Finra will defer to SEC on interpreting best interest rule
{September 11th, 2019} by Mark Schoeff Jr.
When a new investment advice standard for brokers is implemented next June, Finra will be responsible for examining brokers for compliance. Click HERE to read the full story via InvestmentNews.
Annuities: Strategy vs. Product
{September 11th, 2019} by Susan Rupe
If you want to convince someone of the need for an annuity, position it as part of a strategy instead of merely presenting it as a product. That was one takeaway for advisors after the fifth annual Guaranteed Lifetime Income Survey showed a gap between what consumers think of annuities and what advisors are telling […]
Prudential buys Assurance IQ for $2.35 billion in new tech bet
{September 11th, 2019} by Bharath ManjeshR
(Reuters) – Prudential Financial Inc is set to buy online insurance startup Assurance IQ Inc for $2.35 billion, the latest in a series of moves by traditional insurers to up investment in technology and data crunching by buying Silicon Valley startups. Shares of Prudential, which have struggled in the year since Charles Lowrey took over […]
Ash Brokerage aligns with AIMCOR Group, LLC
{September 11th, 2019} by Ash Brokerage
PHILADELPHIA, Pa. and FORT WAYNE, Ind., Sept. 4, 2019 /PRNewswire/ — Ash Brokerage, a brokerage general agency based in Fort Wayne, Indiana has announced its intent to become a member of the AIMCOR Group, LLC, a National Insurance Marketing Organization that distributes and services life, disability, LTC and annuity products through a variety of independent, institutional and alternative channels. (PRNewsfoto/AIMCOR Group, LLC) “Ash […]
PACIFIC LIFE INTRODUCES PROTECTED INVESTMENT BENEFIT
{September 11th, 2019} by Pacific Life
Media Contact: Steve Chesterman (949) 219-3243 schesterman@pacificlife.com PACIFIC LIFE INTRODUCES PROTECTED INVESTMENT BENEFIT New optional benefit offers 90% protection from market declines and unlimited growth potential NEWPORT BEACH, Calif. September 9, 2019—Pacific Life Insurance Company just introduced Protected Investment Benefit, an optional benefit available with certain Pacific Life variable annuities. As a long-term investment designed […]
2Q Life Insurance Sales Show Strength
{September 11th, 2019} by John Hilton
The second quarter was a good one for life insurance sales. New data by Wink’s Sales & Market Report shows strong sales in several product lines. Click HERE to see the slideshow via INN.
Headwinds to annuities in 401(k) plans persist
{September 11th, 2019} by Greg Iacurci
The uptake of annuities in 401(k) plans has been muted and slow. Click HERE to read the full story via InvestmentNews.
Phishers Are Using the NAIC Logo to Hook Producers
{September 11th, 2019} by Allison Bell
Cyber criminals have come up with a new strategy for getting insurance agents and brokers to click on dangerous links: They convey the idea that they’re insurance industry insiders by referring both to the National Association of Insurance Commissioners and to the NAIC’s Center for Insurance Policy and Research (CIPR). The NAIC has posted an […]
4 Succession Planning Questions for High-End Life Insurance Clients
{September 11th, 2019} by Jason Baum
If you sell high-end life insurance to business owners, succession planning for the business may be as important to your client’s well-being as financial and estate planning will be. Many business owners know, in theory, the importance of the business transition plan, but a large majority will often fail to act on what they know. […]
Are annuities right for you? It’s worth doing some homework to get the answer
{September 11th, 2019} by Chris Farrell
A recent pitch I received to learn more about the annuity market included the line, “annuities are coming, whether you like them or not.” The basic idea behind an annuity is in exchange for investing in the product with an insurance company, you get a steady stream of income for life. An annuity offers protection […]
Financial Focus: Ask yourself this: What’s keeping you from protecting your family’s future?
{September 11th, 2019} by Michael Paolino, Edward Jones Financial Advisor
Think about your loved ones. What will their future be like? Can you picture them living in your house many years from now? Can you picture your children going to college? Can you picture your spouse or partner enjoying a comfortable retirement? These are all pleasant visions – but what if you weren’t in these […]
Educating consumers about financial services products: REPRINT #LIAM2019
{September 10th, 2019} by Sheryl J. Moore
Originally posted April 6th, 2011 by Sheryl J. Moore I wrote the following article so that your clients could have an important high-level overview of financial services. It was prompted by an exchange that I had with a fellow member of my credit union’s board of directors. I hope that this helps you, your business, […]
#LIAM2019
{September 10th, 2019} by Wink's RockStars
September is Life Insurance Awareness Month #LIAM! Wink supports Life Insurance Awareness and will be joining in this month’s awareness campaign! We are reprinting Sheryl’s most requested life insurance-focused articles all month long; they will be indicated with “reprint” in the title. You’ll find these timeless articles are still relevant today. While life insurance is […]
Regina Bedoya to Lead Million Dollar Round Table
{September 10th, 2019} by Allison Bell
The new leader of the Million Dollar Round Table comes from the United States. Regina Bedoya, the MDRT’s 2020 president, is the president of RB Financial Advisors of Juno Beach, Florida. Bedoya took over from Ross Vanderwolf, who now serves on the MDRT executive committee as the group’s immediate past president, this week in Sydney, […]
IRI Makes It to Charleston
{September 10th, 2019} by Allison Bell
Members of the Insured Retirement Institute (IRI) gathered in Charleston, South Carolina, today for the group’s Vision19 annual conference. Just a week ago, organizers were worrying that Hurricane Dorian might force IRI to postpone or cancel the three-day event. Charleston weathered the hurricane well. Hurricane-related worries are now in the organizers’ past. But issuers of annuities […]
NAIC Seeks 2020 Funded Consumer Reps
{September 10th, 2019} by Allison Bell
The National Association of Insurance Commissioners (NAIC) is recruiting applicants for its 2020 Consumer Liaison Program. The NAIC is a Kansas City, Missouri-based group for state insurance regulators. It does not generally have direct authority to change state insurance laws or regulations, but, in some cases, states have made arrangements for NAIC changes to some […]
Ex-SEC Enforcement Chief Khuzami Takes Leadership Role at Guggenheim Partners
{September 10th, 2019} by Christine Simmons
Opting against Big Law after his latest high-profile stint in government, Robert Khuzami has joined asset manager and investment bank Guggenheim Partners, one of his former clients. Khuzami, a former director of the SEC’s enforcement division, Kirkland & Ellis partner and senior in-house lawyer at Deutsche Bank, was most recently the right-hand man to U.S. Attorney […]
More DC Plans Offering Lifetime Income Options, Including Annuities
{September 10th, 2019} by Bernice Napach
A growing number of defined contribution plans are either offering investment options to provide lifetime income in retirement or are considering doing so, according to a new survey from Willis Towers Watson, a retirement consulting firm. Of the 164 DC plan sponsors surveyed, 30% offer lifetime income solutions, up from 23% in a 2016 survey, and almost […]
Unum study: Many U.S. adults find finances daunting; 40% don’t have or don’t know if they have life insurance
{September 4th, 2019} by Unum
CHATTANOOGA, Tenn.–(BUSINESS WIRE)–Employee benefits provider Unum (NYSE: UNM) finds that 38% of U.S. adults rate their ability to manage finances as average, poor, or very poor. An additional 40% of respondents say they don’t have or don’t know if they have a life insurance policy to financially protect their loved ones. These findings and more are part […]
9 Things You Need to Know About Life Insurance
{September 4th, 2019} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Approximately 37.5 million U.S. households currently have no life insurance coverage, and nearly half of all households are underinsured, putting them at risk of not being able replace their income and missing out on a valuable financial tool.1 During Life Insurance Awareness Month (September), Lincoln Financial Group (NYSE: LNC) shares ‘9 Things You Need […]
Meet the Top Broker-Dealers of 2019
{September 4th, 2019} by Janet Levaux and Ginger Szala
The 2019 Broker-Dealer of the Year winners do what it takes to best serve their advisors, regardless of the challenges they face. This certainly has been the case since (at least) 1995, when Investment Advisor began asking independent advisors for their views on the support, services and payouts they receive from their respective independent broker-dealers. […]
Jackson National suspends fee-based annuity sales in New York due to best-interest rule
{September 4th, 2019} by Greg Iacurci
Jackson National Life Insurance Co. has suspended sales of fee-based annuities in New York in response to a new rule that imposes tougher standards on brokers and life insurance agents selling insurance products in the state. Click HERE to read the full story via InvestmentNews ………………………………………………………………………………………………………………… “I’m looking at New York as a pilot […]
Northwestern IBD taps women for key roles following executive shakeup
{September 4th, 2019} by Tobias Salinger
Northwestern Mutual aims to make good on its CEO’s pledge that the firm “will not waver” in its efforts to advance women in the executive ranks. After five women left their executive positions earlier this year, the insurer promoted two others to top roles at its broker-dealer. The firm stands out as one of only six […]
How to Help Prospects ‘Get’ Life Insurance
{September 4th, 2019} by Jerry Cohen
Here’s an article to help you get in the right frame of mind for Life Insurance Awareness Month. For many people who write life insurance, the task is not that easy. The way I see it, we’re up against at least four big obstacles: People would prefer not to think about their own demise. They […]
Frequent Senior Market Firm Buyer Gets More Cash
{September 4th, 2019} by Allison Bell
A Dallas-based senior market products company that has been gobbling up smaller competitors says it now has a major new investor. Managers of Integrity Marketing Group LLC say the firm has taken a “growth investment” from Harvest Partners. Harvest Partners is a midsize private equity firm based in New York. Integrity Marketing managers did not say […]
Clients Want to Work With Female Advisers, and Firms Are Taking Notice
{September 4th, 2019} by Veronica Dagher
Over the past two years, Jane Schwartzberg, head of strategic client segments at UBS Group AG ’s U.S. wealth-management unit, has seen a marked increase in requests from prospective clients who want to work with female financial advisers. “It’s not that women make better advisers,” said Ms. Schwartzberg, who oversees the firm’s marketing efforts to women, business owners […]
Your Clients Might Have These Misconceptions About Fixed Annuities
{September 4th, 2019} by Wire Reports
Between your 401(k) or pension, your IRA and Social Security, you hope to have enough to enjoy a comfortable retirement lifestyle. Yet, you may want, or need, to find other financial resources one of which might be a fixed annuity, which offers a guaranteed interest rate and can be structured to provide a lifetime […]
Insurance Navy Brokers Now Offers Life Insurance
{September 4th, 2019} by PR.com
Chicago, IL, September 01, 2019 –(PR.com)– As a leader in the insurance industry of Illinois, Insurance Navy has added life insurance policies to its list of insurance services. Life insurance is the perfect service for those whose families depend on their income. Life insurance rates vary between men and women. However, for both, rates increase with age. The best time […]
SURVEY SAYS: GROUP LIFE INSURANCE A DESIRABLE VOLUNTARY EMPLOYEE BENEFIT
{September 4th, 2019} by OneAmerica
OneAmerica®-Harris Poll illustrates appetite as American workers seek to protect their financial futures INDIANAPOLIS, August 24, 2018 Although just over a quarter of employed1 Americans (27%) have voluntary group life insurance, 68 percent of workers who say they don’t because their employer doesn’t offer it would be somewhat or very likely to purchase it if offered […]
Knights of Columbus Insurance Launches Two Whole Life Insurance Products
{September 3rd, 2019} by Knights of Columbus
NEW HAVEN, Conn., Sept. 3, 2019 /PRNewswire/ — Knights of Columbus (“K of C”), a Fortune 1000 insurer with more than $25 billion in assets, announced today that it has launched two more permanent life insurance products in The Knights Advantage Series in the U.S. and Canada: Limited Pay Whole Life and Single Premium Whole Life. Both the Limited Pay Whole Life and the Single […]
Gender Identification Debated By Insurance Regulators
{September 3rd, 2019} by John Hilton
The controversial gender identification issue came up Tuesday as state insurance regulators continued debating its long-delayed “policy overview” summary to accompany life insurance sales. A National Association of Insurance Commissioners’ working group was working through language in the policy overview when it took up a request by Pacific Life to change “gender” to “sex.” Birny […]
States aren’t great at regulating insurance
{September 3rd, 2019} by Ethan Schwartz
The U.S. insurance industry offers a test case of decentralized authority: Unlike much of the investment business, which is supervised at the federal level, insurers are almost entirely overseen by the states. Click HERE to read the full story via InvestmentNews.
Variable, indexed annuities may cost more than you think
{September 3rd, 2019} by Greg Iacurci
Variable and indexed annuities are lambasted in some circles as being high-cost insurance products, with all-in annual expenses often exceeding 3%-4%. Click HERE to read the full story via InvestmentNews Wink’s Note: 1. Lumping VAs and IAs together, in asserting that the products have “annual expenses often exceeding 3% – 4%” is […]
What Life Insurers Are Telling the SEC About the 2017 CSO Shift
{September 3rd, 2019} by Allison Bell
U.S. life insurers are talking about the big new life insurance mortality table shift in some of the reports they file for life insurance policies and annuities that are classified as securities. The National Association of Insurance Commissioners (NAIC) approved the new 2017 Commissioners’ Standard Ordinary (CSO) Mortality Tables — which help life insurers keep life […]
Let’s Make Life Insurance Conversations More Mainstream
{September 3rd, 2019} by Wendy Herndon
The subject of death isn’t exactly dinner-table conversation. In fact, it can feel uncomfortable just thinking about — let alone talking about — this topic. However, preparing for death is one of the most important acts you can do for your family. After all, the loss of a loved one is hard enough without the added […]
Planning Software Firm Adds Life Insurance Gap Finder Tool
{September 3rd, 2019} by Allison Bell
A financial planning tech company is celebrating Life Insurance Awareness Month by adding a life insurance awareness tool to its Foundational Planning system. The company — Radnor, Pennsylvania-based eMoney Advisor — has built in a life insurance gap analysis module. Financial professionals can use the tool to illustration clients’ life insurance needs either on a stand-alone basis […]
Finke and Pfau on Income Annuity Basics, and What to Know Before You Buy
{September 3rd, 2019} by Contributor
Retirees are worried that they are running out of money, which is one of the reasons annuities continue to grow in popularity among older investors. The right type of annuity can help ease that concern by providing a dependable income stream when retirees are stop receiving a paycheck. A recent study conducted by Michael Finke and Wade […]
Insurance Department Announces Restitution for Consumers in Major Annuity Scam
{September 3rd, 2019} by Contributor
Insurance Commissioner Jessica Altman recently announced her department has gotten more than $117,000 in restitution for 25 Pennsylvania consumers victimized in a major annuity scam. “I am pleased we were able to recover this money for Pennsylvanians, many of them elderly, who were taken advantage of by two licensed insurance agents,” Altman said. “These agents […]
Attractive annuity yields are becoming harder to find
{September 3rd, 2019} by Contributor
As long-term interest rates falter, attractive annuity yields are becoming harder to find. In the past, some multi-year guarantee annuities offered annual yields upwards of five percent guaranteed over a five-year period. Today, financial advisers are lucky if they find a highly rated insurer yielding over three percent. Gregory Olsen, partner at Lenox Advisors Inc., […]
What If Life Applicants Decline to Choose a Gender?
{September 3rd, 2019} by Allison Bell
Some people now try to avoid identifying themselves as male or female. In some cases, those people prefer to describe themselves as being “nonbinary.” An actuary on the staff at the National Association of Insurance of Commissioners (NAIC) is wondering whether, and how, the existence of nonbinary people might affect the world of life insurance. Reggie Mazyck, […]
Brooke Shields Brings New Energy To Life Insurance Campaign
{September 3rd, 2019} by John Hilton
Life Happens was so pleased with racecar driver and personality Danica Patrick as the face of its annual 2017 life insurance campaign, they signed her up for a second year. Keeping that momentum going into 2019 was going to be difficult – but then Brooke Shields expressed interest in fronting this year’s campaign. And the […]
Protecting What We Work To Provide
{September 3rd, 2019} by Dave Wilken
One of the main reasons most Americans work is to provide for our families. At its heart, life insurance protects the security our income provides in the event of an untimely death. Life insurance can be a financial lifeline for loved ones when a spouse or parent is lost. The value it provides can immediately […]
Venerable Completes Rebranding of Voya Insurance and Annuity Company
{September 3rd, 2019} by Venerable
WEST CHESTER, Pa., Sept. 3, 2019 /PRNewswire/ — Venerable Holdings, Inc. (Venerable) announced today that its Voya Insurance and Annuity Company subsidiary has been renamed to Venerable Insurance and Annuity Company (VIAC). As announced on June 1, 2018, Venerable purchased Voya Insurance and Annuity Company from Voya Financial, Inc. (Voya) as part of Voya divesting substantially all of its […]
Advisors Face A ‘Pretty Optimistic’ Future Thanks To Baby Boomers
{September 3rd, 2019} by John Hilton
Chip Roame is “pretty optimistic” about the near future of the financial services industry and he points to two words as the reason why: baby boomers. It’s really just simple math, said Roame, managing partner of Tiburon Strategic Advisors, a California consulting firm. Roame hosted a research call Thursday on consumer wealth, baby boomers and […]
5 Hurricane Dorian Prep Ideas, for Annuity Professionals
{September 3rd, 2019} by Allison Bell
he weather is unpredictable. Hurricane Dorian could flood many areas near the East Coast, or it could just cause a few ordinary thunderstorms. But the hurricane has already caused terrible devastation for people in the northern Bahamas, and it has already served as a reminder of why people use insurance to manage risk. Financial professionals who […]
Prudential Financial announces leadership succession for U.S. Businesses
{September 3rd, 2019} by Prudential Financial, Inc.
Andrew Sullivan to lead growth-oriented and purpose-driven U.S. leadership team focused on accelerating financial wellness strategy Media Contact(s) MEDIA: Linda Fung (973) 802-7373 linda.fung@prudential.com Alan Sexton (973) 367-7415 alan.sexton@prudential.com August 29, 2019 NEWARK, N.J., August 29, 2019 – Prudential Financial, Inc. (NYSE:PRU) today announced that Andrew Sullivan will succeed Stephen Pelletier as executive vice president and […]
Broadridge’s Latest Acquisition Is Financial Database Services
{September 3rd, 2019} by Jeff Berman
Broadridge Financial Solutions has strengthened its advisor compensation capabilities by acquiring San Diego-based Financial Database Services (FDS), Broadridge said Tuesday without disclosing the purchase price. FDS, founded in 1989, developed Caesar, a back-office management solution for BDs, according to its LinkedIn profile. The company employs 18 people and Broadridge was planning to offer each of them jobs, […]
What’s the ideal annual withdrawal rate?
{September 3rd, 2019} by Craig L. Israelsen
There is one question asked by all planners’ clients: “How much can I safely withdraw from my retirement portfolio?” There are so many personal variables to factor in for each client that it might seem impossible to approach any sort of sensible answer. But we actually can — premised on several assumptions. Here I’ll show […]
WINK, INC. RELEASES SECOND QUARTER, 2019 LIFE SALES RESULTS
{September 3rd, 2019} by Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE LIFE SALES INCREASE BY DOUBLE DIGITS Wink, Inc. Releases Second Quarter, 2019 Life Sales Results Des Moines, Iowa. August 30, 2019– Wink, Inc. released second quarter, 2019 life sales results in its 88th edition of Wink’s Sales & Market Report. Wink’s Sales & Market Report, the […]
The Society of Annuity Facts and Education (SAFE) responds to “Why Indexed Annuities May Promise More Than They Deliver”
{September 3rd, 2019} by Sheryl J. Moore
Dear Ms. Wang, We appreciate you reaching-out to us last week, to ensure the accuracy of your reporting on annuities. The Society for Annuity Facts and Education (SAFE) is always interested in discussing the facts about annuities. That said, we found some errors in your article “Why Indexed Annuities May […]
Lincoln Financial Group Names Industry Veteran as Senior Vice President, Life & Annuity Operations
{September 3rd, 2019} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) announced today that Christopher Fleming has joined as senior vice president and head of Life & Annuity Operations. In this role, Fleming will focus on accelerating the company’s efforts to enhance the customer experience and continue to improve internal operating efficiency. He will report directly to Jamie Ohl, […]
Principal Financial Group Accelerates Growth Strategy with Accenture Life Insurance & Annuity Platform
{September 3rd, 2019} by Principal Financial Group
NEW YORK–(BUSINESS WIRE)–Accenture (NYSE: ACN) today announced that Principal Financial Group® (NASDAQ: PFG) has implemented the Accenture Life Insurance & Annuity Platform (ALIP) to enable its digital growth strategy with enhanced service levels and operating efficiency. Applying ALIP’s automated functionality and seamless connectivity to third-party partners, Principal® can provide its customers with faster service as a result […]
Fixed Indexed Annuities Are on a Roll
{September 3rd, 2019} by Bernice Napach
Fixed indexed annuities are making a comeback following the demise of the Labor Department fiduciary rule last year and rising volatility in the current stock market, according to a new report from Cerulli Associates. In the first quarter of 2019, sales of fixed indexed annuities (FIAs), which guarantee a minimum rate of return usually tied […]
