States may strengthen rules for selling annuities
{November 30th, 2017} by Mark Schoeff Jr.
State insurance commissioners this weekend will consider a draft proposal to strengthen the rules for selling annuities, an effort to put the marketing of the products more in line with the trend toward heightened investment advice standards. Click HERE to read the full story via InvestmentNews; registration required.
Best’s Special Report: Preliminary Results Show U.S. L/A Industry’s Net Income More Than Doubled in Nine-Month 2017 Period
{November 30th, 2017} by A.M. Best
FOR IMMEDIATE RELEASE OLDWICK – NOVEMBER 30, 2017 The U.S. life/annuity (L/A) industry’s net income for the first nine months of 2017 of $30.9 billion more than doubled the prior-year period, as a $44.3 billion decline in total expenses and federal and foreign taxes offset a 4% decrease in total income. These preliminary financial results […]
Department of Labor Declares 18-Month ‘Transition Period’ for BICE
{November 30th, 2017} by The Wagner Law Group
Though the DOL has said it will focus its enforcement policy on compliance assistance, ‘private litigants’ won’t be so gentle, the benefits law firm warned, adding that even the DOL may decide at any time that some compensation systems are unacceptable. The DOL finalized its proposed 18-month extension—from January 1, 2018 to July 1, 2019—of the […]
Annuity Sales See Historic Drop In 3Q
{November 30th, 2017} by Cyril Tuohy
Third-quarter annuity sales were down… Wink’s Sales & Market Report said third quarter non-variable deferred annuity sales dropped 11.1 percent to $20.2 billion compared to the year-ago period. According to Wink, Third-quarter fixed indexed annuity sales fell 11 percent to $12.7 billion compared with the year-ago quarter, and traditional fixed annuities with a one-year guaranteed […]
Why More Advisors Are Offering Financial Planning Services
{November 30th, 2017} by Bernice Napach
Financial planning is becoming an increasingly popular offering among advisors. Almost 50% currently offer planning services to clients, up from just under 33% just four years ago, and millennial advisors are the most avid adopters, according to a new report from Cerulli Associates. Click HERE to read the original article via ThinkAdvisor. “The rising trend […]
AXA Equitable Files For U.S. IPO
{November 30th, 2017} by Donovan Jones
Summary AXA Equitable Holdings has filed for a $100 million IPO, likely a placeholder figure for a much higher amount. The company provides a range of insurance, annuity, investment management and research services to individuals and organizations in the U.S. AXA Equitable has experienced a volatile last five and a half years of financial performance, […]
MassMutual launches mobile app to help gauge retirement readiness
{November 30th, 2017} by Paula Aven Gladych
Massachusetts Mutual Life Insurance has introduced a mobile app that will make it easier for retirement savers to access their 401(k) and other defined contribution retirement plans from their smartphones. The RetireSMART Ready mobile app gives customers immediate access to their retirement account information so they can make changes to their strategy as needed, and […]
Best’s Special Report: Preliminary Results Show U.S. Life/Annuity Industry’s Net Income More Than Doubled in Nine-Month 2017 Period
{November 30th, 2017} by A.M. Best
OLDWICK, N.J.–(BUSINESS WIRE)–The U.S. life/annuity (L/A) industry’s net income for the first nine months of 2017 of $30.9 billion more than doubled the prior-year period, as a $44.3 billion decline in total expenses and federal and foreign taxes offset a 4% decrease in total income. These preliminary financial results are detailed in a new Best’s Special […]
Fee-Based Annuities May Not Be Your Best Bet
{November 30th, 2017} by Eleanor Laise
Annuities have long had a reputation for generating rich commissions for salespeople. Now, a new generation of annuities that are free of commissions promises to alter that perception—but the trend isn’t a clear win for investors. Insurance companies including Lincoln Financial Group, Pacific Life and Great American Life Insurance in the past year have launched […]
Advisors Need to Rein in Do-It-Yourself Investors
{November 29th, 2017} by Brian O'Connell
Financial advisors need, from time to time, to rein in clients who attempt a “do-it-yourself” investment approach, often with lousy results. After all, someone has to save the earnest, yet misguided, DIY portfolio manager who most likely will walk away from the experience poorer and not necessarily wiser. Americans who make their own investment decisions […]
When the IRS Wants Your Life Insurance Policy
{November 29th, 2017} by William H. Byrnes, and Robert Bloink
Society has long recognized the individual’s obligations to provide for his or her family. Insurance was developed to protect against contingencies that might destroy or diminish one’s ability to meet those obligations. Click HERE to read the original story via ThinkAdvisor. To aid this objective, every state and the federal government sets limits to the […]
Have annuity sales bottomed out?
{November 29th, 2017} by Greg Iacurci
Annuity sales have fallen to their lowest point in well over a decade, but industry experts believe a turnaround is at hand. Sales among all annuity products in the third quarter were $46.8 billion, the first time since 2002 that quarterly sales have dipped below $50 billion, according to the Limra Secure Retirement Institute, which tracks […]
LIMRA Reports Drop in Q3 Annuity Sales: Wink reported similar numbers last week
{November 29th, 2017} by Allison Bell
U.S. sales of individual annuities fell to $47 billion in the third quarter, down 13% from the total for the third quarter of 2016, according to LIMRA insurer survey data. Results for the third quarter were worse than results for the second quarter: In the second quarter, annuity sales dropped 8%. Regulatory uncertainty and low interest rates have pounded annuity sales over […]
Don’t Be Fooled: 6 Common Retirement Misconceptions
{November 29th, 2017} by Jerry Golden
In an effort to keep things simple for people who are nervous about retirement — whether they are 42 or 62 — conventional planning strategies focus on how to save and invest money. If you save X amount and invest wisely, you will live happily for N years. That is how retirement misconceptions begin. Saving […]
Genworth and Oceanwide Extend Merger Agreement
{November 29th, 2017} by Genworth Financial
RICHMOND, Va., Nov. 29, 2017 /PRNewswire/ — Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co., Ltd. (Oceanwide) today announced they have agreed to a second waiver and agreement of each party’s right to terminate the previously announced merger agreement. The second waiver and agreement extends the previous deadline of Nov. 30, 2017, to April 1, […]
Non-variable annuity sales decline in third quarter
{November 28th, 2017} by Staff
Sales of non-variable deferred annuities totaled more than $20.2 billion in the third quarter, down 14 percent from the previous quarter and 11 percent from the year-ago quarter, according to Wink’s Sales and Market Report. Those non-variable products included the indexed annuity, traditional fixed annuity, and multi-year guaranteed annuity products. Higher rates on certificates of deposit […]
Individual Annuity Sales Softened in Q3: Wink
{November 28th, 2017} by Allison Bell
U.S. sales of individual indexed annuities and other non-variable annuities were a little softer in the third quarter than they were in the second quarter. Non-variable annuities generated about $20 billion in sales in the third quarter, down 11% from the total for the third quarter of 2016, according to the latest Wink’s Sales & Market Report from Wink. In the […]
5 New DOL Fiduciary Rule Standards Delay Facts
{November 28th, 2017} by Allison Bell
The U.S. Department of Labor has delayed the effective date of three major sets of DOL fiduciary rule compliance regulations by 18 months, but, actually, the rule is still there, like a dragon stuffed in a trunk. If you ignore the dragon, and just go about your business as if it was still 2007, fire could come out of […]
Jeffrey Hurd to Lead AXA Equitable Operations
{November 28th, 2017} by Allison Bell
Jeffrey Hurd will be taking over as the chief operating officer at AXA Equitable Life Insurance April 1, according to AXA Equitable. Hurd has been working for American International Group Inc., in a series of positions, since 1998. Click HERE to read the original article via ThinkAdvisor. In addition to serving as AIG’s chief operating officer, Hurd has […]
Jason Rapert to Lead Insurance Legislators Group
{November 28th, 2017} by Allison Bell
State lawmakers with an interest in insurance have picked their 2017-2018 officers, and to rename their group. The National Conference of Insurance Legislators agreed last week in Phoenix, at NCOIL’s annual meeting, to make Arkansas state Sen. Jason Rapert, R-Conway, Ark., the 2017-2018 president. Rapert will succeed Kentucky state Rep. Steve Riggs. Click HERE to read the original […]
Day after DOL delay, SEC’s Jay Clayton calls a fiduciary rule a priority
{November 28th, 2017} by Bruce Kelly
In light of the Department of Labor’s decision Monday to delay the full implementation of the fiduciary rule for retirement accounts, the Securities and Exchange Commission will make a fiduciary standard for brokers a priority, according to SEC Chairman Jay Clayton. Click HERE to read the full story via InvestmentNews; registration required.
New Model Regulation Gives Insurers Little To Be Thankful For
{November 28th, 2017} by Ann Young Black, Stephen W. Kraus and Adriana A. Perez
On November 24, while everyone was recuperating from their Thanksgiving feast, the NAIC’s Annuity Suitability Working Group circulated the Working Group Chair’s draft of proposed revisions to the Suitability in Annuity Transactions Model Regulation (#275) (Suitability Model) to be renamed the Suitability and Best Interest Standard of Conduct in Annuity Transactions Model Regulation (Suitability and Best Interest Model). While […]
AIG to Pay Minnesota Regulators $2.4 Million to Settle Examination Over Payments to Beneficiaries
{November 28th, 2017} by Thomas Harman
SAINT PAUL, Minn. – American International Group has reached a settlement agreement to pay $2.4 million to the Minnesota Commerce Department and improve its use of the U.S. Social Security Administration’s Death Master File in order to make timely payments to beneficiaries. The settlement is the latest of 13 resulting from Commerce Department market conduct […]
Labor Department Pushes Back Fiduciary Rule BIC Deadline to 2019
{November 28th, 2017} by Frank Klimko
WASHINGTON – The U.S. Labor Department announced an 18-month delay in the applicability date of the fiduciary rule that applies to the Best Interest Contract Exemption and the principal transactions exemption. The deadline will move from Jan. 1, 2018, to July 1, 2019. Click HERE to view the original article via AM Best. The DOL […]
#GivingTuesday
{November 28th, 2017} by Jamie Johnson
The Giving Tuesday campaign is a reminder that we all have the ability to donate something, whether it be time, money, items to a cause, group, individual that you care about and make this holiday season extra special for someone else, particularly those deemed less fortunate than oneself. We can also all agree, “it’s more blessed to […]
DOL 18-Month Delay Rule Taking Place Nov. 29
{November 28th, 2017} by NAFA
DOL 18-Month Delay Rule Scheduled for Publication in the Federal Register on November 29th WASHINGTON (November 27, 2017) — Last week the Office of Management and Budget approved the 18-month delay rule, extending the applicability date of the DOL fiduciary rule until July 1, 2019. The DOL filed the final delay rule with the OMB for […]
SEC Hires TIAA General Counsel In Midst Of TIAA Sales Investigations
{November 28th, 2017} by Tracey Longo
It’s no secret that many of the brightest, most ambitious securities attorneys in the country use a coveted stint at the Securities and Exchange Commission to bolster their sphere of influence, career options, and earnings potential. But the recent appointment of former TIAA Managing Director and General Counsel Paul G. Cellupica at a time when […]
Global Atlantic Launches Lifetime Builder Elite, Raising the Bar on Indexed Universal Life
{November 28th, 2017} by Global Atlantic Financial Group
November 27, 2017 NEW YORK–Global Atlantic Financial Group, a company focused on the U.S. retirement and life insurance markets, recently announced the launch of Lifetime Builder Elite, a new flagship accumulation-oriented indexed universal life insurance (IUL) policy. Lifetime Builder Elite offers policyholders a compelling, industry-first loan option, as well as pricing enhancements and greater flexibility, […]
Delay of DOL fiduciary rule enforcement mechanisms now final
{November 28th, 2017} by Mark Schoeff Jr.
The Department of Labor released a final rule Monday that would delay implementation of the enforcement mechanisms of its fiduciary duty regulation until the middle of 2019. The rule would postpone from Jan. 1, 2018, to July 1, 2019, the applicability of a legally binding contract between brokers and retirement-account clients that requires brokers to […]
DOL To Publish 18-Month Delay of Fiduciary Rule Wednesday
{November 28th, 2017} by John Hilton
The controversial Department of Labor fiduciary rule will be officially delayed by 18 months on Wednesday. The DOL made the announcement this morning with a notice in the Federal Register. Publication of the delay is the final step in a months-long bureaucratic process undertaken by the Trump administration to undo the Obama-era fiduciary rule. Click HERE to […]
ACLI, IRI celebrate official 18-month delay of Fiduciary Rule
{November 28th, 2017} by Brian Anderson
Both the Insured Retirement Institute (IRI) and the American Council of Life Insurers (ACLI) applauded the Department of Labor’s decision Monday to delay provisions of the fiduciary regulation for 18 months in separate statements released Monday. The DOL on Nov. 27 officially announced the 18-month extension from Jan. 1, 2018, to July 1, 2019, of the special […]
Can the SEC and DOL really harmonize advice standards for brokers and advisers?
{November 28th, 2017} by November 25, 2017
As regulators struggle to harmonize retail-advice rules, blending them into a single fiduiciary standard, count on hearing some sour notes from the industry. In fact, nowhere is the debate over investment advice standards more discordant than surrounding the term “harmonization.” Click HERE to read the full story via InvestmentNews; registration required.
Fiduciary delay to prolong already lengthy debate
{November 28th, 2017} by Andrew Welsch
The Department of Labor’s proposed 18-month delay of the fiduciary rule’s remaining components will go into effect, pushing the implementation date to July 1, 2019, the agency said Monday. The move, which prevents the rule’s enforcement provisions from taking effect, will prolong an already protracted debate over what standard advisors should be held to and […]
Ron Rhoades Sees Grim Fiduciary Rule Future
{November 28th, 2017} by Jane Wollman Rusoff
Fiduciary law expert Ron Rhoades has a question about the core of the Department of Labor’s fiduciary standard rule as it relates to individual retirement accounts: “Is it an angry lion with teeth, or an angry lion without teeth?” In an interview with ThinkAdvisor, Rhoades, a leading proponent of the rule, bluntly addresses his own […]
UBS Exits Protocol, Creating ‘New World’ for Advisors, Clients
{November 27th, 2017} by Janet Levaux
One month after Morgan Stanley said it was leaving the Protocol for Broker Recruiting, UBS says it will too. “As our operating model is more focused on retaining our existing advisors than recruiting to grow our business, UBS will no longer be subject to the Protocol effective Friday, Dec. 1, 2017,” said Tom Naratil, head of the firm’s Wealth […]
ACLI Hails Official Delay of DOL Fiduciary Rule Add-On Standards
{November 27th, 2017} by Allison Bell
The American Council of Life Insurers is celebrating the official delay of the compliance deadline for major extensions of the U.S. Department of Labor fiduciary rule standards, and preparing for a tough new round of negotiations. Dirk Kempthorne, the group’s president, put out a statement praising DOL officials for deciding to put off enforcement of the add-on standards for […]
The Oldest Members of Generation Z Are Now About 20
{November 23rd, 2017} by Allison Bell
Analysts at the Transamerica Center for Health Studies are now including data for consumers in “Generation Z” in adult consumer survey results. The Los Angeles-based center polled a total of 4,602 U.S. residents ages 18 to 64 through an online survey. Demographers are still in the process of deciding where the cut-off between Generation Z and the […]
THIRD QUARTER 2017 ANNUITY SALES
{November 22nd, 2017} by Sheryl J. Moore
Indexed Annuity Sales for the third quarter of 2017 were $12,798 million, compared with sales of $14,303 million for the third quarter of 2016. Third quarter indexed annuity sales were down nearly 13% when compared to the previous quarter, and down nearly than 11% when compared with the same period last year. Total 3Q2017 indexed […]
Wink, Inc. Releases 3rd Quarter, 2017 Non-Variable Deferred Annuity Sales Results
{November 22nd, 2017} by Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE ANNUITY SALES DIVE IN THIRD QUARTER Wink, Inc. Releases 3rd Quarter, 2017 Non-Variable Deferred Annuity Sales Results Des Moines, Iowa. November 22, 2017– Wink’s Sales & Market Report, the insurance industry’s #1 resource for indexed annuity sales data since 1997, is in its third year of reporting on […]
With LTC hybrid sales humming, why there’s still room to grow
{November 22nd, 2017} by Tobias Sallinger
Life insurance and annuities with long-term care riders have far surpassed standalone LTC insurance policies in sales, with tens of millions of Americans aged 50 or older still lacking any coverage, according to LIMRA data. Less than 7% of consumers over age 50 have LTC coverage, two experts from the industry research organization and its […]
Fed Could Still Give Insurers a Rate Hike
{November 22nd, 2017} by Jeanna Smlalek
Federal Reserve officials meeting earlier this month saw an interest-rate increase in the near term even as divisions persisted over the policy path forward amid tepid inflation. Click HERE to read the original story via ThinkAdvisor. “Many participants thought that another increase in the target range for the federal funds rate was likely to be […]
Top 20 Nonprofits That Ruled Fundraising in 2016
{November 22nd, 2017} by Michael S. Fischer
If it wasn’t already clear that donor-advised funds are the go-to charitable giving vehicle of the decade, consider The Chronicle of Philanthropy’s ranking of the 400 charitiesthat raised the most money from private resources in 2016. Seven organizations at the top of the list are mainly built on DAFs, and account for about a quarter of total […]
3 Best & Worst Broker-Dealers: Q3 Earnings, 2017
{November 21st, 2017} by Janet Levaux
Large financial institutions had a good third quarter this year, with most reporting stronger earnings and revenues than last year and in the prior quarter. Some broker-dealers that also have investment banking operations — like Morgan Stanley — saw activities like deal-making improve. Click HERE to read the original story via ThinkAdvisor. Many — but […]
NAFA Announces Bo Johnson Spirit Award for Lifetime Achievement
{November 21st, 2017} by NAFA
NAFA, the National Association for Fixed Annuities, announced David J. Noble, the founder of American Equity Investment Life Holding Company, as the winner of its 2017 Bo Johnson Spirit Award for Lifetime Achievement. The award recognizes courage, spirit and determination that challenges the status quo, inspires others to achieve, contributes unselfishly to others, and works […]
Insurers Plan To Improve Portal Shortcomings In 2018
{November 21st, 2017} by Cyril Tuohy
A high percentage of life and annuity company executives report middling satisfaction with agent portals. But insurers plan to continue improving digital distribution channels in 2018, according to a new report. Internet portals, which let agents log into company systems to track customer policies, provide the key link between the insurer and their retail distribution […]
Northwestern Mutual Provides $225,000 in Grants to Local Nonprofits
{November 21st, 2017} by Northwestern Mutual
MILWAUKEE, Nov. 21, 2017 /PRNewswire/ — Northwestern Mutual, through its Foundation, is dedicating its support to causes that are meaningful to the company’s employees with grants totaling $225,000. Twenty-five local nonprofits will receive $1,000 to $10,000 on behalf of Northwestern Mutual employees through the company’s Days of Sharingprogram, now in its 10th year. “We continually strive to cultivate a culture focused on […]
State Regulators to Look at Variable Annuity Draft
{November 21st, 2017} by Allison Bell
State regulators could change the rules life insurers use when accounting for efforts to hedge against variable annuity interest rate risk. A panel of regulators, the Variable Annuities Issues Working Group, plans to talk about a hedge accounting draft in December, in Honolulu, at an in-person meeting of the National Association of Insurance Commissioners. Click HERE to read […]
Finra updates and enhances Fund Analyzer tool
{November 21st, 2017} by InvestmentNews
The Financial Industry Regulatory Authority Inc. has updated its Fund Analyzer tool, which is designed to help investors and financial professionals understand the fees and discounts available on mutual funds, exchange-traded funds, exchange-traded notes and money market funds. Click HERE to read the full story via InvestmentNews.
5 Annuity Business Beauty Secrets
{November 21st, 2017} by Allison Bell
Life insurers generate so much cash that they are usually major sources of capital for other companies. But investors “on Wall Street” do provide some of the capital life insurers use to run their operations and make large acquisitions. Investors’ view of a publicly traded insurer also affects the insurer’s stock price. When an insurer’s stock price is […]
NAFA Fiduciary Case Postponed Till 5th Circuit Ruling
{November 21st, 2017} by Melanie Waddell
The U.S. Court of Appeals for the D.C. Circuit on Nov. 14 granted the National Association for Fixed Annuities’ motion to delay the oral arguments in NAFA’s appeal against the Labor Department’s fiduciary rule until a decision is made in the U.S. Court of Appeals for the Fifth Circuit. That case was brought by the nine plaintiffs […]
Minnesota’s top insurance regulator steps away
{November 21st, 2017} by The Associated Press
ST. PAUL, Minn. — The state’s top insurance regulator is stepping down from the job. Gov. Mark Dayton announced Friday that Department of Commerce Commissioner Mike Rothman would step down immediately after more than six years on the job. He’ll be replaced by Jessica Looman, who has served as a deputy commissioner with the Department […]
Indiana Department Of Insurance, NAIC Life Insurance Policy Locator Finds Over $600,000 Total Claims For Hoosiers
{November 21st, 2017} by Indiana Department of Insurance
(INDIANAPOLIS) – Thousands of U.S. consumers have reaped the benefits of the Indiana Department of Insurance’s (IDOI) and the National Association of Insurance Commissioners’ (NAIC) Life Insurance Policy Locator during the locator’s first year. In Indiana, 144 beneficiaries have been matched with $609,591.72 total claims since its launch last November. The consumer tool has matched […]
Advisors Must Act in Customers’ Best Interest: DOL Secretary
{November 21st, 2017} by Allison Bell
The U.S. Department of Labor may be postponing implementation of some fiduciary rule compliance rules and procedures, but it still expects retirement advisors to provide impartial advice, and to act in the best interests of the consumers. Click HERE to read the original story via ThinkAdvisor. R. Alexander Acosta, the Labor secretary, testified Wednesday, at a hearing organized […]
Benefits of a Gratitude List
{November 21st, 2017} by Wink's RockStars
The best way to reap the benefits of gratitude is to notice new things that you’re grateful for every day. Research by UC Davis psychologist Robert Emmons, author of Thanks!: How the New Science of Gratitude Can Make You Happier, shows that simply writing brief reflections on moments for which we’re thankful—can significantly increase well-being and life satisfaction. In the spirit of […]
For the First Time in History, More Americans Are Covered by Employment-Based Life Insurance than by Individual Life Insurance
{November 21st, 2017} by LIMRA
WINDSOR, Conn., — Nov 21, 2017 – A recent LIMRA study finds that 108 million Americans have life insurance coverage through their workplace, compared with 102 million covered by individual life insurance. This is the first time the number of people covered by workplace life insurance has surpassed those covered by individual since LIMRA has […]
Try these low-risk investment alternatives with higher returns
{November 21st, 2017} by Don Anders
With interest rates still close to all-time lows, conservative investors are realizing that traditional forms of low-risk investments are not keeping up with inflation. According to Bankrate.com, the average interest rate for a five-year bank CD is 2.13 percent, and the average bank money market is 0.12 percent APY. Considering inflation is historically 3 percent, […]
Women to Watch: Publisher’s Note
{November 21st, 2017} by Suzanne Siracuse
InvestmentNews is honoring female financial advisers and industry executives who are distinguished leaders at their firms. These women have advanced the business of providing advice through their passion, creativity, inclusive approach and willingness to help other women along the way. Welcome to InvestmentNews’ third annual issue dedicated to honoring outstanding women in the financial advice industry. It includes […]
Annuity firms target wary advisors, swear off ‘product pusher’ image
{November 20th, 2017} by Tobias Sallinger
The fiduciary rule and the wane of traditional wholesaling have prompted annuity issuers to change their pitch to financial planners, along with their product shelves. The firms are betting the new approach will appeal to advisors wary of sales calls, regulation and litigation. Jackson National Life Insurance has instructed agents to strive for deep conversations […]
Financed Life Insurance—the Emperor Has No Clothes
{November 20th, 2017} by Jerome M. Hesch, Bradley Barros
Today, with over 20 trillion of dollars of life insurance in force, sales presentations have morphed into highly complex illustrations, which has made it nearly impossible for most life insurance agents to develop a deep acumen in the products that they sell. Nowhere is this lack of awareness more apparent, and potentially more dangerous, than […]
Fidelity & Guaranty Life Reports Fiscal Fourth Quarter 2017 Results
{November 20th, 2017} by PRNewswire
DES MOINES, Iowa, Nov. 15, 2017 /PRNewswire/ — Fidelity & Guaranty Life (NYSE: FGL), a leading provider of annuities and life insurance, today announced financial results for the fiscal fourth quarter of 2017. Reported net income was $61 million or $1.06 per diluted share for the fourth quarter, and $223 million or $3.83 per diluted share for the full year Adjusted operating income was $63 million or $1.08 per […]
403(b) advisers disappointed with TIAA, but say other providers are ‘way worse’
{November 20th, 2017} by Greg Iacurci
Financial advisers were surprised to learn of TIAA’s alleged shady dealings with retirement savers, but say its practices pale in comparison to some of its peers. Click HERE to read the full story via InvestmentNews; registration required.
The Hartford Celebrates The ‘Will To Prevail’ And Team USA With Launch Of Paralympic Winter Games Campaign
{November 18th, 2017} by The Hartford
November 15, 2017 — HARTFORD, Conn.–(BUSINESS WIRE)–The Hartford, founding partner of U.S. Paralympics for more than two decades and the Official Disability Insurance Sponsor of U.S. Paralympics, announced its ‘I Will’ campaign supporting Team USA at the Paralympic Winter Games PyeongChang 2018. The campaign kicks off today with the launch of The Hartford’s national digital and […]
American Equity Declares Annual Cash Dividend on Common Stock
{November 17th, 2017} by American Equity
WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (NYSE: AEL), a leading issuer of fixed index annuities, today announced that its Board of Directors has declared an annual cash dividend of $0.26 per share to owners of its common stock. This is an 8% increase from the $0.24 annual dividend declared on November […]
New York Life Declares Largest Dividend in Company’s History
{November 17th, 2017} by New York Life
NEW YORK–(BUSINESS WIRE)–New York Life, America’s largest mutual life insurer, today announced that the company expects to pay eligible participating policy owners a record dividend payout of $1.78 billion in 2018, the largest in the company’s history. This will mark the 164th consecutive year that New York Life has paid a dividend to policy owners.* Since […]
The Turmoil inside TIAA
{November 17th, 2017} by Kerry Pecther
TIAA, as you probably know, was recently the subject of a couple of major man-bites-dog stories in the New York Times. TIAA is the hundred-year-old provider of 403(b) plans to universities, colleges and other non-profit institutions of higher learning. It hasn’t been a non-profit entity itself since 1998. But it still has a cooperative, not a […]
NAILBA Adopts 7-Point Strategic Plan
{November 17th, 2017} by Daniel Williams
Jim Sorebo, the 2017 chairman of the National Association of Independent Life Brokerage Agencies, kicked off the NAILBA 36 conference today in Hollywood, Florida, by donning the kind of helmet worn in his favorite movie, “300.” Click HERE to read the original story via ThinkAdvisor. As Dilios delivered his epic speech from the film, on […]
Wink, Inc. Releases Third Quarter, 2017 Life Sales Results
{November 16th, 2017} by Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE 2017 CSO KICKS INDEXED LIFE SALES DOWN A NOTCH Wink, Inc. Releases Third Quarter, 2017 Life Sales Results Des Moines, Iowa. November 16, 2017– One hundred two life insurance companies participated in the 81st edition of Wink’s Sales & Market Report. Wink’s Sales & Market Report, the insurance industry’s […]
Lifetime Income: It’s a Relay, Not a Sprint
{November 16th, 2017} by Kirby Wood
American Equity understands your clients look to you to help them find the retirement solutions that are in their best interest. While every retirement is unique, we also believe many of today’s pre-retirees and retirees face the same concerns: preserving money, maintaining a lifestyle they enjoy, and securing a lifelong income. Click HERE to read […]
Even as DoL reviews fiduciary rule, it’s ready to enforce it
{November 16th, 2017} by Kenneth Corbin
While the Department of Labor may yet revise or rescind the fiduciary rule, the agency also stands ready to bring enforcement actions against advisors who put their interests ahead of clients in egregious cases, says Secretary Alexander Acosta. “So long as companies are proceeding in good faith to implement the best interest standard, we are […]
5 Ways Independent Life Agents Can Start Digitizing
{November 16th, 2017} by Roger LaVine
More and more life carriers are automating their distribution systems, and while they’re doing their best to accommodate their agencies, they’re reaching a point where they’ll only want to deal with agencies that have taken steps toward going digital. Click HERE to read the original story via ThinkAdvisor. We estimate that, when it comes to contracting with […]
NAILBA Enters a New Age
{November 16th, 2017} by Daniel Williams
When the National Association of Independent Life Brokerage Agencies kicks off its annual conference this week in Hollywood, Florida, it will be “the dawning of a new age,” according to Jim Sorebo, the 2017 chairman of the industry association. Click HERE to read the original story via ThinkAdvisor. Earlier this year, Jack Chiasson retired as NAILBA CEO, […]
PIABA accuses Finra of conflicts of interest
{November 16th, 2017} by Bruce Kelly
The Public Investors Arbitration Bar Association, a group of lawyers that represents retail investors who sue brokerage firms, in a new report Wednesday morning took aim at perceived conflicts of interests at the board of governors of the Financial Industry Regulatory Authority Inc. Click HERE to read the full story via InvestmentNews; registration required.
THIRD QUARTER 2017 LIFE INSURANCE SALES
{November 16th, 2017} by Sheryl J. Moore
Indexed Life Sales for the third quarter of 2017 were $479 million, compared with sales of $452 million for the third quarter of 2016. Third quarter indexed life sales were down just more than 1% when compared with the previous quarter, and up nearly 6% as compared to the same period last year. Total […]
Insurers Beat Expectations In Q3, But Can It Last?
{November 16th, 2017} by Cyril Tuohy
t was a memorable quarter for life and annuity insurers. Companies beat earnings estimates, key executives spoke of receding concerns surrounding the fiduciary rule, and the beleaguered variable annuity market showed signs of life. The all-around good news – “Nirvana-like conditions,” in the words of one Wall Street analyst – aren’t sustainable over the long […]
Voya Financial Recognized by Women’s Forum of New York for Achieving Gender Parity of Board of Directors in 2017
{November 16th, 2017} by Voya
NEW YORK, Nov. 16, 2017 /PRNewswire/ — Voya Financial, Inc. (NYSE: VOYA), chairman and chief executive officer, Rodney O. Martin, Jr., presented Voya’spath to gender parity of its Board of Directors during the Women’s Forum of New York’s fourth biennial Breakfast of Corporate Champions held on November 14, 2017. The Women’s Forum of New York is a community of women leaders working to advance women’s leadership. In […]
Allianz Life Launches Index Precision Strategy
{November 16th, 2017} by Allianz
MINNEAPOLIS – November 14, 2017 – Allianz Life Insurance Company of North America (Allianz Life®) today announced the launch of the new Index Precision Strategy available on the Allianz Index Advantage® Variable Annuity suite of index variable annuities (IVAs). The Index Precision Strategy offers a level of principal protection while maintaining the opportunity for predictable upside potential. […]
Not All Annuities Are Created Equal
{November 16th, 2017} by Jeffrey Cutter
Deferred annuities can often be an essential part of a sound financial system. Deferred annuities are insurance contracts that over time, can provide the opportunity for growth during the accumulation phase of one’s financial lifecycle. They can also be designed to create a pension-like income stream during the distribution phase that is both measurable and predictable. You make […]
Moody’s: US life insurance sector outlook revised to stable amid solid fundamentals
{November 15th, 2017} by Moody's
Global Credit Research – 14 Nov 2017 New York, November 14, 2017 — Moody’s Investors Service has revised the outlook for the US life insurance sector to stable from negative, reflecting the sector’s resilience in the face of a low interest rate environment, as well as its strong capitalization, aided by strong equity markets and […]
Fixed Index Annuities and Variable Annuities Are Good Guys
{November 15th, 2017} by Michael Markey
I was sitting watching college football, just like you probably have many times, when the TV camera followed the running back after a fake handoff from the quarterback. Completely unaware of the mistake, the camera stayed on the player without the ball, the wrong offensive threat. I yelled at the dumb TV as I listened […]
Jackson Releases New Fee-Based Variable Annuity
{November 15th, 2017} by Jackson National Life Insurance Company
DENVER, Colo. – November 14, 2017 – Jackson National Life Insurance Company® (Jackson®) today announced the launch of Perspective Advisory II (PAII), a fee-based variable annuity with no surrender charge, designed to address personal investment challenges and help people pursue financial freedom in retirement. As part of its expanded suite of product offerings and access […]
Moody’s downgrades AXA Financial’s ratings following AXA’s continued pursuit of a partial IPO
{November 15th, 2017} by Moody's
New York, November 14, 2017 — Moody’s Investors Service today has downgraded the insurance financial strength (IFS) ratings of AXA Equitable Life Insurance Company (AXA Equitable) and MONY Life Insurance Company of America (MLOA) to A2 from A1, and downgraded the senior unsecured debt rating of AXA Financial Inc. (AXA Financial) to Baa2 from Baa1 […]
California Finds $11 Million For Life Insurance Beneficiaries as Life Insurance Policy Locator Helps Thousands of Consumers Find Lost Policies
{November 15th, 2017} by The California Department of Insurance
November 14, 2017 – SACRAMENTO, Calif. – The California Department of Insurance and the National Association of Insurance Commissioners’ (NAIC) Life Insurance Policy Locator has matched 583 beneficiaries in California with lost or misplaced life insurance policies or annuities – totaling over $11 million returned to consumers. Thousands of U.S. consumers have reaped the benefits from the tool […]
Ameriprise Financial Named “Best Place to Work” for LGBTQ Equality for 12th Consecutive Year
{November 15th, 2017} by Ameriprise Financial
Minneapolis – (November 9, 2017) – For the 12th year in a row year, Ameriprise Financial (NYSE: AMP) has earned 100 percent on the Human Rights Campaign Corporate Equality Index (CEI), a national benchmarking report measuring corporate policies and practices related to lesbian, gay, bisexual, transgender and queer (LGBTQ) workplace equality. Ameriprise received a perfect […]
Financial advice industry must give ‘soft skills’ the credit they deserve
{November 14th, 2017} by Kathleen Burns Kingsbury
Almost half of Americans say the most difficult topic to discuss with others is personal finance; they would rather discuss death, politics or religion. This social taboo against talking openly and honestly with loved ones contributes to 50% of first marriages ending in divorce, 70% of families failing to successfully pass down wealth to future […]
What Brighthouse Told Investors About Distribution
{November 14th, 2017} by Allison Bell
Brighthouse Financial Inc. came fully to life as an independent company Aug. 4, after the completion of an enormous, historic separation from MetLife Inc. The Charlotte, North Carolina-based issuer of individual life and annuity products has a market cap, or total stock value, of about $6.8 billion. It reached Sept. 30, the end of the third quarter, […]
6 Ways the Senate Tax Bill Could Juice the Life Sector
{November 14th, 2017} by Allison Bell
The tax policy specialists who work with the life insurance and annuity community are still studying the 253-page description of the Senate’s version of the Tax Cuts and Jobs Act bill. One point is already clear: The Senate bill drafters hope life and annuity players will contribute about $25 billion extra over 10 years, or […]
Tis The Season… To Be Financially Generous
{November 14th, 2017} by Fidelity Viewpoints
Giving to a loved one or charity can be one of life’s greatest joys. But when it comes to gifting, there are some key issues, including potential tax implications, that you’ll want to keep in mind in order to make the most of your gift. Make sure you plan properly… The most important thing to […]
Jackson Introduces Perspective Advisory IISM
{November 14th, 2017} by Jackson National Life Insurance Company
DENVER–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®) today announced the launch of Perspective Advisory II (PAII), a fee-based variable annuity with no surrender charge, designed to address personal investment challenges and help people pursue financial freedom in retirement. As part of its expanded suite of product offerings and access to elite money managers, the company has […]
NAILBA 36 Slated for This Week
{November 14th, 2017} by NAILBA
(Fairfax, Va.)—The National Association of Independent Life Brokerage Agencies (NAILBA) will present its 36th Annual Meeting this week in Hollywood, Florida. Scheduled November 16-18, 2017 at the Diplomat Beach Resort, NAILBA 36 will bring together the wholesale life insurance distribution industry, including representatives from brokerage general agencies, carriers, and insurance industry vendors. NAILBA’s Annual Meeting […]
Voya Financial Partners with Special Olympics to Advance Inclusion for People with Disabilities
{November 14th, 2017} by Voya
NEW YORK, Nov. 13, 2017 /PRNewswire/ — Voya Financial, Inc. (NYSE: VOYA) today announced the launch of Invest in Something Special, the newest component of the company’s broader effort to support the special needs community. The weeklong Invest in Something Special effort runs through Nov. 19, and will share the near-term goals and lifetime aspirations of Special Olympics athletes to raise […]
This is Different: Advancing Retirement Outcomes for the Disability Community
{November 14th, 2017} by Rodney O. Martin Jr.
After four decades in the financial services industry, it’s only the rare, truly unique opportunity that makes you pause and think, “Now this is different.” In 2011, when I was brought onboard to guide Voya Financial – then ING U.S. – through the process that led to its initial public offering (IPO) and eventual rebrand, it was […]
Financial Planning Considerations for Individuals and Caregivers of Those with Special Needs
{November 14th, 2017} by Tom Halloran
As you may have read in my recent article in U.S.News & World Report on “3 Unique Financial Issues for Special Needs” – according to the National Organization on Disability, more than 57 million people across the U.S. are living with a physical or cognitive disability. With limited assistance from government programs, this group – along with […]
3 Trends a Voya Distribution Executive Sees Now
{November 14th, 2017} by Allison Bell
Chad Tope is one of the top distribution managers responsible for trying to get Americans to protect themselves against death and retirement income risk. Tope is president of annuities and individual life distribution at Voya Financial, the company created when the effects of the Great Recession forced ING Groep N.V. to give up control over its U.S. operations. […]
Allianz: Buffered Annuity Sales Rise 62 Percent in 3Q
{November 14th, 2017} by Cyril Tuohy
Allianz reported that third-quarter sales of buffered variable annuities rose 62 percent over the year-ago period in the U.S. This is a sign that advisors have warmed to a small but growing product line within the struggling variable annuity market. Fee income from asset flows into Pacific Investment Management Co. also boomed in the third […]
In response to Jane Bryant Quinn
{November 14th, 2017} by Stephen Kelly
Recently, Jane Bryant Quinn wrote a column for the AARP Magazine and website trashing fixed index annuities. While many of the points Quinn states are in fact accurate, that doesn’t make them true. Accuracy and truth are not automatically one and the same. In fact, accuracy can be used to twist the truth and support […]
Consumer alert: Identity thieves going after annuities
{November 14th, 2017} by Kansas Commissioner of Insurance
TOPEKA — Ken Selzer, CPA, Kansas Commissioner of Insurance, is urging Kansans who own annuity products through insurance companies to watch for unauthorized account withdrawals. The alert comes following fraud reports received by the Office of the Kansas Securities Commissioner and the Kansas Insurance Department’s Anti-Fraud Division. The reports came from four different life insurance […]
A millennial’s tips on how to draw young stars into the industry
{November 14th, 2017} by Bethan Moorcraft
The insurance industry staffing crisis is the talk of the town. Around 25% of the workforce is set to retire by 2018 and there’s a serious shortage of millennial candidates seeking to take their places. So, what can be done to recruit, engage, train and retain the best and brightest of the younger generations to join the […]
Why financial literacy education may help employees be more productive
{November 14th, 2017} by Kyle Sanders
Improving employee productivity is constantly top of mind with employers. However, finding the right tools and resources to do so is not always easy. While employers may cite several reasons their employees are not reaching their full potential, there is one silent distraction plaguing the American workplace that many employers may not recognize is the root of […]
Legal Limbo: Attorneys Await DOL Resolution
{November 14th, 2017} by Kerry Pecther
At the ALI-CLE’s recent conference on securities and insurance law, Tim Pfeifer described new developments in the annuity world. Todd Solash and Merry Mosbacher spoke for and against FIAs, respectively. Merry L. Mosbacher runs the insurance and annuity business at Edward Jones, a financial services firm with 15,000 advisors. Todd Solash is president of Individual […]
RIA Mergers Plunge in Q3 as DOL Rule Delayed
{November 14th, 2017} by Cyril Tuohy
Merger and acquisitions among registered investment advisors plummeted in the third quarter to their lowest level in nearly three years. Advisors see less reason to merge in the wake of an 18-month delay in the implementation of the fiduciary rule, a new survey found. Only 29 transactions were reported, down from 37 in the year-ago […]
Fee-Based Annuity Sales on the Rise at Lincoln
{November 14th, 2017} by Cyril Tuohy
Sales of all types of fee-based annuities sold by Lincoln Financial totaled $79 million in the third quarter, nearly as much as the company’s entire fee-based annuity sales in 2016, the company’s CEO said last week. The sales bump might be an indicator of rising acceptance of fee-based products in light of tightened regulation. Lincoln […]
Why employers should include variable annuities in retirement planning
{November 14th, 2017} by Liza Tyler
Today, many Americans are facing a challenge when it comes to saving for retirement. With defined-contribution plans becoming the primary retirement savings vehicle, many employees are not able to rely on the guaranteed retirement income like they had in the past. Variable annuities can help solve the problem. In post-World War II America, the economy […]
Allianz Life Earns Top Score in 2018 Corporate Equality Index
{November 14th, 2017} by Allianz
MINNEAPOLIS–(BUSINESS WIRE)–For the second consecutive year, Allianz Life Insurance Company of North America (Allianz Life®) has received a score of 100 percent on the 2018 Corporate Equality Index (CEI), a national benchmarking survey and report on corporate policies and practices related to lesbian, gay, bisexual, transgender and queer (LGBTQ) workplace equality. This index is administered […]
Finra fines Ameritas $180,000 over VA sales
{November 14th, 2017} by InvestmentNews
The Financial Industry Regulatory Authority has censured and fined Ameritas Investment Corp. $180,000 for lapses in the supervision of variable annuity sales. In a letter of acceptance, waiver and consent, Finra said that between September 2013 and July 2015, Ameritas “failed to establish, maintain and enforce an adequate supervisory system and written supervisory procedures related to the […]
Borzi: Hard for Acosta to justify long DOL fiduciary rule delay
{November 14th, 2017} by Mark Schoeff Jr.
A former Obama administration official known as the architect of the Labor Department’s fiduciary rule said Friday she doubts the agency’s current leadership can justify the long implementation delay it is seeking. Phyllis Borzi, former assistant labor secretary and head of the Employee Benefits Security Administration, guided the development of the regulation from the initial proposal in 2010 through […]
How confusing are the fees brokers charge?: Opinion
{November 14th, 2017} by Bruce Kelly
Financial advisers get itchy when talking about fees they charge clients. They tend to sweat a bit, looking down at the ground like it was littered with hundred dollar bills. In other words, fee chat makes some advisers uncomfortable. Click HERE to read the full story via InvestmentNews: registration required.
30 Under 30 Finance: The Top Young Traders, Dealmakers And Big Money Innovators
{November 14th, 2017} by Nathan Vardi
The Wall Street landscape is becoming younger, digitized and more entrepreneurial. Technological and innovative forces are reshaping the world of money and they can be seen on this year’s Forbes 30 Under 30 Finance list. The rising stars of finance are inventing new online investment platforms, writing high-speed trading algorithms and speculating in cryptocurrencies. Some are […]
Of Anniversaries and Annuities
{November 9th, 2017} by OneAmerica
A OneAmerica® love story connects the present with the past Even in deteriorating health, retiree Ken McGlothlin smiles. The Hoosier native, 88, has felt an affinity for OneAmerica throughout his life — from when he started with American United Life Insurance Company® (AUL) following his senior year of high school as a courier “buzz boy” […]
Will SEC’s proposed database of crooked reps do enough?
{November 9th, 2017} by Margarida Correia
The SEC is moving to correct gaps in the oversight of advisors that allow bad actors to slip through the cracks. In remarks today at the Practicing Law Institute’s 49th Annual Institute on Securities Regulation, SEC Chairman Jay Clayton said the commission is creating a searchable database of individuals who have been barred or suspended […]
American Equity Rides Accumulation FIAs to Strong Quarter
{November 9th, 2017} by Cyril Tuohy
American Equity Investment Life Holding redirected third-quarter marketing efforts away from guaranteed income products toward accumulation products, a company executive said Tuesday. The shift mirrors a similar tilt expressed by independent agents in favor of accumulation products in the $60-billion fixed indexed annuity market. American Equity is a top seller of FIAs in the United States. […]
Carriers Releasing More Fee-Based FIAs
{November 9th, 2017} by Cyril Tuohy
More insurers are adding to the stream of fee-based fixed indexed annuities (FIAs) in the marketplace. Fee-based FIAs are designed to make it easier for advisors to sell under the Department of Labor’s (DOL’s) fiduciary rule, key parts of which have been delayed until July 1, 2019. Originally posted at INN Magazine. But will […]
Do stay-at-home spouses need life insurance?
{November 9th, 2017} by Scott Johnson
This article is reprinted by permission from NerdWallet. When it comes to life insurance, it’s really important that stay-at-home spouses are not left out. I’m not talking about working spouses including their stay-at-home husband or wife on their term life beneficiary form. I’m talking about stay-at-home spouses buying life insurance for themselves. This especially comes into play when one […]
Clark Capital Management Group Inc. files suit over California company’s use of Navigator mark
{November 9th, 2017} by Louie Torres
PHILADELPHIA – A Philadelphia registered investment adviser alleges that a California company is unlawfully using its trademark. Clark Capital Management Group Inc. filed a complaint on Oct. 26 in the U.S. District Court for the Eastern District of Pennsylvania against Pacific Life Insurance Co. alleging trademark infringement. According to the complaint, the plaintiff uses its […]
Voya Financial Earns 100 percent on Human Rights Campaign’s Annual Scorecard on LGBTQ Workplace Equality
{November 9th, 2017} by Voya
NEW YORK, Nov. 9, 2017 /PRNewswire/ — Voya Financial, Inc. (NYSE: VOYA), announced today that it received a perfect score of 100 percent on the 2018 Corporate Equality Index (CEI) — a national benchmarking survey and report on corporate policies and practices related to lesbian, gay, bisexual, transgender and queer (LGBTQ) workplace equality — administered by the Human […]
AIG Partners with PIMCO to Launch a New Global Index
{November 9th, 2017} by Business Wire
NEW YORK–(Business Wire)–American International Group, Inc. (NYSE: AIG) today announced the launch of the new PIMCO Global Optima Index, developed exclusively by Pacific Investment Management Company LLC (PIMCO) for AIG’s Power Series of Index Annuities. These fixed index annuities are issued by American General Life Insurance Company (AGL) and The Variable Annuity Life Insurance Company […]
Athene Holding Ltd. Reports Third Quarter 2017 Results
{November 9th, 2017} by Athene Holding Ltd.
November 06, 2017 04:17 PM Eastern Standard Time PEMBROKE, Bermuda–(BUSINESS WIRE)–Athene Holding Ltd. (“Athene”) (NYSE: ATH), a leading provider of retirement savings products, today announced financial results for the third quarter 2017. Net income for the third quarter 2017 was $274 million, or $1.39 per diluted Class A share (“diluted share”), compared to net income in […]
Retired farmer sues First National Bank over looted annuity
{November 8th, 2017} by Jonathan Ellis
A retired farmer has filed a lawsuit against First National Bank in Sioux Falls, claiming the bank’s employees set up an account that enabled his son-in-law to loot hundreds of thousands of dollars from an annuity. Harold Wittrock bought the annuity from Jackson National Life Insurance Co. in 2007. In 2009, according to the lawsuit, […]
Fee-Based Annuity Sales on the Rise at Lincoln
{November 7th, 2017} by Cyril Tuohy
Fee-based annuity sales at Lincoln Financial totaled $79 million in the third quarter, nearly as much as the company’s entire fee-based annuity sales in 2016, the company’s CEO said last week. The sales bump might be an indicator of rising acceptance of fee-based products in light of tightened regulation. Click HERE to read the full […]
Judge grants injunction against DOL fiduciary rule in Thrivent lawsuit, halts case
{November 7th, 2017} by Mark Schoeff Jr.
A Minnesota federal judge has issued a preliminary injunction against the Labor Department’s fiduciary rule, but also has granted a stay in the case. In a Nov. 3 decision, U.S. District Judge Susan Richard Nelson held that Thrivent Financial for Lutherans had demonstrated that it would suffer irreparable harm under the provision of the DOL fiduciary […]
5 Reasons Variable Annuities Look Prettier
{November 7th, 2017} by Allison Bell
Something amazing happened this fall when U.S. life insurers released their third-quarter earnings: A few executives bragged about variable annuity product results. A few years back, prolonged low interest rates made what once looked like cruelly skimpy benefits guarantees seem like promises of caviar and fine champagne. Many issuers treated their variable annuity units like dandelions in a […]
Use Open Enrollment To Close The Life Insurance Gap
{November 7th, 2017} by Jennifer Gassaway
Benefit enrollment season is here. You’ve likely spent the last few months preparing for the marathon of employer meetings, lunch-and-learn presentations and conversations with employees about the importance of benefits coverage. But with all the logistics settled and meetings booked, have you thought about your strategy to help sell the need for life insurance? Freshening […]
DOL Delay Loosens Vise On Annuities
{November 7th, 2017} by Cyril Tuohy
An 18-month delay in implementing key parts of the Department of Labor (DOL) fiduciary rule has eased its vise-like grip on insurers and annuity distributors, insurance company executives told analysts. Abating regulatory pressure around annuity transactions also should give life insurers and distributors more time to shape a rule in a manner that will help […]
A financial adviser can be harmful to your financial health: OPINION
{November 7th, 2017} by Ed Leefeldt
Financial advisers are supposed to help you make money — particularly when you’re nearing retirement. But you could be misled, said CEO Jay Shah of Personal Capital, a San Carlos, California-based financial advisory firm, which just completed a study of 10 prominent advisory firms, its own included. The result: Money management fees for some firms ranged up […]
The Heat Is On In The Hybrid Annuity Market
{November 7th, 2017} by Cyril Tuohy
Competition in the fast-growing hybrid annuity market is about to get fierce, the CEO of a life and annuity company said. But all competitors are welcome, said Eric Steigerwalt, president and CEO of Brighthouse Financial, a big seller of hybrid annuities. The hybrid annuity “is a great product for manufacturers, it’s a great product for […]
Earnings Update Favorable for Life Insurers
{November 7th, 2017} by Cyril Tuohy
With the industry’s largest life insurers expected to report third-quarter earnings later today, Morgan Stanley analyst Nigel Dally updates clients with a rundown on what to expect from an insurance product perspective: Equity Sensitive Products Analysts have “seen strong upside in equity sensitive products, especially at companies such as Ameriprise in advice and asset management,” […]
Brighthouse, Pru Say Their Annuity Operations Look Good
{November 7th, 2017} by Allison Bell
Two of the gorillas in the U.S. individual life and annuity markets say those operations did well in the third quarter. Brighthouse Financial Inc. reported strong Shield annuity sales in the first earnings release it has issued since its former parent, MetLife Inc., spun it off as a separate company. Click HERE to read the original story via […]
Prudential Questions Woman’s Claim On Husband’s Death
{November 7th, 2017} by The Gallup Independent
PHOENIX – For the past 30 months, Beverly Thomas has been trying to convince officials for the Prudential Insurance Company that she had nothing to do with the death of her husband. But the company, afraid that they may pay out $90,000 of his death benefit to someone who was not eligible to receive it, […]
Women at Fidelity describe culture of bias, revenge
{November 7th, 2017} by Bloomberg News
The trouble for Erika Wesson at Fidelity Investments began with an anonymous email. “Maybe you can go out there and do another deal where you lose millions. Stupid Bitch!” a copy of the 2008 message reads. Wesson was then a Fidelity analyst and, by her account, the only woman on its real estate team for institutional investors. […]
DOL Rule Delay Will Likely Be Final in 3 Weeks: Acosta
{November 7th, 2017} by Melanie Waddell
The Labor Department will likely be cleared in three weeks to officially delay the full implementation of its fiduciary rule, Labor Secretary Alexander Acosta told a federal court in Minnesota on Thursday in a court filing. “Typically administrative actions such as these take three weeks from the time of review by [the Office of Management and […]
Lincoln Financial Group Reports Third Quarter 2017 Results and Announces Increase to Dividend
{November 7th, 2017} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) today reported net income for the third quarter of 2017 of $418 million, or $1.87 per diluted share available to common stockholders, compared to net income in the third quarter of 2016 of $467 million, or $2.00 per diluted share available to common stockholders. Third quarter income from […]
Brighthouse Financial Announces Third Quarter 2017 Results
{November 7th, 2017} by Brighthouse Financial, Inc
CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (“Brighthouse Financial”) (Nasdaq: BHF) announced today its financial results for the third quarter ended September 30, 2017. The results are the first quarterly earnings reported by Brighthouse Financial following its separation from MetLife, Inc. (NYSE: MET), which was completed on August 4, 2017. Shares of Brighthouse Financial began trading on […]
Voya To Launch Buffer Annuity Early Next Year
{November 7th, 2017} by Cyril Tuohy
Voya is preparing to launch a hybrid, or buffer, annuity in the new year as the company seeks to take advantage of growth in a sparsely-populated niche of the annuity market, a company executive said. “We have a buffer-style annuity product that is finished and ready for launch at the first of the year,” Carolyn […]
DOL Delay Moving Forward
{November 7th, 2017} by NAFA
WASHINGTON (November 2, 2017) — The long-anticipated fiduciary rule delay was sent to the OMB yesterday (November 1) for final review. While the details are not yet public, we believe a delay of 18 months will be finalized next week. NAFA will distribute the final delay rule once it is officially released. Posting by the Office […]
American Equity Reports Third Quarter 2017 Results
{November 7th, 2017} by American Equity
American Equity Investment Life Holding Company (NYSE: AEL), a leading issuer of fixed index annuities, today reported third quarter 2017 net income of $57.0 million, or $0.63 per diluted common share, compared to net loss of $7.4 million, or $0.09 per diluted common share, for third quarter 2016. Non-GAAP operating income1 for the third quarter of […]
One More Step and DOL Rule Delay is Official
{November 7th, 2017} by Alex Padalka
The Department of Labor has officially filed for an 18-month delay of the final implementation of its fiduciary rule, ThinkAdvisor writes. Just as when it requested approval for the delay from the Office of Management & Budget back in August, the DOL is pushing pack the original Jan. 1, 2018 implementation date to July 1, […]
DOL Files Official Delay of Fiduciary Rule
{November 7th, 2017} by Melanie Waddell
The Department of Labor on Wednesday filed a rule with the Office of Management and Budget for the official 18-month delay of its fiduciary rule. The rule, which must be approved by OMB, delays the fiduciary rule’s Jan. 1, 2018, effective date until July 1, 2019. Click HERE to read the original story via ThinkAdvisor. The […]
Penn Mutual Introduces Survivorship Plus Select IUL
{November 7th, 2017} by The Penn Mutual Life Insurance Company
November 01, 2017 — HORSHAM, Pa.–(BUSINESS WIRE)–Penn Mutual, a Fortune 1,000 Company and leader in indexed universal life (IUL) product innovation, introduced its latest IUL product, Survivorship Plus SelectSM Indexed Universal Life. This new, second-to-die survivorship life insurance product, designed to cover two lives more cost effectively than two comparable individual policies, was built to support policyholders’ […]
MassMutual Approves $1.6 Billion 2018 Policyowner Dividend Payout
{November 6th, 2017} by MassMutual
SPRINGFIELD, Mass., Nov. 6, 2017 /PRNewswire/ — Demonstrating the longstanding commitment to its policyowners and customers, Massachusetts Mutual Life Insurance Company (MassMutual) announced today that its Board of Directors has approved an estimated $1.6 billion dividend payout in 2018 to eligible participating policyowners and members. The landmark accomplishment marks 150 consecutive years that MassMutual will be paying a dividend. “This is […]
MetLife Lays Off 61 Workers in Bloomfield
{November 6th, 2017} by Stephen Singer
MetLife Inc. is laying off 61 employees at its Bloomfield offices, or about 14 percent of its more than 400 workers. The financial services company that provides insurance, annuities, employee benefits and asset management told the state Department of Labor and Bloomfield Mayor Joan Gamble that the job cuts are permanent and part of a […]
Annuities and Trusts
{November 5th, 2017} by John L. Olsen, and Michael E. Kitces
As a financial asset, an annuity is necessarily part of the overall financial and estate plan of its purchaser. However, it is sometimes not well coordinated with the other components. Indeed, the ownership and beneficiary arrangement of an annuity may be inconsistent with — or even in conflict with — the rest of a client’s plan. THIS […]
SEC Chairman Jay Clayton’s quest to forge a fiduciary standard
{November 4th, 2017} by Mark Schoeff Jr.
In his first month as chairman of the Securities and Exchange Commission, Jay Clayton put the wheels in motion to formulate a uniform fiduciary standard for brokers and investment advisers, something that eluded his two direct predecessors and which supporters and critics alike agree could be a herculean task. Click HERE to read the full […]
The American College of Financial Services Plans Major Move
{November 2nd, 2017} by The American College of Financial Services
BRYN MAWR, Pa., Nov. 2, 2017 /PRNewswire-USNewswire/ — The American College of Financial Services is moving its operational headquarters from Bryn Mawr, Pa., to 630 Allendale Rd. in King of Prussia, Pa. The relocation to the newly purchased building will be completed by June 2019. Increased square footage and proximity to a diverse and dynamic area will provide a state-of-the-art setting […]
Insurers Would Feel Impact of GOP Tax Reform
{November 2nd, 2017} by John Hilton
The House GOP’s ambitious tax reform plan does not change the tax treatment of retirement plan contributions, but it touches virtually everyone and everything else in some way. That includes life insurers. The estate tax exemption would double immediately from the current $5.6 million for individuals and $11.2 million for couples and would be repealed […]
Jackson National Life Insurance adds new group to cater to ultra high-net-worth families
{November 2nd, 2017} by Monica Mendoza
Jackson National Life Insurance Co. is getting into a new line of work and it’s aimed at high-net-worth families. The Lansing, Michigan-based company, which has a Denver Tech Center office with about 450 employees, said it has formed a Private Wealth & Trust group to specialize on complex planning, investment management and tax mitigation strategies […]
American International Group posts 3Q loss
{November 2nd, 2017} by Associated Press
NEW YORK (AP) — American International Group Inc. (AIG) on Thursday reported a third-quarter loss of $1.74 billion, after reporting a profit in the same period a year earlier. The New York-based company said it had a loss of $1.91 per share. Losses, adjusted for non-recurring costs, came to $1.22 per share. The results missed […]
Kansas City Life Announces 3Q Results
{November 1st, 2017} by Kansas City Life
KANSAS CITY, Mo., Oct. 26, 2017 /PRNewswire/ — Kansas City Life Insurance Company recorded net income of $6.6 million or $0.69 per share in the third quarter of 2017, a decrease of $0.5 million or $0.05 per share relative to the third quarter of 2016. Net income totaled $17.4 million or $1.80 per share in the first nine months of 2017, up from $16.7 million or $1.72 per share in the first nine […]
The Future of Underwriting in the Palm of Your Hand
{November 1st, 2017} by Adam Lucas
With UnderRight Life, Global Atlantic is helping you do away with cumbersome underwriting tables by moving underwriting tools into the palm of your hand and making the underwriting process a more customer-friendly experience. Since the dawn of the life insurance industry, underwriting has weighed on the sales cycle. Its cumbersome and invasive nature, as well […]
Lincoln Financial Network Advisors Receive Top Honors at WIFS National Conference
{November 1st, 2017} by Lincoln Financial Network
PHILADELPHIA–(BUSINESS WIRE)–Lincoln Financial Network (LFN), the retail wealth management affiliate of Lincoln Financial Group (NYSE:LNC), announced today that 11 independent registered representatives from across LFN were recognized by Women in Insurance & Financial Services (WIFS) at its 2017 National Conference. WIFS’ “Circle of Excellence” honor highlights members who have achieved significant success in the insurance […]
America Is Incredibly Savings Insecure
{November 1st, 2017} by Indexed Annuity Leadership Council
WASHINGTON, Oct. 30, 2017 /PRNewswire-USNewswire/ — The financially insecure American has become reality – especially when it comes to retirement. New survey results released today by the Indexed Annuity Leadership Council (IALC), the council committed to providing complete and factual information about the use of indexed annuities as part of any balanced financial plan, provide […]
Trump administration seeks to give boost to 401(k) annuities
{November 1st, 2017} by Greg Iacurci
The Trump administration wants to give a shot in the arm to annuities in 401(k) plans by encouraging rules to make it more palatable for plan sponsors to offer such products. Click HERE to read the full story via InvestmentNews; registration required.
