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Archive for September 2016


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  • Your Female Clients Might Have More Risk Tolerance Than You Think

    {September 30th, 2016} by Christopher Robbins

    Today might be the day to stop assuming that women are risk-averse decision makers. Research release this week from BMO Wealth Management has found that female business owners are actually quite comfortable making bold decisions — more comfortable than their male counterparts.. In a report titled “Are there gender differences among entrepreneurs?” a BMO survey […]

    Nationwide To Acquire Jefferson National

    {September 30th, 2016} by John Hilton

    Nationwide’s acquisition of Jefferson National, a blockbuster deal announced this morning, gives the venerable company an opening in the fee-only advisor space. The acquisition will expand Nationwide’s ability to sell financial service products through Jefferson National’s network of RIAs and fee-based advisors, Nationwide said in a news release. Nationwide has been rocketing up the fixed annuity sales board […]

    New York Life Sees 11% Jump In Whole Life Sales In First Half Of 2016

    {September 28th, 2016} by LIMRA International

    NEW YORK, September 27, 2016 — New York Life, America’s largest mutual life insurer, today announced continued record sales of life insurance by agents through the second quarter of 2016, as well as solid growth in sales of income and fixed annuities, and long-term care insurance.  The company reported a three percent rise in individual […]

    Ex-CEO Greenberg defends reputation during AIG trial

    {September 28th, 2016} by Kevin Dugan

    In a packed Manhattan courtroom on Tuesday, Maurice “Hank” Greenberg, a veteran of World War II and 36 years as chief executive of insurance giant AIG, faced one final mission: rescuing his reputation.     Greenberg, 91, took the witness stand to personally turn aside allegations from the state that he engineered two sham insurance […]

    IMO makes targeted claim against DOL rulemaking procedures

    {September 28th, 2016} by Nick Thornton

    Oral arguments were heard last week in U.S. District Court for the District of Kansas on behalf of Market Synergies Group, a Topeka, Kansas-based consortium of 11 independent marketing organizations that accounted $15 billion worth of fixed indexed annuity sales in 2015 through more than 3,000 independent insurance agents. In Market Synergies Group, Inc. v. […]

    Illinois Court Declares Fixed Indexed Annuities Are Not Securities

    {September 27th, 2016} by Annuity Outlook Staff

    NAFA Filed Amicus Curiae Brief, Pushed for Published Decision WASHINGTON D.C. (Sept. 21, 2016) — After three years of agency and court litigation, the Illinois Appellate Court for the Fourth District has ruled that, under Illinois law, fixed indexed annuities are only to be regulated as insurance products and not as securities. This comes as […]

    DOL Rule Causing Ripple Effect In Retirement Industry

    {September 27th, 2016} by Richmond Times- Dispatch (VA)

    Proposed rules regarding retirement savings are creating jitters in the financial services industry – and they will affect retirement planning for years, financial advisers and consultants say. “Any practice handling individual retirement accounts will be affected significantly by this,” said Evan Fabricant, incoming president of the Richmond chapter of the Society of Financial Service Professionals. […]

    Fiduciary rule could spur innovation

    {September 27th, 2016} by Kristen Beckman

    The DOL fiduciary rule is likely to be a disruptive force within the insurance and financial industries during the next several years. Panelists during a session Monday at the Insured Retirement Institute’s Vision annual conference in Colorado Springs explored some of the possible outcomes of the rule. While industry players are still absorbing the language […]

    Dispelling The Myths and Misinformation Of Whole Life

    {September 27th, 2016} by Brad Crockett

    Our clients are often confronted with conflicting advice. Case in point is the myriad of varying opinions regarding whole life insurance. Many investment gurus continue to publicly discount the benefits of whole life insurance. As a result, many families have failed to realize the broad range of financial benefits whole life insurance provides. In times […]

    Broker-dealers on DOL fiduciary rule: Expect advisors to walk

    {September 27th, 2016} by LifeHealthPro Editors

    More than half of broker-dealers (54 percent) believe some of their advisors will retire rather than sell under new business rules to comply with the Department of Labor’s fiduciary rule, according to a LIMRA Secure Retirement study. “Because the rule increases advisors’ liability, B-Ds also expect their advisors to stop providing advice to clients with […]

    5 disadvantages of indexed universal life insurance

    {September 27th, 2016} by STEPHAN R. LEIMBERG, ROBERT J. DOYLE, JR., KEITH A. BUCK

    Policy-owners of indexed universal life bear virtually all the disadvantages they would bear if they owned regular universal life policies. Many of these disadvantages stem from or are natural consequences of the advantages that IUL offers. The following excerpt from, “The Tools & Techniques of Life Insurance Planning” (2015, The National Underwriter Company), surveys the disadvantages of […]

    To the rescue: Ex-coast guard pilot pitches DOL rule revamp

    {September 27th, 2016} by Warren S. Hersch

    The Department of Labor’s fiduciary rule has faced a barrage of industry condemnation since its unveiling last April. One of those giving a thumbs-down may, at first glance, seem a bit far afield: a former search and rescue helicopter pilot for the United State Coast Guard. In fact, that critic, Don Trone, founder and CEO […]

    IRI study: Lifetime income providing financial security for retirees

    {September 26th, 2016} by Kristen Beckman

    A new study by the Insured Retirement Institute (IRI), released today at the its annual meeting being held in Colorado Springs, found that 80 percent of retirees are receiving some income from a pension plan, and 42 percent are receiving at least half of their retirement income from a pension. But while pensions are serving […]

    Judges named in MetLife SIFI case

    {September 26th, 2016} by Arthur D. Postal

    WASHINGTON — Judges appointed by President Barack Obama Monday in the federal government’s ongoing case regarding whether or not MetLife is a systemically important financial institution (SIFI) will constitute a majority on the panel that will review the Financial Stability Oversight Council’s appeal of a lower court decision earlier this year. Judge selection was viewed as a […]

    This is likely to be Wink’s only blog about golf.

    {September 26th, 2016} by Jamie Johnson

    Does playing golf enhance your career in the financial industry? It certainly can be effective for networking; how may other chances do we get to build relationships and allot time for a four hour meeting?!  This is likely to be Wink’s only blog about golf. While we do have a couple of deft golfers who are more […]

    ‘Hit Pause’ on DOL Fiduciary Rule, Insurer’s Lawyers Urge Federal Judge

    {September 23rd, 2016} by ThinkAdvisor staff

    Lawyers representing insurer Market Synergy in its case against the Department of Labor’s fiduciary rule told a Kansas judge Wednesday that Labor failed to prove that the current state-based regulation of fixed-indexed annuities is broken, and that the judge should “hit the pause” button on including them in the rule. In arguing their case in […]

    Judge Could Issue Partial Block of DOL Rule, Lawyer Says

    {September 23rd, 2016} by John Hilton

    Kansas judge could throw out the tougher regulation of fixed indexed annuities, while allowing the rest of the controversial fiduciary rule to stand. Judge Daniel Crabtree heard three-and-a-half hours of testimony Wednesday in the Market Synergy Group vs. Department of Labor lawsuit. MSG is taking a nuanced stand with its request for a preliminary injunction, […]

    Culver City man is accused of running a Ponzi scheme targeting elderly disabled people

    {September 23rd, 2016} by Joseph Serna

    Culver City man has been arrested on suspicion of operating a Ponzi scheme that bilked people out of more than $2 million through fake annuities and insurance policies, authorities announced Friday. Steven Edward Branstetter, 60, was booked on 13 felony counts of elder and grand theft and is being held on $715,000 bail. If he wants […]

    Principal Promotes Strable to Finance Chief, Replacing Lillis

    {September 23rd, 2016} by Jordyn Holman, Katherine Chiglinsky

    Principal Financial Group Inc., the seller of life insurance and retirement products with more than $500 billion of assets under management, promoted Deanna Strable-Soethout to chief financial officer, replacing Terry Lillis, who is retiring. Strable, who was named president of U.S. insurance solutions in 2015, will take the CFO post early next year and was […]

    Nassau Re Rebrands Acquired Phoenix Life Subsidiary

    {September 23rd, 2016} by David Pilla

    HARTFORD, Conn. – Phoenix Cos. Inc. unveiled a new corporate brand it said will align the Phoenix’s logo with Nassau Reinsurance Group Holdings LP, Phoenix’s new parent. The brand change introduces “a consistent brand across its enterprise,” Phoenix said in a statement. Phillip J. Gass, chief executive officer of Phoenix and Nassau Re, said in […]

    Why some life insurance policies perform better than others

    {September 22nd, 2016} by Andrew Gordon

    Life insurance producers gravitate toward guaranteed universal life (GUL) contracts because of their simplicity. To put it bluntly, these products are a known commodity that doesn’t cause problems and are easy to explain to consumers. At the end of the day, if the client pays the premiums exactly as illustrated, that’s all it takes. There […]

    Court Hearings on Fiduciary Litigation Offer Little Clarity

    {September 22nd, 2016} by John Manganaro,l EDITORS@ASSETINTERNATIONAL.COM

    ERISA specialist Erin Sweeney recently attended a key hearing in one of the five ongoing pieces of litigation filed against the DOL fiduciary rule reforms; she offers an update for PLANADVISER readers. Erin Sweeney, of counsel with Miller & Chevalier, has an impressive background when it comes to understanding complex pieces of employee benefits law […]

    With eye on DOL, IRI hires Milliman to survey annuity comp

    {September 22nd, 2016} by Editorial Staff

    To help financial services firms and financial professionals comply with the reasonable compensation standard under the Department of Labor’s fiduciary rule, the Insured Retirement Institute will survey current compensation practices regarding sales of annuities and other investment products, IRI announced.   Milliman, Inc., the global consulting firm, will conduct the survey for IRI. Financial firms […]

    A Fee-Based Annuity for the DOL Era?

    {September 22nd, 2016} by WealthManagement.com Staff

    Great American Life Insurance Company has introduced a new fee-based fixed indexed annuity with an optional guaranteed income rider that the firm says meets the compensation requirements of the Department of Labor’s fiduciary rule. The product, called Index Protector 7, is being distributed by Clarity 2 Prosperity and Prosperity Capital Advisors. The companies say investors […]

    Allianz Life Hires Robin Holicky as Assistant Vice President, Life Underwriting

    {September 22nd, 2016} by Allianz Life Insurance Company of North America

    MINNEAPOLIS–(BUSINESS WIRE)–Allianz Life Insurance Company of North America (Allianz Life®) has hired Robin Holicky as assistant vice president of Life Underwriting. In this role, she is responsible for life underwriting strategies that support automated systems, health interview processes and service-model changes to enhance the customer experience. Holicky reports to Vice President of New Business Sandy […]

    Hartford said to enlist JPMorgan to sell annuity runoff business

    {September 22nd, 2016} by KATHERINE CHIGLINSKY, MATTHEW MONKS

    Hartford Financial Services Group Inc. is working with JPMorgan Chase & Co. to see if the insurer can find a buyer for Talcott Resolution, the unit that includes U.S. variable annuities, according to people familiar with the matter. Apollo Global Management LLC, Wilton Re Holdings Ltd., Berkshire Hathaway Inc. and JC Flowers & Co. are […]

    Securian Introduces CareShield: A Life Insurance Policy with Built-In Living Benefits for Chronic and Terminal Illness

    {September 21st, 2016} by Securian Financial Group

    ST. PAUL, Minn.–(BUSINESS WIRE)–Securian Financial Group has launched CareShield™, a new product simplifying the combination of life insurance protection with living benefits for chronic and terminal illness. As an alternative to long-term care insurance, CareShield provides benefits to policyholders regardless of whether they need care.1 “CareShield is for aging Americans concerned about developing and needing […]

    3 reasons Lemonade’s CEO wants to disrupt the insurance industry

    {September 21st, 2016} by ELANA ASHANTI JEFFERSON

    Lemonade, the startup that’s been dubbed “the Uber of insurance” for its mobile-based, peer-to-peer sales model, brought its product to market on Wednesday with the official launch of lemonade.com. The company is headquartered in New York City, and is currently focused on selling renters’ and homeowners’ insurance products there. Also pivotal to the Lemonade model […]

    Opponents Take On the DOL in a Topeka Court

    {September 21st, 2016} by John Hilton

    Opponents of the controversial Department of Labor fiduciary rule will have another go in court today in Topeka, Kan. Judge Daniel Crabtree of the U.S. District Court for the District of Kansas will hear Market Synergy’s request for a preliminary injunction at 9 a.m. As in two other lawsuits, Market Synergy claims the DOL has […]

    Fiduciary rule causes insurers to pull back on financial products

    {September 20th, 2016} by Arthur D. Postal

    WASHINGTON — State Farm Insurance says it will not be accepting liability under the Best Interest Contract (BIC) on the sale of annuities or mutual funds by the more than 12,000 of its agents throughout the U.S. who have licenses to sell securities. At the same time, Allstate, USAA and Nationwide, three other insurers with large […]

    Not ready to become a DOL-compliant FI? Go partner with one

    {September 20th, 2016} by Warren S. Hersch

    The handful of independent marketing organizations that, since July, have applied to become a financial institution under the Department of Labor’s fiduciary rule has a lot of market-watchers wondering how other IMOs on the sidelines intend to do business once the rule is phased in next year. Indeed, there are more than 350 of these […]

    New fiduciary registry will promote advisers who adhere to strictest guidelines

    {September 20th, 2016} by Ann Marsh

    A new fiduciary registry aims to counteract perceived shortcomings in the SEC and the CFP Board’s fiduciary requirements by identifying the strictest fiduciary advisers nationwide. Run by the Institute for Fiduciary Standard, and publically supported by TD Ameritrade Institutional and Pershing Advisor Solutions, the registry will promote advisers who observe its 12 best practices. The […]

    IMO President: Here’s How We’ll Sell Under DOL

    {September 20th, 2016} by Cyril Tuohy

    Brokers International is all-in on a Department of Labor waiver to allow the marketer to continue selling popular fixed indexed annuities. The Iowa-based marketing organization has requested the DOL grant it financial institution, or FI, status. The company partners with more than 20 insurance companies to distribute retirement and life insurance products through about 35 independent marketing […]

    Clarity 2 Prosperity to Provide New, Fee-Based Fixed Indexed Annuity Product to Investment Advisory Channel

    {September 20th, 2016} by Clarity 2 Prosperity

    CLEVELAND, Sept. 20, 2016 /PRNewswire/ — Sister companies, Clarity 2 Prosperity (C2P), the coaching and insurance division, and Prosperity Capital Advisors (PCA), an SEC Registered Investment Adviser, announce the distribution of a new fee-based fixed indexed annuity with optional guaranteed income rider is now available through its organization. The innovative product, the Index Protector 7 […]

    Got a fiduciary question? DoL to issue FAQs soon

    {September 20th, 2016} by Andrew Welsch

     BALTIMORE — Advisers perplexed by the ins and outs of the Department of Labor’s new regulation may soon get a road map, according to an agency official. The department will be issuing FAQs for advisers and wealth management firms this fall at an unspecified date, and will continue to do so on an ongoing basis, […]

    Phoenix Launches New Brand as a Nassau Re Company

    {September 20th, 2016} by The Phoenix Companies

    HARTFORD, Conn.–(BUSINESS WIRE)–The Phoenix Companies, Inc. (Phoenix) introduced its new corporate brand today, aligning Phoenix’s logo to its new parent company, Nassau Reinsurance Group Holdings, L.P. (Nassau Re). The change coincides with a refreshed look for Nassau Re and the introduction of a consistent brand across its enterprise. Phoenix adopted Nassau Re’s lighthouse as its […]

    8 insurance sales tips especially for millennial producers

    {September 20th, 2016} by KENNETH L. FIELDS, CIC, CPCU

    Small-business owners (those with fewer than 500 employees) make up nearly all businesses in the United States. Less than 20 percent of those owners are under the age of 35. Here are some insights for millennial producers on how to sell to those prospects and clients of other generations. If you are a newer producer, chances […]

    NAIFA ratchets up FI focus as DOL phases in fiduciary rule

    {September 20th, 2016} by Warren S. Hersch

    With so much attention now focused on the U.S. Department of Labor’s plans to phase in its conflict of interest rule next year, it’s easy to lose track of one aspect that could prove critical to the insurance and finance industry: how financial institutions beholden to the new regime will interpret and implement the rule’s […]

    NAIFA survey: Fiduciary rule likely to reduce retirement advice

    {September 20th, 2016} by LifeHealthPro Editors

    A survey by the National Association of Insurance and Financial Advisors of its members finds that many advisors believe the Department of Labor’s fiduciary rule affecting retirement products and services will damage their ability to serve their clients, particularly those who are lower- or middle-income clients. According to the survey of 1,167 NAIFA members, more […]

    Insurance M&A deals: rocketing to new heights

    {September 20th, 2016} by LifeHealthPro Editors

    Mergers and acquisitions in the insurance industry rose by 176 percent between 2014 and 2015, the transactions driven by a host of factors, including a long-standing drag on the industry: continuing low interest rates. Timetric discloses this finding in its “Insight Report: M&A in the Global Insurance Industry.” The report discusses in detail the trends […]

    Strable-Soethout named Principal’s next CFO

    {September 20th, 2016} by Business Record Staff

    Principal Financial Group announced today that Deanna Strable-Soethout will become chief financial officer when Principal’s current CFO, Terry Lillis, retires in February. Strable has been promoted to executive vice president of Principal, effective immediately, the company said in a release. She will retain her current position as president of United States Insurance Solutions until her […]

    Why Insurers Must Pick Up Their Technology Pace

    {September 20th, 2016} by Gregory Hoeg

    The insurance industry is on the horns of a dilemma: how to use new technologies to improve their operations and how to insure the risks these new technologies present to their customers. The pace of technology is changing at faster rates than ever before and continues unabated despite the associated risks. New technology startups constantly […]

    Additional DOL fiduciary pitfalls to avoid

    {September 20th, 2016} by Ed McCarthy

    Many registered investment advisors (RIAs) breathed a sigh of relief after the Department of Labor (DOL) issued its fiduciary ruling. While the new rules certainly fall less heavily on RIAs, they are not off the hook for potential compliance problems, particularly when it comes to IRA rollovers. I recently spoke at length with Jason Roberts, […]

    Racing to insure: 8 questions for LIAM’s Danica Patrick

    {September 20th, 2016} by Warren S. Hersch

    The National Association of Insurance and Financial Advisors commemorated Life Insurance Awareness Month (LIAM) at its annual meeting in Las Vegas on Sunday by featuring several “Real Life Stories,” or tales from the proverbial real world that illustrated why consumers need life insurance and other protection products in their financial plans. One person with her […]

    DMI Launches New Website and Releases Exclusive New Programs

    {September 19th, 2016} by Annuity Outlook Staff

    Hingham, Massachusetts, September 15, 2016—With the launch of a new website, DMI is excited to announce the release of exclusive marketing programs and a suite of proprietary products. Through these new programs advisors can: Engage with thousands of active listeners in a one hour show on a weekly basis with THE DMI Radio Edge Program. […]

    Rolling’ DOL Fiduciary Guidance Begins in Fall: DOL’s Hauser

    {September 16th, 2016} by N/A

    The Department of Labor plans to start pushing out guidance this fall to address questions about its fiduciary rule, Timothy Hauser, chief operating officer of DOL’s Employee Benefits Security Administration, said Friday. Speaking during a session at the Financial Planning Association’s national conference in Baltimore, Hauser said the guidance will come out on a “rolling […]

    Voya Financial Announces Executive Committee Appointments

    {September 16th, 2016} by Voya

    NEW YORK, Sept. 16, 2016 /PRNewswire/ — Voya Financial, Inc. (NYSE: VOYA), announced today several appointments and expanded leadership roles that will increase and diversify the experience and talent on the company’s Executive Committee as well as position Voya well to achieve its broader strategic and financial goals. Carolyn M. Johnson has been named chief executive officer of Insurance Solutions, […]

    Life insurance in a low interest rate environment

    {September 15th, 2016} by Myra Thomas

    Low interest rates might be good for homebuyers, but that just isn’t the case for the average investor. Returns on vehicles like certificates of deposit (CDs) are meager at best, and they require people to lock up their money for a long time, reducing liquidity. Early withdrawal penalties make CDs an even less attractive investment. […]

    The Best Bond Alternative No One Is Talking About

    {September 15th, 2016} by Michael Reese, CFP® from Centennial Wealth Advisory, LLC

    What is the job of a bond in your portfolio? When you think about it, bonds have two primary roles in a well-balanced portfolio. Role #1 is to provide steady income. Role #2 is to provide stability for a portion of your principal to offset some of the volatility of market positions. How are bonds […]

    Lincoln Financial Group’s Heather Milligan Earns Women in Insurance Leadership Award

    {September 15th, 2016} by Lincoln Financial Group

    RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group is pleased to announce that Heather Milligan, senior vice president of underwriting and new business for Lincoln’s individual life insurance business , has been recognized by Insurance Networking News as one of its Women in Insurance Leadership honorees. Insurance Networking News’ Women in Insurance Leadership award measures the accomplishments of […]

    Pacific Life anticipates 120 Lynchburg employees by year’s end, 300 by early 2018

    {September 15th, 2016} by Margaret Carmel

    Pacific Life’s expansion into Lynchburg is on schedule. The company, projected to add 300 jobs to the region, has hired 79 people so far and is on track to employ 120 by the end of the year. “We’re tracking to our project schedule to be ready to do business by the end of this year,” […]

    Delaware Commissioner Stewart’s Bid for Third Term Ends in Primary Election Defeat

    {September 15th, 2016} by Thomas Harman

    DOVER, Del. – There will be a new insurance commissioner in Delaware after incumbent Karen Weldin Stewart’s bid for a third term was derailed Sept. 13 by opponent Trinidad Navarro in the Democrat primary election. Poised to meet Navarro in the Nov. 8 general election is insurance industry veteran Jeff Cragg, who won the Republican […]

    RIA insurance sales under scrutiny

    {September 15th, 2016} by Arthur D. Postal

    WASHINGTON — Insurance sales representatives and registered representatives of broker-dealers now play a “significant role” in many registered investment adviser (RIA) firms, according to an analysis of new Securities and Exchange Commission data. The report indicates that many RIAs have decided to supplement their fee compensation with commission compensation, according to officials of the Institute for the Fiduciary Standard, […]

    Pre-election estate and life insurance planning

    {September 15th, 2016} by Ed McCarthy

    With just under two months until Election Day 2016, it’s worth considering how each candidate’s proposals could affect your clients’ estate plans. Statistically, Hillary Clinton has the edge. On Sept. 12, The New York Times rated the odds of her election at 80 percent versus 20 percent for Trump, although the polls are calling it a […]

    Overcoming 5 common life insurance objections

    {September 15th, 2016} by Curtis Hawks

    Even with a greater amount of consumer education than in previous decades, selling is still an important aspect of connecting prospects to an appropriate insurance solution. A big part of selling is dealing with objections. Here are five common life insurance objections you’ll likely face from consumers and what you can do to overcome these objections. […]

    AIG Riding High Eight Years After Bailout

    {September 15th, 2016} by Cyril Tuohy

    Earlier this year, American International Group surged into the top spot as the No. 1 seller of fixed and variable annuities in the United States for two consecutive quarters. Come again, now? Wasn’t it just a few months ago that big investors such as Carl Icahn were calling for the company’s break up? Click HERE […]

    Why managing client expectations is still a top priority

    {September 15th, 2016} by Andrew Welsch

    BALTIMORE — Interest rates, an unprecedented presidential election, terrorist attacks – managing client expectations today can be challenging for advisers. That’s why Brian Rogers, T. Rowe Price’s chairman and chief investment officer, likes to cite his firm’s founder: “Today is always the most difficult day to invest.” Rogers said it can be easy for investors […]

    Compliance support for advisors will be key with DOL fiduciary rule

    {September 14th, 2016} by Nick Thornton

    The U.S. Department of Labor’s fiduciary rule is creating unprecedented levels of anxiety among financial advisors, suggests new data from Cogent Reports at Livonia, Michigan-based Market Strategies International. The qualitative study, published as part of Cogent Reports’ “The Advisor of Tomorrow” report, shows that by and large, investment professionals are in agreement with the spirit […]

    DOL Rule May — Or May Not — Be Cause Of Drastic VA Sales Drop

    {September 14th, 2016} by Ben Mattlin

    In the first half of 2016, overall sales of variable annuities slumped 22 percent to $53.5 billion, the lowest total since 1998. This marks the first time VA sales have amounted to less than $30 billion in two consecutive quarters since 2002. This, in part, led LIMRA to some pessimistic projections. For all of 2016, […]

    Life insurance regulators look back on 9/11 after 15 years

    {September 13th, 2016} by Arthur D. Postal

    WASHINGTON — The terrorist attacks on the World Trade Center and other facilities on Sept. 11, 2001 were “a disaster… that neither our country nor the insurance industry had dared to contemplate,” as stated by New York Insurance Superintendent Greg Serio in congressional testimony later that month. The event took its toll on Serio — his predecessor […]

    One advisor lost 51 clients, then delivered 30 checks after 9/11

    {September 13th, 2016} by David T. Buckwald

    In the long commute to a client’s office in northern New Jersey, the traffic was humming, leaving me the freedom to organize my thoughts. As I often did before a meeting, I anticipated objections and visualized successful outcomes. A decade into my career, I had a system that worked and business was booming. Life was […]

    Lawsuit seeks to shine spotlight on Iowa’s ‘shadow insurance’

    {September 13th, 2016} by Business Record Staff

    An Indiana university professor and insurance expert has filed a lawsuit against Iowa Insurance Commissioner Nick Gerhart and the Iowa Insurance Division, seeking access to financial records of Iowa insurance companies that are using “shadow insurance” financial practices he claims mask potential risks to policyholders.   Joseph Belth, an emeritus professor of insurance at Indiana […]

    Nearly half of IRA rollover assets “at-risk” under DOL rule

    {September 13th, 2016} by LifeHealthPro Editors

    The $7.3 trillion IRA market is the largest and fastest-growing segment of the U.S. retirement market, but the Department of Labor’s new conflict of interest rule will impose greater scrutiny and complexity on the rollover market and potentially disrupt future flows. So concludes global analytics firm Cerulli Associates in a new survey, “U.S. Evolution of […]

    AmeriLife Files for FI Status Under DOL Fiduciary Rule

    {September 13th, 2016} by Cyril Tuohy

    AmeriLife, a large insurance marketing organization (IMO) with 120,000 insurance agents, has applied to allow agents to sell fixed indexed annuities under a U.S. Department of Labor exemption. The request by the Clearwater, Fla.-based IMO, which maintains business relationships with 250 insurance companies in all 50 states, makes it eight IMOs that have applied to […]

    Why State Farm agents are getting out of the investment game

    {September 13th, 2016} by Steve Daniels

    A new federal rule aimed at ensuring that Americans get unbiased counsel from advisers on their retirement savings is prompting a dramatic reaction from State Farm. The Bloomington-based insurance giant confirms that it has directed 12,000 of its agents around the country who are licensed to sell securities to no longer provide their clients with […]

    AIG will consider takeovers for ‘low billions’ to revive growth

    {September 13th, 2016} by SONALI BASAK, KATHERINE CHIGLINSKY

    (Bloomberg) — American International Group Inc. would weigh acquisitions to bolster high-priority businesses, even as Chief Executive Officer Peter Hancock exits other units, the head of the company’s commercial insurance operation said. “We are very active in looking at any way to achieve growth, whether it’s organic or inorganic,” AIG Commercial CEO Rob Schimek said Monday […]

    MetLife says volatility challenges IPO path for retail unit

    {September 13th, 2016} by KATHERINE CHIGLINSKY

    MetLife Inc., the insurer seeking to exit a U.S. retail unit, said the risk of large equity market swings would be one reason to favor a spinoff, rather than an initial public offering. “Had we planned this a year ago, and were scheduled for the first quarter this year, it would have been very tough […]

    6 advantages of indexed universal life insurance

    {September 13th, 2016} by STEPHAN R. LEIMBERG, ROBERT J. DOYLE, JR., KEITH A. BUCK

    Policyowners of indexed universal life (IUL) enjoy virtually all the advantages they would enjoy if they owned regular universal life policies including (among others associated with all life insurance in general): the flexibility to vary premiums and change face amounts; the transparency and unbundling of the policy elements allowing them to easily track and compare […]

    Susan Glass: A champion for women in insurance

    {September 13th, 2016} by Kristen Beckman

    Susan Glass never expected to have a career in insurance. Although her father was an insurance agent and she spent time around the industry while growing up, Glass never pictured herself following in his footsteps. “Interestingly enough, growing up I always thought there was no way I would ever do what he did, only because […]

    Milevsky: Big flaw in DOL fiduciary rule; annuities take early hit

    {September 13th, 2016} by JANE WOLLMAN RUSOFF

    Annuity guru Moshe Milevsky contends that, concerning annuities, the Department of Labor’s fiduciary rule’s overriding emphasis on fees is deeply flawed. All in all, he says, the rule — which will see the first phase of implementation in April 2017 — cries out for the expertise of financial economists. In an interview with ThinkAdvisor, Milevsky, […]

    A.M. Best Special Report: Variable Annuity Sales Decrease Amid Regulatory Changes

    {September 13th, 2016} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–Marketplace demand for variable annuities (VA) continues as individuals approaching retirement age look for savings vehicles to help manage their long-term needs, according to A.M. Best. However, the continued low interest rate environment and recent equity market volatility have pressured policyholders’ VA returns. This has also pressured insurers’ ability to manage large blocks […]

    Pacific Life Names EVP of Life Insurance Division

    {September 10th, 2016} by Renée Kiriluk-Hil

    NEWPORT BEACH, Calif. – Pacific Life Insurance Co. has named Dawn Trautman executive vice president of its life insurance division. Trautman, currently senior vice president, product and strategy management, succeeds Rick Schindler, the company said in a statement. In her new post, Pacific Life said Trautman will continue to focus on the division’s growth and […]

    Advisor of the Year Jeff Bucher talks about the future of the industry

    {September 9th, 2016} by Kristen Beckman, Emily Holbrook

    Retirement always intrigued Jeff Bucher because he watched many in his family navigate their golden years. He noticed that some had no worries and some struggled financially. His great-grandfather and great-grandmother lived the retirement journey many strive for. His great-grandfather lived to the age of 101 and was active throughout. He planned his retirement wisely and was able […]

    Fiduciary countdown: Firms are in ‘escalation time’

    {September 9th, 2016} by Andrew Welsch

    Accelerating software launches, printing educational materials and hiring new staff: These are just a few measures brokerage firms are taking — quickly — to ready themselves to implement the Department of Labor’s fiduciary rule. “Now we are in a real focused escalation time where we are giving advisers specific directions on what they can do […]

    Pennsylvania insurance commissioner launches annuity education campaign

    {September 9th, 2016} by Kristen Beckman

    Pennsylvania Insurance Commissioner Teresa Miller is urging consumers, particularly seniors, to educate themselves about annuities to protect their retirement income. Miller launched the campaign Sept. 8 at Foxdale Village Retirement Community in State College, Pennsylvania. The education campaign includes a consumer guide that provides information about annuities, including the fact that money is locked up […]

    Wink’s Office Hours

    {September 9th, 2016} by Wink RockStars

        The Wink office may close at noon on Fridays but the RockStars are working 24/7 behind the scenes to ensure the most current & accurate data on our site!   The Wink office is open: Monday- Thursday, 8 AM -5PM and Friday, 8 AM -Noon, Central Time  

    A tragedy that still reverberates: Life insurer execs recall 9/11

    {September 9th, 2016} by Warren S. Hersch

    For those who lived through major tragic events in the nation’s history — Pearl Harbor, the death of President Franklin Roosevelt, John F. Kennedy’s assassination — the first thought that often comes to mind is where they were as the events unfolded. And so it was for Americans who bore witness to the seminal event […]

    Pacific Life Announces New Head of Life Insurance Division

    {September 8th, 2016} by Pacific Life

    NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life Insurance Company today announced Dawn Trautman, senior vice president, product and strategy management, will succeed Rick Schindler as leader of the company’s Life Insurance Division, effective January 1, 2017. As executive vice president, Ms. Trautman will continue to focus on the growth and profitability of the Life Insurance Division, while […]

    Press Release New Index. New Opportunity. Pacific Life Introduces Pacific Index Edge

    {September 8th, 2016} by MarketWired

    NEWPORT BEACH, CA–(Marketwired – September 07, 2016) – Pacific Life Insurance Company has launched Pacific Index Edge, a new deferred, fixed indexed annuity that is the first to utilize the BlackRock Endura Index-a new volatility-controlled index from a global leader in risk-management services. “Pacific Index Edge brings together a new index from BlackRock, and a […]

    Maryland ‘death master file’ law for life insurers upheld

    {September 8th, 2016} by IFAWebnews Staff

    A Maryland state court has ruled that a Maryland insurance law requiring insurance companies to check the latest version of a death master file, or DMF, is applicable to in-force policies issued before the law became effective in 2013. Insurers United Insurance Company of America and Reliable Life Insurance sued the Maryland Insurance Administration, arguing […]

    Eye on the future: Futurity First readies advisors for DOL rule

    {September 7th, 2016} by Warren S. Hersch

    As the Department of Labor phases in its new fiduciary rule, advisors operating in the retirement arena will be facing twin challenges to their practices: (1) a compression and overall reduction in commissions paid on product sales; and (2) an increase in DOL-related compliance costs. Keeping these changes to a manageable minimum may well depend […]

    Publicly-traded U.S. life insurers see 19% income decline: Fitch

    {September 7th, 2016} by Editorial Staff

    The 15 publicly traded U.S. life insurers rated by Fitch Ratings saw their pretax operating income decline 19% in the first half of 2016, the result of “declining interest rates, volatile equity markets and unfavorable macroeconomic headwinds,” a Fitch release said. “Unfavorable mortality and competitive pricing continue to hurt individual and group life insurance segments […]

    Annuities: Your go-to financial vehicle in a low-interest-rate environment

    {September 7th, 2016} by Rich Lane

    Today’s interest rates are a hot topic of conversation. With the 10-year treasury rate below 2 percent, many of your clients may be unsure of where or how to invest their hard-earned dollars. Some may be hesitant to lock into an investment, especially with talk of how rates may follow the lead of some foreign […]

    Survey: advisors fear consequences of DOL fiduciary rule

    {September 6th, 2016} by LifeHealthPro Editors

    The potential for “unlimited liability” under DOL rules is generating significant levels of anxiety among advisors, worry about being found liable for investment losses due to unintentional or unforeseeable events. This is a key finding of a new survey from Market Strategies International unit Cogent Wealth Reports. Conducted in mid-June, the survey polled financial advisors […]

    Out of the Darkness Walk

    {September 6th, 2016} by Wink's RockStars

    Sheryl J. Moore and members of the Wink team will be walking in Central Iowa’s Out of the Darkness Walk, to join the effort with hundreds of thousands of people to raise awareness and funds that allow the American Foundation for Suicide Prevention (AFSP) to invest in new research, create educational programs, advocate for public policy, and […]

    New study reveals too many people take unnecessary risk by not protecting their families with life insurance

    {September 6th, 2016} by Foresters Financial

    NEW YORK, Sept. 1, 2016 /PRNewswire/ – One in three households would have immediate trouble paying living expenses if the primary wage earner died, according to the 2016 Barometer Study by Life Happens®, the nonprofit foundation, and LIMRA, an international trade association for the financial services industry. Danica Patrick, professional race car driver and Life Happens® […]

    A.M. Best Affirms Ratings of Prudential Financial Inc. and Its Subsidiaries

    {September 6th, 2016} by A.M. Best

    OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has affirmed the financial strength rating (FSR) of A+ (Superior) and the issuer credit ratings (ICR) of “aa-” of the domestic life/health insurance subsidiaries of Prudential Financial, Inc. (PFI) (Newark, NJ) [NYSE: PRU]. Concurrently, A.M. Best has affirmed the ICR of “a-” of PFI and all existing issue ratings of the […]

    One Question Advisors Should Be Asking

    {September 6th, 2016} by Cyril Tuohy

    Among the millions of workers in every generation — millennials, Generation X and Baby Boomers — lies a vast, simple opportunity for financial advisors: calculate a retirement savings goal by answering the question “How much?” The question is simple to ask: How much does a worker need to set aside to retire? Yet the answer […]

    Texas judge denies all but 2 briefs in DOL fiduciary hearing

    {September 6th, 2016} by Melanie Waddell

    The federal judge overseeing the case in Texas against the Department of Labor’s fiduciary rule on Wednesday denied considering all but two of the eight amicus briefs filed in the court, allowing only the briefs filed by the Financial Planning Coalition and the American Association for Justice. In rendering her decision, District Judge Barbara M.G. Lynn stated […]

    Changing the Game: How Life Insurers can Compete in a Digital Environment

    {September 6th, 2016} by Joe Miranda

    In today’s instant-gratification-driven digital environment, it’s hard for ANY company to stand out from the crowd. That goes double for insurance carriers trying to bring complex financial concepts to life. We’re vying for consumers’ attention against companies like Apple and Amazon, who set the bar for the customer experience. However, in establishing goals for our […]

    Part-Time: Business Development Assistant

    {September 6th, 2016} by Michelle DeClerck, President, Conference Event Management

    Permanent, Year-Round, Part-Time Position (Approximately 20-25 hours weekly) Resumes may be submitted up through September 16, with interviews to be confirmed the week of September 19, 2016 Summary Conference Event Management (CEM), with its headquarters in its West Des Moines office in Iowa, helps companies increase their sales and or productivity by creating and implementing […]

    Department of Labor Says Insurance Industry Adds 4,600 Jobs in Augus

    {September 3rd, 2016} by Thomas Harman

    WASHINGTON – The U.S. insurance industry added 4,600 jobs in August, according to data released by the Federal Bureau of Labor Statistics Sept. 2. The seasonally adjusted 0.18% increase for July 2016 over June 2016 shows continued industry growth. The July growth rate was initially reported to be 0.16%. Updated industry data show the insurance […]

    Will DOL fiduciary rule drive RIAs to — or from — BDs?

    {September 2nd, 2016} by DANIELLE ANDRUS, JAMES J. GREEN

    Will the passage of the DOL’s fiduciary rule drive top-producing reps away from broker-dealers? We asked the 2016 Broker-Dealers of the Year about a shift to fee-only business. Eric Schwartz, Cambridge Investment Research, Division IV: We’ve been heavily into fees for over 20 years. Forty percent of our business was fees, even 20 years ago. We’ve […]

    Indexed annuities sales fall short of record: Wink

    {September 2nd, 2016} by LifeHealthPro editors

    Wink’s Sales & Market Report, a resource for indexed annuity and indexed life sales data, completed its first full year reporting on all non-variable deferred annuities which include indexed annuity, traditional fixed annuity and multi-year guaranteed annuity (MYGA) product lines. Fifty-three indexed annuity providers, 48 fixed annuity providers and 55 MYGA companies participated for second […]

    Texas Judge Restricts Amicus Briefs in DOL ‘Fiduciary Rule’ Case

    {September 2nd, 2016} by Melanie Waddell

    The federal judge overseeing the case in Texas against the U.S. Labor Department’s fiduciary rule on Wednesday denied considering all but two of the eight amicus briefs filed in the court, allowing only submissions from the Financial Planning Coalition and the American Association for Justice. In rendering her decision, U.S. District Judge Barbara M.G. Lynn stated […]

    Life Insurance: Encouraging People To ‘GoFund’ Themselves

    {September 1st, 2016} by Erica Davis

    I’ve run across a few industry articles recently about crowdfunding as a last resort for people who lost a loved one who did not have life insurance. My curiosity got the best of me, so I visited a popular crowdfunding website and conducted a search using the phrase “no life insurance.”  The search provided nearly […]

    Happy Half Birthday, Boomers!

    {September 1st, 2016} by Fidelity Investments

    Sept 1, 2016 — BOSTON–(BUSINESS WIRE)–This year, many boomers–those born in the first half of 1946–will reach a critical milestone: age 70 ½. Even though most probably haven’t marked their half birthday since grade school, 70 ½ is the age when the IRS generally requires individuals to begin withdrawing funds from traditional IRAs, 401(k)s or 403(b)s. […]

    MassMutual Launches Customer Feedback Platform

    {September 1st, 2016} by Asset International Editors

    The mutual life insurance company’s new customer-experience management software will allow it to gather customer feedback and act on it in real time, MassMutual says. MassMutual has selected Medallia, a producer of Customer Experience Management (CEM) software, to build a new customer feedback and response program. Using the new platform, MassMutual employees will be able to […]

    Securian’s LeeAnn Fahl, Logan Roddy Honored by LIMRA as “Rising Stars of Innovation Under 40”

    {September 1st, 2016} by Securian Financial Group

    ST. PAUL, Minn.–(BUSINESS WIRE)–Two Securian Financial Group associates are being honored as rising stars in insurance and financial services by a leading industry trade association. LIMRA, a research and development organization for the life insurance industry, has named Securian’s LeeAnn Fahl and Logan Roddy to its list of the top 25 “Rising Stars of Innovation […]

    Fiduciary Rule’s Challengers Warn Judge of ‘Extraordinary Risk’ for Advice Industry

    {September 1st, 2016} by C. Ryan Barber

    A judge in Washington heard arguments for more than two hours Thursday on whether to block a U.S. Department of Labor rule that requires investment advisers to act in their clients’ best interests—a heightened standard designed to curb billions of dollars in fees in the retirement plans marketplace. U.S. District Judge Randolph Moss of the […]

    Charitable gift annuities vs. commercial SPIAs: Opinion

    {September 1st, 2016} by Gary Mettler

    When clients express interest in charitable gift annuities (CGAs), the purchase decision usually begins with a charitable intent. In other words, they have a high interest in financially supporting a favorite charity that will issue a CGA and also by the way, reap some nice tax benefits along the way. However, in the mortality-based income world, […]

    AXA US wins fee litigation in NJ court

    {September 1st, 2016} by LifeHealthPro Editors

    After five years of litigation culminating in a 25-day trial, a New Jersey federal court yesterday granted AXA Equitable Life Insurance Co. and its wholly-owned subsidiary, AXA Equitable Funds Management Group, LLC (FMG LLC) a significant victory in ruling that the two companies (collectively AXA US) did not receive excessive compensation for managing and administering […]

    Life Insurance Customers Push Back Over Surprise Cost Increases

    {September 1st, 2016} by Leslie Scism

    Americans are starting to fight back against a wave of insurance-price increases on decades-old life policies. Over the past year, several major insurers have notified tens of thousands of people of higher costs to keep their policies in force, with increases ranging from midsingle-digit percentages to more than 200%, according to financial advisers. To justify […]

    National Life’s Financial Strength Rating Boosted by S&P to “A+”

    {September 1st, 2016} by National Life Group

    MONTPELIER, VT (PRWEB) SEPTEMBER 01, 2016 The financial strength rating for National Life Group’s insurance companies was boosted by Standard & Poor’s based on the company’s improved capital strength and stronger credit quality. S&P Global Ratings formally raised the rating of National Life Insurance Company and Life Insurance Company of the Southwest to “A+” from “A.” […]