At AIG, Solash and Scheinerman move up as Greer retires
{July 30th, 2019} by Editorial Staff
AIG Life & Retirement announced this week that Todd Solash, president, Individual Retirement, and Rob Scheinerman, president, AIG Retirement Services (AIG’s Group Retirement business), have been named CEOs of their respective businesses following Jana Greer’s retirement as president and CEO, Retirement. Click HERE to read the full article via Retirement Income Journal.
Where’s the Nuance in News about Annuities?
{July 30th, 2019} by Kerry Pechter
BlackRock will be incorporating an annuity into its institutional target date funds (TDFs) for 401(k) plans, and the $6.5 trillion asset manager has been among the financial services companies that have lobbied for the passage of the SECURE (Setting Every Community Up for Retirement Enhancement) Act, according to a recent report in the Wall Street Journal. […]
Envestnet’s Big Annuities Play
{July 30th, 2019} by Kerry Pechter
The new Envestnet Insurance Exchange (Envestnet Ix) now lets advisors analyze, illustrate, compare, select, purchase and integrate almost any type of annuity into a client’s financial plan without leaving the digital comfort zone of Envestnet’s wealth management platform. Click HERE to read the full article via Retirement Income Journal.
Pennsylvania Bill Could Affect Struggling Fraternals
{July 30th, 2019} by Maria Wood
The Pennsylvania House of Representatives recently agreed unanimously to approve a bill to streamline takeovers of failing nonprofit fraternal benefit societies. These membership groups offer their participants a limited menu of life insurance and retirement products like annuities. Pennsylvania oversees about a dozen fraternal benefit organizations with about 493,000 members — the highest total for […]
Penn Mutual Aims to Ramp Up Advisor Support
{July 30th, 2019} by Allison Bell
Penn Mutual Life Insurance Company is working to expand support for advisors. Heather Scher, the company’s new vice president of field development, said in an interview that the Horsham, Pennsylvania-based life and annuity issuer is making more use of one-on-one support as well as group classes, and that it’s developing new support services aimed at advisors […]
Annuity Product Update: Athene, AXA Equitable
{July 30th, 2019} by Allison Bell
Athene USA has added the Athene Amplify annuity contract — an indexed annuity product that’s registered as a security with the U.S. Securities and Exchange Commission. Issuers often refer to SEC-registered indexed annuities as buffered annuities, or structured annuities, to distinguish them from indexed annuities that are not registered with the SEC. Athene says the new […]
Q2 Life and Annuity Earnings Weather Looks… Fine: Analysts
{July 30th, 2019} by Allison Bell
For U.S. life and annuity issuers, the weather has probably been too cloudy for a beach party, but it’s been fine for someone wearing short sleeves. The idea that the life and annuity sector weather has been fine, but boring, has surfaced in a number of recent sector reviews released by credit market and securities […]
Regulators: Hold Insurers Accountable For Annuity Sales Incentives
{July 30th, 2019} by John Hilton
An insurance commissioners’ working group wants to hold insurers to a greater responsibility for agent compensation standards for annuity sales. The Annuity Suitability Working Group is working through five questions in a bid to finalize an annuity sales model law that regulators have been working on for more than a year. On a Tuesday conference […]
Exposing the Annuity Bonus Trap
{July 30th, 2019} by Joe Elsasser
Welcome to Hidden Value, the column where Joe Elsasser, CFP, addresses common financial planning issues with insights advisors and their clients may not have considered. For the past several years, I’ve been offering free educational annuity seminars at our local public library, and inevitably the topic of bonus annuities always comes up. The concept can […]
AALU to Join With GAMA International
{July 30th, 2019} by Allison Bell
The Association for Advanced Life Underwriting (AALU) and GAMA International announced today that they plan to merge. AALU and GAMA intend to adopt a new name and begin operating as one organization by June 2020, the groups said. AALU is a Washington-based group that once focused on serving advisors who worked on complicated life- and […]
Guggenheim defeats lawsuit claiming it siphoned annuity unit’s cash for LA Dodgers
{July 30th, 2019} by Jonathan Stempel
(Reuters) – Guggenheim Partners won the dismissal of a lawsuit claiming it defrauded investors in a risky annuity, and siphoned cash for purposes including to help its billionaire chief executive Mark Walter buy the Los Angeles Dodgers baseball team. In a decision on Friday, U.S. District Judge Holly Teeter in Kansas City, Kansas, rejected racketeering […]
CFP Board checks certificants against Finra, SEC databases in wake of WSJ analysis
{July 30th, 2019} by Mark Schoeff Jr.
The CFP Board will no longer rely on mark holders to reveal their disciplinary histories but instead check regulatory databases itself, the organization said in response to a Wall Street Journal analysis of its consumer-facing website. Click HERE to read the full article via InvestmentNews.
CFP Board omits thousands of regulatory, criminal problems of its certificants on consumer site: WSJ
{July 30th, 2019} by Mark Schoeff Jr.
A website maintained by the Certified Financial Planner Board of Standards Inc. to help investors find a CFP fails to list regulatory and criminal misconduct and customer complaints for thousands of its credential holders, according to a Wall Street Journal article posted Monday. Click HERE to read the full article via InvestmentNews.
Kuvare Agrees to Acquire Former Allstate Life Unit
{July 30th, 2019} by Allison Bell
Kuvare US Holdings Inc. says it’s planning to be a much bigger player in the U.S. life insurance market. The Chicago-based life insurance holding company announced today that one of its affiliates, Guaranty Income Life Insurance Company, has agreed to acquire Lincoln Benefit Life Company, and Lincoln Benefit Life affiliates, from RL LP, for a price […]
DOL Puts Annuities in Association Retirement Plan Footnote
{July 30th, 2019} by Allison Bell
Employers that join association retirement plans could, theoretically, try to discriminate against employees who look as if they’ll live a long time. But, in practice, federal officials say, lifespan-based discrimination might not be a big issue for multiple-employer association plans. Officials at the Employee Benefits Security Administration (EBSA), an arm of the U.S. Department of Labor […]
AM Best Upgrades Credit Ratings of Knighthead Annuity & Life Assurance Company
{July 29th, 2019} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Ratings to “a-” from “bbb+” of Knighthead Annuity & Life Assurance Company (Knighthead Annuity) (Cayman Islands). The outlook of these Credit Ratings (ratings) has been revised to stable from positive. The ratings reflect Knighthead Annuity’s […]
Pension Bill Could Add $70 Billion in Group Annuity Sales
{July 29th, 2019} by Allison Bell
The House is preparing to vote on a measure that could rewire a major part of the U.S. retirement finance system: H.R. 397, the “Rehabilitation for Multiemployer Pensions Act of 2019″ bill. The bill drafters want to provide financial assistance that the managers of the 1,400 U.S. multiemployer pension plans could use to transfer pension obligations […]
Regulators Face Harsh Critics On Indexed Annuity Illustration Rules
{July 29th, 2019} by John Hilton
State regulators plan one more conference call in a last-ditch effort to tighten up regulation of indexes used in indexed annuity illustrations. But the National Association of Insurance Commissioners’ working group appears further apart than when it started. The Annuity Disclosure Working Group is studying a proposal to increase the time indexes must be in […]
Life-LTC Hybrid Sales Level Off: LIMRA
{July 29th, 2019} by Allison Bell
A shift in how U.S. residents pay for products that combine life insurance with long-term care (LTC) benefits may have disrupted U.S. individual life-LTC sales figures in 2018. LIMRA analysts talk about the effect of the payment shift in their latest U.S. individual life-LTC market report, which is based on a survey of life-LTC policy […]
AIG Names Karen Ling Executive Vice President, Chief Human Resources Officer
{July 29th, 2019} by AIG
NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG) has named Karen L. Ling Executive Vice President, Chief Human Resources Officer (CHRO) effective July 29, 2019. Based in New York, Ms. Ling will report to AIG President and Chief Executive Officer Brian Duperreault and will join the AIG Executive Leadership Team (ELT). As CHRO, Ms. Ling […]
Insurance Agency Mergers and Acquisitions in First Half of 2019 Shatter Record, OPTIS Partners Reports
{July 29th, 2019} by OPTIS Partners
CHICAGO, IL / ACCESSWIRE / July 23, 2019 / There were 328 announced insurance agency mergers and acquisitions during the first half of 2019, according to OPTIS Partners’ M&A database. It was the second-highest six-month total, trailing only the first half of 2017 when 333 transactions were reported. There were 300 deals in the first half […]
Lincoln Financial Group Releases Study That Shows Costs for Long-term Care Services Can Vary by More Than $100,000 Annually Depending on the Care You Need and Where You Live
{July 29th, 2019} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–More than one in two Americans turning 65 are expected to need some form of long-term care in their lifetime, according to the Department of Health and Human Services. Yet unfortunately, many do not plan accordingly and significantly underestimate the cost of long-term care services, in some cases by nearly 50 percent. Lincoln […]
AM Best Revises Outlooks to Positive for Liberty Bankers Life Insurance Company and Its Subsidiaries
{July 29th, 2019} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Ratings of “bbb+” of Liberty Bankers Life Insurance Company (Oklahoma, OK) and its wholly owned life insurance subsidiaries. Liberty Bankers Life Insurance Company, along with its subsidiaries —The Capitol Life Insurance Company […]
Bill Cosby Spokesman Critical of AIG Over Reported Litigation Settlement
{July 29th, 2019} by AM Best
LOS ANGELES – A Bill Cosby spokesman has criticized American International Group Inc., alleging the carrier’s settlement in litigation against Cosby — stemming from the 1982 alleged attack of supermodel Janice Dickinson — has no bearing on Dickinson’s defamation allegations. “Mr. Cosby has every confidence that, had the case proceeded to trial, a jury would […]
Brighthouse Financial Names Edward Spehar Chief Financial Officer
{July 29th, 2019} by Brighthouse
CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (“Brighthouse Financial” or the “Company”) (Nasdaq: BHF) today announced that Edward (Ed) Spehar will join Brighthouse Financial on July 29, 2019 and will assume the position of executive vice president and chief financial officer, effective August 12, 2019. Spehar will report to Eric Steigerwalt, Brighthouse Financial’s president and chief executive […]
Eric Stevenson to lead Nationwide’s retirement plans business
{July 29th, 2019} by Nationwide
COLUMBUS, Ohio, July 24, 2019 /PRNewswire/ — Eric Stevenson will be the next leader of Nationwide’s retirement plans business. Stevenson steps into the role succeeding John Carter, who was recently named President and Chief Operating Officer-elect over all of Nationwide’s financial services business lines. Stevenson most recently served as Senior Vice President of distribution for Nationwide’s retirement plan business, which is responsible […]
Insurance magnate tied up in $500K political bribery case
{July 29th, 2019} by The Associated Press
An independent political committee that prosecutors allege was created to help an insurance magnate bribe North Carolina officials has relinquished the nearly $500,000 it had left to the federal government. A midyear campaign finance report filed last week shows the North Carolina Growth and Prosperity Committee handed over the money one day before the criminal […]
Regulator Calls For ‘A Total Rework’ Of Key NAIC Illustration Guide
{July 29th, 2019} by John Hilton
Insurance regulators hosted a vigorous debate Monday on whether juiced-up indexed universal life products are projecting realistic returns or not. New IUL products featuring “multipliers” or “bonuses” prompted the IUL Illustration Subgroup to consider changes to Actuarial Guideline 49. The National Association of Insurance Commissioners’ subgroup has held several conference calls on the topic. Click […]
Why Social Media and Tech Are Essential to Attracting Young Advisors
{July 26th, 2019} by Alex Padalka
Financial advice firms who want to ensure they have enough younger advisors coming in as their older advisors retire will need to ensure they’re up to speed with their technology and social media, according to a recent study. The average advisor is around 55 years old, and only 11% of advisors are under 40, J.D. Power says […]
Why advisors ‘must love technology more than they fear change’
{July 26th, 2019} by Charles Paikert
Like it or not, digitally enhanced advising is here. If firms haven’t begun to transform their practices, they risk losing clients to competitors who have, Scott Klososky, founding partner of TriCorps Technologies, told wealth managers at BNY Mellon Pershing’s recent RIA Symposium in New York. “Humans are integrating with technology at an extremely high rate,” […]
United Capital Partners with Girls Who Invest to Mentor Next Generation of Women in Finance
{July 26th, 2019} by United Capital
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–United Capital Financial Advisers LLC (“United Capital”), the country’s first and largest financial life management firm, is partnering with Girls Who Invest (“GWI”), a non-profit organization dedicated to increasing the number of women in portfolio management and executive leadership in the asset management industry. As part of the partnership, United Capital welcomed two college students for […]
Is There Magic in the Term ‘Fiduciary’?
{July 26th, 2019} by Melanie Waddell
Two Securities and Exchange Commission officials went toe-to-toe Wednesday on whether there’s “magic” in the term fiduciary. During a question and answer session at a Regulation Best Interest seminar held by the Securities Industry and Financial Markets Association at WilmerHale in Washington, Brett Redfearn, director of the SEC’s Division of Trading and Markets, said that while […]
Genworth Filings Could Ease Sale of Genworth Canada
{July 26th, 2019} by Allison Bell
Genworth Financial Inc. is taking a public step toward selling its Canadian mortgage insurance business, and its mortgage insurance businesses elsewhere in the world. The Richmond, Virginia-based company has announced an effort to change the terms governing $3.2 billion in notes. The effort — a consent solicitation — would give Genworth official authorization, under the terms of […]
Jackson Enhances Variable Annuity Benefit Suite, Adds Fidelity to Money Manager Roster
{July 26th, 2019} by Jackson National Life Insurance Company
NASHVILLE, Tenn.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®) today announced several benefit updates to its family of variable annuities (VAs), including Perspective II and Perspective Advisory II. The changes are designed to streamline many of the add-on options offered through these products, by focusing on the most popular benefit designs. As part of this launch, Jackson introduced LifeGuard Freedom […]
LifeYield Partners with Allianz Life to Offer Financial Professionals Access to LifeYield’s Social Security Advantage
{July 26th, 2019} by LifeYield LLC
BOSTON, July 24, 2019 /PRNewswire/ — LifeYield LLC, the leading cloud-based solution that facilitates tax-smart, risk-smart management of an investor’s entire household portfolio, announced today its proprietary Social Security Advantage solution will be available to financial professionals who do business with Allianz Life Insurance Company of North America (Allianz Life) this fall. Through this partnership, Allianz Life wholesalers will soon be able […]
Jackson enhances variable annuity benefits, adds Fidelity as money manager
{July 26th, 2019} by Editorial Staff
Jackson National Life Insurance Company has announced several benefit updates to its family of variable annuities (VAs), including Perspective II and Perspective Advisory II. Click HERE to read the full article via Retirement Income Journal.
Delaware insurance commissioner: We’re on the watch for sketchy annuity deals
{July 26th, 2019} by Trinidad Navarro
Trinidad Navarro is Delaware’s insurance commissioner. In late 2018, the Delaware Department of Insurance initiated and completed examinations of 15 insurance companies that resulted in penalties totaling $948,000. These exams began after the Department received complaints from consumers who believed they received bad advice concerning annuities. Annuities, typically purchased for future retirement income, are contracts […]
Standing the Test of Time
{July 23rd, 2019} by Lori Chordas
A 120-year-old fire and casualty insurer joined the ranks of companies that have maintained a Best’s Financial Strength Rating of A or higher for at least 75 years. After building successful insurance operations around the globe, Cornelius Vander Starr turned his attention to the American market. Starr, the founder of what is now American International […]
Nationwide will repay the state nearly $3 million in incentives after failing to maintain promised jobs
{July 23rd, 2019} by Donnelle Eller
Nationwide Mutual Insurance will repay the state of Iowa about $3 million in incentives it received to expand its downtown Des Moines insurance and financial services campus. The Ohio-based company said it added the 1,570 jobs it promised to create in 2005 with a $158 million expansion, but acknowledged it’s unable to maintain the required total through 2023 […]
Insurer Favors ‘Sex’ Over ‘Gender’ in Life Policy Overviews
{July 23rd, 2019} by Allison Bell
A life insurer says life underwriters need to know about an insured’s sex at birth, not just the applicant’s current gender identity. Pacific Life Insurance Company says any revised versions of life policy overview summary regulations should refer to the insured’s sex, not to the insured’s gender. “‘Gender; is a fluid concept while ‘Sex’ refers to genetic sex […]
SEI Study Uncovers the Impact of Advisor Biases on Client Outcomes
{July 23rd, 2019} by SEI
OAKS, Pa., July 18, 2019 /PRNewswire/ — New research collected from surveys conducted by SEI (NASDAQ: SEIC) reveals that advisors – not just investors – can be affected by behavioral biases. Advisors ranked “overconfidence,” the tendency to overestimate their skills and accuracy, as the top behavior (26%) that affects their decision-making, and “regret avoidance” comes in at a close […]
As Bull Market Roars, Americans’ Retirement Confidence Is Left Behind
{July 23rd, 2019} by Christopher Robbins
America’s financial confidence is stuck in the doldrums. Just one in five respondents in a recent poll of more than 1,000 American adults by the Associated Press and the NORC Center for Public Affairs Research felt “extremely or very confident” that they will have enough savings for retirement. While 21% of the respondents felt extremely […]
Why healthy clients need to save more for retirement
{July 22nd, 2019} by Mary Beth Franklin
Here’s a counterintuitive thought: Healthy clients are likely to have higher medical costs in retirement than their less-healthy counterparts. Click HERE to read the full article via InvestmentNews.
Retirement Savers Seeking Protection Amid Market Volatility: Allianz
{July 22nd, 2019} by Michael S. Fischer
Second-quarter market volatility is making Americans increasingly worried about their finances and retirement savings, with only 31% in a new survey saying they were comfortable with market conditions and ready to invest, down two percentage points from the previous quarter and four points from last year’s first quarter. The latest market perceptions study from Allianz Life also […]
Morningstar’s June Winners & Losers
{July 22nd, 2019} by Ginger Szala
In June, Morningstar analysts assigned ratings to 28 new strategies, while upgrading five and downgrading eight strategies. In addition, eight strategies were placed under review. Morningstar recently updated its Analyst Rating activity for 155 U.S. open-end mutual funds, exchange-traded funds and separately managed accounts and collective investment trusts for June 2019. “In June we upgraded Dodge & Cox Global Bond’s […]
World bond index adds climate-risk screen
{July 22nd, 2019} by Jeff Benjamin
For the first time ever, the sovereign debt issued by the world’s developed nations is being indexed according to each country’s climate-risk factors. Click HERE to read the full article via InvestmentNews.
What advisers need to know about working with student loan debt
{July 22nd, 2019} by Ryan W. Neal
The issue of student debt isn’t going away. Click HERE to read the full article via InvestmentNews.
Lack of 401(k) Annuitization Portability Is Mean: Pension Policy Specialists
{July 22nd, 2019} by Allison Bell
Pension policy specialists have explained why you might care about “portability” — one of the little-discussed, complicated-sounding provisions in the major retirement bills now in play in Congress. The explanation boils down to this: The current lack of portability could be extremely mean to clients who start out in a 401(k) plan with a lifetime benefits […]
Nationwide Offers Independent Agents a Commercial Insurance Digital Storefront
{July 22nd, 2019} by Nationwide
Giant insurer Nationwide is partnering with an insurtech in an effort to speed up its product underwriting for commercial lines property/casualty agents. The technology Nationwide is deploying was developed by Ohio-based Bold Penguin. The portal offers real time commercial risk analysis and rating. Nationwide says the technology will provide its agents with a digital storefront […]
Great American Life and Barnabas Capital Join Forces to Offer Innovative Variable-Indexed Annuities
{July 22nd, 2019} by Great American Insurance Group
CINCINNATI–(BUSINESS WIRE)–Great American Life® is pleased to announce its Index Frontier® and Index Summit 6SMvariable-indexed annuities are now available through Barnabas Capital. Barnabas Capital joins an elite list of wholesale Broker/Dealers positioned to offer Great American Life’s variable-indexed annuities. These innovative products offer competitive earning potential and partial protection from market loss, making them an appealing investment […]
New Study: Providing Simple Savings Options Is Key to Reducing Lower-wage Employee Financial Stress and Boosting Productivity
{July 22nd, 2019} by Commonwealth
BOSTON–(BUSINESS WIRE)–Boosting employee productivity and reducing staff turnover doesn’t need to be complicated or expensive. A few simple, inexpensive steps by employers can bring about these results by helping employees save and meet financial challenges, according to a new study by Commonwealth, a national nonprofit that builds solutions to improve financial security and opportunity. And these […]
Reg BI Didn’t Need a ‘Best Interest’ Definition: SEC Chief Clayton
{July 22nd, 2019} by Melanie Waddell
Securities and Exchange Commission Chairman Jay Clayton on Monday rebuked criticisms that the agency’s recently approved Regulation Best Interest for brokers should have defined the term “best interest.” In comments to investors at a Monday roundtable in Boston, Clayton defended Reg BI and argued that the rule is not “deficient” because it fails to define “best interest.” […]
Q2 Life Insurance Activity Reverses Q1 Decline: MIB
{July 22nd, 2019} by Marlene Satter
A substantial rise of 3.3% in life insurance applications during June gave a nice boost to the MIB Life Index, putting it into positive year-to-date territory for the first time in 2019. The gain was the largest single-month percentage rise and capped a bumpy ride that characterized the early half of the year, with the […]
Fighting cancer’s ‘financial aftershocks’
{July 22nd, 2019} by Graison Dangor
Twelve days before Christmas in 2014, sixth-grader Lilli Hicks was diagnosed with acute myeloid leukemia, setting into motion a rush of tests, treatments and prescriptions that would consume her family’s life for the next several years. Nearly five years later, Lilli is heading into her junior year of high school cancer-free. But while the family’s […]
SEC’s Clayton: Reg BI inspections to begin as soon as rule takes effect
{July 22nd, 2019} by Kenneth Corbin
BOSTON — If brokers were hoping for a grace period with the SEC’s new rule on advice standards, they can think again. Once Regulation Best Interest takes effect next June, SEC and FINRA examiners plan to begin scrutinizing how firms are complying with the new rules, according to SEC Chairman Jay Clayton. “When it’s the law, we’ll […]
Fidelity says it’s entitled to alleged ‘secret payments’ in 401(k) plans
{July 22nd, 2019} by Greg Iacurci
Fidelity Investments said it is legally entitled to payments it receives in connection with 401(k) investments and that the collection of such fees has become necessary for record keepers given the prevailing economics of the industry. Click HERE to read the full article via InvestmentNews.
How You Can Hack Your Retirement Plan
{July 22nd, 2019} by Barry Ritholtz
The holiday weekend has come and gone. Did it meet expectations? Did it provide, if you are of a certain age or inclination, a moment to reflect on the future — more specifically, your future? If not, it was a lost opportunity. But I am here to help, by jump-starting the conversation you should have […]
The Top 100 Annuities—and How to Choose the Best for You
{July 20th, 2019} by Karen Hube
After decades of sharp criticism for being complicated, expensive, and unnecessary, annuities are finally getting some respect. The industry has made some strides in cleaning up its act, and annuities are increasingly being recognized for their unique ability to ease investors’ greatest fear in retirement—running out of money. Click HERE to read the full story […]
Apollo Global, Athene Get Temporary Halt to Shareholder Lawsuit
{July 19th, 2019} by Timothy Darragh
NEW YORK CITY – A Bermuda court has ordered a temporary halt to a shareholder lawsuit filed last month accusing private equity firm Apollo Global Management of looting its affiliated insurance firm, Athene Holding Ltd., with “extravagantly expensive” management fees. Bermuda Supreme Court Chief Justice Narinder Hargun signed the temporary injunction, which purports to halt […]
FINRA Hits Woodbury With Fine Over Annuity-Related Failures
{July 19th, 2019} by Jeff Berman
The Financial Industry Regulatory Authority fined Woodbury Financial Services $225,000, claiming the firm’s system for supervising additions to existing variable annuities wasn’t reasonably designed to achieve compliance with applicable securities laws and FINRA rules, including those governing suitability. The problem “affected more than 3,800 transactions” from June 2013 until June 2015, violating NASD Rule 3010 […]
Integrity Marketing Acquires Another Senior Products Distributor
{July 19th, 2019} by Allison Bell
A large senior products distributor has completed the acquisition of senior products distributor based in the Midwest. Integrity Marketing Group LLC of Dallas says it has closed on a deal for American Senior Benefits LLC of Olathe, Kansas. Integrity Marketing has used acquisitions to create a company with ties to about 200,000 independent agents, up […]
WealthVest Announces Derek Roy Assumes Regional Consultant Position
{July 19th, 2019} by WealthVest
BOZEMAN, MONT. (PRWEB) JULY 16, 2019 WealthVest continues to grow their team of wholesalers by hiring Derek Roy, covering multiple territories throughout Northern Florida, helping advisors with retirement planning utilizing fixed and fixed index annuities. WealthVest demonstrates traditional face-to-face wholesaling as the #1 independently owned distributor of fixed and fixed index annuities in financial institutions. In […]
Cetera, Allianz SE and Capital Group offer model retirement income portfolio tool
{July 19th, 2019} by Editorial Staff
Cetera Financial Group, a network of broker-dealers, along with Allianz Life, Allianz Global Investors, PIMCO, and the Capital Group asset management firm have introduced SetIncome, a tool that “enables retirees to generate a reliable source of retirement income to last the rest of their lives,” the companies said in press release. Click HERE to read […]
Cetera Empowers Americans to Live Their Best Retirement
{July 19th, 2019} by Cetera Financial Group
LOS ANGELES, July 10, 2019 /PRNewswire/ — Cetera, a leading financial advice firm, has collaborated with the Allianz family and Capital Group to introduce SetIncome, a first-of-its-kind solution that enables retirees to generate a reliable source of retirement income to last the rest of their lives. The solution is now being rolled out exclusively to financial advisors […]
Athene offers ‘Amplify,’ its first structured index annuity
{July 19th, 2019} by Kerry Pechter
The latest entry into the fast-growing, highly concentrated, $12.3 billion-a-year structured index annuity market is “Amplify,” a new registered index-linked annuity contract (RILA, as structured index annuity are now called) from Athene. Click HERE to read the full article via Retirement Income Journal.
Global Atlantic Adds Income Planning Campaign
{July 19th, 2019} by Allison Bell
An annuity issuer has developed two new websites in an effort to encourage Americans to prepare for retirement income needs. Global Atlantic Financial Group has added a site at GetIncomeReady.com to reach out to consumers, and a site at IncomeReady.com to reach out to financial professionals. The consumer-oriented “Income Ready” site offers videos, sample stories, and a retirement income needs […]
ACLI Defends Retirement Bill Against ‘Stretch IRA’ Attack
{July 19th, 2019} by Allison Bell
The American Council of Life Insurers is defending the Setting Every Community Up for Retirement Enhancement (Secure) Act of 2019 bill against attacks on one of the bill’s “pay for” provisions: a provision that could discourage use of “stretch individual retirement accounts,” or stretch IRAs, in efforts to pass wealth on to heirs. The House passed […]
A Guide to Indexes and Allocations on Fixed Index Annuities
{July 19th, 2019} by Shawn Plummer
With index annuities, you want to make sure you’re choosing a good index and allocation as a strategy for growth over the contract. Over the last 10 years, I get this question all the time, “Which index strategy should I choose for my fixed index annuity?”. Frankly, in today’s world of annuities, it’s a bit […]
NAILBA 38 Keynote Speakers Announced
{July 19th, 2019} by NAILBA
Fairfax, VA, July 16, 2019: The National Association of Independent Life Brokerage Agencies, (NAILBA), announced Hall of Fame NFL Quarterback, Jim Kelly, along with former U.S. Secretary of Homeland Security and White House Chief of Staff, General John Kelly, will be the opening keynote speakers for the two-day 2019 NAILBA Annual Meeting (NAILBA 38) being […]
Latest Ally Invest Survey: Volatile Markets Attract Millennial “Buyers”
{July 16th, 2019} by Ally Financial
CHARLOTTE, N.C., July 11, 2019 /PRNewswire/ — According to a new survey from Ally Invest, the majority of independent investors (54%) said they hold onto their investments when large market disruptions occur, while a still significant number (41%) said they take advantage of these market inflections to buy and add to their investment portfolio. Only five percent of […]
Best’s Special Report: Insurers Create New Types of Coverage for Mass Shooting Attacks
{July 16th, 2019} by Best's Insurance News & Analysis
Oldwick – In the wake of a marked increase in mass shootings in the United States in recent years, more insurers have responded to rising demand and have begun offering active assailant insurance coverage, which carries unique features over traditional general liability policies, including risk assessment and crisis management services. The new Best’s Special Report, titled, “Insurers […]
Lafayette Life Enhances Customer Experience With iPipeline’s E-Delivery Product
{July 16th, 2019} by iPipeline
iPipeline® – a leading provider of cloud-based software solutions for the life insurance and financial services industry – today announced The Lafayette Life Insurance Company, a Cincinnati-based provider of life, annuity, retirement and pension products, has selected DocFast® e-Delivery to enhance its digital customer experience. DocFast® streamlines and improves the customer communication experience by digitally […]
Heating Up: Hotter Earth Drives Dollars To Sustainable Funds
{July 16th, 2019} by Associated Press
NEW YORK (AP) — This year is on pace to be one of the hottest on record, again, and the trend may only accelerate as President Donald Trump loosens policies meant to combat climate change. That has some investors feeling anger, but others are seeing dollar signs. They’re envisioning profits made by companies targeting opportunities […]
Americans on Edge As Market Continues Volatile Trajectory
{July 16th, 2019} by Allianz
Allianz Life Quarterly Market Perceptions Study Shows Americans Increasingly Fear Big Market Drops and Want to Protect Retirement Savings Key Findings Snapshot: More Americans say they fear a major recession (48% in Q2/46% in Q1/44% in 2018) or major market crash (47% in Q2/46% in Q1/42% in 2018) Only 31% of Americans said they are […]
Opinion: 401(k) retirees won’t buy annuities unless they are better designed
{July 16th, 2019} by Robert C. Pozen
In an unusual bipartisan effort, Congress is close to passing the SECURE Act (Setting Every Community Up for Retirement Enhancement). In a key provision, the Act encourages employers sponsoring 401(k) plans to offer retirees the chance to convert their plan balances into annuities with monthly payments for the rest of their lives. In specific, the […]
Athene Launches its First Registered Index-Linked Annuity with Athene Amplify
{July 16th, 2019} by Athene
WEST DES MOINES, Iowa–(BUSINESS WIRE)–Athene USA (“Athene”), a leading provider of retirement savings products, announced the launch of Athene® Amplify, a registered index-linked annuity (RILA) with design features that set it apart in a fast-growing product category. Athene® Amplify is issued by Athene Annuity and Life Company (“AAIA”), a subsidiary of Athene. The new Athene® Amplify annuity complements […]
Adviser compensation is the challenge with fee-based annuities
{July 16th, 2019} by Greg Iacurci
Fee-based annuities are becoming more popular, but there’s a thorny issue that could limit their uptake and negatively affect clients: the question of how an adviser is paid to help manage the annuity. Click here to read the full article via Investment News.
Cetera BD to Drop FINRA Registration
{July 16th, 2019} by Janet Levaux
One of Cetera Financial Group’s broker-dealer firms is dropping its BD registration. Summit Brokerage, which has about 450 affiliated financial advisors with some $17.5 billion in assets, should soon become part of Cetera Advisor Networks. According to Cetera, Summit’s move to no longer register with the Financial Industry Regulatory Authority (FINRA) and instead operate as […]
Best & Worst BDs for Advisors: J.D. Power — 2019
{July 16th, 2019} by Janet Levaux
This year’s J.D. Power U.S. Financial Advisor Satisfaction Study includes a mix of good and bad news. On the upside, the average satisfaction score for both employee and independent advisors improved over 2018. This is true for the majority of employee broker-dealers and indie BDs. However, the survey finds that wealth management firms have much […]
Is Edelman Financial Engines’ New Offering a Threat to Rollovers?
{July 16th, 2019} by Nick Thornton
When it was announced last spring that Hellman & Friedman, the private equity firm that already owned a majority stake in Edelman Financial Services, was throwing down $3 billion in cash to take 401(k) provider Financial Engines private, one prominent industry voice predicted the deal would present an existential threat to trillions of dollars in potential IRA […]
How Well Do Insurers Understand Their Customers?
{July 16th, 2019} by Denise Garth
Demographic pundits are curious about how Europe is going to survive economically in the year 2050. The population in all European countries will be in dramatic decline. Many who are within the population will be too old to be working in the economy, and there will be a decreased capability to produce the products that […]
Leveraging Home Equity Against The Longevity Risk
{July 16th, 2019} by Don Graves, RICP, CLTC, CSA
With the current retirement income crisis facing baby boomers, advisors need every viable resource to help their clients and sustain their practice. Reverse mortgages have become one such resource. Historically, the financial services community has either dismissed the reverse mortgage or relegated it to use as a last resort. However, much has changed in the […]
SBLI Simplifies Accelerated Underwriting Program with iPipeline
{July 16th, 2019} by iPipeline
iPipeline® – a leading provider of cloud-based software solutions for the life insurance and financial services industry – today announced SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) has implemented iGO® Drop Ticket to simplify its Accelerated Underwriting program for independent agents and their customers. Over 250 distributors are currently participating in SBLI’s […]
NAIC Steps Up Online Life Insurance Awareness Campaign
{July 16th, 2019} by John Hilton
The National Association of Insurance Commissioners plans to give agents an engaging online resource to help educate clients on life insurance products. While website educational tools by themselves are not unusual, the NAIC can provide uniformity with a 50-state reach, said Laura Kane, director of communications for the association. The idea is to create tools […]
Lawsuits Over Disputed Ohio National Trails Moving Again
{July 16th, 2019} by John Hilton
After months of tepid activity, a trio of lawsuits to recover trail commissions on specific variable annuities offered by Ohio National are moving ahead briskly. The lawsuits are filed in the Southern District of Ohio. They are three of many challenges to a September 2018 decision by Ohio National to stop paying trail commissions on […]
Life Insurance Applications Up Sharply In June, MIB Reports
{July 16th, 2019} by Talia Chaffee
U.S. life insurance application activity rose 3.3% in June year over year, nudging the MIB Life Index above par on a year-to-date basis for the first time since last February. June’s performance was the strongest monthly percent gain of 2019, ending the third consecutive month of slowly increasing year-over-year activity in what was an uneven […]
Departure of Alexander Acosta could slow DOL effort to revise fiduciary rule
{July 16th, 2019} by Mark Schoeff Jr.
The resignation of Labor secretary Alexander Acosta on Friday could delay the agency’s release of a replacement for its fiduciary rule. Click HERE to read the full story via InvestmentNews.
LPL partners with Nationwide on 401(k) training for bank channel advisers
{July 16th, 2019} by Greg Iacurci
LPL Financial has just concluded a pilot program with record keeper Nationwide to train LPL financial advisers in banks and credit unions to do retirement plan business, with the hope of ultimately capturing more small-market 401(k) clients. Click HERE to read the full story via InvestmentNews.
CFP Board to announce possible delay of new fiduciary standard
{July 16th, 2019} by Bruce Kelly
The Certified Financial Planner Board of Standards Inc. will announce by next week whether it intends to delay enforcing an expanded fiduciary standard for financial advisers who hold the group’s CFP mark. Click HERE to read the full story via InvestmentNews.
Schwab’s Subscription Advisory Service Attracts $1 Billion in Less Than 4 Months
{July 16th, 2019} by Bernice Napach
Schwab’s new subscription-based digital advisory service is a big hit, attracting $1 billion in new assets under management since it was introduced a little over three months ago. Schwab Intelligent Portfolios Premium, introduced March 28, has also seen a 25% increase in account openings, a 40% increase in average household assets enrolled and a 37% […]
Millennial women and finances: Study yields surprising results
{July 16th, 2019} by Mark Schoeff Jr.
If any generation would have strong feminist tendencies, it would seem to be the millennials. They grew up seeing women gain power and influence. Click HERE to read the full story via InvestmentNews.
Longevity Risk Protection Is a Global Mess: Idea File
{July 16th, 2019} by Allison Bell
Seth Rachlin is helping Capgemini and Efma promote a report that contains an important idea: The people of the world are much less likely to think they are well-protected against longevity risk than against health cost risk, or against climate-change risk. Capgemini is a consulting firm, and Efma is a Paris-based group for banks and insurers. […]
Maybe Guaranteed Access to Money Can Buy Some Happiness: Idea File
{July 16th, 2019} by Allison Bell
Sri Reddy is one of the executives who’s helping U.S. life insurers promote the idea that retirement income guarantees matter. Reddy is a senior vice president in retirement and income solutions at Principal. He’s in charge of the company’s retail annuity and pension risk transfer operations. He has helped lead the effort to promote a white […]
Advisers scramble to help retirees navigate looming Fed rate cut
{July 16th, 2019} by Jeff Benjamin
For the first time in more than a decade, financial advisers are having to prepare client portfolios for an interest rate cut by the Federal Reserve, and the general consensus of advice is to try and not panic. Click HERE to read the full story via InvestmentNews.
Schwab Aims to Buy USAA Brokerage Business: Report
{July 16th, 2019} by Janet Levaux
Charles Schwab is trying to purchase USAA’s brokerage and wealth management business, according to a report Monday in the Wall Street Journal. Schwab is said to be offering about $2 billion for the unit, which includes some $100 billion of assets. The news comes on the heels of USAA’s sale of its asset-management business, including mutual […]
Nationwide Names John Carter as Financial Services President-Elect
{July 11th, 2019} by Nationwide
COLUMBUS, Ohio, July 10, 2019 /PRNewswire/ — John Carter has been named as the President and Chief Operating Officer-elect of Nationwide’s financial services business lines, effective immediately. Carter succeeds Kirt Walker, who will become Nationwide’s next Chief Executive Officer in October. Reporting to Walker, Carter will oversee the company’s retirement plans, life insurance (individual, business and corporate-owned), annuities and […]
Best’s Commentary: SECURE Act Offers Opportunities for Annuity Providers
{July 11th, 2019} by AM Best
Oldwick – AM Best believes that legislation to bolster retirement security that is making its way through Congress would expand market opportunities for the retirement and employee benefit segments of the U.S. life industry. The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) recently passed in the U.S. House of Representatives and now heads to […]
A New Category Of Fee-Based Insurance For A New Approach To Holistic Planning
{July 9th, 2019} by CRAIG HAWLEY
June 28th is National Insurance Awareness Day. As the day draws near, consider the ways a new category of fee-based insurance—expressly re-engineered to fit the way RIAs and fee-based advisors work—can help you offer clients a new approach to holistic financial planning. Whether they are saving for retirement, generating retirement income or making plans to leave […]
What Type of Annuity Is Best For Me?
{July 9th, 2019} by RICHARD LONDON, CERTIFIED FINANCIAL PLANNER™
Well, it depends … on when you want your payments, what kind of a guarantee you are looking for and whether you’re willing to take a little risk to pursue a possibly higher return. Breaking annuities down to their basics could help steer your decision. Click HERE to read the full story via Kiplinger.
One of St. Louis’ largest companies inks $2.9B deal
{July 9th, 2019} by Greg Edwards
Reinsurance Group of America Inc. (NYSE: RGA) has reinsured $2.9 billion in annuities for Horace Mann Life Insurance Co., based in Springfield, Illinois. The transaction closed Monday and will take effect April 1, 2019. Horace Mann is a subsidiary of Horace Mann Educators Corp. (NYSE: HMN), the largest provider of insurance and retirement services for U.S. educators […]
North Carolina Regulators Seize Control of Life Insurers Owned by Greg Lindberg
{July 9th, 2019} by Leslie Scism and Mark Maremont
North Carolina’s insurance department on Thursday took control of a group of troubled life insurers owned by indicted entrepreneur Greg Lindberg. Mr. Lindberg was arrested in April on federal criminal charges of conspiring to bribe the state’s insurance commissioner to obtain more favorable regulatory treatment. In February, The Wall Street Journal reported that Mr. Lindberg had lent at least […]
Getting to know our VA Ambassador
{July 9th, 2019} by Wink's RockStars
THE ONLY BLOKE RESEARCHING ANNUITIES AT WINK. Peter J. Lamond is the VA Ambassador and the only thing more impressive than his knack for variable annuities (VAs) is his Australian accent. While Wink’s newest member isn’t the first man to brave Wink’s day-to-day operations, he has more experience than most of the Wink staff combined. Duly-licensed and ready […]
Seven Ways It Should Be Easier To Buy An Annuity
{July 9th, 2019} by Matt Carey
Insurers still aren’t doing enough to modernize the process of buying an annuity. This creates a vicious cycle — longer time spent by agents on a time consuming process that yields an inadequate customer experience, which leads to lower conversion-to-sales rates, which lead to the need for higher compensation in order for agents to justify […]
AM Best Changes Credit Ratings of Colorado Bankers Life Insurance Company and Bankers Life Insurance Company Following Regulatory Action
{July 9th, 2019} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has removed from under review with negative implications and changed the Financial Strength Rating (FSR) to a Non-Rating Designation of E (Under Regulatory Supervision) from B++ (Good) and the Long-Term Issuer Credit Rating to “e” from “bbb” of Colorado Bankers Life Insurance Company (CBL) (Durham, North Carolina). Concurrently, AM Best has removed […]
Hueler income annuity platform now open to all
{July 9th, 2019} by Editorial Staff
Income Solutions, the Hueler Companies’ income annuity distribution platform available for the past decade mainly to Vanguard’s institutional 401(k) and retail participants, is now available to the broad public. Click HERE to read the full story via Retirement Income Journal.
FIAs for Retirement Income (Why Not?)
{July 9th, 2019} by Kerry Pechter
To equip a 55-year-old with a fixed index annuity (FIA) so he can flip on an income stream in 10 years isn’t so different from advising him to buy 10-year bonds today and swap them for a life annuity in 10 years. Click HERE to read the full story via Retirement Income Journal. […]
Wink to Report Indexed Product Sales by Index
{July 9th, 2019} by Allison Bell
Here’s one sign of how big of a deal investment indexes now are in the world of U.S. life insurance and annuity products: Wink Inc. says it will be offering an index-based sales report. The Des Moines, Iowa-based company has been publishing life and annuity product sales data since 1997. In recent years, consumer groups, policymakers and some financial […]
Massachusetts Finalizes Fee Table for RIA Firms
{July 9th, 2019} by Bernice Napach
Less than six months from now, advisors registered in Massachusetts will be required to provide clients and prospective clients a one-page standalone table for fees for services, which must also be easily accessible on the advisor’s website if he or she has one. The fee table “is intended to supplement, not replace, a more detailed […]
New York lawmaker works on bill to establish fiduciary duty for advisers in state
{July 9th, 2019} by Mark Schoeff Jr.
A New York lawmaker is working on legislation to raise investment advice requirements in the state. Click HERE to read the full story via InvestmentNews.
Oxford Life Introduces Agent-Friendly Tool for Calculating Annuity and Life Insurance Plans
{July 9th, 2019} by Oxford Life Insurance Co.
PHOENIX, July 8, 2019 /PRNewswire/ — A practical new calculator is helping independent agents show their annuity and life insurance clients the tax benefits of two products over one. The Prosperity Select Combo Calculator, created by Oxford Life Insurance Company®, offers an instant comparison of the after-tax value of an annuity purchase versus the after-tax value of an annuity-life […]
How Charitable Giving Helps Advisors Stand Out
{July 9th, 2019} by Jarrod Upton
The media has given charitable giving center stage with Mackenzie Bezos’ recent announcement that she will give half of her $37 billion fortune to charity. But it’s not only billionaires who are concerned about doing good with their money. In 2017, Americans gave over $400 billion to charity—the first time the $400 billion mark was crossed in history. […]
NAIFA Presents Leadership Nominations
{July 9th, 2019} by Marlene Satter
The National Association of Insurance and Financial Advisors’ Committee on Governance has announced nominations for the organization’s leadership positions for the election to be held at the NAIFA Performance + Purpose 2019 conference in Orlando from Sept. 11 to 14. Lawrence Holzberg, managing director, advance sales director at Wealth Advisory Group New York (WAG), a […]
The Changing Face of Wealth: An Opportunity for Advisors?
{July 9th, 2019} by Roy Urrico
What factors contribute to the changing face of wealth? Today, “baby boomers [comprise] 55% of the wealth and affluent market, the Silent Generation represents an additional 15% of the market.” Those are some of deductions reached by the Silicon Slopes, Utah-based data optimization provider MX in an infographic it distributed. MX noted the distribution of wealth will […]
Client longevity is advisers’ top retirement planning concern
{July 9th, 2019} by James Gallardo
Individuals who pay for financial advice generally are feeling positive about their ability to prepare for their post-working days. Click HERE to read the full story via InvestmentNews.
Finra arbitrators award $1.8 million to former USAA brokers for wrongful termination
{July 9th, 2019} by Mark Schoeff Jr.
Finra arbitrators awarded $1.8 million to brokers who claimed they were wrongfully fired by USAA Financial Advisors. Click HERE to read the full story via InvestmentNews.
Congress’ new SECURE Act bill is the most significant retirement plan legislation in years
{July 9th, 2019} by Erin Arvedlund
In May, the U.S. House of Representatives passed the most significant retirement-savings bill in more than a decade. It’s called the Setting Every Community Up for Retirement Enhancement, or the SECURE Act of 2019. Let’s take a closer look at what those mean. Click HERE to read the full story via The Philadelphia Inquirer.
The Standard Charitable Foundation Announces Four Grants to Nonprofits
{July 9th, 2019} by The Standard
PORTLAND, Ore.–(BUSINESS WIRE)–The Standard Charitable Foundation, Standard Insurance Company’s charitable foundation announced four grants totaling $60,000. “At The Standard, we believe it’s important to support nonprofit organizations that increase community health and livability” “At The Standard, we believe it’s important to support nonprofit organizations that increase community health and livability,” said Greg Ness, president of […]
Lincoln Financial Group Named a Forbes Best Employer for Women for Second Year in a Row
{July 9th, 2019} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) announced today that it has been named one of the Forbes America’s Best Employers for Women for the second year in a row. The company ranks #68 among 300 employers on the list, and the achievement follows its recent inclusion on this year’s Forbes Best Employers in America list. “The majority of […]
It’s about to get easier for millions of California workers to save for retirement
{July 9th, 2019} by Tanza Loudenback
Saving for retirement just got easier for millions of Californians. Beginning July 1, workers at California companies with no employer-sponsored retirement plan may be able to contribute part of their paycheck to an individual retirement account (IRA) through a new program called CalSavers. The program began its pilot phase last fall, offering Roth IRAs to employees at participating companies. Since […]
Principal Completes Acquisition of Wells Fargo Institutional Retirement & Trust Business
{July 8th, 2019} by Principal Financial Group
Acquisition includes Wells Fargo’s defined contribution, defined benefit, executive deferred compensation, employee stock ownership plans, institutional trust and custody and institutional asset advisory businesses Doubles Principal U.S. retirement businessi and expands on its trust & custody and discretionary asset allocation capabilities Integration work underway with leader appointments and location commitments July 01, 2019 10:21 AM Eastern […]
Judge Recommends Throwing Out Ohio National’s Motion To Dismiss Class Action
{July 8th, 2019} by InsuranceNewsNet
A magistrate judge for the Southern District of Ohio recommended that a motion by Ohio National Life Insurance to dismiss a class action lawsuit against it involving the termination of trail commissions on certain variable annuities be denied, according to court documents. Judge Stephanie Bowman issued the report last week in a class action suit filed […]
Nature Conservancy’s Dave Jones: Insurers Could Benefit From Impact Investing
{July 8th, 2019} by Best's Insurance News & Analysis
SINGAPORE – Dave Jones, senior director at The Nature Conservancy and California’s former insurance commissioner, said insurers should consider investing in environmental reclamation projects that sell credits into cap and trade markets. He spoke with AM BestTV at the Global Insurance Forum. Following is an edited transcript of the interview. Q: What is the Nature […]
Poll: 1 in 4 don’t plan to retire despite realities of aging
{July 8th, 2019} by ANDREW SOERGEL
CHICAGO (AP) — Nearly one-quarter of Americans say they never plan to retire, according to a poll that suggests a disconnection between individuals’ retirement plans and the realities of aging in the workforce. Experts say illness, injury, layoffs and caregiving responsibilities often force older workers to leave their jobs sooner than they’d like. According to […]
AIG promotes 2 presidents to CEO positions
{July 8th, 2019} by Robert Steyer
Todd Solash, president, individual retirement at AIG Life & Retirement, and Robert Scheinerman, president, AIG Retirement Services, have been named CEOs of their respective businesses, AIG Life & Retirement said Monday. The promotions were announced in conjunction with the retirement of Jana Greer as president and CEO of retirement. Messrs. Solash and Scheinerman, who had reported to Ms. […]
Active managers putting pressure on index funds
{July 8th, 2019} by Jeff Benjamin
It’s too early to claim a revival for active management, but based on the solid performance this year, it might also be premature to give up on active management all together. Click HERE to read the full story via InvestmentNews.
Americans Are “Somewhat Confident” That They’ll Have Enough Money to Comfortably Retire According to New Survey
{July 8th, 2019} by Gold IRA Guide
NEW YORK, July 2, 2019 /PRNewswire/ — A new survey of 1,700 Americans between the ages 25 and 65+ examines their confidence levels with regards to having enough money for a comfortable life during retirement, with some fascinating and shocking results. The study was commissioned by Gold IRA Guide, a renowned online magazine covering alternative investments for IRA and 401k account holders. Survey […]
How Kindness Changes Lives, Builds Business
{July 8th, 2019} by John Hilton
SAN DIEGO — Plenty of conference speakers talk about changing the world, but Matt Irvine brought receipts. Speaking at the National Association of Health Underwriters’ annual convention, Irvine, a sales vice president at HealthEquity, shared stories of giving and receiving life-changing interactions. He began with his own rock-bottom story: penniless, homeless and carless 23 years […]
Women whose spouses control the finances may be putting themselves, their families at risk
{July 8th, 2019} by Mark Schoeff Jr.
Over 40 years of marriage, one of Stacy Francis’ clients took a back seat to her husband when it came to the family’s investments and finances. Click HERE to read the full story via InvestmentNews.
Guardian Life Insurance Company of America Expands Executive Team
{July 8th, 2019} by Kate Sullivan
NEW YORK – The Guardian Life Insurance Company of America said Brian Scanlon will join the company in a newly created role as executive vice president of business development and chief marketing officer. The purpose of Scanlon’s role is to enhance delivery of products, services and communications that meet consumers’ financial needs, Guardian said in […]
MassMutual, CommonBond Offer Student Loan ReFi Plan: Portfolio Products
{July 8th, 2019} by Bernice Napach
Massachusetts Mutual Life Insurance Co. has teamed up with CommonBond to offer a new student loan refinancing program through MassMutual’s network of 9,000 financial advisors across the U.S. Both undergraduate and graduate loans can be refinanced through this program, including federal, private, Parent Plus and previously consolidated loans. Borrowers can choose variable or fixed rates and […]
Gary Shilling: The Recession May Have Already Begun
{July 8th, 2019} by Bernice Napach
A U.S. recession “may already be underway,” and the bond market rally that began in the early 1980s is still intact, says Gary Shilling, founder of the investment advisory firm A. Gary Shilling & Co. In his latest Insight report released just before Friday’s stronger-than-expected jobs report, Shilling writes that the 10-year Treasury note yield […]
Arizona Sets Insurance Rules for Living Organ Donors
{July 8th, 2019} by Joseph D’Allegro
A new Arizona law may affect how life insurers in the state do business with a consumer who has donated a kidney or another organ to another person. The new legislation— an amendment to the state Unfair Insurance Practices law — applies to any state resident who donates an organ to another living person. The […]
Reg BI: How rollovers are changing under the new SEC rules
{July 8th, 2019} by Greg Iacurci
The Securities and Exchange Commission in early June made the most significant changes to investment-advice standards in more than two decades — and rollovers were no exception. Click HERE to read the full story via InvestmentNews.
‘We Are Part of the Problem’: Billionaires and Heirs Demand Wealth Tax
{July 8th, 2019} by Tom Metcalf and Suzanne Woolley
They’re an eclectic bunch — some of the nation’s most privileged heirs alongside entrepreneurs who have made spectacular fortunes in real estate, finance and Silicon Valley. But collectively they’re united on the need to tax more of the richest Americans’ assets. George Soros, heiresses to the Pritzker fortune, Abigail Disney and Facebook Inc. co-founder Chris […]
The Rolling Stones Know What You Need: An Annuity
{July 6th, 2019} by Jeff Sommer
So it’s come to this: surgery, deferred annuities and rock ’n’ roll. The Rolling Stones, the bad boys of rock in the 1960s and ’70s, are showing their age. In April, the band postponed the start of its North American tour so that Mick Jagger could have surgery, reportedly to replace a damaged heart valve. Now, he is prancing onstage again, and […]
Why We Should Rethink Joint Payout Elections
{July 6th, 2019} by July 2019
When it comes to guaranteed lifetime withdrawal benefits on a fixed indexed annuity, why are joint payouts often left out of the conversation? Click HERE to read the full story via InsuranceNewsNet.
A Revised AG 49 Could Help Clients Better Understand IUL
{July 6th, 2019} by John Hutchinson
Since the National Association of Insurance Commissioners adopted Actuarial Guideline 49 in 2015, the way indexed universal life is sold has changed drastically, but not necessarily for the better. The original regulations are being reexamined, so the future of IUL hangs in the balance once again. Don’t get me wrong, I do believe that setting […]
Investors Are Battening Down the Hatches for a Recession: Wells Fargo
{July 3rd, 2019} by Michael S. Fischer
American investors are less optimistic about maintaining household income and reaching their short- and longer-term investing goals than they were a year ago, according to the latest Wells Fargo/Gallup Investor and Retirement Optimism Index, released Tuesday. The index, which measures U.S. investor confidence in the investing climate, fell to 85 for the second quarter, down from […]
Sammons Financial Group Breaks Ground on New Building for Growing Workforce
{July 3rd, 2019} by Sammons Financial Group Inc
WEST DES MOINES, Iowa, June 20, 2019 (GLOBE NEWSWIRE) — Sammons® Financial Group, Inc. (SFG), parent company of Midland National Life Insurance Company® and North American Company for Life and Health Insurance®, broke ground on their new local headquarters and expanded office space. Designed to accommodate the company’s growth for the next 10 to 20 years, the building will provide […]
American Financial to Change Annuity Performance Reporting
{July 3rd, 2019} by Allison Bell
American Financial Group Inc. has decided to change the way it reports on the performance of its Great American Life Insurance Company annuity operations, to adjust for the effects of new financial reporting rules on net income. Accounting bodies and regulators are starting to push publicly traded insurers to include the effects of ups and […]
BlackRock Examines Ways to Bring Annuities to 401(k)s
{July 3rd, 2019} by Dawn Lim
World’s largest money manager has lobbied on key parts of bill making sweeping changes for retirees. Click HERE to read the full story via The Wall Street Journal.
Adviser regulation caught up in partisan era, making it hard to plan for future
{July 3rd, 2019} by Mark Schoeff Jr.
Opponents of the Securities and Exchange Commission’s recently approved investment advice reform — including the SEC member who voted against it — suggest the regulations will be revisited and changed by a new SEC in a Democratic administration. Click HERE to read the full story via InvestmentNews.
Annuity Issuers Use Death Forecasting Tech: Willis Towers Watson
{July 3rd, 2019} by Allison Bell
Many North American life insurers are getting ready to make a lot more use of predictive analytics in forecasting how long people will live. Few of those insurers are making much use of predictive analytics in individual annuity pricing or claim management operations today. Analysts at Willis Towers Watson have published data supporting those conclusions in a […]
New TIAA Campaign Warns Against ‘Running Out’
{July 3rd, 2019} by Allison Bell
As the Senate debates retirement legislation, TIAA is launching a major new brand and “Never Run Out” advertising campaign. The message of the campaign is that users of TIAA’s lifetime income products never run out of retirement income. The campaign conveys the importance of never running out of retirement income by showing situations in which things […]
Genworth, Oceanwide Agree to Merger Deadline Extension
{July 3rd, 2019} by Marlene Satter
Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. have agreed to yet another waiver in their previously announced merger agreement that extends the deadline beyond June 30, 2019. According to Genworth, the delay is necessary to allow time to consider options for disposition of its interest in Genworth MI Canada Inc. The 11th […]
Americans Lose Trillions Claiming Social Security at the Wrong Time
{July 3rd, 2019} by Ben Steverman
Almost all American retirees claim Social Security at the wrong time, a new report estimates, which means they will miss out on a collective $3.4 trillion in benefits before they die. While they can tap their benefits as early as age 62, retirees could boost the size of their checks for every year they wait until age 70, when the maximum […]
O’er the land of the free and the home of the brave.
{July 3rd, 2019} by Wink's RockStars
Happy 4th of July! The Wink office will be closed July 4th and 5th for an extended holiday. We wish you a safe and wonderful Independence Day!
Harness Wealth Rolls Out Advisor Matchmaking Service for Gen Xers
{July 2nd, 2019} by Michael S. Fischer
Harness Wealth, a New York-based wealthtech business that provides individuals access to financial advice, began offering its platform of services to the public this week. The platform will focus mainly on Gen X mid-career professionals with high earning potential, a group that it said in an announcement has been underserved by existing providers. Harness Wealth […]
Opportunities for Highly Personal Retirement Income Recipes
{July 2nd, 2019} by Hearts & Wallets
(June 25, 2019, Rye, NY) – Sharp contrasts between the expectations of the yet-to-be retired with the realities of current retirees suggest retirement income recipes will mix multiple sources, incorporating work, where possible, and creative use of real estate, according to the latest report by Hearts & Wallets, the source for retail investor data and […]
Worried About Market Volatility in Retirement? Consider Whole Life Insurance, Report Says
{July 2nd, 2019} by OneAmerica
INDIANAPOLIS–(BUSINESS WIRE)–Not having enough assets to generate income in retirement or losing assets because of market downturns are common concerns of those preparing for retirement, but whole life insurance as part of a solid retirement strategy can do more to alleviate those issues than many people might think, a recent report shows. “Integrating Whole Life […]
