church in Battle Over Rates
{September 6th, 2017} by Leslie Scism
A federal trial in Los Angeles next week will test an increasing concern for Americans: How much leeway do their life insurers have when raising the price on old policies? In 2004, investors teamed with Praises of Zion Baptist Church in south Los Angeles to take out policies for 2,400 churchgoers in the area, most […]
Big Form ADV Changes Coming Soon. Are You Ready?
{September 6th, 2017} by Melanie Waddell
Registered investment advisors are bracing for major reporting changes regarding their Form ADVs that begin Oct. 1. Monique Botkin, associate general counsel at the Investment Adviser Association, assembled a working group about eight months ago to help RIAs get up to speed on what’s required. “It is a very significant change” in the way advisors […]
5 Reasons Genworth’s Would-Be Buyer Could Still Close the Deal
{September 6th, 2017} by Allison Bell
Regulators in China have come out with tough new corporate acquisition rules in recent weeks. Officials there want to block irrational deals, and deals involving controversial activities that could hurt people in other countries, and, possibly, make China look bad. The new rules could create turbulence for Genworth Financial Inc. Click HERE to read the original story via […]
Ash Brokerage Establishes Strategic Partnership with Century Equity Partners
{September 6th, 2017} by Ash Brokerage
Fort Wayne, Indiana (Sept. 5, 2017) – A leading insurance brokerage agency has established a new partnership that supports its strategic expansion initiative and continued success. Ash Brokerage, one of the largest independent insurance brokerage general agencies in the United States, today announced it has established a strategic relationship with Century Equity Partners, a Boston-based […]
Dalia Blass could tackle fiduciary standard as first order of business at SEC
{September 6th, 2017} by Mark Schoeff Jr.
Dalia Blass’ first order of business as head of the Securities and Exchange Commission’s Division of Investment Management could be to shape the agency’s position on a fiduciary standard. “I’m going to be surprised if that’s not the first order of business — getting the SEC back in charge of the fiduciary rule,” said Norm […]
Hartford Insurers Seeking A Tech Upgrade Look To Start-Ups For Ideas
{September 6th, 2017} by Stephen Singer
Hartford’s venerable insurance industry may be getting the technology jump-start it needs. Nearly 100 investors, insurance executives, start-up business owners and others gathered last week in a downtown Hartford office meeting room to listen to business pitches that would extend app technology, boost data storage and otherwise apply technology to insurance. The gathering, part of an initiative […]
Kitces: The fiduciary rule’s invisible boost: Editorial
{September 6th, 2017} by Michael Kitces
While the Department of Labor’s fiduciary rule has generated no shortage of discussion centered around advisors and their clients, an under-acknowledged secondary shift merits attention too. Although portions of the regulation may be diminished amid an ongoing review by the Trump administration, it will still affect actively managed mutual funds and their performance —in a surprisingly positive […]
SBLI of Massachusetts Completes Conversion to Mutual Insurance Company
{September 6th, 2017} by SBLI
WOBURN, Mass.–(BUSINESS WIRE)–The Savings Bank Life Insurance Company of Massachusetts (SBLI) today announced the successful completion of its conversion from a stock insurance company owned by 30 shareholder banks to a mutual insurance company owned by its policyholders. Following the conversion, the company’s name will change to The Savings Bank Mutual Life Insurance Company of […]
Kim Humbert Named National Accounts Manager at W&S Financial Group Distributors
{September 6th, 2017} by W&S Financial Group Distributors, Inc
CINCINNATI – August 16, 2017 – W&S Financial Group Distributors, the wholesale distributor of annuities and life insurance from Western & Southern Financial Group (Western & Southern) member companies, has promoted Kimberly A. Humbert to national accounts manager for independent marketing organizations. Humbert works consultatively with financial professionals to advance the retirement and legacy planning […]
Action must be taken to make Finra more accountable
{September 5th, 2017} by Editorial Staff
The Financial Industry Regulatory Authority Inc.’s mission is to protect investors from fraud and bad practices. It does this by writing and enforcing rules and regulations governing the nation’s 3,700 broker-dealers and the 631,000 brokers who are affiliated with them. Finra expects its members to operate with complete transparency, especially when it comes to the products […]
3 New Thoughts From the AXA US Individual Annuities Chief
{September 5th, 2017} by Allison Bell
Kevin Kennedy is one of the life insurance industry executives in charge of pulling the U.S. individual annuity market out of its current slump, in time to do something for the baby boomers, and older members of Generation X, who are rushing toward retirement age. Kennedy, head of individual annuities at AXA US, talked about the challenges facing the […]
Sen. Warren: Firms Don’t Need DOL Rule Delay. Just Ask Their CEOs.
{September 5th, 2017} by Melanie Waddell
A week after the Labor Department filed to begin a 15-day comment period regarding the 18-month delay of its fiduciary rule’s most onerous provisions, Sen. Elizabeth Warren, D-Mass., is urging Labor Secretary Alexander Acosta to fully implement the rule in light of recent remarks by financial and insurance company CEOs. In her Tuesday letter to Acosta, Warren cites recent earnings […]
SEC Assembles Team to Craft Fiduciary Rule
{September 5th, 2017} by Melanie Waddell
The Securities and Exchange Commission has assembled the team of officials who will be instrumental in coordinating a fiduciary rulemaking with the Department of Labor. The agency announced Thursday that Dalia Blass will serve as director of the agency’s Division of Investment Management, replacing David Grim, and that John Cook is the new lead advisor […]
Indexed Life Sales Rise 10%: Wink
{September 5th, 2017} by Allison Bell
Indexed universal life insurance sales climbed to $485 million in the second quarter, up 10% from the total for the second quarter of 2016, according to Wink. IUL sales were up from $447 million in the first quarter. Sheryl J. Moore, Wink’s president reported those figures in a summary of results from a survey of life insurance issuers. Wink, […]
NAIFA Activates Relief Fund for Advisors Hit by Harvey
{September 5th, 2017} by Allison Bell
The National Association of Insurance and Financial Advisors hopes to provide recovery grants for some of the insurance and financial advisors hurt by Harvey. The Falls Church, Virginia-based advisor group is reactivating the NAIFA Hurricane Relief Fund. NAIFA first established the fund in 2005, to help agents and advisors hurt by Hurricane Katrina and other Gulf Coast hurricanes. […]
Fiduciary rule may be neutered by new DoL proposal, critics say
{September 5th, 2017} by Kenneth Corbin
With its contentious fiduciary rule only partially in effect, the Department of Labor is pressing ahead with a new proposal to add exemptions to the regulation that business groups say could relieve compliance burdens but that critics contend will effectively neuter the rule. In its formal call for an 18-month delay of the best-interest contract exemption and other controversial […]
DOL Publishes Delay of Fiduciary Rule Until July 2019
{September 5th, 2017} by John Hilton
The Federal Register will publish a proposed rule tomorrow to delay phase two of the Department of Labor fiduciary rule by 18 months to July 1, 2019. Delay documents were announced Aug. 9, but inched closer to becoming official this week when the Office of Management and Budget completed its review and did not change the […]
Winks aids in Hurricane Harvey recovery
{September 5th, 2017} by Wink RockStars
Presence matters, whether you show up to provide aid in a disaster zone, send your love and emotional support, or donate financially, you make an impact. We may have watched Hurricane Harvey and the horrific flood from the comfort of our homes, located throughout the U.S., however, we have been present throughout the ordeal by […]
Life Insurer CEO: Vision Matters
{September 5th, 2017} by Allison Bell
The 15th annual Life Insurance Awareness Month 2017 Life Insurance Awareness Month campaign began September 1st. Peter Tedone, president of Vantis Life Insurance Company, said in a recent interview that one of the most important, most time-consuming tasks for a life insurance company leader today is coming up with a vision that includes millennial outreach. Somehow, Tedone […]
AIG Teams Actively Support Houston Colleagues and Community Following Harvey
{September 5th, 2017} by AIG
AIG has announced that it is providing $1 million in aid to organizations focused on emergency relief and ongoing recovery following Hurricane Harvey. The company will allocate $500,000 to Houston-based nonprofits for immediate local relief efforts. The remaining $500,000 will go toward critical medium- and longer-term recovery efforts in partnership with The Center for Disaster […]
‘Game On’ for FIA Sales in Second Half of 2017
{September 5th, 2017} by Cyril Tuohy
The second-quarter sales rebound in fixed indexed annuities (FIA) and the delay of the Department of Labor’s fiduciary rule means we could see a sale frenzy during the last half of the year. But will FIAs top last year’s $58 billion record? “The DOL rule is on hold and my response to that is game […]
Wink, Inc. Releases Second Quarter, 2017 Life Sales Results
{September 5th, 2017} by Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE INDEXED LIFE SALES ON TRACK FOR RECORD-SETTING YEAR Wink, Inc. Releases Second Quarter, 2017 Life Sales Results Des Moines, Iowa. September 1, 2017– One hundred and two life insurance companies participated in the 80th edition of Wink’s Sales & Market Report. Wink’s Sales & Market Report, the insurance […]
Former MetLife rep fined $15,000 for borrowing from clients
{September 5th, 2017} by Investment News
The Financial Industry Regulatory Authority has imposed a fine of $15,000 on a former MetLife broker. A rep with 25 years of experience, William Roy Kimberlin was also suspended for 18 months in connection with allegations that he borrowed $30,000 from customers. Accepting or giving loans to clients is forbidden under Finra regulations, the regulator […]
Finra: Who’s watching the watchdog?
{September 5th, 2017} by Mark Schoeff Jr. and Bruce Kelly
If you’re a broker, there are three things in life that are certain: death, taxes — and answering to Finra. Finra is the self-regulatory organization that makes sure the nation’s 3,700 broker-dealers and 631,000 brokers comply with securities laws and regulations to ensure that investors are protected and treated fairly. It has the power to […]
Raymond James Advisors Help Save 75 in Houston
{September 5th, 2017} by Janet Levaux
Two Raymond James advisors working with others helped rescue at least 75 people this week in the wake of Hurricane Harvey. Weston Keenan, an employee advisor in Austin, and Kyle Hawthorne, who recently joined the employee channel of Raymond James from Wells Fargo Advisors in Baton Rouge, Louisiana, participated in volunteer-organized relief efforts that saved […]
Best’s Special Report: U.S. Life/Annuity Insurers’ Net Income Rebounds Significantly in First-Half 2017
{September 2nd, 2017} by AM Best
August 29, 2017 11:50 AM Eastern Daylight Time OLDWICK, N.J.–(BUSINESS WIRE)–The U.S. life/annuity (L/A) industry’s net income for the first six months of 2017 rose to $18.5 billion, compared with a net loss of $2.6 billion for the same period in 2016. These preliminary financial results are detailed in a new Best’s Special Report, titled, “A.M. […]
DOL fiduciary rule: Agency says it will come up with new ways to comply during delay period
{September 1st, 2017} by Mark Schoeff Jr.
The Labor Department said Wednesday that it will propose new ways for financial advisers to comply with its fiduciary rule during its proposed 18-month delay in the implementation of the measure’s second phase. The DOL said that the paused is needed to review the regulation under a directive issued by President Donald J. Trump earlier this year. […]
