Financial Planning: Getting Smart About The SECURE Act, Part 2
{January 14th, 2020} by Wire Reports
In last week’s column, I discussed three key provisions of the SECURE Act that will likely affect the way you handle your IRA. These provisions went into effect on Jan. 1 and include 1) eliminating the stretch provision on inherited IRAs, 2) increasing the RMD age from 70½ to 72, and 3) allowing individuals older […]
Five Affiliates from LIBRA Insurance Partners Receive NAILBA’s 2019 ID Twenty Award
{January 14th, 2020} by LIBRA Insurance Partners
BALTIMORE, Jan. 8, 2020 /PRNewswire/ — LIBRA Insurance Partners (LIBRA), a life insurance marketing organization with more than 60 affiliated partner agencies, is pleased to announce that five of its affiliates are winners of NAILBA’s 2019 ID Twenty Award. In its inaugural year, the award honors Independent Distribution’s most courageous innovators and visionaries, who have made important contributions […]
Voices: Are advisors overpaid?
{January 13th, 2020} by Allan Boomer
I offended an entire table of fellow financial advisors while attending a conference last year when I made this statement: “Everyone at this table makes too much money relative to what we do.” I went on to explain that in no other profession do service providers have the luxury of basing their prices on what […]
I reluctantly followed my father-in-law’s advice to purchase life insurance 23 years ago, but looking back my only regret is not buying a bigger policy
{January 12th, 2020} by Hannah Van Sickle
When I was 22, my boyfriend and I moved in together. I was delirious with joy at the idea of leaving my college roommates — and the grungy digs we called home — in favor of cohabiting with my main squeeze. The whole experience made me giddy, until his father insisted we get renters’ insurance […]
Liberty Mutual Insurance Announces 19 Grants in $5 Million Effort to Address Youth Homelessness in Boston
{January 11th, 2020} by Liberty Mutual Insurance
BOSTON, Jan. 10, 2020 /PRNewswire/ — Liberty Mutual Insurance today announced the first round of recipients of a $5 million philanthropic effort to support organizations in greater Boston working to reduce and end youth homelessness. Nineteen local non-profit organizations are among the first round of grant recipients announced today. Organizations awarded grants today were acknowledged during a ceremony in Boston’s South End at the […]
Jackson National Life Insurance to Pay $20.5 Million to Settle EEOC Lawsuit
{January 10th, 2020} by U.S. Equal Employment Opportunity Commission
Jackson Tolerated Harassment, Discriminated Against Female and African American Employees in Promotions and Pay, and Retaliated Against Employees Who Complained, Federal Agency Charged DENVER, Colo. – Jackson National Life Insurance Company, Jackson National Life Distributors, LLC, and Jackson National Life Insurance Company of New York (collectively, “Jackson”) will pay $20,500,000 to 21 complainants and furnish […]
AmeriLife® Announces Growth Investment from Thomas H. Lee Partners to Continue Rapid Expansion
{January 8th, 2020} by AmeriLife Group, LLC
CLEARWATER, Fla., Jan. 7, 2020 /PRNewswire/ — AmeriLife Group, LLC (“AmeriLife” or the “Company”), the national leader in marketing and distributing life, health, and retirement solutions, today announced that it has entered into a recapitalization agreement with an investor group led by Thomas H. Lee Partners, L.P. (“THL”), a premier private equity firm investing in growth companies, […]
Pacific Life Launches Advisory Annuities Through TD Ameritrade
{January 8th, 2020} by Pacific Life
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life announced that the company’s fee-based, advisory annuities are now available to independent registered investment advisers (RIAs) through TD Ameritrade. “TD Ameritrade is an industry leader with independent RIAs. Expanding our distribution through them with our two fee-based annuities, Pacific Odyssey® and Pacific Index Advisory®, supports our overall strategy to provide broader access to […]
Great American Life Unveils Comprehensive Suite of Fee-Based Annuities With Launch of Two New Products
{January 8th, 2020} by Great American Insurance Group
CINCINNATI — January 06, 2020 — Great American Life® expanded its fee-based product offering with the launch of two new fixed-indexed annuities (FIAs). The Index Protector 4 and Index Protector 5 MVA (market value adjustment) annuities are designed specifically for advisors involved in fee-based planning, making it easy to incorporate these insurance products into their […]
The Penn Mutual Life Insurance Company Introduces New Product to Bolster Individual’s Financial Security
{January 8th, 2020} by The Penn Mutual Life Insurance Company
HORSHAM, Pa.–(BUSINESS WIRE)–The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 Company, introduces a new Guaranteed Whole LifeSM insurance product that provides an array of options for a lifetime of security. The product’s built-in features, including a customized payment period, can offer peace of mind for policyholders and their beneficiaries. The Guaranteed Whole Life […]
How an Annuity Expert Built Her Software Company
{January 8th, 2020} by Marc Glickman, FSA, CLTC
“He said, well, why didn’t you buy an indexed annuity? It’s a retirement savings product that guarantees you a paycheck for the rest of your life… an indexed annuity would not subject me to losing money, but allows me to earn money based on the market’s performance to a limited degree.” – Sheryl Moore On […]
Ohio National releases enhanced Virtus IUL II policy with expenses among the industry’s lowest
{January 8th, 2020} by Ohio National Financial Services
New IUL policy joins revamped V-Pro UL II policy to round out the product portfolio on new CSO tables CINCINNATI, Jan. 06, 2020 (GLOBE NEWSWIRE) — Ohio National Financial Services is pleased to announce an enhanced indexed universal life (IUL) insurance product that features affordable death benefit protection paired with expenses among the lowest […]
Kim Cross Appointed Acting Deputy Commissioner for Supervision
{January 8th, 2020} by Iowa Insurance Division
Des Moines, Iowa – Kim Cross has been promoted to Acting Deputy Commissioner for Supervision as Jim Armstrong, longtime Deputy Commissioner for Supervision, has retired after more than 35 years serving at the Iowa Insurance Division. “I’m honored to continue to serve Iowans in this new capacity,” Cross said. “As anyone in the insurance industry knows, […]
Principal to Announce Fourth Quarter 2019 Financial Results
{January 8th, 2020} by Principal Financial Group
DES MOINES, Iowa–(BUSINESS WIRE)–Principal Financial Group® (Nasdaq: PFG) announced today that it will release fourth quarter 2019 financial results 15 minutes after the market closes on Tuesday, January 28, 2020. On Wednesday, January 29, 2020 at 10 a.m. ET, Dan Houston, chairman, president and chief executive officer, and Deanna Strable, executive vice president and chief financial […]
F&G Announces Headquarter Relocation to 801 Grand
{January 8th, 2020} by F&G Annuities and Life
DES MOINES, Iowa, Jan. 6, 2020 /PRNewswire/ — F&G Annuities and Life (NYSE: FG) (“the company” or “F&G”), a leading provider of annuities and life insurance, recently announced a plan to relocate the F&G headquarters to the 801 Grand office building in downtown Des Moines. In the last two years, F&G has hired 58 people in 2018 and 94 in 2019. Of […]
Athene Closes $6 Billion in Pension Risk Transfer Transactions During 2019
{January 8th, 2020} by Athene Holding, Ltd.
PEMBROKE, Bermuda–(BUSINESS WIRE)–Athene Holding Ltd. (“Athene”) (NYSE: ATH), a leading retirement services company, announced it has reached approximately $6.0 billion in total pension risk transfer (PRT) transactions for 2019, which includes approximately $800 million from a recently completed funded reinsurance transaction with a leading U.K. insurance company. Under the terms of Athene’s inaugural transaction in […]
Kuvare Completes Acquisition of Lincoln Benefit Life Company
{January 8th, 2020} by Kuvare US Holdings, Inc.
CHICAGO–(BUSINESS WIRE)–Kuvare US Holdings, Inc. (“Kuvare”), a growth-oriented life and annuity business, announced today the completion of its purchase of Lincoln Benefit Life Company and its affiliates (“LBL”) on December 31, 2019. With this latest acquisition, Kuvare’s pro forma consolidated assets are now valued at over $22 billion. Kuvare Chief Executive Officer, Dhiren Jhaveri, commented […]
FBL Financial Group Schedules Fourth Quarter 2019 Earnings Release Date, Conference Call and Webcast
{January 8th, 2020} by FBL Financial Group, Inc
WEST DES MOINES, Iowa–(BUSINESS WIRE)–FBL Financial Group, Inc. (NYSE: FFG) will announce its fourth quarter 2019 earnings approximately 15 minutes after the close of the market on Thursday, February 6, 2020. The fourth quarter earnings release and financial supplement will be posted on the FBL Financial Group website (www.fblfinancial.com) at that time. FBL Financial Group will […]
SIMON Markets LLC Expands InsurTech Platform; Introduces Great American Life as Second Carrier to Deliver Annuity Products to Market
{January 8th, 2020} by SIMON Markets LLC
NEW YORK–(BUSINESS WIRE)–SIMON Markets LLC (“SIMON”) is pleased to introduce Great American Life Insurance Company® (“Great American”)—a leading provider of annuities in the U.S.—as the second insurance carrier to offer products on SIMON’s new annuities platform for wealth managers. With the belief that sophisticated tools don’t need to be complex, SIMON recently launched its InsurTech […]
Sammons Financial Group Names Bryce Biklen as Vice President and Chief Distribution Officer
{January 8th, 2020} by Sammons Financial Group
WEST DES MOINES, Iowa, Jan. 08, 2020 (GLOBE NEWSWIRE) — Sammons Financial Group® (SFG) has named Bryce Biklen to a new role as vice president and chief distribution officer for Sammons Independent Annuity Group (SIAG), a division of SFG. In this position, Biklen will lead the SIAG distribution teams for SFG’s member companies. Those companies include North American […]
Life Reshaped
{January 8th, 2020} by Jeff Roberts
Kevin Hogan’s friend never made it home. The man owned his own business, and it took him into harm’s way on Sept. 11, 2001. The morning when everything changed. “His was one of those cars that never left the parking lot that night,” said Hogan, CEO of AIG Life & Retirement. He chose not to […]
SEC won’t offer any grace period for Reg BI compliance
{January 8th, 2020} by Mark Schoeff Jr
The Securities and Exchange Commission doesn’t plan to let any grass grow under its feet when it comes to checking on the implementation of investment-advice reform by brokers and registered investment advisers. Click HERE to read the full story via InvestmentNews
Business Groups Blast Massachusetts Fiduciary Plan as Comment Period Ends
{January 8th, 2020} by Melanie Waddell
The U.S. Chamber of Commerce urged William Galvin, Massachusetts’ top securities regulator, on Tuesday to extend the comment period on the state’s fiduciary proposal, as the revised plan raises “serious new legal and practical concerns.” The Massachusetts Securities Division held a hearing Tuesday morning on its revised fiduciary rule, which Galvin, the Massachusetts secretary of […]
Dodd and Frank Say SEC’s Reg BI Violates Law
{January 8th, 2020} by Melanie Waddell
The Securities and Exchange Commission’s Regulation Best Interest violates Section 913 of the Dodd-Frank Act, which directed the commission to “harmonize” the standards of conduct for broker-dealers and investment advisors through a fiduciary rule, current and former Democratic lawmakers, including the law’s authors, told the U.S. Court of Appeals for the 2nd Circuit. Congress’ mandate […]
Economic Impact: 2020 Forecast Looks Better Than It Did A Year Ago
{January 8th, 2020} by Christine Chmura
What a difference a year makes. Last year at this time there was talk of recession, in part, because the stock market and yield curve were signaling warning signs. At the end of 2018, the Dow Jones Industrial Average had its worst year since 2008. If the stock market is falling, then investors must think […]
Thomas H. Lee Group Agrees to Buy a Majority Stake in AmeriLife
{January 8th, 2020} by Allison Bell
An investor group led by Thomas H. Lee Partners L.P., a private equity firm, has agreed to buy a majority stake in AmeriLife Group LLC from another private equity firm, J.C. Flowers & Company LLC, AmeriLife announced today. AmeriLife is a Clearwater, Florida-based life, health and annuity distributor that has relationships with about 140,000 insurance […]
It’s the Hottest Thing in Life Insurance. Are Buyers Aware of the Risks?
{January 8th, 2020} by Leslie Scism
Sales of a life-insurance policy tied to the longest bull market in U.S. history are soaring. Regulators worry that buyers are unprepared for a crash. Indexed universal life is one of the insurance industry’s hottest products. It accounted for a quarter of all individual life sales as measured by premium for the first nine months […]
Gallagher starts the year with insurance agency acquisition in NY
{January 8th, 2020} by Lyle Adriano
Arthur J. Gallagher & Co. has acquired Walsdorf Agency in Huntington, NY. Terms of the transaction were not disclosed. Walsdorf Agency, founded in 1926, is a third generation, family-owned commercial and personal lines insurance agency; a release noted that the agency has “strong real estate niche expertise.” Following the acquisition, David L. Walsdorf, Louis J. […]
Fixed Index Annuities: The Pros And Cons
{January 8th, 2020} by William Hinds
The older and closer to retirement you get, the less risk you should be taking in your portfolio, generally speaking. The old rule of thumb was to take your age and place that much in bonds and the rest into an equity portfolio. And over the last 30 years or so, bonds have done well […]
Join in the conversation!
{January 8th, 2020} by Wink's RockStars
Get social with Wink and our Chief Storyteller, Sheryl J. Moore: Sheryl J. Moore via LinkedIn for breaking news and thought-provoking discussion in the life insurance and annuity industries. Wink’s company updates via LinkedIn, Instagram, and/or Facebook to connect with us and get to know our team! Also, be sure to visit Sheryl’s profile on Facebook. […]
7 Things To Remember When Doing A 1035 Annuity Exchange
{January 8th, 2020} by Matt Carey
The process of using funds from an existing annuity to purchase another annuity is commonly referred to as an annuity exchange. If the funds being used are non-qualified (i.e. not held in something like an IRA), then the exchange would be a 1035 exchange (so named for Section 1035 of the IRS Code, which governs […]
You can buy steady retirement income. Experts are divided on whether it’s a good idea
{January 8th, 2020} by Lorie Konish
If you think that Republicans and Democrats can’t see eye to eye these days, try sitting in a room with financial professionals who are for and against annuities. The inability to agree is real. And both sides hold steadfast to their positions. Annuities are insurance or investment contracts that give investors regular payments in exchange […]
My Life Insurance Buying Journey
{January 8th, 2020} by Jeff Piotrowski
As someone who works with life insurance marketers on a daily basis, I am keenly aware of the interest that carriers and agents have in meeting their customers in the market, when they are actively interested and most receptive to a conversation. This not only improves productivity for the insurer; it also offers a great […]
The 2020 Life, Health and Annuity Planner
{January 8th, 2020} by Allison Bell
The new year has arrived. Here are some in-person events you could attend… Jan. 13-15: Society of Actuaries (SOA), 2020 Living to 100 Symposium, in Lake Buena Vista, Florida. Jan. 16: Council for Affordable Health Coverage, The Price of Good Health (What the 2020 Election Means for Health Costs), in Washington. Jan. 25: Chinese New Year. Jan. 29-30: Inter-Company Marketing Group, annual […]
5 Things to Know About 707 Years of Interest Rate Data
{January 8th, 2020} by Allison Bell
The Bank of England has published a breath-taking thriller for people involved with creating and selling safe saving and investment vehicles: a comprehensive look at what happened to inflation-adjusted interest rates from 1311 through 2018. Paul Schmelzing, a Harvard University economic history grad student who’s a visiting scholar at the bank, wrote the paper in response to […]
Brokerage industry opposes Massachusetts fiduciary rule proposal at hearing
{January 8th, 2020} by Mark Schoeff Jr
Brokerage and insurance industry representatives on Tuesday criticized a Massachusetts proposal that would impose fiduciary duty on all financial advisers in the state, but investor-protection advocates are confident the state won’t back down under industry pressure. Click HERE to read the full story via InvestmentNews
State insurance commissioners poised to approve annuity sales best interest rule
{January 8th, 2020} by Mark Schoeff Jr
State insurance commissioners are expected to approve in the next few weeks a model regulation designed to strengthen investor protections related to annuity sales, but consumer advocates say it falls far short of improving safeguards surrounding the often-complex products. Click HERE to read the full story via InvestmentNews
New Nationwide Survey Finds that Debt Weighs Heavy on the Minds of Americans
{January 8th, 2020} by Nationwide
COLUMBUS, Ohio, Jan. 6, 2020 /PRNewswire/ — Dealing with debt is foremost on the minds of many Americans and understandably so. In December, the New York Federal Reserve announced that Americans have a record $14 trillion in debt, including mortgages, credit cards, and student loans. The situation can cause a great deal of anxiety. According to a recent survey conducted by Nationwide […]
Kuvare Closes on Lincoln Benefit Life
{January 8th, 2020} by Allison Bell
A young company that says it wants to become a real life and annuity player, not just manage old blocks of business, now owns Lincoln Benefit Life Company — a life insurer that once helped power Allstate Corp.’s annuity operations. Kuvare US Holdings Inc. said Monday that it completed the purchase of Lincoln Benefit Life, and […]
New York Asks Insurers What They’ll Do When Libor Goes Away
{January 8th, 2020} by Allison Bell
New York state regulators want insurers and other financial services companies to explain what they’ll do if and when a major interest rate benchmark — the London Interbank Offered Rate (Libor) — goes away. New York State Financial Superintendent Linda Lacewell has told the companies to send her detailed life-after-Libor plans by Feb. 7. The same […]
Alicia Munnell’s Social Security Bridge v. Annuities Income Planning Smackdown
{January 8th, 2020} by Allison Bell
More U.S. retirement savers should probably buy ordinary annuities before they retire, but they don’t, and policymakers need to come up with an alternative, according to Alicia Munnell, a top academic retirement policy researcher. Munnell — director of the Center for Retirement Research at Boston College — says she thinks promoting use of “Social Security bridge” arrangements may be […]
Symetra Financial Corporation Launches Investment Management Company
{January 8th, 2020} by Symetra Financial Corporation
BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra Financial Corporation today announced that it has established an investment subsidiary, Symetra Investment Management Company (SIM). The standalone entity will initially focus on facilitating the ability of Symetra’s Japan-based parent, Sumitomo Life Insurance Company, to invest in U.S.-based assets utilizing the expertise of the SIM team. Sumitomo completed its first investment of […]
Voices: My predictions for regulations to watch in 2020
{January 7th, 2020} by Todd Cipperman
Below I offer my regulatory predictions for 2020, addressing Regulation Best Interest, closed-end funds, private equity and compliance, among others. One caveat: my crystal ball is always cloudier during a presidential election year. For example, if Jay Clayton or Dalia Blass decide to resign (not predictions, although possible based on history), all bets are off […]
A year in review: Most-Read Stories from 2019
{January 7th, 2020} by Jamie Johnson
IUL illustrations, Ken Fisher, annuity illustrations, life lessons, and the Secure Act– view 2019’s most-read news stories from each quarter, according to Wink’s weekly newsletter. 4th Quarter, 2019: WHAT MIGHT THE SECURE ACT MEAN FOR LIFETIME INCOME? VOYA FINANCIAL TO SELL INDIVIDUAL LIFE BUSINESS AND OTHER CLOSED BLOCKS LIFE LESSONS SECURITY BENEFIT INDEXED […]
National Holdings Corporation Announces Closing of Acquisition of Full-Service Investment Firm Winslow, Evans & Crocker, Inc.
{January 7th, 2020} by National Holdings Corporation
NEW YORK, Jan. 06, 2020 (GLOBE NEWSWIRE) — National Holdings Corporation (NASDAQ: NHLD) (“National” or the “Company”), a leading full service independent brokerage, investment banking and asset management firm providing a wide array of services, announced the closing, on December 31, 2019, of the acquisition of Winslow, Evans & Crocker, Inc., an employee-owned full-service investment […]
Opinion: Now that annuities can be part of your 401(k), here’s how to make them more palatable
{January 7th, 2020} by Andrew G. Biggs
The Secure Act passed by Congress at the end of 2019 is the biggest change in U.S. retirement savings policy since the Pension Protection Act in 2006. The Secure Act aims to expand retirement savings opportunities, give retirees more freedom on when to withdraw their retirement savings from IRA plans, and expand access to annuities […]
A Roth IRA Refresher
{January 7th, 2020} by Jeremy Hus
We celebrated the 20-year anniversary of the Roth IRA in 2018 for we tax geeks who like to celebrate that type of thing. However, even though these accounts have been around for that long, there is still so much confusion about them. The benefits of a Roth IRA are clear — the potential for tax-free […]
Insurers Can Offer Biometric Wearables Without ‘Rebating’: Connecticut
{January 7th, 2020} by Allison Bell
Life and health insurers can give consumers Apple Watch devices and Fitbit devices for use in health tracking programs without getting into trouble with Connecticut insurance regulators, even if the insurers have failed to mention the devices in the policies. Andrew Mais, the Connecticut insurance commissioner, has given that interpretation of Connecticut’s insurance rules in a […]
The stretch IRA is dead
{January 6th, 2020} by Ed Slott
The SECURE Act is the law for 2020 and beyond. Advisers are already scurrying to explain the retirement rule changes to clients, especially those with large IRAs who had planned on a stretch IRA for their heirs. We are receiving an avalanche of questions on exactly how and when this major change will be applied. Click […]
Kitces Is Confident That Lawsuits Will Squash Reg BI
{January 6th, 2020} by Melanie Waddell
Popular advisor and Nerd’s Eye View blogger Michael Kitces says he remains “as confident as ever” that the U.S. Court of Appeals for the 2nd Circuit will affirm XY Planning Network’s lawsuit against the Securities and Exchange Commission’s Regulation Best Interest and delay the rule’s June 30 compliance date. Both XYPN, which Kitces co-founded, and […]
Why retiring at 65 could become a thing of the past
{January 4th, 2020} by Paola Peralta
Welcome to Retirement Scan, our daily roundup of retirement news your clients may be talking about. Why retiring at 65 could become a thing of the past As much as 54% of Americans will either stop working after age 65 or never retire at all, according to a study in this CNBC article. Just 24% […]
Former Ladenburg chairman files suit to stop Advisor Group merger
{January 4th, 2020} by Bruce Kelly
A year after cutting ties with Ladenburg Thalmann Financial Services Inc., Dr. Phillip Frost, formerly its chairman and largest shareholder, has filed a suit against his old firm as it is poised to merge with Advisor Group. Click HERE to read the full story via InvestmentNews
SEC Asset Management Committee to Meet Jan. 14
{January 4th, 2020} by Melanie Waddell
The SEC’s newly formed Asset Management Advisory Committee plans to hold its first meeting at the agency’s Washington headquarters on Jan. 14. The meeting will include a discussion of “various aspects of the asset management industry,” according to the meeting notice. The committee, made up of diverse industry professionals, was formed to help direct the […]
Happy New Year!
{January 1st, 2020} by Wink's RockStars
The Wink offices are closed today, January 1st, 2020 to celebrate the holiday with our families.
Is the World Functional Enough to Support Life Insurance?
{January 1st, 2020} by Allison Bell
Thousands of years ago, annuities looked like a much better than life insurance because… the world was chaotic. Life was short. Counting on customers to die soon was a safe bet. Political stability, a growing middle class, advances in medical knowledge, and improving public sanitation efforts began making the United States a good market for life […]
Yes, Virginia, Whole Life Insurance Is Worth It
{January 1st, 2020} by David Lewis
In an article titled, “Four Reasons Whole Life Insurance Is Not Worth It,” Holly Johnson, writing in The Simple Dollar, confidently tells readers: “Instead of pouring money into a whole life insurance policy and hoping it pays off, I would much rather keep more of my money in my own hands. That way, I can […]
Life Reinsurer Gets Its Wish to Intervene
{January 1st, 2020} by Larry P. Schiffer
Life insurance policies issued in the past are often transferred in blocks to reinsurers on a 100% indemnity reinsurance basis. These transfers often include servicing agreements, where the assuming reinsurer takes responsibility for all policy services, including determining the cost-of-insurance. In the past several years, policyholders have brought putative class actions against life insurance companies […]
Why Clients Need Advisors’ Help With Annuities
{January 1st, 2020} by Karen Demasters
Financial advisors have an obligation to educate their clients about the ins and outs of annuities they own or want to purchase, according to portfolio managers at Ashfield Capital Partners, a financial services firm in San Francisco with $1.2 billion in AUM. Portfolio managers Adrian Fadrhonc and Lyman Howard said people buying and holding annuities […]
INN’s Top 5 Life Insurance Stories Of 2019: IUL Tops The List
{January 1st, 2020} by John Hilton
Regulatory concerns about the marketing and long-term viability of indexed universal life insurance policies made plenty of news in 2019. The National Association of Insurance Commissioners continues to debate tougher regulations on IUL sales. Coverage of this issue produced some of our most-read stories of the year. Click Here for the top five life insurance […]
Top 5 Stories Of 2019: Annuities And Lawsuits: INN
{January 1st, 2020} by John Hilton
Once again, the regulation of annuities made for popular reading in every month of 2019. It’s not surprising that lawsuits and regulation were the most-read annuity topics on InsuranceNewsNet. Otherwise, readers were naturally interested in annuity sales rankings, among other topics. Click Here for the five most-read annuity stories of 2019
NAIC Annuity Sales Model Law Teed Up For Dec. 30 Adoption
{January 1st, 2020} by John Hilton
State insurance regulators plan to use all their available time before officially adopting a strengthened annuity sales model law by the new year. The Life Insurance and Annuities (A) Committee will hold a conference call Dec. 30 to adopt revisions to the suitability in annuity transactions (#275) model law. All final comments are due by […]
NAIC Committee Passes Best Interest Annuity Rules
{January 1st, 2020} by John Hilton
The National Association of Insurance Commissioners moved one step closer today to sending a best-interest annuity model law to the states for adoption in 2020. The Life Insurance and Annuities (A) Committee voted 11-1 to pass the annuity sales standard on to the NAIC Executive Committee and Plenary. The executive committee could ta Click HERE […]
Don’t Forget: Your Clients’ Social Security Benefits Are Taxed
{January 1st, 2020} by Bernice Napach
Helping clients avoid the taxation of Social Security benefits is a tall order for any financial advisor because the income thresholds that subject clients to such taxation are set low. They were never indexed to inflation as are Social Security benefits, with their cost of living adjustments, or the incomes of high earners subject to the Medicare surcharge, or […]
What the ‘Father of 401(k)s’ Thinks of the Secure Act
{January 1st, 2020} by Ginger Szala
In what has been called the most comprehensive retirement security legislation in a decade, President Donald Trump on Saturday signed a spending bill that includes the Setting Every Community Up for Retirement Enhancement (Secure”) Act. This means changes to retirement plans going into the new year. Key changes include: It will be easier for small businesses to […]
Your 401(k) could soon include new types of investments
{January 1st, 2020} by CBS/AP
Major changes could be coming to your retirement plan. The Senate on Thursday passed the Secure Act as part of its massive spending package. The House passed it earlier this week and it now heads to President Donald Trump, who is expected to sign it into law. The Secure Act — which stands for Setting […]
Survey: Role of Sales Representatives Growing in Relevance to Brokers
{January 1st, 2020} by OneAmerica
INDIANAPOLIS–(BUSINESS WIRE)–The relationship between an insurance carrier’s sales representative and an employee benefits broker continues to gain more importance and relevance, according to a recently completed industry survey commissioned on behalf of OneAmerica®. The data comes from the survey OneAmerica Worksite Producer: 2019, a custom research project conducted by LIMRA. “Sales representative relationship” tied for third out […]
The Past, for Agents
{January 1st, 2020} by Allison Bell
Today is the start of 2020, and the start of the 2020s. It’s also 100 years after the start of New Year’s Day in 1920 — a year that’s much different from our own, yet hauntingly similar, and which is well-represented in various online digital archives, such as the Google Books and Newspapers.com databases. Here’s a […]
Voices: From 401(k)s to stretch IRAs, what the Secure Act means for clients
{January 1st, 2020} by Dan Collins
The recently passed Secure Act is groundbreaking retirement legislation — just like its predecessors, the 1974 ERISA (the bedrock law of employee benefit plans) and the 2006 Pension Protection Act. It will substantially alter the landscape for employer-sponsored retirement plans and individual retirement savers. So, what does this mean for plan sponsors, participants, and clients? […]
Annuity Issuers Roll Out New Videos
{January 1st, 2020} by Allison Bell
Northwestern Mutual Life Insurance Company launched a new advertising campaign Saturday. The Milwaukee-based company is promoting the Northwestern Mutual brand with four ads based on the company’s 3-year-old “Spend Your Life Living” slogan. Northwestern Mutual began using the Spend Your Life Living slogan in December 2017. The company is delivering the new ads through digital media and social […]
10 Young Life, Health and Annuity Stars: 2019 Generational Lists
{January 1st, 2020} by Allison Bell
This is an important time for professionals who help clients manage life, health and financial risk. The old ways are fading. The future is in a haze. Insurance agents, actuaries, underwriters, claims administrators and others are doing their best to create financial forts that can give the users some protection against the storms, and some […]
12 Seasoned Life, Health and Annuity Stars: 2019 Generational Lists
{January 1st, 2020} by Allison Bell
Here’s the second batch of entries for our 2019 Generational Lists recognition program. We developed this approach to succeed our 30 Under 30 program, to give ourselves a way to cast a spotlight on interesting industry professionals of all ages. We listed 10 industry professionals under 30 Tuesday, and we’ll list 10 industry professionals over […]
10 Titanium Life, Health and Annuity Stars: 2019 Generations Lists
{January 1st, 2020} by Allison Bell
Here’s the third batch of entries for our 2019 Generational Lists recognition program. We developed this approach to succeed our 30 Under 30 program, to give ourselves a way to cast a spotlight on interesting industry professionals of all ages. We listed 10 industry professionals under 30 Tuesday, and we listed 12 mid-career industry professionals […]
What SECURE Act’s Annuity, Open MEP Provisions Mean for Advisors
{January 1st, 2020} by Brian Anderson
Big changes are coming to 401k plans in 2020 thanks to last week’s whirlwind passage of the SECURE Act as part of the broader federal government spending bill. Among the most significant changes are provisions focused on making it easier to include annuities in 401k plans and opening up multiple employer plans (MEPs) to small companies that […]
Top-Level NAIC Committee OKs Annuity Sales Standard Proposal
{January 1st, 2020} by Allison Bell
The National Association of Insurance Commissioners is getting closer to a final showdown over an annuity sales standards proposal that could help state insurance regulators create a defense against federal sales standards proposals. Members of the NAIC’s Life Insurance and Annuities Committee today approved proposed revisions to the NAIC’s Suitability in Annuity Transactions Model Regulation, […]
Life Insurers Increased Currency Swap Exposure in 2018: NAIC
{January 1st, 2020} by Allison Bell
The National Association of Insurance Commissioners’ Capital Markets Bureau has published a new report on U.S. life insurers’ use of a complicated investment risk management tool: derivatives. U.S. life insurers ended 2018 with $2.3 trillion in exposure to derivatives, up 8.8% from the 2017 total, according to the bureau. Interest rate swap exposure increased 7.4%, […]
Annuity transactions that cause tax-paying headaches: Tax Strategy Scan
{January 1st, 2020} by Andrew Shilling
Financial Planning’s weekly roundup of tax-related investment strategies and news your clients may be thinking about. The ‘gotchas’ in annuity taxation While income from an annuity is tax deferred, taxation on this financial product can be more complicated than what most clients think, writes a Forbes contributor. Among the misconceptions: companies sometimes assume they will […]
NAIC Sales Standard Proposal Includes Reg BI Safe Harbor: IRI
{January 1st, 2020} by Allison Bell
The Insured Retirement Institute (IRI) says state insurance regulators’ sales standard proposal includes a great feature for financial professionals: a provision that may protect annuity producers from having to comply with multiple sets of sales standards. Members of the National Association of Insurance Commissioners’ Life Insurance and Annuities Committee endorsed the proposal — an update of […]
Finding Lost Life Insurance Policies
{January 1st, 2020} by Holland & Hart - Fiduciary Law Blog
As a probate paralegal, I often assist personal representatives, trustees and family members in collecting information about their loved one’s assets. Life insurance proceeds can be a blessing to the family to pay for expenses and in relieving the financial burden after a death. However, while the client may think they remember the deceased person […]
FINRA Fines 5 Big Firms for ‘Know Your Customer’ Failures
{January 1st, 2020} by Jeff Berman and Janet Levaux
The Financial Industry Regulatory Authority sanctioned Citigroup Global Markets, J.P. Morgan Securities, LPL Financial, Morgan Stanley Smith Barney and Merrill Lynch for failing to reasonably supervise compliance with FINRA Rule 2090, its “Know Your Customer” rule, when dealing with custodial accounts, FINRA said Thursday. FINRA Rule 2090 requires member firms and their associated representatives to use reasonable […]
Secure Act, Fiduciary Rules Set Up a Doozy of a Compliance Year
{January 1st, 2020} by Melanie Waddell
Along with new sweeping retirement planning rules ushered in under the Setting Every Community Up for Retirement Enhancement (Secure) Act, advisors and broker-dealers will have new fiduciary-related rules to comply with in the new year. President Donald Trump signed the Secure Act into law on Dec. 20 as part of the year-end spending bill, the […]
The Year 2020, for Agents
{January 1st, 2020} by Allison Bell
Forecasters at organizations of all kinds have been getting out their 2020 crystal balls. Here’s a distillation of some of the forecasts pouring into our inboxes. (We’ve included links to the forecast documents only when we could find copies of the documents in front of paywalls.) 1. The Overall Business Climate Morgan Stanley securities analysts talked […]
Will the Secure Act Help You Sell Annuities to Small Employers?
{January 1st, 2020} by Allison Bell
Financial services organizations have been providing annuities since the Egyptian pyramids since the pyramids had that new pyramid smell. U.S. life insurers have been telling consumers about all of the things annuities can do from the beginning. On New Year’s Day 100 years ago, for example, Pacific Life was advertising that an annuity can help […]
Here are the Most Read Stories of 2019: Financial Advisor IQ
{January 1st, 2020} by FA-IQ Staff
The last year of the decade was a year of big stories for RIAs and broker-dealers. And the biggest story of 2019 was RIA heavyweight Ken Fisher being accused of ‘horrible’ comments at an exclusive industry conference. Over 11,000 readers heard about this marketing faux pas from reporters Mrinalini Krishna and Rita Raagas De Ramos. And when Fisher apologized, another 8,000 readers […]
Oregon, West Virginia and Maine have the highest rates of depression
{January 1st, 2020} by QuoteWizard
SEATTLE, Dec. 26, 2019 /PRNewswire/ — QuoteWizard®, a LendingTree company, and one of the nation’s leading online insurance marketplaces, released a report on depression rates among all 50 states, and the impact of mental health care access on decreasing numbers. QuoteWizard found that states which rated highly for mental health care access also saw significant decreases in depression from 2014 […]
Top 5 Stories Of 2019: Fashion To Fiduciary: Advisor News
{January 1st, 2020} by John Hilton
The top Advisor News stories of 2019 crossed a lot of boundaries, from fashion to fiduciary. It was a very busy year and our readership reflected the frenetic time for financial services. Click Here are the top five most-read stories on Advisor News
Alliance Group and Living Benefits Awareness Month
{January 1st, 2020} by Alliance Group
LAWRENCEVILLE, Ga., Dec. 30, 2019 /PRNewswire/ — Alliance Group announced plans for their third annual Living Benefits Awareness Month, to be observed throughout the month of January 2020. The industry-wide campaign, which takes place each January, aims to educate consumers on the importance of owning Living Benefits life insurance and the role it plays in protecting families’ financial […]
Alliance Group Announces 2020 Living Benefits Ambassadors Team
{January 1st, 2020} by Alliance Group
LAWRENCEVILLE, Ga., Dec. 27, 2019 /PRNewswire/ — Alliance Group announced the inaugural Living Benefits Ambassadors team as part of their third annual Living Benefits Awareness Month campaign. The Ambassadors will head up local grassroots campaigns to spread education and awareness for Living Benefits Awareness Month in January 2020. The chosen Living Benefits Ambassadors are as follows: Alliance Group […]
New Spots from Northwestern Mutual Explore the Realities and Dreams of Americans Today
{January 1st, 2020} by https://www.prnewswire.com/news-releases/new-spots-from-northwestern-mutual-explore-the-realities-and-dreams-of-americans-today-300979334.html
MILWAUKEE, Dec. 26, 2019 /PRNewswire/ — Northwestern Mutual, a leading financial services company, is building on the success of its brand campaign “Spend Your Life Living” with new ads that showcase powerful, diverse and emotive stories that reflect the realities and dreams of many Americans today. The new integrated campaign will launch across TV, digital and social on December […]
Millennials Feeling Less Financially Secure in 2019
{January 1st, 2020} by Country Financial
BLOOMINGTON, ILL. – As 2019 comes to an end, Millennials are continuing to feel financially stressed. The 2019 COUNTRY Financial Security Index revealed that half (50%) of Millennials rate their level of financial security as fair or poor, compared to 44 percent of Americans overall. More than 1,000 Americans were asked about their confidence levels in a variety of personal finance […]
A paramedic allegedly killed his wife for the insurance payout. The method? Eye drops.
{January 1st, 2020} by Lateshia Beachum
Stacy Robinson Hunsucker’s husband told several different versions of events in recounting how he found his wife dying. Joshua Lee Hunsucker, 35, told police on Sept. 23, 2018, that he was outside making sure his car was locked, according to ABC News’s review of the affidavit. He told a friend that he was out on a […]
Big Growth Forecast For Independent Advisor Channels: Tiburon
{January 1st, 2020} by John Hilton
Financial advisor channels face unrelenting pressure moving forward from discount brokerages and robo-advisor options, a leading analyst said. But there is plenty of good news in the forecast as well, added Chip Roame, managing partner of Tiburon Strategic Advisors. In particular, the independent advisor channels should continue to see its assets grow at a strong […]
The ‘Gotchas’ In Annuity Taxation
{January 1st, 2020} by Steve Parrish
How are annuity taxation and attorneys alike? For both, the answer is “it depends.” Contrary to popular wisdom, there is no simple answer to how annuities are taxed. Yes, they are generally income tax deferred, but there is more to it than that. Taxation depends on how the annuity is owned, and how distributions are made from the […]
Does student loan debt die when you do?
{January 1st, 2020} by Tom Anderson
More than 44 million Americans have student loan debt totaling $1.5 trillion, and it continues to grow at a rapid clip. Student debt comes in two primary forms: federal loans and private loans. Federal student loans are issued by the U.S. Department of Education, and private student loans are provided by banks and other private lenders. […]
