Study: Over 9 in 10 financial professionals support the passage of the SECURE Act 2.0
{May 4th, 2021} by Nationwide
COLUMBUS, Ohio, May 3, 2021 /PRNewswire/ — A recent Nationwide Retirement Institute® survey of advisors and financial professionals reveals that most are in favor of the proposed Securing a Strong Retirement Act (commonly referred to as SECURE Act 2.0), with 93% supporting its passing and a majority (93%) agreeing that the legislation’s features would financially benefit their clients. This overwhelming support […]
Insurance Leaders Look In The Mirror
{May 4th, 2021} by Denise Garth
It was 1999 and everything about business was changing. The Internet was hot and growing! Ebay and Amazon launched within the previous 4 years. Napster debuted the peer to peer music file sharing network – the precursor to iTunes. It was all about e-business! Fast Company magazine was putting out 300-page monthly issues that covered […]
Annuities & Taxes
{May 4th, 2021} by John Williams
Tax season is often a time when people more seriously consider their future financial plans. Reviewing how their money was spent and saved from the previous year can lead one to consider new options for the future. Add to that the financial uncertainties created by the ongoing pandemic, and many are taking into account income […]
The Rise of Platforms
{May 3rd, 2021} by Matt Essick
The era of the platform economy is here. Actually, it has been here for a decade or longer. Think Apple, Google, Airbnb, Microsoft, Uber, Amazon, Square, LinkedIn, Lyft, Facebook, and Tesla. The majority of the most valuable companies globally are now based on a platform business model, which is defined as: “the creation of digital […]
Factors Affecting Life Insurance Rates
{May 3rd, 2021} by Ashley Kilroy, Jason Metz
If the main reason you don’t have a life insurance policy is that you think it’s too expensive, you are in good company. Almost two-thirds of people who do not have a life insurance policy cited this reason, according to the 2020 Insurance Barometer from LIMRA, an industry-funded research company. Sixty-seven percent of respondents said […]
New York Best-Interest Rule for Annuity Sales Struck Down
{May 3rd, 2021} by Melanie Waddell
The New York best-interest standard for annuity sales was struck down Thursday by the Appellate Division of the New York State Supreme Court for being “unconstitutionally vague.” Formally known as the New York Department of Financial Services’ Amended Regulation 187, Suitability and Best Interests in Life Insurance and Annuity Transactions, the rule is “unconstitutionally vague,” […]
MassMutual top annuities writer in 2020 as Prudential Financial cuts back
{May 3rd, 2021} by RJ Dumaual, Kris Elaine Figuracion
Massachusetts Mutual Life Insurance Co. became the largest writer of annuity products in 2020 amid Prudential Financial Inc.’s move to downsize its presence in the segment. Prudential, which logged annuity considerations above $26 billion in 2019 and 2018, intends to halve its individual annuities business to 10% or less of earnings under a three-year plan […]
National Life Insurance Day
{May 3rd, 2021} by National Day Calendar
National Life Insurance Day each year on May 2nd marks the anniversary of the first day that life insurance became available in the United States. The observance also brings awareness of the benefits of life insurance. The sale of life insurance in the U.S. began in the late 1760s. The Presbyterian Synods in Philadelphia and […]
N.Y. Supreme Court Overturns Sales Regulations On Annuities And Insurance
{May 3rd, 2021} by Tracey Longo
Insurance agents and advisors in the state of New York won a monumental lawsuit today to overturn the state’s best interest sales standard governing the sales of annuities and life insurance on the grounds that the standard was unconstitutional. The New York Supreme Court Appellate Division reversed a 2019 ruling affirming that the New York […]
Annuities Could Help the Service Industry: Idea File
{May 3rd, 2021} by Allison Bell
What You Need to Know: Michael Finke discussed the Those retirees who have enough savings also could use annuities to help into retirement. Retirees with enough savings, but no annuities or pension plans, spend much less than they could afford to spend. Policymakers in Washington might be able to give restaurants, theaters, cruise lines and […]
Fintech Firm Launches AI-Driven Digital Assistants for Advisors: Tech Roundup
{May 3rd, 2021} by Jeff Berman
What You Need to Know: Hearsay Systems appoints industry veteran Matt Newman as its chief customer officer. AssetMark and iCapital Network have launched a customized alternative investment service on the AssetMark platform. Broadridge has integrated the compliance tech firm FundApps’ regulatory compliance technology. The fintech firm CogniCor has launched three new digital assistant modules that […]
American Equity Declares 2nd Quarter 2021 Preferred Stock Dividends
{May 3rd, 2021} by American Equity Investment Life Holding Company
April 30, 2021 06:58 PM Eastern Daylight Time WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (NYSE: AEL), today announced that in accordance with the terms of its 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A (the “Series A Preferred Stock”), which is represented by depositary shares, each representing a 1/1,000th interest in a […]
For Apollo’s New CEO, Insurance Is In—Racy Buyouts, Not So Much
{May 3rd, 2021} by Miriam Gottfried
Apollo Global Management Inc. made its name scoring double-digit returns on debt-laden buyouts. Under new Chief Executive Officer Marc Rowan, the firm’s future will become increasingly about finding ways to eke out a few percentage points more than corporate and government bonds pay. The shift reflects Apollo’s evolution from a leveraged-buyout shop to a credit-investing […]
Can Impaired Risk Underwriting Help You Get Life Insurance?
{May 3rd, 2021} by Cameron Huddleston and Amy Danise
Trying to buy life insurance if you have health problems can be like a Catch-22. You need the coverage because of your heightened risk. But it can be difficult to get coverage because you are more of a risk to insure. This is when impaired risk underwriting can help you get the coverage you need. […]
Broker’s Annuity Strategy Nets $275K Fine For Ohio National Life Subsidiary
{May 3rd, 2021} by Eric Rasmussen
An Ohio National Life Insurance subsidiary was fined $275,000 Friday after the Financial Industry Regulatory Authority said one of its top producers recommended unsuitable investment strategies to 76 customers involving variable annuities and whole life policies. Finra is also requiring the subsidiary, the O.N. Equity Sales Company, or ONESCO, to give more than $1 million […]
Advisor Group seeking nearly $1M in lawsuit against variable annuity firm
{May 3rd, 2021} by Tobias Salinger
A lawsuit filed by one of the largest wealth managers against a variable annuity firm offers a glimpse into one of the industry’s most critical and changing conflicts of interest: payments to get a product in front of advisors who might recommend it to clients. Advisor Group is seeking at least $900,000 plus interest and […]
New DOL Fiduciary Rule Creating ‘Regulatory Whiplash’: Attorneys
{May 3rd, 2021} by Melanie Waddell
What You Need to Know: Labor’s recently released FAQ sets out “next steps” on its fiduciary PTE. Labor will institute changes through rulemakings or subregulatory guidance. Compliance costs could reach hundreds of millions of dollars, the Eversheds attorneys say. The Labor Department is setting up “regulatory whiplash” and huge compliance costs by requiring retirement advisors […]
The Role of Annuities in a Comprehensive Retirement Portfolio
{May 3rd, 2021} by John Williams
What You Need to Know: The pandemic has increased the percentage of older workers who say they have retired. Uncertainty about the future has increased. Annuities can help clients shift interest rate risk. The pandemic has given us all historical pause while causing widespread change, especially across the workforce. A 2020 economic study uncovered information that suggests […]
IRS to Fix Inherited IRA Guidance That Confused Advisors
{May 3rd, 2021} by Roger Wohlner
What You Need to Know: The Secure Act changed the inherited IRA rules for most non-spousal beneficiaries. A recent IRS publication created confusion around whether RMDs are required for those beneficiaries covered by the 10-year rule. An example presented by the IRS seemed to show that distributions needed to be taken every year. That’s not […]
What to Do About the Return of the DOL Rule
{May 3rd, 2021} by Thomas D. Giachetti
What You Need to Know: The Department of Labor rule is back — in a new “prohibited transaction exemption.” PTE allows investment advice fiduciaries to receive what would otherwise be prohibited compensation. Until Dec. 20, an investment advice fiduciary can comply by simply adhering to the PTE’s Impartial Conduct Standards. Much to the chagrin of […]
Robo-Advisors Came to Slay Industry Giants, but Instead Schooled Them
{May 3rd, 2021} by Timothy Welsh
What You Need to Know: Robo-advisors have validated human advisors’ ultimate value. VC-backed robo-advisors never gained much traction, and eventually were eclipsed by the incumbents they were trying to disrupt. But there’s no disputing that they’ve forced established industry players to innovate. For a lot of us, the fact that the modern robo-advisor movement is […]
Why the Current IMO Model Doesn’t Work
{May 3rd, 2021} by Signal Advisors
“Annuity commissions paid in one day. Client-facing annual reviews done for you in one click. The first end-to-end platform designed to manage every part of an annuity advisor’s business.” Click HERE to read the full story via INN
New To Financial Planning? 16 Experts Share Tips To Get You Started
{April 27th, 2021} by Expert Panel
2. Document your monthly expenses. A financial plan can start with something as simple as documenting your monthly expenses—utilities, mortgage, insurance and so on—in a spreadsheet. Sum the expenses for each month to determine your monthly obligations, and average the expenses by line so you can estimate the average cost of each item. Then, compare […]
Providing the building blocks of financial literacy training
{April 27th, 2021} by Tim Ranzetta
Let me tell you a little about my journey with Jessica Endlich to found Next Gen Personal Finance, a nonprofit organization dedicated to expanding access to financial literacy and personal finance training everywhere. Click HERE to read the full story via InvestmentNews Wink’s Note: There are a few things that have fueled my […]
Carriers Risk Red To Be In The Black, With A Little Bit Of Green
{April 27th, 2021} by Steve Morelli
Insurers are taking on risky business as they risk a bit of red ink to cope with more than a decade of low interest rates to get more firmly in the black — and adding a dash of green along the way. Carriers are betting on a boom following the pandemic bust, they are expecting […]
AM Best Upgrades Credit Ratings of Investors Heritage Life Insurance Company
{April 27th, 2021} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has upgraded the Financial Strength Rating (FSR) to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” from “bbb-” of Investors Heritage Life Insurance Company (IHLIC) (Frankfort, KY), which is a subsidiary of Aquarian Investors Heritage Holdings LLC (Aquarian). The outlook of these Credit Ratings (ratings) […]
Ameriprise Financial Reports First Quarter 2021 Results
{April 27th, 2021} by Ameriprise Financial, Inc.
MINNEAPOLIS–(BUSINESS WIRE)–Ameriprise Financial, Inc. (NYSE: AMP): Earnings Per Diluted Share Return on Equity, ex AOCI (1) Q1 2021 Q1 2021 GAAP $3.58 GAAP (1.1)% Adjusted Operating $5.43 Adjusted Operating 29.9% Ameriprise increased its quarterly dividend 9 percent to $1.13 per share First quarter adjusted operating earnings per diluted share was […]
Millennials Defying Financial Stereotypes, Survey Finds
{April 27th, 2021} by Alan Goforth
What You Need to Know Millennials weathered both the economic turbulence of 2008 and the ongoing pandemic. The share of millennials who said they had an advisor grew from 50% in 2016 to 75% in 2020. These investors overwhelmingly say they have a plan to protect against market risk and outliving their assets. Millennials weathered […]
What to Do About the Return of the DOL Rule
{April 27th, 2021} by Thomas D. Giachetti
What You Need to Know The Department of Labor rule is back — in a new “prohibited transaction exemption.” PTE allows investment advice fiduciaries to receive what would otherwise be prohibited compensation. Until Dec. 20, an investment advice fiduciary can comply by simply adhering to the PTE’s Impartial Conduct Standards. Much to the chagrin of […]
Monopoly and Life Insurance
{April 27th, 2021} by Aaron Ball
What You Need to Know Hasbro says it’s getting rid of the card for winning a beauty contest. It’s also getting rid of the card for life insurance maturing. The pandemic has another message: Financial preparedness matters. Many families will remember gathering for rousing — and sometimes seemingly endless — games of Monopoly. From being […]
Life Agents May Face New Login Processes: IRI Conference
{April 27th, 2021} by Allison Bell
What You Need to Know About 70% of big life and annuity issuers use multi-factor authentication for customers. Only 40% use multi-factor authentication for distributors. Criminals have used data obtained from P&C agent portals to commit unemployment insurance claim fraud. Many life and annuity issuers need to improve the defenses for distribution-related online systems, according […]
NAIC Aims to Understand Federal Annuity Sales Standard Regulators: IRI Conference
{April 27th, 2021} by Allison Bell
What You Need to Know Ten states have adopted the NAIC’s model update. Eight states are considering adoption. David Altmaier, the NAIC’s president, said regulatory harmonization is a goal, and effectiveness of regulation is also a goal. David Altmaier, the president of the National Association of Insurance Commissioners, said the NAIC is pushing hard to speak to federal […]
NOTEBOOK – ONE GOOD READ: In this lawsuit, the right hand is suing the left
{April 27th, 2021} by Joe Gardyasz
An investment journal that I follow just published an interesting story about an ironic twist embodied in a lawsuit involving an annuity company that bases much of its operations in Des Moines. The story by Investment News magazine illustrates how the right hand can indeed be suing the left, writes Bruce Kelly. “It’s a tale perhaps only […]
Investors Heritage Life Adds Indexed Product: Annuity Moves
{April 27th, 2021} by Allison Bell
What You Need to Know The new Investors Heritage Life annuity can help a couple pay for long-term care. One of the investment indexes may appeal to clients who are interested in environmental sustainability. The ALI-Cannex alliance could lead to new streams of annuity research. Investors Heritage Life Insurance Company has introduced a single-premium, non-variable […]
USAA Now Offers Guaranteed Issue Whole Life Insurance
{April 27th, 2021} by I. Mitic
USAA, the San Antonio-based financial services company, announced the launch of its latest insurance product: Guaranteed Issue Whole Life Insurance. The new product is underwritten by United of Omaha Life Insurance Company and Companion Life Insurance Company, which are affiliates of Mutual of Omaha – an organization offering insurance and financial services. Click HERE to […]
An Annuity’s ‘Moneyness’? There’s an App for That
{April 27th, 2021} by R. Michael Markham
Life insurance companies are using predictive analysis, derived from substantial insurer historical data, as the basis for modeling variable annuity owner behavior (OB). An important metric for predicting OB is the degree to which a contract is “in the money” (ITM). The insurer is concerned that when the liability (present value of the future estimated […]
Private equity is buying up annuity and life insurance policies. That may be bad for consumers
{April 27th, 2021} by Greg Iacurci
Private equity firms are buying up insurers — and the policies they hold — at a feverish pace. Some groups, namely financial advisors, fear the trend may be bad for consumers who own annuity and life insurance contracts. Click HERE to read the full story via CNBC
Bringing life insurance into the age of Big Data
{April 27th, 2021} by Bryan Walsh
Life insurance is one of the oldest industries in existence, but today it is undergoing a transformation thanks to AI and data science. The big picture: With a business model built on predicting the future of its customers, the life insurance industry seems well-positioned to take advantage of the prognosticative powers of machine learning, but it […]
7 Ways to Utilize Your Life Insurance Policy’s Cash Value
{April 27th, 2021} by David Rodeck
Permanent life insurance policies—like universal, variable and whole life—offer more than a death benefit. Some include cash value, which is a pool of money you can use while still alive. If you’ve had a policy for years, the cash value could be considerable. “The accumulation could be more than you put in, and this opens up all kinds […]
Advisor Creates Annuity Solution For Breakaway RIAs
{April 27th, 2021} by Jacqueline Sergeant
When Grant Johnstone began his journey to open his registered investment advisor, Johnstone Financial Advisors, in 2015, he did what many breakaway advisors do—turned over the annuities and mutual fund products that could not be ported onto a fee-based RIA platform to a “friendly broker-dealer.” That solution, Johnstone explained, is commonly used by breakaways who […]
Fidelity National Financial Announces First Quarter 2021 Earnings Release And Conference Call
{April 27th, 2021} by Fidelity National Financial, Inc.
JACKSONVILLE, Fla., April 22, 2021 /PRNewswire/ — Fidelity National Financial, Inc. (NYSE: FNF), a leading provider of title insurance and transaction services to the real estate and mortgage industries, will release first quarter 2021 earnings after the close of regular market trading on Thursday, May 6, 2021. A conference call will follow at 12:00 p.m. Eastern Time on Friday, May 7, 2021. […]
Pan-American Life Insurance Group Recognized as a U.S. Best Managed Company
{April 27th, 2021} by Pan-American Life Insurance Group
NEW ORLEANS, April 26, 2021 /PRNewswire/ — Pan-American Life Insurance Group, a leading provider of life, accident and health insurance throughout the Americas, is proud to announce it has been selected as a 2021 US Best Managed Company. Sponsored by Deloitte Private and The Wall Street Journal, the program recognizes outstanding U.S. private companies and the achievements of […]
Simplicity Group Welcomes Gregory E. Nemec and Greg A. Nemec as Newest Partners with the Addition of American Financial Network
{April 27th, 2021} by Simplicity Group
SUMMIT, N.J., April 20, 2021 /PRNewswire/ — Simplicity Group (“Simplicity”) is pleased to announce that it has added American Financial Network, LLC (“American Financial Network”), a specialty life and annuity insurance distribution business, to the Simplicity Group of companies. As part of this expansion, Simplicity welcomes Gregory E. Nemec and Greg A. Nemec, as its newest partners and shareholders, through a […]
Simplicity Group and F&G Life Launch “ExecuDex”, Bringing InstApproval and Funding Bonus to Consumers
{April 27th, 2021} by Simplicity Group
SUMMIT, N.J., April 22, 2021 /PRNewswire/ — Simplicity Group (“Simplicity”), in partnership with Fidelity & Guaranty Life Insurance Company (“F&G”), is pleased to announce the launch of F&G ExecuDex (“ExecuDex”), a new Fixed Index Universal Life Insurance product that provides great consumer value and the opportunity to get immediate life insurance coverage. ExecuDex features real-time underwriting, which allows […]
Annuity Adoption Challenges In 401(k) Plans
{April 27th, 2021} by Burke Johnson
Annuity……one mention of that word elicits a wide range of opinions such as guaranteed income, rip off, safety net, or “Suze Orman said annuities are bad.” The truth is that annuities have historically played an important retirement planning role for Americans but have seen limited adoption in employer sponsored retirement plans. According to the Plan […]
You Know You Need It
{April 27th, 2021} by LIMRA
The pandemic has highlighted something most people don’t want to think about — what would happen to their loved ones should they unexpectedly die. According to new findings from the 2021 Insurance Barometer Study, conducted annually by LIMRA and Life Happens, 42% of American households would face financial hardship within six months should a wage […]
Sammons Financial Group Advances Digital Transformation Initiatives with iPipeline
{April 27th, 2021} by iPipline
EXTON, Pa.–(BUSINESS WIRE)–iPipeline® – a leading provider of no code / low code cloud-based software solutions for the life insurance and financial services industry, today announced Sammons Financial Group, parent company to Midland National and North American company, advanced its digital transformation initiatives while paramedical exam offices were shut down during the height of the […]
Insurance Technologies Acquires IXN
{April 27th, 2021} by Insurance Technologies, LLC
COLORADO SPRINGS, Colo.–(BUSINESS WIRE)–Insurance Technologies, LLC, a leading provider of sales automation solutions for the life and annuities insurance industries, announces the acquisition of IXN, the leading provider of digital data exchange solutions for the life insurance industry. The combined company will fully integrate both companies’ proven systems to offer the most comprehensive and efficient […]
FBL Financial Group Special Committee Sends Letter to Shareholders Regarding Proposed Transaction With Farm Bureau Property & Casualty Insurance Company
{April 27th, 2021} by FBL Financial Group, Inc.
WEST DES MOINES, Iowa–(BUSINESS WIRE)–FBL Financial Group, Inc. (NYSE:FFG) (“FBL Financial Group”) today sent the following letter to shareholders regarding the previously announced definitive agreement under which Farm Bureau Property & Casualty Insurance Company (“FBPCIC”) will acquire all of the outstanding shares of FBL Financial Group Class A and Class B common stock, excluding shares […]
Life Regulators Back Away From New Illustration FiLife Regulators Back Away From New Illustration Fight
{April 20th, 2021} by Allison Bell
Members of the Life Insurance and Annuities Committee — an arm of the National Association of Insurance Commissioners — appear to be cool to the idea of forming a Life and Annuity Illustration Reengineering Working Group. The committee talked about the illustration working group proposal Monday, during an online session that was part of the […]
DOL releases guidance on fiduciary investment advice
{April 20th, 2021} by Editorial Staff
The Biden Department of Labor evidently wants retirement plan participants to be ready with questions to ask advisers who invite them to roll their plan assets to a brokerage IRA. Two publications remind investors that advisers must put investors’ best interests ahead of their own. Click HERE to read the full story via RIJ
Life Insurers face “The Great Call”: Larry Rybka
{April 20th, 2021} by Editorial Staff
If you’re not exactly celebrating the creative destruction of the life/annuity industry over the past several years, check out the video that Larry J. Rybka, CEO of Valmark Financial Group, posted online this week. Click HERE to read the full story via RIJ
Best’s Special Report: U.S. Life/Health Insurance Impairments Fall by More Than Half in 2020
{April 20th, 2021} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–Four U.S. life/health insurance company impairments occurred in 2020, down significantly from 10 in the prior year, according to a new AM Best special report. The Best’s Special Report, titled, “2020 U.S. Life/Health Impairments Update,” states that of the four impaired insurers, two were health insurers placed into insolvent liquidation, including an HMO that offered Medicare […]
FBL Financial Group Receives Insurance Regulatory Clearance for Proposed Transaction with Farm Bureau Property & Casualty Insurance Company
{April 20th, 2021} by FBL Financial Group, Inc.
WEST DES MOINES, Iowa–(BUSINESS WIRE)–FBL Financial Group, Inc. (NYSE: FFG) (“FBL Financial Group” or “the Company”) today announced that the Iowa Insurance Division (the “Division”) has completed its review of the proposed acquisition by Farm Bureau Property & Casualty Insurance Company (“FBPCIC”) of all of the outstanding shares of FBL Financial Group Class A and […]
The Standard Earns Numerous Honors from 2020 PLANSPONSOR Best in Class Provider Survey
{April 20th, 2021} by Standard Insurance Company
PORTLAND, Ore.–(BUSINESS WIRE)–Standard Insurance Company, (The Standard) has been awarded multiple honors based on the results of the PLANSPONSOR 2020 Best in Class Provider Survey, an annual survey of approximately 3,000 DC, or defined contribution, plan sponsors across the country. The Standard received 48 Best in Class DC Provider awards and two top-five Net Promoter® […]
Reliance Standard Agrees to Acquire Top-Tier New York Statutory Insurer
{April 20th, 2021} by Reliance Standard Life Insurance Company
PHILADELPHIA–(BUSINESS WIRE)–Reliance Standard Life Insurance Company (Reliance Standard), a member of the Tokio Marine Group, announced it has agreed to acquire Standard Security Life Insurance Company of New York (SSL), a subsidiary of Independence Holding Company (NYSE:IHC), subject to customary closing conditions including regulatory approvals. Once the acquisition is completed, Reliance Standard will be the […]
AM Best Revises Issuer Credit Rating Outlook to Positive for EquiTrust Life Insurance Company
{April 20th, 2021} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb” of EquiTrust Life Insurance Company (EquiTrust) (Chicago, IL). The outlook of the FSR is stable. These Credit Ratings (ratings) reflect […]
AM Best Affirms Credit Ratings of Ameritas Life Insurance Corp. and Its Subsidiary
{April 20th, 2021} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” of Ameritas Life Insurance Corp. (Lincoln, NE) and Ameritas Life Insurance Corp. of New York (New York, NY). These insurance entities comprise the life/health operations of Ameritas Mutual Holding Company (all companies are collectively referred to as Ameritas). Concurrently, […]
Advisor Authority Reveals Millennials May Not be Retiring Soon–But They are Already Planning for it
{April 20th, 2021} by Nationwide
COLUMBUS, Ohio, April 19, 2021 /PRNewswire/ — Coming of age in the wake of 9/11, the Market Crash of 2008 and the Great Recession has impacted Millennials’ financial concerns, investing habits, and future earnings potential.i Add a global pandemic during their prime earning years, and it’s no wonder Millennial investors’ financial optimism declined 24 percentage points to 38% […]
USAA Life Insurance Company Introduces Guaranteed Issue Whole Life Insurance from Mutual of Omaha
{April 20th, 2021} by USAA
SAN ANTONIO and OMAHA, Neb., April 13, 2021 /PRNewswire/ — USAA Life Insurance Company today announced it will begin offering its members a Guaranteed Issue Whole Life insurance solution through a strategic relationship with Mutual of Omaha Insurance Company, a leading provider of life insurance solutions. The new product, offered through USAA Life General Agency, Inc. and underwritten by Mutual […]
Asset Allocation – The New Playbook
{April 20th, 2021} by Ben Pahl
Interest rates reached their highest point in modern history in 1981 when the annual average mortgage interest rate was 16.63%. Savings and CD rates were equally high and the average yield of a 10-year treasury was 13.92%. In 1990, the average mortgage interest rate was 10.13%, falling to 6.94% by 1998. The 2000s saw mortgage […]
Best’s Special Report: U.S. Life/Annuity Insurers’ Revenue Weakened in 2020
{April 20th, 2021} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–The emergence of COVID-19 in 2020 added new challenges to publicly traded life/annuity (L/A) insurers and led to a 31% drop in net income to $14.3 billion, according to a new AM Best special report. The analysis in the Best’s Special Report, “U.S. Life/Annuity Insurers’ Revenue Weakened in 2020,” covers a majority of the U.S. L/A […]
Wealth Gap Widens: COVID-19 Has Exacerbated Economic Inequality in the U.S., According to New TIAA Survey
{April 20th, 2021} by TIAA
NEW YORK, April 15, 2021 /PRNewswire/ — More than half of U.S. adults consider their household finances to have changed significantly due to the COVID-19 pandemic, according to a new survey by TIAA. Nearly one third of all Americans (29%) say they are worse off and approximately one quarter (24%) report that they are better off financially. Notably, 37% of […]
How Common Misconceptions Are Preventing Americans From Getting Life Insurance They Know They Need
{April 20th, 2021} by 2021 Insurance Barometer Study
Arlington, Va. and Windsor, Conn., April 12, 2021 – Despite record-high consumer intent in purchasing life insurance, new research finds too many Americans mistakenly feel life insurance is financially out of reach or too difficult to obtain. According to the 2021 Insurance Barometer Study, 36% of consumers say they plan to purchase life insurance within […]
W&S Financial Group Distributors Introduces 5-Year Duration To Indextra Series FIA
{April 20th, 2021} by Western & Southern Financial Group
W&S Financial Group Distributors, Inc., wholesale distributor of annuities and life insurance from member companies of Western & Southern Financial Group, has announced an enhancement to the Indextra Series fixed indexed annuity from Integrity Life Insurance Company. Indextra now offers a five-year declining withdrawal charge period. Customers selecting it also receive a 105% guaranteed […]
DOL releases guidance on Trump-era fiduciary rule
{April 20th, 2021} by Mark Schoeff Jr.
The Department of Labor released guidance on Tuesday that reinforces that a regulation governing investment advice in retirement accounts will strengthen oversight of rollover recommendations and require investment advisers to mitigate conflicts of interest. Click HERE to read the full story via InvestmentNews
DOL Issues Fiduciary Rule Guidance, Spells Out Compliance Requirements
{April 20th, 2021} by Rita Raagas D Ramos
The Department of Labor issued yesterday guidance on fiduciary investment advice for retirement investors, employee benefit plans and investment advisors. The guidance is for the DOL’s “Improving Investment Advice for Workers & Retirees” rule that took effect in February. The rule provides for an exemption that essentially allows advisors, brokers and other investment professionals and […]
Annuity providers use fintech to lure advisors amid low rates. Is anyone moving?
{April 20th, 2021} by Ryan W. Neal
With no end in sight to historically low interest rates, insurance providers are increasingly using technology to help advisors consider using annuities in client portfolios. But many advisors are instead continuing to pile clients into bonds, where net inflows remain high. SS&C Advent and Envestnet both have digital insurance marketplaces for advisors to access and […]
Annuity Contract Adviser Fees Ruled Not Amount Received
{April 20th, 2021} by Theresa Schliep
Investment advisory fees that an insurance company deducts from a nonqualified deferred annuity contract won’t be considered amounts received as annuities under the federal tax code, the Internal Revenue Service said. Click HERE to read the full story via Law 360
COVID-19 Mortality Fueled Life Insurance Death Benefits Surge, S&P Says
{April 20th, 2021} by InsuranceNewsNet Press Release
The U.S. life insurance industry recorded its largest year-over-year increase in direct and net death benefits in at least 24 years as excess mortality due to COVID-19 triggered an unusual volume of claims during 2020. Aggregate net death benefits across all lines of business rose by 15.1% to $87.51 billion, according to an S&P Global […]
Life Coverage Gap Grows: 2021 Insurance Barometer Study
{April 20th, 2021} by Allison Bell
The percentage of consumers who say they have need live coverage and don’t have it grew to 18%. Women are more likely than men to say they have a life coverage gap. Many of the highest-income survey participants reporting having a gap. The percentage of U.S. adults who say they have a life insurance […]
The Rise Of The Variables, Part II
{April 20th, 2021} by Steven A. Morelli
With all the pressure on fixed products, carriers have been looking over at the variable side of the business. The recent runaway success of registered index-linked annuities, also known as buffered or structured annuities, has inspired insurance companies to consider extending the model to other products. Timothy Pfeifer of Pfeifer Advisory, which advises carriers on […]
Q1 Life, Health and Annuity Earnings Calendar
{April 20th, 2021} by Allison Bell
Here’s a list that gives each insurer’s anticipated earnings release date, along with the stock symbol the company uses to identify itself to investors. (This list will be updated over the next few days, as more earnings release dates come in.) Click on the stock symbol to see the company’s SEC filing page. Click HERE […]
Offer Clients Annuities
{April 20th, 2021} by Michael Masor
Annuities offer retirees the chance to obtain tax-deferred growth and guaranteed income in retirement, and annuities should always be part of a retirement and income specialist’s tool kit. If you frequently sell annuities yourself, you know that. But, amazingly, many advisors don’t discuss annuity products with their pre-retiree clients. For some, it’s because they have […]
Annuities: Your Bridge To Social Security
{April 20th, 2021} by Taylor Tepper
Too many Americans don’t have enough money saved for retirement. This makes understanding how to stretch limited retirement resources of paramount importance. To illustrate how you can maximize a modest nest egg, I’d like you to meet Steve. He’s an entirely hypothetical retiree, but we’ll use Steve’s case to outline a workable strategy for planning […]
Big Data Carries Big Potential For Insurance Discrimination, Regulators Say
{April 20th, 2021} by John Hilton
The growth of analytics, artificial intelligence and Big Data capabilities created a monster of sorts with many legal and ethical ramifications in the insurance world. Regulators and lawmakers have been busy trying to stay one step ahead of potential trouble with the technology. LIMRA hosted a panel discussion on these topics Tuesday titled “Regulation of […]
What Record Mortality Rates Mean For The Life Insurance Industry
{April 20th, 2021} by Susan Rupe
The U.S. hit a sad record in 2020, with deaths reaching more than 3 million for the first time. Not all deaths were from COVID-19. Many were the result of heart disease, deferred health care and suicide. There also were increases in accidental death. Click HERE to read the full story via INN
A Debate on Whether RIAs Should Use Annuities in Retirement Plans
{April 20th, 2021} by David Lau and Christine D. Moriarty
One of the most contentious topics among RIAs is whether to recommend annuities. While many will recommend a single-premium immediate annuity (a SPIA) or a deferred-income annuity (a DIA), those products represent only a small fraction of annuity sales. We are here to talk about whether RIAs should use the other 95% of annuity products […]
Annuity Literacy – New Book Explains Why Consumers Should Discover the Power of Annuities (financialverse.com/annuity)
{April 20th, 2021} by FinancialVerse
Older Americans are facing an income crisis and are scrambling to generate income from accumulated assets. Annuity products can help but are not understood. Annuity products are great tools to help generate the income Americans need to fund their spending as they age. This book gives potential buyers an objective source of information.” — […]
7 Reasons Why Annuities Have More Value in 2021
{April 20th, 2021} by Harry N. Stout
Have you noticed the increased interest in annuity products this year? This increased interest is coming from both consumers and financial professionals. Why is this happening? Why now? I think there are seven common sense reasons for this awakening. These reasons have their roots in demographics, the economic environment and recent product innovations. Let’s explore […]
Prudential Financial Weighs Sale of Its Retirement Arm
{April 20th, 2021} by Matthew Monks and Lananh Nguyen
Prudential Financial Inc. is exploring a sale of the bulk of its retirement business, which could fetch more than $2 billion, according to people familiar with the matter. The Newark, New Jersey-based life insurer is working with a financial adviser to find buyers for its so-called full-service solutions business, said one of the people, who […]
Tips for choosing the right annuity plan
{April 20th, 2021} by Ronald Lipman
Q: I would like your thoughts about annuities. My husband is looking into putting his money from a savings account into an annuity. I have heard from friends that annuities are not a good investment. I will tell you he lost our retirement funds in the 2008 stock market crash. He is 80 years old […]
A Chip Off the Old Rock?
{April 20th, 2021} by Kerry Pechter
With ever-rising technology costs and a squeeze on their margins, US retirement plan recordkeepers have had only one refuge of profitability: Becoming big enough to achieve the necessary economies of scale. The industry has dramatically consolidated, and Prudential may be on the verge of exiting the game. Click HERE to read the full story via […]
American Financial Group, Inc. Announces Its Conference Call and Webcast to Discuss 2021 First Quarter Results
{April 20th, 2021} by American Financial Group
CINCINNATI–(BUSINESS WIRE)–American Financial Group, Inc. (NYSE: AFG) expects to release its 2021 first quarter results after 5:00 p.m. (ET) on Tuesday, May 4, 2021. The release will be available shortly thereafter on AFG’s website at www.AFGinc.com. In conjunction with its release, AFG will hold a conference call to discuss 2021 first quarter results at 11:30 a.m. […]
U.S. Individual Life Applications Climb 18.5%
{April 20th, 2021} by Allison Bell
What You Need to Know Application counts increased for all age groups MIB tracks. Activity increased by more than 10% for all types of products. Whole life activity showed the most growth, and term life activity showed the least. U.S. consumers kept individual life insurance underwriting systems busy in March. Individual life application volume climbed […]
In-Plan Annuitization Team Recruits Wilshire
{April 20th, 2021} by Allison Bell
A consortium that wants to sell in-plan annuitization options through 401(k) plans has added a key player. The Income America 5forLife consortium has added an investment advisor fiduciary, Wilshire Advisors LLC, which manages $83 billion in assets itself and helps other companies manage another $1.2 trillion in assets. Click HERE to read the full story […]
Sagicor wins prestigious interactive marketing awards
{April 20th, 2021} by Sagicor
SCOTTSDALE, AZ, April 19, 2021 /PRNewswire/ – Sagicor® Life Insurance Company (Sagicor) receives five awards for its 2020 entries in the AVA DIGITAL AWARDS and HORIZON INTERACTIVE AWARDS competitions, which recognize excellence in digital creativity, branding, strategy, web design and creative media. “We are extremely proud of our entire team. These award-winning efforts reflect our commitment to providing consumers an enriched, user-friendly, interactive […]
Polcyn Insurance Joins Forces with Integrity to Fuel Next Stage of Explosive Growth
{April 20th, 2021} by Integrity Marketing Group
DALLAS, April 13, 2021 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), the nation’s largest independent distributor of life and health insurance products, today announced it has acquired Polcyn Insurance and Financial Services (“Polcyn Insurance”), an independent marketing organization (“IMO”) based in Chandler, Arizona. As part of the transaction, Grady Polcyn, President of Polcyn Insurance, will become a Managing Partner of […]
Simplicity Group Drives Distribution Growth with the Addition of Lenz Financial Group and Welcomes John Lenz as Partner
{April 20th, 2021} by Simplicity Group
SUMMIT, N.J., April 13, 2021 /PRNewswire/ — Simplicity Group (“Simplicity”) is pleased to announce that it has added Lenz Financial Group, an independent life, annuity, and long-term care insurance distribution business, to the Simplicity Group of companies. As part of this expansion, Simplicity welcomes John Lenz, as its newest partner and shareholder, through a transaction that closed effective March 31. […]
Simplicity Group Welcomes Brad and Derek Sunderland as its Newest Partners Through the Acquisition of Sunderland Group
{April 20th, 2021} by Simplicity Group
SUMMIT, N.J., April 15, 2021 /PRNewswire/ — Simplicity Group (“Simplicity”) is pleased to announce that it has acquired Sunderland Group, one of the longest-standing, health, life and annuity distribution businesses in the independent space. As part of the transaction that closed effective March 31, Simplicity welcomes Brad and Derek Sunderland as its newest partners and shareholders of the Simplicity Group […]
NAIFA Invites All Financial Services Professionals to Attend Virtual Congressional Fly-In May 25-26
{April 20th, 2021} by NAIFA
FALLS CHURCH, VA. (PRWEB) APRIL 16, 2021 The National Association of Insurance and Financial Advisors’ (NAIFA’s) Congressional Congress, May 25-26, will be a virtual event featuring targeted advocacy training with briefings on legislative issues that affect members’ businesses, best practices for conducting congressional meetings, and tips for developing impactful long-term relationships with legislators. Featured presenters for […]
JourneyGuide Announces Strategic Partnership with Great American Life Insurance Company®
{April 20th, 2021} by JourneyGuide
FORT WAYNE, IND. (PRWEB) APRIL 09, 2021 JourneyGuide, Inc., an innovative retirement income planning software provider for financial advisors, announced it has started modeling the following products from Great American Life Insurance Company®, a leading annuity provider, directly in its software: American Legend® 7 Index Frontier® 5 Index Protector 5 MVA℠ Index Protector℠ 7 Index Summit […]
7 Reasons Why Annuities Have More Value in 2021
{April 20th, 2021} by Harry N. Stout
Have you noticed the increased interest in annuity products this year? This increased interest is coming from both consumers and financial professionals. Why is this happening? Why now? I think there are seven common sense reasons for this awakening. These reasons have their roots in demographics, the economic environment and recent product innovations. Let’s explore […]
Robinhood Sues to Kill Fiduciary Rule in Massachusetts
{April 20th, 2021} by Melanie Waddell
Robinhood filed a lawsuit Thursday to overturn Massachusetts’ fiduciary rule and prevent the state’s securities division from proceeding in an administrative case against the brokerage firm. Robinhood stated in its suit that the Massachusetts Securities Division’s new fiduciary rule, which took effect in August, “exceeds its authority under both Massachusetts state law and federal law.” […]
Want to Delay Social Security? Buy an Annuity First
{April 20th, 2021} by Jane Wollman Rusoff
Annuity products could emerge as saviors in helping to rescue retirees from the “tsunami” of financial insecurity “washing upon our shores.” Indeed, in 2024 more Americans will turn 65 than at any other point in history, a milestone requiring urgent attention and collective action, Jason Fichtner, a senior lecturer and associate director of the Master […]
WinkConnect
{April 13th, 2021} by Wink's Intel Pros
Ever search for a product on AnnuitySpecs/LifeSpecs, failed and asked us for support, only to find out that you needed to look under “The XYZ Insurance Company,” rather than plain ‘ole “XYZ Insurance Company?” Or, maybe you’ve looked for information on an annuity product and the only word that you could remember from the […]
Recently, Nebraska, Idaho and North Dakota passed rules matching NAIC’s standard, joining other states on the roster: Arkansas, Arizona, Delaware, Iowa, Michigan and Rhode Island.
{April 13th, 2021} by Emile Hallez
Numerous states have been incorporating a model regulation for annuity sales that is designed to mirror the SEC’s Regulation Best Interest. Click HERE to read the full story via InvestmentNews.
FBL Tells Investors How to Price a Life Insurer
{April 13th, 2021} by Allison Bell
What You Need to Know One measure of deal value is price divided by book value, with “accumulated other comprehensive income” excluded from book value. FBL says typical ratios for recent annuity issuer deals have ranged from 1 to 1 to about 1.25 to 1. The firm contends that prices for deals made before COVID-19 […]
The Myths That Keep People From Buying Life Insurance
{April 13th, 2021} by Press Release
Arlington, Va. and Windsor, Conn., April 12, 2021 – Despite record-high consumer intent in purchasing life insurance, new research finds too many Americans mistakenly feel life insurance is financially out of reach or too difficult to obtain. According to the 2021 Insurance Barometer Study, 36% of consumers say they plan to purchase life insurance within the […]
Post-Pandemic Financial Planning: Protection, Growth And Retirement Income
{April 13th, 2021} by Craig Hawley
It’s been a year since Covid-19 was declared a global pandemic. Stock markets have recovered, and the outlook for 2021 is looking up, especially as the vaccine rollout ramps up and the economy begins to open up. Job gains in March are expected to be the largest since October, and manufacturing is expected to continue […]
Nebraska measures bolster annuity protections
{April 13th, 2021} by Douglas Clark
The American Council of Life Insurers (ACLI) is supporting Nebraska state measures providing citizens statewide with enhanced consumer protections when buying annuities. Officials said Nebraska Gov. Pete Ricketts recently signed legislation focusing on the best interest of consumer interests in the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation. Click HERE […]
In the Future, the Bias Will Likely Be for Annuities
{April 13th, 2021} by Rebecca Moore
ALTHOUGH BOTH EMPLOYERS AND THEIR EMPLOYEES see the value of guaranteed lifetime income options, differences appear among 401(k) and 403(b) providers when it comes to retirement plan design, according to a survey by TIAA. The survey found 403(b) plan sponsors are more likely to see income replacement as the biggest influence on their plan decisions […]
What’s Cooking at ‘Income Lab’?
{April 13th, 2021} by Kerry Pechter
True story: Around midnight, a sleepless retiree speed-dials her adviser. Their last meeting had ended on what the adviser thought was a positive note: a Monte Carlo simulation showed that the client’s portfolio had a 94% likelihood of success through age 90. Click HERE to read the full story via RIJ
The Rise Of The Variables, Part I
{April 13th, 2021} by Steven A. Morelli
The theme of 2021 and beyond might be The Rise of the Variables because of the many pressures on the fixed product side of the business. The rise would be the return of one giant and an offspring of another. Timothy Pfeifer of Pfeifer Advisory, which advises carriers on product design, said interest rates, regulations, […]
Racial Equity Is Different From Diversity, NAIFA Members Told
{April 13th, 2021} by Susan Rupe
Racial equity is different from diversity efforts, and Derrik Anderson told NAIFA members how and why this is so. Anderson is executive director of Race Matters and spoke during Thursday’s portion of NAIFA’s Diversity, Equity and Inclusion Impact Week. He discussed why DEI is a critical issue for any organization and provided some practical steps […]
Florida Court Considers Law Forcing Life Insurers To Try To Find Beneficiaries
{April 13th, 2021} by John Hilton
The Florida Supreme Court will hear a constitutional challenge to a 2016 state law that put new requirements on life-insurance companies to determine whether policyholders have died and to contact beneficiaries. Four insurers went to the Supreme Court last year after a divided 1st District Court of Appeal upheld the law. The Orlando Sentinel reported […]
Barometer Shows Greater Interest In Buying Life Insurance
{April 13th, 2021} by Susan Rupe
One in three consumers surveyed said COVID-19 prompted them to consider buying life insurance in the next 12 months. That was one of the significant findings in the 11th annual Insurance Barometer survey, conducted by LIMRA and Life Happens. The annual survey looks at the consumer mindset around topics relevant to the life insurance industry. Click […]
Life Insurance Industry Eyes ‘Moon Shot’ In Underserved Communities
{April 13th, 2021} by Susan Rupe
The life insurance industry has a chance at a “moon shot” this year in terms of expanding its investment in underserved communities. That was the word from Bruce Ferguson, senior vice president of state relations for the American Council of Life Insurers. Ferguson and two other ACLI executives spoke on the organization’s Economic Empowerment and […]
Industry Still Lags In Developing, Advancing Women, WIFS President Says
{April 13th, 2021} by Susan Rupe
It’s not difficult to attract women to the financial services industry, said Carrie Sayre, president of Women in Insurance and Financial Services. But it’s the development and advancement of women in which the industry fails. Sayre, who is chief talent officer of 6M Group, spoke Tuesday as part of NAIFA Diversity, Equity and Inclusion Impact […]
National Western Life Insurance Company (NWL®) launches Equisoft/manage, a flexible cloud-based policy administration system
{April 13th, 2021} by Equisoft
PHILADELPHIA, April 6, 2021 /PRNewswire/ – Equisoft announced today the successful implementation of phase one of its cloud-based policy administration platform that will support NWL’s Life and Annuity operations across the full policy lifecycle. The new platform, along with the new NWL® ChoiceOptimizer Fixed Indexed Annuity product, went live in February. Subsequent phases of this large modernization […]
RetireOne Launches Tool to Help RIAs Quantify the Impact of Fixed Index Annuities in Client Portfolios
{April 13th, 2021} by RetireOne
SAN FRANCISCO, April 7, 2021 /PRNewswire/ — RetireOne® — the leading independent platform for fee-based insurance solutions — today announced the broad availability of the Advisory Annuity Impact Calculator, a tool that enables advisors to evaluate improvements in risk-adjusted returns for their client-specific portfolios. During this time of high equity valuations and low fixed income yields, RetireOne and inStream Solutions, LLC, […]
Principal Charity Classic, Sammons Financial Group Launch New Giving Program in Support of DE&I
{April 13th, 2021} by Sammons Financial Group
DES MOINES, Iowa–(BUSINESS WIRE)–The Principal Charity Classic and Sammons Financial Group have partnered to launch a new program called The Legacy Project, which will donate to organizations with defined goals, strategies, and measurable outcomes to address the issues of diversity, equity, and inclusion. First year funding in the amount of $50,000 will go to The […]
Allianz Life Named a 2021 FORTUNE 100 Best Company to Work For
{April 13th, 2021} by Jamie Johnson
MINNEAPOLIS–(BUSINESS WIRE)–Allianz Life Insurance Company of North America (Allianz Life) announced today it was named a 2021 FORTUNE 100 Best Companies to Work For. The company ranked 52 on the list. This is the 10th consecutive year that Allianz Life has been included on the list as a result to its commitment to company culture, […]
FBL Financial Group Files Investor Presentation
{April 13th, 2021} by FBL Financial Group, Inc.
WEST DES MOINES, Iowa–(BUSINESS WIRE)–FBL Financial Group, Inc. (NYSE: FFG) (“FBL Financial Group” or “the Company”) today filed a presentation regarding the previously announced transaction pursuant to which Farm Bureau Property & Casualty Insurance Company (“FBPCIC”) will acquire all of the outstanding shares of FBL Financial Group Class A and Class B common stock, excluding […]
Principal to Announce First Quarter 2021 Financial Results
{April 12th, 2021} by Principal Financial Group
DES MOINES, Iowa–(BUSINESS WIRE)–Principal Financial Group® (Nasdaq: PFG) announced today that it will release first quarter 2021 financial results 15 minutes after U.S. markets close on Tuesday, April 27, 2021. On Wednesday, April 28, 2021 at 10 a.m. ET, Dan Houston, chairman, president, and chief executive officer, and Deanna Strable, executive vice president and chief financial […]
Actuaries Find Race and Ethnicity Disclosure Gap
{April 12th, 2021} by Allison Bell
What You Need to Know About 12% of U.S. residents are Black, and 15% are Hispanic or Latino. In the insurance industry, 12% of employees are Black and 12% are Hispanic or Latino. Just 4.4% of new SOA members are Black, and 3.7% of new members are Hispanic or Latino. Society of Actuaries members are […]
New York Wants Life Insurers to Analyze Portfolio Climate Exposure
{April 12th, 2021} by Allison Bell
What You Need to Know The New York State Department of Financial Services has proposed guidance that could affect all insurers domiciled in the Empire State. The department wants insurers to think about hurricanes, floods, wildfires, droughts and chronic shifts in weather patterns. All insurers, regardless of size, would have to have a written climate […]
Is an AML Crackdown Coming for RIAs?
{April 12th, 2021} by Melanie Waddell
Welcome back to Human Capital. I’m Melanie Waddell, ThinkAdvisor’s Washington bureau chief. This week the Securities and Exchange Commission’s exam division issued a risk alert detailing broker-dealers’ anti-money laundering compliance failures, specifically those related to filing suspicious activity reports. Ben Marzouk, an attorney at Eversheds Sutherland, tells Human Capital that recent chatter forewarns that likely […]
FINRA Zooming In on Platform Outages, Suspicious Activity Reports
{April 12th, 2021} by Melanie Waddell
This year’s Financial Industry Regulatory Authority exams will focus on broker-dealer filings of suspicious activity reports (or SARs), technology governance, and communications about digital assets, in addition to Regulation Best Interest, says Bill St. Louis, FINRA’s senior vice president of retail and capital markets firms. “There’s an intersection between cyber events and [anti-money laundering],” St. […]
Proposal Could Make Life Insurers Bigger Real Estate Owners
{April 12th, 2021} by Allison Bell
State insurance regulators are working on a change in the rules for counting life insurers’ assets. In theory, the change could lead life insurers to spend billions of dollars more on buying office buildings, apartment complexes, industrial properties and other types of commercial real estate. The American Council of Life Insurers wants the National Association […]
Affluent Americans’ Financial Goals Are Changing: BofA
{April 12th, 2021} by Alex Padalka
Financial advisors working with affluent Americans today are dealing with a different set of priorities than they were two decades ago, but an advisor’s expertise is still highly prized, according to a survey. Affluent investors turned more to financial advisors than to anyone else to learn about markets and manage their investments during the pandemic: […]
Cartoon Characters: Why Advisors Are Creating Explainer Videos
{April 12th, 2021} by Chana R. Schoenberger
While the country was obsessed last year with the pandemic and the presidential election, financial advisor Ben Hockema turned himself into a cartoon character. To generate interest from prospects, Hockema commissioned an animated explainer video to showcase his practice. In the 90-second production, which can be seen on YouTube, a bearded avatar of Hockema appears, […]
Billionaire Bill Foley Is SPAC Market’s Overlooked Star
{April 12th, 2021} by Amrith Ramkumar
Fast-trading, social-media-obsessed investors have driven the special-purpose acquisition company craze. One of the biggest SPAC creators is a staid insurance executive who wants nothing to do with them. Billionaire Bill Foley, owner of the Vegas Golden Knights team in the National Hockey League, has bypassed unproven electric-car makers and speculative space companies and instead focused […]
MassMutual acquires Blueprint Income
{April 12th, 2021} by MassMutual
SPRINGFIELD, Mass., Feb. 8, 2021 – Massachusetts Mutual Life Insurance Company (MassMutual) today announced the acquisition of Blueprint Income, Inc., a leading online annuity marketplace, from Stone Ridge Holdings Group. Blueprint Income offers an online marketplace where users can purchase simple annuities, offered directly to consumers and through affinity partners. Over 1.5 million users in 2020 […]
What the 60/40 Portfolio Debate Is Missing
{April 12th, 2021} by John Ruth
There’s been a lot of commentary recently about the time-honored 60/40 portfolio being ripe for a rethink. We couldn’t agree more. But we believe that the conversations, and particularly the solutions being suggested, are headed in entirely the wrong direction. On top of that, nobody seems to be asking if these proposals are serving clients […]
Athene Launches Fixed Indexed Annuity Designed to Maximize Long-Term Retirement Savings
{April 6th, 2021} by Athen
WEST DES MOINES, Iowa, March 30, 2021 /PRNewswire/ — Athene USA (“Athene”), a leading provider of retirement savings products, announced the launch of Athene AccuMaxSM, a fixed indexed annuity that provides enhanced protected accumulation potential for “patient money” set aside for retirement or other long-term savings goals. Athene AccuMax is issued by Athene Annuity and Life Company (“AAIA”), a subsidiary […]
Investors Heritage Launches Heritage Income Advantage to Offer Innovative Guaranteed Retirement Income
{April 6th, 2021} by Investors Heritage Life Insurance Company
FRANKFORT, Ky.–(BUSINESS WIRE)–Investors Heritage Life Insurance Company (“Investors Heritage”) today announced the launch of a new fixed index annuity – the Heritage Income Advantage (“HIA”) – to help policyholders protect assets from market downturns, grow retirement savings, and secure a lifetime income stream. “We are excited to launch this new, industry-leading product on this 60th anniversary […]
A New Retirement Security Framework Is Required to Meet Unprecedented Challenges Posed by “Peak 65” Moment
{April 6th, 2021} by Alliance for Lifetime Income
WASHINGTON, March 30, 2021 /PRNewswire/ — The Alliance for Lifetime Income, a non-profit consumer education organization, today published a new economic report that spotlights how underprepared millions of baby boomers are for today’s retirement realities and proposes ideas for a new retirement security framework as we approach a historic demographic milestone in the US. Peak 65 is a […]
Security Benefit Life’s Secret Sauce
{April 6th, 2021} by Kerry Pechter
Joe Wittrock, CIO at Security Benefit Life, explains how the firm’s investments outperform. Eldridge Industries, run by ex-Guggenheim president Todd Boehly, owns SBL, Billboard magazine and lots else. There’s a belt-and-suspenders aspect to pegging the performance of a fixed indexed annuity (FIA)—a product that can’t lose money unless “surrendered” prematurely—to the movement of an […]
VAs suffer record outflows, but enjoy record assets
{April 6th, 2021} by Editorial Staff
As Morningstar’s quarterly VA sales report for 4Q2020 shows, the VA business is complicated, with record-high sales of index-linked VAs, record-high VA assets on the books, but record outflows from VAs overall. Go figure. The registered index-linked annuity, or RILA, has perhaps the least self-descriptive name in the entire annuity industry, and that’s saying something. […]
Updates from Allianz Life, Athene and Investors Heritage
{April 6th, 2021} by Editorial Staff
New caps on AllianzIM Buffered Outcome ETFs; Investors Heritage Life offers climate-friendly index on new FIA; AccuMax is launched by Athene. New caps on AllianzIM Buffered Outcome ETFs Allianz Investment Management LLC announced new upside caps for the April series of its Buffered Outcome ETFs suite: the AllianzIM US Large Cap Buffer10 Apr ETF and […]
Pacific Life Introduces Sustainable Bond Framework Strengthening Commitment to Environmental, Social, and Governance (ESG) Initiatives
{April 6th, 2021} by Pacific Life
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life announced today the introduction of a Sustainable Bond Framework under which framework it can issue Sustainable Bonds through the Capital Markets Group of its Institutional Division. “Our mission is to always deliver superior risk-adjusted investments that provide scalable and value-added solutions to our clients. But we’re also continuing to generate […]
FBL Financial Group Special Committee Sends Letter to Shareholders
{April 6th, 2021} by FBL Financial Group, Inc.
WEST DES MOINES, Iowa–(BUSINESS WIRE)–FBL Financial Group, Inc. (NYSE: FFG) (“FBL Financial Group” or “the Company”) today sent a letter to shareholders urging them to vote “FOR” the previously announced definitive agreement under which Farm Bureau Property & Casualty Insurance Company will acquire all of the outstanding shares of FBL Financial Group Class A and […]
AIG Retirement Services Launches New Mobile App Capabilities to Help Nonprofit and Public Service Employees Save for Retirement
{April 6th, 2021} by AIG Retirement Services
HOUSTON–(BUSINESS WIRE)–AIG Retirement Services, a leading retirement plan provider for tax-exempt and public sector employers, today announced the launch of its enhanced mobile enrollment experience, bringing convenience and simplicity to employees as they prepare for their financial future. Eliminating the need for paper forms and other administrative burdens, the modernized mobile app offers plan participants […]
Symetra Celebrates Two Community Program Milestones
{April 6th, 2021} by Symetra Life Insurance Company
BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra Life Insurance Company celebrates two community program milestones this week as ‘Symetra Empowers Communities’ completes its first program year with more than $2 million in distributed funding and the company’s COVID-19 initiative, ‘Care & Feeding,’ reaches its 20,000 delivered-meals goal. Symetra Empowers Communities “‘Symetra Empowers Communities’ expresses our deep commitment to the […]
Half of Young Employees Say Pandemic Made Work-Life Balance Better; 3 in 4 Baby Boomers Disagree
{April 6th, 2021} by Metlife
NEW YORK–(BUSINESS WIRE)–One year after the COVID-19 pandemic forced many U.S. employees across the country to transition to remote work, the youngest and oldest generations are divided on its impact. MetLife’s 19th annual U.S. Employee Benefit Trends Study finds more than half of workers in their 20s (51 percent), including Gen Z and young millennials, say […]
Athene Completes Significant Pension Risk Transfer Transaction with JCPenney
{April 6th, 2021} by Athene Holding, Ltd.
HAMILTON, Bermuda, April 1, 2021 /PRNewswire/ — Athene Holding Ltd. (“Athene”) (NYSE: ATH), a leading financial services company specializing in retirement services, announced the close of a significant pension risk transfer transaction in connection with JCPenney’s1 pension plan termination. Under the terms of the transaction, which was signed in March 2021, JCPenney transferred $2.8 billion in pension obligations to Athene. Athene’s wholly-owned […]
New survey: 1 in 5 Americans have been forced to delay or cancel their retirement due to the pandemic
{April 6th, 2021} by Nationwide
COLUMBUS, Ohio, March 31, 2021 /PRNewswire/ — The COVID-19 pandemic has shaken many U.S. adults’ confidence in retiring comfortably or on time, with one-in-five (19%) reporting it has forced them to delay their retirement or no longer retire at all, according to the new 2021 Tax-Efficient Retirement Income survey. Conducted by The Harris Poll on behalf of The […]
Industry Veteran Charlie Gipple Launches The Retirement Academy
{April 6th, 2021} by CG Financial Group
Des Moines, IA: Charlie Gipple, owner of CG Financial Group and long-time industry expert on annuities, life insurance, long-term care, presentation skills, and sales strategies has announced the launch of “The Retirement Academy” on April 5. The Retirement Academy is an online training platform for agents, registered reps and broker dealers that is video-heavy and […]
John Hancock Meets Strong Market Demand with New Protection Variable Life Insurance Product
{April 6th, 2021} by John Hancock
TSX/NYSE/PSE: MFC SEHK: 945 Competitive Age-100 Guarantee and Compelling Living Benefits Offer Blend of Security and Opportunity Low-cost, level-pay scenarios No investment restrictions to maintain age-100 guarantee (and full range of investment choices) Exciting living-benefit options BOSTON, Mass., April 5, 2021 /PRNewswire/ – Today, John Hancock, the US division of Toronto-based Manulife (NYSE: MFC), announced a new protection variable universal life […]
Sammons Financial Group Acquires Beacon Capital Management
{April 6th, 2021} by Sammons Financial Group, Inc.
WEST DES MOINES, Iowa, April 1, 2021 /PRNewswire/ — Sammons Financial Group announced it has closed on its acquisition of Beacon Capital Management – a next-generation registered investment advisory (RIA) firm and turnkey asset management program (TAMP). Announced in January, Sammons Financial Group acquired Beacon to expand into the growing advisor marketplace. Beacon is based in Dayton, Ohio. “We look forward to the […]
Introducing Surevested: A Life Insurance Agency Powered by Artificial Intelligence
{April 6th, 2021} by Surevested
NEW YORK, March 30, 2021 /PRNewswire/ — Life insurance is the greatest gift you can give your family and today, Survested, a new life insurance agency, is launching to make the process simple, honest, and completely transparent. Powered by artificial intelligence, Surevested’s powerful technology matches consumer data with thousands of policies from top-tier life insurance companies. By making […]
West Coast Is an Annuity-Suitability Update Desert: NAIC Map
{April 6th, 2021} by Allison Bell
Texas may soon adopt an annuity sales standard update developed by the National Association of Insurance Commissioners. But New York state has gone its own way, and, as of March 25, Illinois, Pennsylvania and the entire West Coast had no noteworthy adoption efforts in the pipeline. California, Oregon and Washington were sticking with the annuity suitability […]
Hybrid LTC To The Rescue?
{April 6th, 2021} by Tracey Longo
The long-term-care insurance industry is bleeding. Can hybrid policies save it? Traditional LTC insurance policies are in trouble—the industry has had to spike premiums as it struggles to make good on guaranteed benefits to its customers—at a time when interest rates are near zero and insurers can’t depend on higher rates to support benefits. For […]
Security Benefit’s President Likes Selling Annuities
{April 6th, 2021} by Allison Bell
Some days, it looks as if low interest rates forever might have killed the U.S. individual annuity. Many executives of publicly traded life insurers have promised securities analysts that their companies have taken a “disciplined” approach to pricing, slashed living benefits guarantees, suspended sales of the products facing the most pressure, and generally done everything […]
Who should buy an annuity? Boston College has thoughts
{April 6th, 2021} by Contributor
Deciding whether to buy an annuity is one of the more complicated calculations an investor might have to make. Not all annuities are the same. Nor are investors. And a new study from Boston College says that demographics play a crucial role in determining the value of an annuity to any given investor. The Center […]
6 Good, Clean Annuity Jokes
{April 5th, 2021} by Allison Bell
COVID-19 has hit retirement savers as they are facing three other crises: the aging of the baby boomers, low interest rates, and a high level of self-consciousness about humor. A few years ago, financial services professionals might have been able to lighten the mood with a few jokes about, say, some group of colleagues with […]
Athene Adds Non-Variable Indexed Contract: Annuity Moves
{April 5th, 2021} by Allison Bell
Athene USA has introduced the Athene AccuMax non-variable indexed annuity contract. Like other indexed annuities, the AccuMax contract can connect a holder’s crediting rate, or rate at which interest is credited to the annuity contract value, to the performance of an investment index. The AccuMax contract offers holders access to crediting rate choices linked to […]
13 ‘Must-Have’ Abilities And Offerings For Today’s Financial Advisors
{April 5th, 2021} by Expert Panel, Forbes Finance Council
11. Virtual Meetings A webcam and a microphone have become essential to working in financial services since the pandemic hit last year. If financial services professionals cannot “meet” with their clients virtually and face-to-face meetings are no longer an option, their businesses will die. When was the last time you convinced someone to write a […]
What Parents Need To Focus On When Encouraging Young Adults To Save For Retirement
{April 5th, 2021} by Jim Poolman
One of the most rewarding feelings in adulthood is earning that first paycheck. It is a mark of pride, the culmination of years of hard work and study, and a great responsibility as young people begin to take ownership of their expenses. Around this time, 20-somethings are encouraged to put money away for retirement purposes […]
