Announcing Social Simplified by DMI
{April 14th, 2020} by DMI
HINGHAM, Mass., April 9, 2020 /PRNewswire/ — DMI, a leading wholesaler of consumer-driven life and annuity products, today announces the launch of its innovative and turn-key marketing solution to help financial advisors and life insurance agents grow their business by connecting them with more people on social media. Offered exclusively to DMI’s partner agents and powered by […]
Securian Financial Waives 401(k) COVID-19 and Hardship Distribution Fees, Offers Employers Free Fiduciary and Wellness Services
{April 11th, 2020} by Securian Financial
ST. PAUL, Minn.–(BUSINESS WIRE)–Securian Financial is waiving all COVID-19 related 401(k) distribution fees for the retirement plans it serves as recordkeeper and, moving forward, will permanently make all hardship distributions fee-free to customers—regardless of the triggering event. Additionally, Securian Financial will act as an ERISA 3(16) fiduciary for participant distributions and loans under the CARES […]
9 Future Predictions For A Post-Coronavirus World
{April 10th, 2020} by The Wealth Advisor
As the ripple of COVID-19 careens around the globe, it’s forcing humankind to innovate and change the way we work and live. The upside of where we find ourselves right now is that individuals and corporations will be more resilient in a post-COVID-19 world. Here are nine predictions of what our world may look like […]
Working from Home: Coronavirus Changes How Advisors Communicate with Clients
{April 10th, 2020} by Brian Anderson
Not a big surprise to learn that most advisors say their practices have been significantly disrupted because of the coronavirus, and most have set up alternate working arrangements (including working from home) for their staff. But 84% of advisors saying they have changed the way they communicate with their clients in response to the COVID-19 […]
Why Life Insurance Is Too Often Overlooked
{April 10th, 2020} by H. Adam Holt
Potential disability is the most under-addressed topic of conversation between financial advisors and their clients. Life insurance coverage is also frequently overlooked. Asset-Map recently conducted a survey of 225,000 households to determine whether clients would generally be underinsured in the event of a loss of life. The data revealed that over 14,000 clients were “grossly […]
Life insurers hurt themselves, reader says
{April 10th, 2020} by Letter to Editor
‘It’s hard to imagine a multi-trillion dollar industry that has done more to neuter its own influence over national economic policy,’ writes David Macchia (in photo), CEO of Wealth2k, Inc., in a letter to Retirement Income Journal. Dear RIJ editor: Thank you for your excellent April 2 article, “The ‘Fed Put’ Hurts Annuities—and Retirees”) While […]
Declines in Stock Prices of Major Annuity Issuers
{April 10th, 2020} by Data Connection
Click HERE to view via RIJ
Advisors’ advice: How to survive working from home
{April 10th, 2020} by Ginger Szala
Advisors are traversing two treacherous worlds now: one in which they have to keep themselves and their families safe from COVID-19, and the other, keeping clients calm as the markets — and client investments — gyrate daily. We asked advisors through the Financial Planning Association and XY Planning Network websites how they are handling these trying times on both these […]
SEC Chair Clayton: COVID-19 will not delay Reg BI
{April 10th, 2020} by Nick Thornton
The Securities and Exchange Commission will not delay the June 30, 2020 compliance date for Regulation Best Interest, according to a public statement by Chairman Jay Clayton. “We believe that the June 30, 2020 compliance date for Reg BI and other requirements, including the requirement to file and begin delivering Form CRS, remains appropriate,” Clayton […]
Plunging annuity rates: A strategy for new retirees
{April 10th, 2020} by Brett Arends
Lucky old grandma. When she retired all those years ago, her income security needs were pretty simple. She could convert a large part of her lump-sum savings into a guaranteed steady income stream for life by purchasing a single premium immediate annuity. Today? You’re right out of luck. Such annuities continue to be offered by […]
What Has Become of Us?
{April 8th, 2020} by Sheryl J. Moore
When I heard about my grandfather’s experience paying his first death claim, I KNEW what a noble profession being an insurance agent was. Protection. Security. Safety. These values motivated me to serve the life insurance industry, beginning in my early 20s. Working for a mutual/career agency company marketing participating whole life, and transitioning to a […]
Transamerica Supports Organizations Providing Critical Pandemic Assistance
{April 8th, 2020} by Transamerica
BALTIMORE, April 6, 2020 /PRNewswire/ — Transamerica announced today that the Aegon Transamerica Foundation made a contribution of $500,000 to Direct Relief to support ongoing coronavirus (COVID-19) relief efforts. Transamerica and its employees are dedicated to helping the individuals and organizations working to make a difference as the world faces the unprecedented crisis caused by the pandemic. As part […]
Principal Announces COVID-19-Related Changes to Support Customers
{April 8th, 2020} by Principal Financial Group
DES MOINES, Iowa–(BUSINESS WIRE)–Principal Financial Group® announced changes to support individuals and businesses experiencing the financial impacts of the widespread COVID-19 outbreak. “The global spread of COVID-19 has affected almost every aspect of our lives,” said Dan Houston, chairman, president, and CEO of Principal®. “As we all focus on keeping ourselves and our families safe and […]
Transamerica announces comprehensive CARES Act Customer Support Initiative, including distribution fee waiver for coronavirus-impacted retirement plan participants
{April 8th, 2020} by Transamerica
BALTIMORE, April 7, 2020 /PRNewswire/ — Transamerica announces a new initiative to help their retirement plan customers navigate the CARES Act. Transamerica has notified retirement plan sponsors effective today that Transamerica will waive all coronavirus-impacted withdrawal fees within retirement plans as part of its CARES Act Customer Support Initiative. The CARES Act was signed in to law […]
OneAmerica® To Waive Hardship Fees in Response to CARES Act
{April 8th, 2020} by OneAmerica
INDIANAPOLIS–(BUSINESS WIRE)–In an effort to show support to its retirement plan participants during this unprecedented crisis, OneAmerica® today announced it is immediately waiving fees for all hardship withdrawals, including those distributions related to COVID-19. The decision, announced by Sandy McCarthy, president of retirement services at OneAmerica, eliminates administrative fees for hardship and COVID-19 related distributions effective […]
6 Compliance Risks Annuity Sellers Face In COVID Times 15
{April 8th, 2020} by Steve Morelli
Market downturns can create annuity sales opportunities, but agents and advisors need to be taking steps to protect and prepare themselves because history will look back on how advisors and the industry conducted business during the crisis. This was the central message of “Extraordinary Times call for Extraordinary Measures,” a National Association for Fixed Annuities […]
Annuities Help Clients Shed Their Risk Fears
{April 8th, 2020} by Dylan Huang
I know two different kinds of retirees. George is living his best life, taking trips with his wife to see the grandkids, practicing yoga and not worrying about his expenses because he has guaranteed income from a pension and Social Security. June on the other hand, also has Social Security but holds onto every penny, […]
Two-Thirds of FAs Cite ‘Significant’ Disruption by Covid-19: Survey
{April 8th, 2020} by Alex Padalka
The coronavirus pandemic has impacted the majority of financial advisors, forcing many to fundamentally change the way that they do business, results of a recent survey show. Sixty-three percent of advisors say they’ve had significant disruptions to their practices as a result of the coronavirus, according to research published by Limra. A further 28% of the 550 […]
What Smokers Should Know About Buying Life Insurance
{April 8th, 2020} by Ashley Chorpenning
If you enjoy smoking, you probably know that it can impact your health. But did you know you will likely end up paying significantly more for life insurance if you smoke? Because life insurance is often an important part of a financial plan, it’s important to understand what to expect if you’re a smoker (or […]
Illinois Mutual Life Insurance Chooses Sapiens for Its Life Digital Transformation Project
{April 8th, 2020} by N/A
RALEIGH, North Carolina and HOLON, Israel, April 6, 2020 /PRNewswire/ — Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced today that Illinois Mutual Life Insurance (Illinois Mutual), a company that services 47 U.S. states and serves over 8,600 independent agents, chose multiple Sapiens’ life solutions as part of its digital transformation project. […]
How to Invest for Retirement at 3 Different Life Stages
{April 8th, 2020} by Ginger Szala
Investors who are close to or in retirement certainly should be thinking differently than those who have just started their career, but how? Dan Keady, chief financial strategist at TIAA, told ThinkAdvisor how three age groups — workers early in their careers, at mid-career and near or in retirement — should be making different investment […]
5 Ways Bad Annuity Marketing Can Get You Sued
{April 8th, 2020} by Steve Morelli
Advisors have probably changed their tone when communicating with clients these days in light of the COVID-19 outbreak – and that should include their marketing and advertising as well. That is not just a matter of taste, but marketing messages that made sense before the COVID-19 pandemic can be fodder for lawsuits, said Maureen James, […]
Why Zoom Meetings Can Exhaust Us
{April 8th, 2020} by Jeremy Bailenson
After a few weeks of sheltering in place, Zoom is becoming a household verb. There is little doubt the software is helping us through this crisis. But many of us are getting mentally exhausted from videoconferencing—whether for a work meeting, an online dance class, or a virtual happy hour. Some argue the cause of this […]
The Standard Promotes Mark MacGillivray to Director of Financial Institutions, Annuities
{April 8th, 2020} by The Standard
April 07, 2020 09:00 AM Eastern Daylight Time PORTLAND, Ore.–(BUSINESS WIRE)–Standard Insurance Company (“The Standard”) announced today that Mark MacGillivray has been promoted to director of Financial Institutions, Annuities. Mark joined The Standard in 2006 and most recently served as regional sales director in Annuities. In that role, he has grown sales and developed deep relationships […]
Life Table Shift Helps Keep Compact Filing Machinery Humming
{April 8th, 2020} by Allison Bell
A nonprofit organization that helps many states process insurance product filings is reporting strong filing and fee revenue growth for 2019. The Interstate Insurance Product Regulation Commission says in annual report for 2019 that it received 1,639 product filings last year, up from 1,438 product filings in 2018. The Insurance Compact collected $3.4 million filing […]
State Insurance Lawmakers Approve a Business Transfer Model
{April 8th, 2020} by Allison Bell
A group for state-level lawmakers with an interest in insurance has completed work on a document that could eventually affect what happens when one insurer shifts responsibility for a life insurance policy or annuity contract to another insurer. Members of the National Council of Insurance Legislators (NCOIL) recently approved the Insurance Business Transfer Model Act. […]
4 in 5 Advisors Say Stocks Haven’t Hit Bottom: Survey
{April 8th, 2020} by Michael S. Fischer
Four in five U.S. financial advisors in a new poll expect stocks to fall below the 2,237 points the S&P 500 hit on March 23, down 34% from its peak on Feb. 19, Ned Davis Research reported Tuesday. The NDR poll was conducted March 26 among some 750 advisors. More than half of participants said […]
How California’s Privacy Act Impacts Advisors
{April 8th, 2020} by Kristen Mathews and Tiffany Quach
The California Consumer Privacy Act (CCPA) imposes sweeping obligations on a diverse array of businesses, but investment advisors subject to Regulation S-P (adopted pursuant to the federal Gramm-Leach-Bliley Act (GLBA)) are treated somewhat differently. The CCPA applies to some personal information that advisors routinely handle. This checklist is intended to help IAs examine their compliance burden […]
BNY Mellon Widens ETF Pact With USCF: Portfolio Products
{April 8th, 2020} by Jeff Berman
BNY Mellon expanded its exchange-traded product relationship with United States Commodity Funds and completed the asset conversion onto BNY Mellon’s ETF Servicing platform. BNY Mellon serves as the funds’ custodian, accountant, administrator and transfer agent, the firms said. USCF specializes in commodity and alternative exchange-traded products, including the United States Oil Fund, LP, which trades on the NYSE Arca […]
Fed Helped Bond Market Stabilize: Penn Mutual Analyst
{April 8th, 2020} by Allison Bell
Some fans of letting markets work things out are skeptical of the Federal Reserve Board’s new interventions in U.S. asset markets. Mark Heppenstall, an investment analyst with the asset management arm of The Penn Mutual Life Insurance Co., says the Fed’s decision to start buying investment-grade corporate bonds has clearly helped stabilize the market for corporate bonds. […]
China Oceanwide Renews Genworth Deal Financing Arrangement
{April 8th, 2020} by Allison Bell
Genworth Financial Inc. says its would-be buyer, China Oceanwide Holdings Group Co. Ltd., has confirmed having one part of the deal financing in place and is now working on finalizing the rest of the financing. China Oceanwide agreed to pay a total of $2.7 billion for Genworth in October 2016. China Oceanwide is a Beijing-based […]
Post-Life Information Providers Team Up for Outreach Effort
{April 8th, 2020} by Allison Bell
Two companies that help people deal with death are joining together to recommend services that can help deal with death in the age of COVID-19 lockdowns. Funeralocity.com and Lantern.co have formed the post-life services outreach alliance. Funeralocity.com runs a funeral home directory that lists each home’s typical prices. Click HERE to read the full story via ThinkAdvisor
McClain to Lead Arkansas Insurance Department: Personnel Matters
{April 8th, 2020} by Allison Bell
Arkansas Gov. Asa Hutchinson has appointed Alan McClain to be the state’s insurance commissioner. McClain succeeds Allen Kerr, who resigned to take a job in the private sector, officials said. The name of Kerr’s new employer is not yet available. McClain previously was commissioner of the Arkansas Rehabilitation Services division of the state Department of […]
COVID-19 Pain Also Touches Higher-Income Consumers: Surveys
{April 8th, 2020} by Allison Bell
The turmoil caused by COVID-19, and by efforts to fight COVID-19, may be hitting the kinds of moderately high-income consumers who buy life insurance and annuities about as hard as lower-income consumers. Ashley Kirzinger and other analysts at the Henry J. Kaiser Family Foundation have published evidence of that possibility in a summary of results […]
These 3 Companies Say They’re Hiring
{April 8th, 2020} by Allison Bell
Some companies in and around the insurance industry are still hiring, in spite of COVID-19-related disruption. Here’s a look at three companies that say they have openings. Click HERE to read more about Centene Corp., Sitel Group, and DaVita Kidney Care via ThinkAdvisor
Life and Health Insurers Have About $99 Billion in Hotel-Backed Investments
{April 8th, 2020} by Allison Bell
U.S. life and health insurers hold about $99 billion in lodging-related debt, but most should come out of the COVID-19 travel freeze in pretty good shape. Jennifer Johnson, an analyst with the National Association of Insurance Commissioners’ Capital Markets Bureau, has put data supporting that conclusion in a review of U.S. insurers’ holdings of commercial […]
Charity, free advisor services and more: How the industry is stepping up in the coronavirus outbreak
{April 8th, 2020} by Tobias Salinger
Wealth management is racing to try to stay ahead of the fallout from the coronavirus pandemic. COVID-19 has taken thousands of lives, stalled the economy and put an end to a decade-plus bull market. In the process, it’s upended the way wealth management operates. In response, the industry is rushing to support advisors, clients and […]
On notice: What SEC examiners expect from advisors despite pandemic
{April 8th, 2020} by Kenneth Corbin
WASHINGTON — Even with the SEC halting in-person exams due to the coronavirus pandemic, examiners are still monitoring firms remotely, and advisors can help their cause by demonstrating that they have thought seriously about how they are handling conflicts of interest, according to current and former regulators. SEC examiners and enforcement staff are likely to take a kinder […]
State Insurance Lawmakers Approve a Business Transfer Model
{April 7th, 2020} by Allison Bell
A group for state-level lawmakers with an interest in insurance has completed work on a document that could eventually affect what happens when one insurer shifts responsibility for a life insurance policy or annuity contract to another insurer. Members of the National Council of Insurance Legislators (NCOIL) recently approved the Insurance Business Transfer Model Act. […]
Another Reason Pandemics Are the Retiree’s Enemy
{April 7th, 2020} by Allison Bell
COVID-19 is everyone’s enemy because it kills and frightens people, and because it has forced communities around the world to try to defend themselves by “sheltering in place.” COVID-19 is the retiree’s enemy because the fatality right for older people who are hospitalized with the disease is very hard. And COVID-19 could be the retiree’s […]
Structured Annuities Flew Off the Shelves: IRI
{April 7th, 2020} by Allison Bell
New annuity sales figures from the Insured Retirement Institute (IRI) suggest that life insurers may have already started battening down the annuity hatches in the fourth quarter of 2019, before the COVID-19 storm started. An article about Wink’s annuity sales report is available here. Click HERE to read the full story via ThinkAdvisor
SIMON Markets LLC Forms Partnership With Insurance Technologies; Expands Cloud-Based Investment Platform With Integrated Annuity Illustration Capabilities
{April 3rd, 2020} by SIMON Markets LLC
NEW YORK–(BUSINESS WIRE)–SIMON Markets LLC and SIMON Annuities and Insurance Services LLC (“SIMON”) today announced a new partnership with Insurance Technologies, LLC, a provider of sales and regulatory automation solutions for the insurance and financial services industries. At a time when accessible technology is paramount for remote workforces, this encouraging development expands the capabilities of […]
Advisors Adjust Their Practices In Light Of Coronavirus: LIMRA
{April 3rd, 2020} by Press Release
A LIMRA survey of 550 advisors revealed how they are adapting to meet the needs of their clients as the country faces the safety and economic challenges as a result of coronavirus. A total of 63% of advisors say their practices have been significantly disrupted because of the coronavirus; while another 28% note having been […]
7 Keys of Secure Act’s Annuity Safe Harbor in Retirement Plans
{April 3rd, 2020} by Robert Bloink and William H. Byrnes
The Secure Act contains provisions that will impact nearly every client saving for retirement—along with many who have already begun taking withdrawals from qualified plans and IRAs. The Secure Act provisions impacting lifetime income options in defined contribution plans have the potential to be some of the most significant. Although it is expected that most […]
What’s New? What’s Discontinued?
{April 1st, 2020} by Wink's RockStars
How do you keep track of all of those changes?! Utilizing our analysis tools, you can access an up-to-date view of the products being launched and retired from the market. AnnuitySpecs subscribers click HERE LifeSpecs subscribers click HERE Missing out? To learn more, click HERE
New Yorkers affected by COVID-19 may defer paying life insurance premiums for 90 days
{April 1st, 2020} by Insurance Forums Staff
The New York State Department of Financial Services (DFS) adopted an emergency regulation March 30 requiring New York State regulated issuers of life insurance and annuity contracts, property and casualty insurers and premium finance agencies to provide relief to New York consumers and businesses experiencing financial hardship due to COVID-19. Consumers experiencing financial hardship due to […]
Your Life Insurance Covers Covid-19. If You Need Coverage, Move Quickly
{April 1st, 2020} by Nick Fortuna
Americans who have life insurance will be covered should they die from Covid-19, the disease caused by the new coronavirus, but those who lack coverage or are underinsured should consider moving soon before coverage options dry up. If the pandemic worsens, industry experts say, life-insurance companies may institute stricter guidelines for underwriting. Insurers might also […]
The Hierarchy Of Income Planning
{April 1st, 2020} by Gregory Fortier, CFA
Quickly google “creating wealth” and you are bombarded by search results of get rich quick schemes, stories about self-made millionaires, and the expected self-help books for sale. The reality for most of us is that creating wealth will be more a story of simply gaining the correct knowledge and taking time to plan rather than […]
Americans are Rattled over Recent Market Volatility but Trying to Stay the Course
{April 1st, 2020} by Allianz Life Insurance Company of North America
MINNEAPOLIS–(BUSINESS WIRE)–With the stock market experiencing some of the biggest swings in history and the bull run officially over, Americans are concerned that the worst is yet to come. But the good news is, they are not panicking quite yet. The latest Quarterly Market Perceptions Study from Allianz Life Insurance Company of North America (Allianz […]
FBL Financial Group Presents 2019 Annual Report
{April 1st, 2020} by FBL Financial Group, Inc.
WEST DES MOINES, Iowa–(BUSINESS WIRE)–FBL Financial Group, Inc. (NYSE: FFG) today announced that its 2019 annual report to shareholders is now available on its website at www.fblfinancial.com. FBL Financial Group’s online annual report features a video greeting and letter to shareholders from Chief Executive Officer Daniel D. Pitcher as well as a financial review and video commentary by Chief […]
Jackson Integrates LifeYield’s Smart Householding Tech to Spotlight Tax-Efficient Annuities
{April 1st, 2020} by LifeYield, LLC
NASHVILLE, Tenn. & BOSTON–(BUSINESS WIRE)–LifeYield LLC, a leading cloud-based solution that facilitates tax-efficient management of an investor’s entire household portfolio, announced today an alliance with Jackson National Life Insurance Company® (Jackson®). Jackson will integrate LifeYield’s portfolio management tools into its existing digital toolset. The strategic alliance enables financial professionals who work with Jackson to use LifeYield’s powerful […]
Northwestern Mutual Donates More Than $1.5 Million Toward Coronavirus Relief Efforts
{April 1st, 2020} by Northwestern Mutual
MILWAUKEE, March 26, 2020 /PRNewswire/ — Northwestern Mutual, through its Foundation, today announced a donation of more than $1.5 million to support its nonprofit partners nationwide in leading efforts to provide immediate relief in response to the effects of COVID-19. These grants will address the anticipated food and essential supply needs facing those in our communities. To support those in […]
In Good Company introduces remote financial workshops to aid distributed workforces
{April 1st, 2020} by In Good Company
BROOKLINE, Mass., March 31, 2020 /PRNewswire/ — In Good Company, a MassMutual learning initiative dedicated to making financial education more accessible, is expanding their current offering to provide a completely virtual experience to help distributed teams address top-of-mind concerns as the financial landscape continues to change rapidly. By adapting their workshop series to a completely virtual experience, In […]
Nationwide Foundation contributing $5 million to local, national charities for COVID-19 pandemic support
{April 1st, 2020} by Nationwide
COLUMBUS, Ohio, March 24, 2020 /PRNewswire/ — To provide support for coronavirus disaster response, the Nationwide Foundation is making $5 million in contributions to local and national charities to support medical and economic response efforts. “As communities experience impacts related to the pandemic, many non-profit organizations stand on the front lines, providing basic necessities, wellness services and support to […]
Life Insurance Offers Clients Protection In Tough Times
{April 1st, 2020} by Ralph Dittrick
When we think of life insurance, often the first thing that comes to mind is protection. That protection extends to both good and bad markets – and not just death benefits, but living benefits, too. Given the recent headlines, here are some talking points you can share with clients. Click HERE to read the full […]
State regulators say they’re not missing an oversight beat
{April 1st, 2020} by Mark Schoeff Jr.
State securities regulators are expressing confidence that they’re not missing a beat in their oversight of investment advisers and brokers despite disruption caused by the COVID-19 pandemic. Click HERE to read the full story via InvestmentNews
Uncle Sam’s SMCCF May Be Life Insurer CFOs’ New Friend: Moody’s Analysts
{April 1st, 2020} by Allison Bell
The Federal Reserve Board has rushed to create a large menagerie of funds that will try to keep deals happening in U.S. investment markets, by buying certain types of assets, such as commercial paper, and investment-grade corporate bonds. Critics, including Jim Bianco, say that the Fed is exceeding its statutory authority and, in effect, helping […]
SEC, FINRA Take Coronavirus Measures
{April 1st, 2020} by Melanie Waddell
The Securities and Exchange Commission and the Financial Industry Regulatory Authority announced several measures in mid-March in reaction to the coronavirus. The SEC issued regulatory relief to mutual funds and advisors related to reporting forms. RIAs with filing deadlines before April 30 have an extra 45 days from their deadlines to file an amendment to […]
Stimulus Plan Includes Temporary RMD Waiver
{April 1st, 2020} by Melanie Waddell
The $2 trillion stimulus plan enacted Friday includes a temporary waiver of required minimum distribution rules for certain defined contribution plans and IRAs for calendar year 2020. The provision, according to the bill text, provides relief to individuals “who would otherwise be required to withdraw funds from such retirement accounts during the economic slowdown due to COVID-19.” […]
Do NOT Sell Life Insurance Face to Face: Pennsylvania
{April 1st, 2020} by Allison Bell
Agents and brokers in Pennsylvania who complete insurance sales in person now run their risk of losing their licenses. Pennsylvania Gov. Tom Wolf has issued a “stay at home” order in response to the COVID-19 pandemic. Like many mayors and governors, Wolf has been trying to slow the spread of severe acute respiratory syndrome coronavirus […]
COVID-19 Deaths May Not Do Much to Life Insurers’ Earnings: Securities Analyst
{April 1st, 2020} by Bryce Sanders
Humans are gregarious. We like to gather in groups, have a good time. The coronavirus pandemic has taken that off the table for a while. Advisors know they need to be calling clients during these difficult times. You’ve done that. Now, what else can you do to productively occupy yourself while social distancing? Let’s assume […]
Advisor Group Nabs LPL Exec to Lead Wealth Unit
{April 1st, 2020} by Janet Levaux
The Advisor Group of independent broker-dealers, which completed its purchase of the Ladenburg Thalmann in mid-February, says it has hired a former executive from LPL Financial and made a series of other leadership shifts. Gregory Cornick is now Advisor Group’s president of Advice and Wealth Management. He was with LPL for the past six years […]
Economists Are Losing Hope in a ‘V-Shaped’ Post-Virus Recovery
{April 1st, 2020} by Ben Holland
The coronavirus is guaranteed to throw the world into recession, but economists are becoming less convinced about the potential for a strong snapback in growth. The base case for forecasters is that a recovery, perhaps even a vigorous one, gets under way in the second half of 2020. But as the pandemic spreads through Europe and […]
Jeremy Siegel: 4 Things Must Happen for Economic, Market Recovery
{April 1st, 2020} by Jeff Berman
There are four steps that will lead to an economic and market recovery — and “we’re only going to have a market recovery if we have an economic recovery,” according to Jeremy Siegel, professor of finance at Wharton and WisdomTree senior investment strategy advisor. “The first of these steps is fiscal and monetary support” — […]
On notice: SEC examiners expect good faith efforts from advisors on conflicts despite pandemic
{April 1st, 2020} by Kenneth Corbin
WASHINGTON — Even with the SEC halting in-person exams due to the coronavirus pandemic, examiners are still monitoring firms remotely, and advisors can help their cause by demonstrating that they have thought seriously about how they are handling conflicts of interest, according to current and former regulators. SEC examiners and enforcement staff are likely to […]
Voices Talking about race is tough. Here’s how white advisors can get better
{April 1st, 2020} by Sonya Dreizler
White advisors need to talk about race. When I say this to white advisors, they almost invariably ask: Why just white advisors? Because, I say, based on my discussions with people of color in the industry, they are already accustomed to discussing race and ethnicity. They know this topic on an intimate level because it […]
DPL Offers Free Annuity and Insurance Services for RIAs
{April 1st, 2020} by Michael S. Fischer
DPL Financial Partners, an insurance network for RIAs, is giving non-member advisors immediate access to its turnkey insurance management platform free of charge, the firm announced this week. DPL said it was responding to an outpouring of requests from clients asking advisors’ help in protecting their retirement savings from the coronavirus-related market upheaval of recent […]
Most Investors Stay Neutral Despite Market Plunge, Recession Fears
{April 1st, 2020} by Michael S. Fischer
The stock market crash and genuine fears of a recession have left Americans wondering whether worse is yet to come, Allianz Life found in its latest quarterly market perceptions study, released Thursday. Sixty-three percent of participants in the study expressed concerns about a recession, up from 43% in the fourth quarter, and 57% thought that the market […]
Let’s Talk about Your Client’s M.U.G.
{April 1st, 2020} by Tom Henga
Only 17% of workers (and 32% of current retirees) are very confident they will have enough money to live comfortably throughout their retirement, according to the Employee Benefit Research Institute’s (EBRI) 2018 Retirement Confidence Survey. What’s worse is that only 38% of retirees are very confident they will have enough money to take care of […]
