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Archive for July 2018


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  • Insurance Agents Might Already Be Fiduciaries

    {July 31st, 2018} by John Hilton

    Insurance agents might be fiduciaries and not even realize it. The Department of Labor fiduciary rule is dead, but financial professionals selling products to retirement accounts need to be aware of new interpretations of the “five-part test” standard. That standard is once again the law for sales involving qualified money, said Bradford P. Campbell of […]

    Proposal Could Ease Variable Annuity Hedging Rules

    {July 31st, 2018} by Allison Bell

    State insurance regulators may break away from the accounting rule crowd and adopt their own rules for life insurers that offer variable annuities with guaranteed benefits. The change could affect what a life insurer has to say when the value of a derivative contract goes up or down. An accounting rule team at the National Association of Insurance Commissioners will […]

    Unlocking The Benefits Of Cash Value In IUL

    {July 31st, 2018} by Jason Wellmann

    As Americans plan for retirement, it’s likely they share a number of similar concerns: How to protect their family from the unexpected? What sources may be available to supplement their retirement income? How to help protect their assets from market losses? What methods can they use to potentially reduce taxes affecting their retirement income? How […]

    Vitesse Media to buy InvestmentNews in $27.1M deal

    {July 31st, 2018} by InvestmentNews

    Investment news, the leading source of news, analysis and information to the financial advisory community, is being purchased by London-based Vitesse Media plc. Click HERE to read the full story via InvestmentNews; registration required.

    25 Reasons to Love Life Insurance – Insurance Selling mag

    {July 31st, 2018} by Brian Anderson

    Join in the Insurance-Forums discussion.  OK, could definitely use some help here! September is Life Insurance Awareness Month, and the upcoming third issue of Insurance Selling magazine will focus on that as a main theme. One component of our coverage is a piece tentatively titled “25 Reasons to Love Life Insurance” – which is loosely based on something People magazine did […]

    Ameriprise Is Getting More Inquiries on Sales of Policy Blocks

    {July 30th, 2018} by Richard Bedard

    Ameriprise says it has been getting more interest from buyers looking for blocks of annuity and long-term-care policies, as private equity firms prowl for deals.   “Obviously, we’ve gotten more inquiries coming in,” said CFO Walter Berman during a July 25 call about its second-quarter earnings, in response to a question from a Goldman Sachs analyst. The Seeking Alpha website […]

    Life Insurance Market Size, Share, Trends, Growth, Forecast Analysis Report By Segment, By Product(Term Life,Whole Life), By Application(Adult Life,Juvenile Life), By Region – Global Forecast 2018-2023

    {July 29th, 2018} by Up Market Research (UMR)

    UpMarketResearch offers a latest published report on “Global Life Insurance Industry Market Industry Analysis and Forecast 2018-2023” delivering key insights and providing a competitive advantage to clients through a detailed report. The report contains 124 pages which highly exhibits on current market analysis scenario, upcoming as well as future opportunities, revenue growth, pricing and profitability.  […]

    DOL fiduciary rule can cause litigation risk from beyond the grave

    {July 28th, 2018} by Mark Schoeff Jr.

    Although the Labor Department’s fiduciary rule died in court in June, it can still cause litigation risk for firms that changed their policies to comply with the measure. Click HERE to read the full story via InvestmentNews; registration required.

    DOL Fiduciary Rule’s Death Doesn’t Mean Business as Usual: Ex-EBSA Head

    {July 28th, 2018} by Melanie Waddell

    Now that the Labor Department’s fiduciary rule is dead, advisors’ fiduciary compliance will revert back to the 1975 Employee Retirement Income Security Act’s five-part test — but that doesn’t mean it’s business as usual, according to Brad Campbell, former head of Labor’s Employee Benefits Security Administration. “Just because we’re going back to the old rule, […]

    Prudential Finds Novel Way to Put Millennials in Term Life: Baby Registries

    {July 27th, 2018} by Warren S. Hersch

    Prudential Financial thinks it has found a clever way to reach the elusive millennial market: through their babies on the way. The company says it’s partnering with online baby registry Babylist to include life insurance among the lineup of items, such as car seats, cribs and changing stations, that family members and friend can put funds toward for […]

    Insurers Dive Into Grand Building Expansion Plans

    {July 27th, 2018} by Cyril Tuohy

    Life insurance sales may be flat but major insurance companies are pressing ahead with ambitious real estate projects. Companies that have recently announced multimillion-dollar expansions, renovations and change of addresses include Thrivent Financial, MassMutual, Guardian Life, Jackson National, MetLife, Nationwide and Transamerica. An improving economy and higher interest rates, which deliver better earnings on fixed […]

    5 Benefits Of Private Placement Life Insurance And Annuities

    {July 27th, 2018} by Jon Corrigan

    Private placement life insurance and annuity programs, commonly referred to as PPLI, have quickly become a favorite strategy among ultra-wealthy investors seeking greater tax efficiency within investment vehicles. It allows policyholders to combine the strength of premium investment products, such as hedge funds or other alternatives, with the tax-free benefits of life insurance. “This is […]

    Benefits industry newsmakers: Wink, Carillon Tower Advisors, BPAS

    {July 27th, 2018} by Caroline Marwitz

    Busy employee benefits pros in early summer this year include the following:  Andrew Berman has been named the Central Intelligence Officer for Wink, Inc. where he is responsible for illustration benchmarking and competitive analysis for the company’s life insurance competitive intel suite. Berman reports to Sheryl J. Moore, Chief Storyteller at Wink, Inc., and he is a […]

    Iowa Safe Schools Launches AJ Betts LGBTQ Youth Memorial Fund

    {July 27th, 2018} by Iowa Safe Schools

        Iowa Safe Schools Launches AJ Betts LGBTQ Youth Memorial Fund. Des Moines (July 27th, 2018)- In memory of AJ Betts’ passing on July 27th, 2013, Iowa Safe Schools, in coordination with AJ’s mother, Sheryl J. Moore, have proudly launched the “AJ Betts LGBTQ Youth Memorial Fund.” Sheryl J. Moore and Iowa Safe Schools’ […]

    Although Largely Deflated, IUL Illustration Statute Lawsuit Rolls On

    {July 26th, 2018} by Dawn Williams

    Almost a year ago, the U.S. Court of Appeals for the Ninth Circuit ruled that an alleged violation of California’s illustration statutes could serve as a predicate for liability under the California Unfair Competition Law. Since then, the case in which that decision was rendered has yielded some interesting results. The case I’m referring to […]

    The Future For Fiduciary Financial Advisors

    {July 26th, 2018} by Forbes Contributor

    I met Don Trone – the “father of the fiduciary movement” and CEO of 3ethos which offers training in leadership, stewardship, and governance – about two years ago. At that time, I was unsure what the future held for financial advice given the world of new competitors – state-run IRAs, online robo-advisors, and annuity salespersons – that […]

    Finra whacks Advisor Group, NPH with $2.7 million in fines over variable annuity sales

    {July 26th, 2018} by InvestmentNews

    The Financial Industry Regulatory Authority Inc. has censured four broker-dealers of Advisor Group and four National Planning B-Ds for poor supervision of variable annuity exchanges, fining them a total of almost $2.7 million. Click HERE to read the full story via InvestmentNews. 

    Finra Orders Eight Broker-Dealers to Pay $8.7 Mln Over Unsuitable Annuity Sales

    {July 26th, 2018} by AdvisorHub Staff

    The Financial Industry Regulatory Authority has ordered eight independent broker-dealers to pay a combined $8.7 million in fines and restitution for failing to properly supervise and educate brokers on sales of variable annuities, according to two letters of settlement issued Wednesday. The firms include National Planning Holdings broker-dealers National Planning Corporation, Investment Centers of America, […]

    How one woman’s first job in insurance is as a CEO

    {July 26th, 2018} by Gerv Tacadena

    Many insurance professionals can attest to the fact that there is no definite timeline one should strictly follow to thrive in the industry. If there’s anyone who can truly stand witness to this claim, it is Pamela Davis of Nonprofits Insurance Alliance. Davis was not raised with a silver spoon – her parents’ biggest aspiration […]

    Allianz Life Partners with Orion Advisor Services

    {July 26th, 2018} by Allianz Life Insurance Company of North America

    MINNEAPOLIS–(BUSINESS WIRE)–Allianz Life Insurance Company of North America (Allianz Life®) announced today that it is partnering with Orion Advisor Services, LLC (Orion), a top portfolio management solution provider for registered investment advisors (RIAs). With the partnership, those utilizing the Orion platform will have daily, timely access to data for all Allianz Life fixed index annuities and index […]

    A VC who just raised $22 million to invest in startups reveals one thing you should never say to a female investor

    {July 25th, 2018} by Melia Robinson

    “Hey, girls.” It’s a simple email greeting. Clara Brenner sees those two words land in her inbox at least once a week. She and Julie Lein founded a venture-capital firm, Urban Innovation Fund, that puts money into startups building the future of cities. The firm has only the two partners, and Brenner said that means they […]

    America’s Best Employers For Women 2018

    {July 25th, 2018} by Vicky Valet

    Nine months after the #MeToo movement sent shockwaves through American workplaces, corporate cultures are slowly starting to shift. While many organizations have struggled to support their female workforces, others appear to have been getting it right all along. Forbes partnered with market research company Statista to identify the companies doing just that with our first-ever ranking of America’s […]

    SEC Nominee Roisman Would Keep ‘Open Mind’ on Best-Interest Rule

    {July 25th, 2018} by Melanie Waddell

    Elad Roisman, the Senate Banking Committee’s chief counsel, who was nominated on June 4 to serve on the Securities and Exchange Commission, told lawmakers Tuesday during his nomination hearing that it was “important for the agency to act” in proposing its Regulation Best Interest for brokers, and he encouraged the public to comment on the entire advice […]

    Million Women Mentors Announces Women In Insurance Initiative

    {July 25th, 2018} by Million Women Mentors

    Washington, D.C. – Citing both continued issues of inequality in the insurance industry and the potential to create unprecedented opportunities for women, the Million Women Mentors (MWM) Women in Insurance Initiative(WII) calls on the insurance industry to join the WII Consortium. WII and its members are committed to taking substantive and measurable action by recruiting, mentoring and sponsoring […]

    Ameriprise Financial Reports Second Quarter 2018 Results

    {July 25th, 2018} by Ameriprise Financial

    MINNEAPOLIS–(BUSINESS WIRE)–Ameriprise Financial, Inc. (NYSE: AMP) today reported second quarter 2018 net income of $462 million, up 18 percent compared to a year ago, or $3.10 per diluted share, up 24 percent. Adjusted operating earnings were $536 million, up 22 percent compared to a year ago, with adjusted operating earnings per diluted share of $3.60, […]

    Best’s Special Report: U.S. Insurers Increasing Use of Derivatives for Liability Risk Management

    {July 25th, 2018} by A.M. Best

    OLDWICK, N.J.–(BUSINESS WIRE)–U.S. insurance companies are increasing their usage of derivatives in hedging and portfolio management to manage risks or to achieve objectives for their asset-liability portfolios, according to a new A.M. Best report. The Best’s Special Report, titled, “Growing Use of Derivatives for Liability Risk Management,” states that the notional value (i.e., the total value of options, […]

    AIG Research Shows Americans Without Life Insurance Not Taking Action to Reduce Financial Risks

    {July 25th, 2018} by American International Group, Inc.

    Innovative company products and resources can help mitigate risks   HOUSTON, July 17, 2018 – New research announced by American International Group, Inc. (NYSE: AIG) reveals that consumers who do not have life insurance feel less prepared financially for the illness or death of self or a loved one than people with life insurance; yet, […]

    Millennials Want More Access to Advisors

    {July 24th, 2018} by Guardian Life Insurance Company of America

    New York, July 23, 2018 – It’s easy to pigeon-hole the millennial generation into a digital box where every human interaction, every question and every answer or solution is transacted via a screen. As it relates to the world of financial planning, putting this cohort into that box would be a big mistake. New research […]

    Insurers Need to Give Retirement Savers What They Want: Bill Lowe

    {July 24th, 2018} by Allison Bell

    Back in early 2012, Bill Lowe was out promoting a new Sammons Retirement Solutions variable annuity contract designed for the shaky financial world left after the horrors of the 2007-2009 Great Recession. Sammons’ LiveWell Variable Annuity contract came with no option for the consumer to buy a guaranteed lifetime income, or any other rider. Lowe […]

    3 Ways U.S. Households’ Life and Annuity Use Looks Weird

    {July 24th, 2018} by Allison Bell

    Many economists think the way U.S. households use life insurance and annuities looks a little strange. Most U.S. economists working today start with the “classical economic model.” That model implies that households should buy enough insurance now to maximize what they can consume later. Click HERE to view the original story via ThinkAdvisor. In the real […]

    Annuity rule likely won’t include a fiduciary standard, NAIC says

    {July 24th, 2018} by Greg Iacurci

    The National Association of Insurance Commissioners indicated it would not impose a fiduciary standard on insurers and insurance producers as part of its overhaul of annuity sales rules, according to draft language of the group’s model regulation released Tuesday. Click HERE to read the full story via InvestmentNews; registration required. 

    AXA Equitable Holdings, Inc. Schedules Announcement of Second Quarter 2018 Results

    {July 24th, 2018} by AXA Equitable Holdings, Inc.

    NEW YORK–(BUSINESS WIRE)–AXA Equitable Holdings, Inc. (NYSE:EQH) announced today that it will release financial results for the second quarter of 2018 after the market closes on Monday, August 13, 2018. The company will host a conference call webcast on Tuesday, August 14, 2018 at 8:00 a.m. ET to discuss the results. The conference call webcast, […]

    Empire State Adopts ‘Best Interest’ Standard for Life Insurance and Annuities

    {July 24th, 2018} by Ted Godbout

    The New York State Department of Financial Services (DFS) has finalized regulations implementing a “best interest” standard for those licensed to sell life insurance and annuity products. Touted as an effort to protect New York consumers from conflicted advice, the final regulation requires insurers to establish standards and procedures to supervise recommendations by agents and brokers to […]

    SEC nominee Roisman stresses disclosure, helping investors understand adviser relationship

    {July 24th, 2018} by Mark Schoeff Jr.

    Securities and Exchange Commission nominee Elad Roisman avoided taking a position on the agency’s investment advice reform proposal Tuesday and stressed the importance of disclosure when pressed by Democratic senators on advice standards. Click HERE to read the full story via InvestmentNews; registration required. 

    Insurers Pull Billions From Hedge Funds

    {July 24th, 2018} by Mengqi Sun

    Wall Street money managers are having problems hanging onto insurance companies as customers. American International Group Inc. and MetLife Inc. pulled more than $700 million from hedge funds in the first quarter of 2018, according to filings. That followed billions of dollars in withdrawals over the previous two years. Net hedge-fund outflows from all U.S insurers amounted to $8.7 billion […]

    Parents Say They’re ‘Yoda’ About Finances

    {July 24th, 2018} by NAPS

    (NAPSI)—Parents identify with Yoda more than other Star Wars characters when it comes to family finances—according to a survey by New York Life. Yoda is patient, uses past experiences to guide future decisions and finds it important to teach the next generation. Yet, many parents aren’t following Yoda’s most famous saying “Do. Or do not. […]

    Commentary: The Case For Transparency In Life Insurance

    {July 24th, 2018} by Darwin Bayston

    The life insurance industry has made notable efforts in recent years to increase transparency in the way its products are created, priced and sold to consumers. This is important for the health of the industry, as a LIMRA/Life Happens study last year found that 67 percent of consumers are interested in more transparent life insurance […]

    Apollo to Buy Hospital Chain LifePoint in $2.52 Billion Deal

    {July 24th, 2018} by Zachary Tracer and Aziza Kasumov

    Apollo Global Management LLC plans to buy hospital chain LifePoint Health Inc. for $65 a share, expanding the private-equity firm’s ambitions in rural health care. Click HERE to view the original story via Bloomberg. The deal values LifePoint at $2.52 billion, or $5.6 billion including debt and minority interest, the firms said in a statement […]

    Nationwide more than halfway through life insurance transformation process for advisors, clients

    {July 24th, 2018} by Insurance Forums Staff

    Columbus, Ohio-based insurance and financial services organization Nationwide recently announced it is more than halfway through a significant multi-year investment designed to transform, enhance and simplify its life insurance business capabilities. “We’re in year three of a five-year journey to transform our life insurance business to a digital, real-time integrated experience that makes it simpler […]

    IRI General Counsel Covington to Lead Surety Group

    {July 23rd, 2018} by Melanie Waddell

    Lee Covington, the longtime senior vice president for governmental affairs and general counsel for the Insured Retirement Institute, will become president of The Surety & Fidelity Association of America (SFAA) on Oct. 1. Covington will replace retiring President Lynn Schubert, who has led the SFAA for more than two decades. Schubert will become president emeritus […]

    6 Important New Things to Know About Life Insurance Now

    {July 23rd, 2018} by Allison Bell

    Analysts at Conning aren’t letting reporters see their new life and annuity distribution and marketing review. They have included a few interesting numbers in an executive summary. One has to do with the relationship between “first-year direct” life insurance premiums and new life insurance sales. Click HERE to read the original story via ThinkAdvisor. Conning […]

    ‘Free Meal’ Seminars Work: Researchers

    {July 23rd, 2018} by Allison Bell

    Academic researchers who dislike free meal seminars have published a new bit of evidence illustrating the power of free meal seminars. They found that about 2.7% of U.S. residents ages 50 and older reporting having made some kind of investment after attending a “free meal seminar” in the past five years. Click HERE to read […]

    3 Annuities to Watch: Sammons, Athene, Manulife

    {July 23rd, 2018} by Allison Bell

    Sammons Retirement Solutions has introduced a variable annuity with a guaranteed lifetime withdrawal benefit rider. The new LiveWell Freedom Variable Annuity contract automatically includes a GLWB with a 2% minimum gain, and a 75% share of S&P 500 Index gains. The annual GLWB charge will amount to 1.45% of the GLWB value. Click HERE to […]

    Life Insurance Ruling Could Affect All California ‘Guidance’

    {July 23rd, 2018} by Allison Bell

    A state court judge in California has taken up a question that has confused many insurance agents and brokers over the years: What the heck is “guidance?” San Francisco Superior Court Judge Harold Kahn wrote last week, in a ruling on a life insurance unclaimed property case, that two pieces of California unclaimed property “guidance” are […]

    Asset-Based Fee Models Gain As Commissions Decline: Report

    {July 23rd, 2018} by Cyril Tuohy

    Asset-based fee models are winning at the expense of commission-based structures as advisors shift toward more profitable arrangements, a new report found. The traditional assets under management (AUM) model is growing strong even as new fee-based arrangements crop up each month, the report by Cerulli Associates found. The report found that by 2019: Click HERE […]

    Kansas City Life Declares Quarterly Dividend

    {July 23rd, 2018} by Kansas City Life Insurance Company

    KANSAS CITY, Mo., July 23, 2018 /PRNewswire/ — The Board of Directors of Kansas City Life Insurance Company declared a quarterly dividend of $0.27 per share on July 23, 2018. The dividend will be payable on August 8, 2018, to stockholders of record on August 2, 2018.   Kansas City Life Insurance Company (OTCQX: KCLI) was established in 1895 and is based in Kansas […]

    Better Expense-To-Benefit Tools Can Help VAs Survive: Analysts

    {July 23rd, 2018} by Cyril Tuohy

    Lower expenses don’t necessarily correlate to a better variable annuity for the client because of other factors such as asset allocation and rate of withdrawals. Advisors are trying to juggle the best annuity benefits for clients, while seeking accurate expense-to-benefit ratio tools to help protect them in an era of regulatory pressure. Click HERE to read […]

    Regulation Push Puts IMOs In A Tight Spot

    {July 23rd, 2018} by Cyril Tuohy

    The Department of Labor’s fiduciary rule no longer exists, but its aftermath will affect independent marketing organizations (IMO) for years to come. “IMOs today have to help producers make more money, do it in less time, and eliminate as much stress along the way as possible,” said Dan K. Charley, president of Alpine Brokerage Services, […]

    New York Delivers ‘Worst Fears’ With Tough Reg For Life Insurance

    {July 23rd, 2018} by John Hilton

    Industry officials delivered plenty of feedback to get New York to scale back its best interest rule for annuity and life insurance sales. That effort was answered this week when the final regulation was published largely unchanged. ……………………………………………………. New York’s best-interest regulation is considered one of the toughest in the country, one that New York officials are […]

    The 50 Best Annuities

    {July 23rd, 2018} by Karen Hube

    Frank Burns, a manager at a commercial tire company in Spokane, Wash., has been the target of annuity sales pitches several times, but he has always demurred, wary of the products’ complexities and costs. So why, when he turned 57 this year, did he sink $500,000 of his nest egg into an annuity? Quite simply, […]

    Data Analytics Firm Develops Variable Annuity GLWB Value Ratio

    {July 23rd, 2018} by Allison Bell

    Hedgeness Inc. has come up with a new tool for comparing variable annuity contracts: a standardized expense-to-benefit ratio for variable annuity guaranteed lifetime withdrawal (GLWB) benefits riders. Analysts from the Chicago-based data analytics services firm showed off their GLWB value indicator earlier this month, in a report comparing the value of the GLWB riders available with […]

    New York issues final best-interest regulation for annuity, life insurance sales

    {July 23rd, 2018} by Mark Schoeff Jr.

    New York issued a final regulation Wednesday that would raise the standard of care for sales of life insurance and annuities. The measure would require insurers to establish policies and procedures that ensure agents and brokers put the interests of consumers ahead of their own when making a recommendation. Click HERE to read the full […]

    Young Enterprising Society launches entrepreneurship training program

    {July 23rd, 2018} by Molly Dill

    Young Enterprising Society plans to launch a new training program for urban Milwaukee startups called The Blueprint. The Blueprint will offer technology, e-commerce and advanced manufacturing training to entrepreneurs seeking to establish new companies or grow existing businesses in Wisconsin. YES co-founders and brothers Khalif and Que El-Amin, entrepreneurs and real estate developers, will lead […]

    Voya Reportedly Taps Morgan Stanley to Sell Life Portfolio

    {July 23rd, 2018} by Cyril Tuohy

      The real question isn’t who buys Voya’s life block, but whether the buyer places the block into runoff or continues to sell the Voya portfolio, said life and annuity expert Sheryl J. Moore, president and CEO of Moore Market Intelligence and Wink Inc., publisher of Wink’s Sales & Market Report.   To read the InsuranceInsider article cited in this story, click […]

    Here’s Why People Aren’t Saving Enough for Retirement

    {July 22nd, 2018} by Bernice Napach

    A new study from Schroders sheds light on why so many Americans and others aren’t saving enough for retirement: They underestimate how much money they’ll actually need. The survey of 22,000 people in 30 countries — including 1,606 in the U.S. — found that pre-retirees aged 55 and older underestimate the necessary levy of retirement […]

    Senate Dems Call SEC Reg BI ‘Confusing,’ Prod FINRA for Answers

    {July 22nd, 2018} by Melanie Waddell

    Three top Democrats on the Senate Banking Committee pressed the Financial Industry Regulatory Authority to provide its interpretation of the Securities and Exchange Commission’s standards of conduct package, calling Regulation Best Interest for brokers “confusing and ambiguous.” Click HERE to read the original story via ThinkAdvisor.  “Because FINRA serves as the primary regulator of the […]

    New York State Final Best Interest Regs Cover Life As Well As Annuities

    {July 20th, 2018} by Allison Bell

    New York state has heated up the fight over financial services sales standards by adopting a best interest standard that applies both to annuities and to life insurance. The final best interest regulation is set to take effect Aug. 1. If the regulation takes effect on schedule and works as drafters expect it will affect transactions […]

    Democratic senators want Finra to weigh in on SEC advice rule

    {July 20th, 2018} by Mark Schoeff Jr.

    Three Democratic senators are pushing Finra to weigh in on the Securities and Exchange Commission’s investment advice reform proposal and explain whether the measure will strengthen broker requirements. Click HERE to read the full story via InvestmentNews; registration required. 

    The Term/Perm Life Insurance Debate Riddled With Fallacies

    {July 20th, 2018} by Erica Davis

    There are several semi-famous authors and media personalities who push their financial advice to the masses, often while misrepresenting themselves as life insurance experts. These self-proclaimed life insurance pundits are painting a pro-term and anti-whole life picture for the general public. However, as with any major financial decision, it is always best for prospects and […]

    Congress Considering Bill To Boost Annuities Inside 401(k)s

    {July 20th, 2018} by John Hilton

    Annuities inside 401(k) retirement plans could get a big boost if Congress is able to reach agreement on legislation this year. The annuity proposal is just one idea lawmakers are considering to pump up retirement savings in what could become the biggest changes to retirement plan administration in more than a decade. Retirement and savings […]

    SoFi swaps out Protective for Ladder to offer term life to Millennials

    {July 20th, 2018} by Brian Anderson

    SoFi has a new life insurance partner – trading long-established carrier Protective for fellow startup Ladder as its new provider of term life insurance for its base of primarily Millennial consumers. SoFi (short for Social Finance), the fintech unicorn best known for its lending products, announced the new partnership with Ladder on Tuesday. SoFi had […]

    Industry Groups Slam “Best Interest Standard” As Too Vague

    {July 20th, 2018} by Alex Padalka

    Four industry groups representing insurers and banks say current efforts at the federal and state level to impose a best interest standard on the financial services industry will only cause confusion and limit consumer choice when it comes to annuities, ThinkAdvisor writes. “Requiring producers by law to act in the best interest of a customer […]

    NY Financial Regulator Tightens Reins on Life Insurance Sales Practices

    {July 20th, 2018} by Dan M. Clark

    New York financial regulators on Wednesday issued a new directive for life insurance and annuity companies intended to protect consumers from being sold insurance based on a producer’s financial incentives. Insurers will be required to supervise recommendations by agents and brokers to consumers on life insurance policies in an effort to avoid any financial conflicts […]

    MassMutual Life Insurance Co. CEO Roger Crandall Knows Growth And Culture Go Hand-In-Hand

    {July 20th, 2018} by Patrick Gorman

    MassMutual Life Insurance Co. chairman, president and CEO Roger Crandall knows how to manage growth—the company has become the number one writer of whole life insurance in the U.S. during his tenure—but he also knows how important culture is to a business, no matter how large it has grown. Since Crandall took over as CEO […]

    How To Determine That Ideal IUL Prospect

    {July 19th, 2018} by John Hutchinson

    I’m often asked the question, “Who is the ideal candidate for indexed universal life and why?” The world is full of opinions about letting investments be investments and that insurance should be strictly insurance and how IUL blurs these lines. However, it is the blurring between investments and insurance that makes IUL so attractive to […]

    Ami Forte, Ex-Morgan Stanley Star, Portrayed Falsely by Former Boss, Lawyer Says

    {July 19th, 2018} by Jane Wollman Rusoff

    Ami Forte, once Morgan Stanley’s most celebrated and prominent financial advisor, with $2 billion in assets under management, fell from grace with a thud two years ago after a brutal Financial Industry Regulatory Authority arbitration and an abrupt dismissal from the firm. Now, just as the ex-superstar seemed to be picking herself up — if not dusting […]

    Council Profiles U.S. Charitable Gift Annuity Market

    {July 19th, 2018} by Allison Bell

    Charitable organizations with rapidly growing charitable gift annuity operations are getting more of the donations in the form of larger property gifts, and fewer in the form of smaller cash gifts. That’s one of the insights the American Council of Charitable Gift Annuities (ACGA) has included in a new report based on the results from […]

    Sammons Retirement Solutions® Launches LiveWell® Freedom Variable Annuity

    {July 18th, 2018} by Sammons Retirement Solutions

    WEST DES MOINES, Iowa, July 18, 2018 (GLOBE NEWSWIRE) — Sammons Retirement Solutions®, which creates simple, innovative and straightforward solutions to help individual investors live well in retirement has launched the LiveWell® Freedom Variable Annuity (VA) which features a first-of-its-kind Guaranteed Lifetime Withdrawal Benefit (GLWB) feature. The innovative VA is the first that provides investors with […]

    5 Wild Cards That Could Brighten Q2 Life and Annuity Issuer Earnings

    {July 18th, 2018} by Allison Bell

    U.S. life and annuity issuers were pretty quiet during the second quarter. Some unveiled a few new life insurance policies or annuity contracts. Some added new web tools for agents, or hired a few high-level executives. AXA Equitable Holdings Inc. made its debut on the New York Stock Exchange. Click HERE to read the original […]

    Genstar Capital buys majority stake in Cetera Financial Group

    {July 18th, 2018} by Greg Iacurci

    Cetera Financial Group, a network of six independent broker-dealers with about 8,000 brokers and advisers, said Tuesday evening that private-equity firm Genstar Capital will buy a majority equity stake in the company. Click HERE to read the full story via InvestmentNews; registration required.

    5 New Attempts at Annuity Humor

    {July 18th, 2018} by Allison Bell

    It’s hot out there. Your prospects want to nap on a towel on the beach. You want to nap on a towel on the beach. The 129-year-old life insurance company that issues most the annuities you sell probably wants to disguise itself as a venture capital-backed fintech startup… then go sneak away and nap on […]

    Single-premium immediate annuities offer value

    {July 17th, 2018} by Elliot Raphaelson, Tribune Content Agency

    Many people believe that all annuities are toxic. However, I believe that there are annuities that make sense for many families. Why do so many supposed experts hate annuities? One argument is that they are too expensive, and agents receive very high commissions. I agree that this is often the case, but there are annuities […]

    New Principal Program Rewards Insurance Customers for Reaching Goals

    {July 17th, 2018} by Principal

    DES MOINES, Iowa–(BUSINESS WIRE)–Principal Financial Group® launched My Principal Lifestyle, a fitness and lifestyle app that rewards insurance customers for activities that contribute to a healthy lifestyle. The program aims to engage with customers by allowing them to set physical and financial goals, and to earn points for reaching those goals. The points can then […]

    Insurers, Life Settlement Firms Clash Over UL Cost-of-Insurance Hikes

    {July 17th, 2018} by Allison Bell

    Life settlement industry players want state lawmakers to do something about life insurers’ wave of universal life (UL) cost-of-insurance increases. State lawmakers are not convinced that this is the right time for them to weigh in. The National Council of Insurance Legislators (NCOIL) has given a peek at the UL cost-of-insurance increase fight in a […]

    Bonds Or Annuities: What’s The Best Way To Generate Retirement Income?

    {July 17th, 2018} by Matt Carey

    Many of us are familiar with and follow the “120 minus your age” investing framework. It says that you should subtract your age from 120 and invest that percentage in equities, putting the rest in fixed income. For example, a 50-year-old would be 70% (120-50) in equities and 30% (100%-70%) in fixed income. (Note that […]

    No One Even Knows What ‘Best Interest’ Means, Industry Groups Say

    {July 17th, 2018} by Allison Bell

    Consumer advocates often press regulators to make financial services sales standards flexible, to keep crooks from using loopholes to avoid prosecution. Four financial services groups are arguing that state and federal efforts to develop a “best-interest standard” are so flexible, and so vague, that trying to comply with the standard would be a nightmare. “Requiring […]

    A-list celebs among investors in life insurance startup Ethos

    {July 17th, 2018} by Brian Anderson

    What do Jay-Z , Robert Downey Jr., Kevin Durant and Will Smith have in common? They are all investors in a San Francisco-based life insurance startup named Ethos, which officially launched in mid-June after an $11.5 million fundraising round led by venture capital giant Sequoia Capital. Ethos, which wants to make life insurance “accessible, affordable […]

    Annexus and Securian Financial Announce New Indexed Universal Life Solution for Legacy, Accumulation and Tax-advantaged Income

    {July 17th, 2018} by Annexus

    SCOTTSDALE, Ariz., July 16, 2018 (GLOBE NEWSWIRE) — Annexus, a leading designer of indexed life insurance, and Securian Financial launched Balanced Growth Accumulator (BGA), a breakthrough indexed universal life insurance (IUL) policy underwritten by Minnesota Life Insurance Company. BGA builds on the success of the companies’ past collaboration and features a variety of new and […]

    Fewer Americans Donating to Charity

    {July 14th, 2018} by Michael Fischer

    The number of Americans engaged in charitable giving has trended downward since the beginning of the 21st century, a recent study by The Chronicle of Philanthropy found. From 2000 to 2014, the latest year for which data are available, the share of Americans donating to nonprofit organizations fell by some 11 percentage points, from 66.2% […]

    To the Fiduciaries Go the Spoils

    {July 14th, 2018} by Louis S. Harvey

    The word fiduciary has caused heartburn for most advisors. It is not the promise to act in clients’ best interest that scares most advisors; it is the task of proving that this was actually done that causes the pain. How is it possible to show that the motivation behind a recommendation is the client’s interest […]

    Big Index Changes Are Coming Soon, and Many Advisors Are Unaware

    {July 14th, 2018} by Sarah Ponczek

    Your indexes are about to be rejiggered. You may want to alert your financial advisor. S&P Global Ratings and MSCI Inc. announced their decision to shake up the Global Industry Classification Standard (GICS) structure last year, combining phone companies with internet and media stocks into a sector called “communication services.” The changes are set to […]

    Lincoln Financial Group’s Randal Freitag Recieves 2018 CFO of the Year Award from Philadelphia Business Journal

    {July 14th, 2018} by Lincoln Financial Group

    RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) announced today that Randal Freitag, executive vice president, chief financial officer and head of Individual Life, was recognized by the Philadelphia Business Journal and received its 2018 CFOs of the Year Award, honoring the region’s most influential executives who exemplify the professionalism, integrity, resilience and mastery of all […]


    {July 13th, 2018} by Press Release

      — FOR IMMEDIATE DISTRIBUTION– NEWS RELEASE   BERMAN JOINS WINK AS CENTRAL INTELLIGENCE OFFICER Wink, Inc.’s Illustration Benchmarking Expert is Key to Their Next Successful Venture Des Moines, Iowa. July 13, 2018– Andrew Berman has been named the Central Intelligence Officer for Wink, Inc. where he is responsible for illustration benchmarking and competitive analysis […]

    5 Benefits Of Private Placement Life Insurance

    {July 13th, 2018} by John Corrigan

    Private placement life insurance and annuity programs, commonly referred to as PPLI, have quickly become a favorite strategy among ultra-wealthy investors seeking greater tax efficiency within investment vehicles. It allows policyholders to combine the strength of premium investment products, such as hedge funds or other alternatives, with the tax-free benefits of life insurance. “This is […]

    Annuity Issuers Add Tools Aimed at RIA Market

    {July 13th, 2018} by Allison Bell

    Nationwide Advisory Solutions and Great-American Life have both used Monte Carlo simulation technology to develop new online tools aimed at registered investment advisors, and at RIAs’ retirement-planning clients. Here’s a look at the company’s new tools. Click HERE to view the original story via ThinkAdvisor. Nationwide Advisory Solutions Nationwide Advisory Solutions — the Louisville, Kentucky-based arm […]

    FINRA sanctions ex-SunTrust broker for allegedly faking scores of customer signatures

    {July 13th, 2018} by Margarida Correia

    FINRA has suspended a former SunTrust broker for three months for allegedly falsifying customer signatures on more than 70 forms, according to his recent settlement with the regulator. Matthew Alan Morris cut and pasted or traced the signatures of 16 customers on brokerage and IRA account applications, life insurance and annuity replacement forms, and other […]

    Global Atlantic Delivers a New Indexed Universal Life Insurance Product with a Strong Death Benefit Guarantee

    {July 13th, 2018} by Global Atlantic Financial Group

    DES MOINES, Iowa–(BUSINESS WIRE)–Global Atlantic Financial Group today launched Lifetime Foundation ELITE, a new indexed universal life insurance product for individuals seeking simple, affordable and secure death benefit guarantees. Lifetime Foundation ELITE provides a simple approach to life insurance with a death benefit guarantee. Assuming minimum premium requirements have been met, the death benefit of the […]

    The golf course isn’t the only place to network in insurance anymore

    {July 13th, 2018} by Alicja Grzadkowska

    The old boys’ club of insurance is falling away as more women enter the insurance sector and attain leadership positions in their organizations. Nonetheless, some traditions that can be hard to navigate are still in place, such as networking on the golf course. According to one expert, women can design their own spaces to connect with those […]

    Asset-Based Fee Models Are Under Scrutiny

    {July 13th, 2018} by Rich Blake

    Sometimes in financial services, what is accepted practice can come under a new light and suddenly seem fraught with conflicts that in hindsight should have seemed obvious. Goals can shift as if picked up by heavy gusts (often in the form of newspaper headlines). Just ask mutual fund managers who used to allow some large […]

    MassMutual Prepares to Build 17-Story Tower In Boston

    {July 13th, 2018} by Allison Bell

    Massachusetts Mutual Life Insurance Company is moving ahead with efforts to add a 310,000-square-foot building on the Boston waterfront, near the Seaport World Trade Center. The Springfield, Massachusetts-based insurer says it will be keeping its headquarters in Springfield, but that it plans to consolidate some facilities in other parts of the country. The realignment could […]

    Annuity vs. IRA: Which Is Best for My Retirement?

    {July 13th, 2018} by Kevin Voigt

    As you plan how to save for retirement, you’ll hear about IRAs and annuities. Both can generate income later in life, have some potential tax advantages and include penalties for early withdrawals. But beyond these similarities are differences that may make one better than the other for your situation. What are annuities and IRAs? How […]

    One last lifeline for states to pick up defense of the fiduciary rule

    {July 12th, 2018} by Nick Thornton

    The Labor Department’s fiduciary rule — roundly pronounced as deceased when the U.S. Court of Appeals for the Fifth Circuit issued a June 21 mandate enforcing a decision to vacate the regulation—may yet rise from the dead. On June 28, Barbara M.G. Lynn, Chief Judge for the U.S. District Court for the Northern District of Texas, issued […]

    A good fiduciary shouldn’t push the envelope – Carosa

    {July 12th, 2018} by Christopher Carosa

    But soon, every fighter jock, rocket ace, and rat-racer in the country… will be headed this way, wanting to push the outside of the envelope…” The Right Stuff, 1983 If you ever saw this movie or read the book by Tom Wolfe, you can’t help but admire the men who so willingly put their lives […]

    Finding one’s life purpose in insurance

    {July 12th, 2018} by Gerv Tacadena

    Like many of those whose family thrives in insurance, Avery Moore (pictured) never planned to enter insurance. Growing up and watching her mother who was working in the industry at that time, Moore found insurance boring. Little did she know that she would swallow her words years later and fall in love with the sector. […]

    NEW and IMPROVED AnnuitySpecs analysis tool

    {July 11th, 2018} by Wink's RockStars

    We hope you didn’t freak out when you logged into AnnuitySpecs and saw that everything changed. Please remain calm. Rest assured that the Wink staff is here to help you. It IS a lot of change. We get it. We don’t expect you to read our minds. If things get hairy contact support@winkintel.com or call 1 (855) ASK-WINK. […]

    MDRT Members Confront The Realities Of Human Trafficking

    {July 11th, 2018} by The IIJ Staff

    Members of the Million Dollar Round Table (MDRT) from around the world have joined with international organization The Exodus Road to combat human trafficking, a global issue affecting an estimated 20 million to 40 million people across 135 countries. The MDRT Foundation is partnering with The Exodus Road to raise funds and equip its members with the skills necessary […]

    MDRT Wraps Up 2018 Meeting, Looks To 2019

    {July 11th, 2018} by MDRT

    PARK RIDGE, Ill. (June 27, 2018) — More than 15,000 members from 53 countries attended the MDRT Annual Meeting this week in Los Angeles. Through 200 unique sessions and presentations, members exchanged innovative ideas to develop their personal lives and professional careers. The 2018 Annual Meeting brought together key industry experts to share insights with members […]

    Pinnacle Financial Services expands sales team and footprint in the Midwest.

    {July 11th, 2018} by Pinnacle Financial Services

    Warminster, PA, July 6th, 2018 – Pinnacle Financial Services, a well-known leader in sales of insurance and financial products serving the senior market, announced today the hire of Michelle Scianna as Regional Vice President Midwest Region. In this role Scianna will oversee the Midwest Regional Sales office, and be responsible for the continued growth of […]

    Corporate Bonds Are Getting Junkier

    {July 11th, 2018} by Danielle DiMartino Booth

    Life insurers invest heavily in high-grade corporate bonds to fund annuities, life insurance policies and other products. Here’s a look at the possibility that the issues might be affected by credit rating grade inflation… Much has been made of the degradation of the $7.5 trillion U.S. corporate debt market. High yield offers too little, well, […]

    Finra set to strengthen background checks for new registered rep hires

    {July 11th, 2018} by Mark Schoeff Jr.

    Finra will soon step up its background checks on newly hired brokers. Beginning Monday, the regulator will conduct a review of public financial records within 15 days of a brokerage submitting a registration application, known as a Form U4. Click HERE to read the full story via InvestmentNews; registration required.

    Some Commenters Tell the SEC They Still See Annuity Problems

    {July 10th, 2018} by Allison Bell

    Annuity issuers and annuity distributors may face a challenge when they’re in negotiations over new annuity sales and marketing standards: new complaints about annuities. The U.S. Securities and Exchange Commission recently began taking public comments on its effort to develop a best interest standard. The proposed standard would require a broker-dealer to act in the […]

    Compliance Demands ‘Ruining’ The Industry, Advisors Say

    {July 10th, 2018} by Brian O'Connell

    Finance professionals are budgeting more and more time each passing year to filling out forms and documenting meetings — all part of compliance demands they say are “ruining” the industry. Increased reporting demands created by new regulations have had a negative impact on the industry, especially client service, a recent national survey of 40,000 financial […]

    Compliance Demands ‘Ruining’ The Industry, Advisors Say

    {July 10th, 2018} by Brian O'Connell

    Finance professionals are budgeting more and more time each passing year to filling out forms and documenting meetings — all part of compliance demands they say are “ruining” the industry. Increased reporting demands created by new regulations have had a negative impact on the industry, especially client service, a recent national survey of 40,000 financial […]

    NAIC Recommends No Further Model Laws For Modified Annuities

    {July 10th, 2018} by John Hilton

    A National Association of Insurance Commissioners’ subgroup concluded that additional regulation of modified guaranteed annuities is not needed. The Model Law Review Subgroup will hold a conference call next week and disbanding the group is one item on the agenda. The group formed with two 2018 charges: to look at whether state laws adequately regulated […]

    District judge sets deadline in DOL fiduciary rule case

    {July 10th, 2018} by Bruce Kelly

    The Department of Labor’s fiduciary rule continues its legal and procedural death throes, as three financial services industry lobbying groups opposing the regulation notified a federal court in Texas on Monday that they would seek no more action in the matter. Click HERE to read the full story via InvestmentNews; registration required.

    Annual Milliman survey reveals gradual shifting from full underwriting of UL/IUL products to simplified issue and accelerated underwriting approaches

    {July 10th, 2018} by Milliman

    SEATTLE, July 9, 2018 /PRNewswire/ — Milliman, Inc., a premier global consulting and actuarial firm, today announced the results of its annual comprehensive study of universal life (UL) and indexed universal life (IUL) issues, which for the first time includes the reporting of sales by underwriting approach. The 11th annual Milliman study, “Universal Life and […]


    {July 10th, 2018} by National Life Group

    NEW YORK, NY – July 10, 2018 – National Life Insurance Company (“National Life”) today announced that it has commenced a private offering (the “Surplus Notes Offering”) of fixed-to-floating rate surplus notes due 2068 (the “Surplus Notes”).    The Surplus Notes will be offered in a private offering exempt from the registration requirements of the United States […]

    New tools to protect elderly from fraud, exploitation

    {July 10th, 2018} by Bruce Kelly

    Late last year, Fidelity Investments became concerned that an elderly client in the Atlanta area was suffering from diminished mental capacity and was being taken advantage of by a neighbor. To protect her, Fidelity froze her accounts, which totaled $1.02 million. Click HERE to read the full story via InvestmentNews; registration required.

    SEC bars ex-LPL rep over variable annuity sales

    {July 10th, 2018} by InvestmentNews

    The Securities and Exchange Commission has barred a former LPL rep, Roger Zullo, based on a charge he sold unsuitable and “disproportionately large” variable annuities to his clients. Mr. Zullo, a resident of Massachusetts, was discharged by LPL Financial in December 2016 after the state’s securities regulator filed an administrative complaint against the broker, alleging […]

    How The DOL Fiduciary Rule Changed Norms

    {July 10th, 2018} by John Hilton

    The Department of Labor fiduciary rule might be history, but many financial professionals will continue to feel the effects of its rules for some time to come. They will feel that impact in two ways: from the changing norms fueled by the three-year interaction with the DOL rule; and from lingering department guidance that lives […]

    Prudential Doubles Down On Annuity Strategy

    {July 9th, 2018} by Cyril Tuohy

    While some companies are running away from annuities by selling their portfolios, Prudential is embracing a bigger commitment to the business. For Newark, N.J.-based Prudential, doubling down isn’t simply developing new products and adding to the number of distribution channels through which it sells. Click HERE to read the full story via INN; subscription required.

    Why Annuities May Be Safer Than You Think

    {July 9th, 2018} by Benjamin Harris

    From unknown lifespan to unpredictable stock returns, retirement is filled with risk. There is one aspect of retirement, however, that is probably less risky than many Americans assume: whether consumers can count on life insurance companies to pay their annuity benefits. Fixed annuities are long-term contracts that require purchasers to have confidence that their benefits […]

    Three Problems With Annuities – And How To Fix Them

    {July 7th, 2018} by Elizabeth Bauer

    So let’s start with a disclaimer: I am an actuary, but I don’t have professional experience with annuities as offered by life insurance companies, and I’m more than willing to stand corrected by such professionals. What’s the big deal with employers closing their pension plans and moving employees into defined contribution plans instead? Partly it’s […]

    Envestnet Exchange Begins Bold Plan To Boost Annuities

    {July 7th, 2018} by Cyril Tuohy

    Annuities are about to get a lot more exposure with RIAs now that the first insurer has joined the Envestnet Insurance Exchange, analysts say. The exchange integrates annuities into the Envestnet wealth management platform and gives advisors a more complete view of client retirement portfolios. “As an advisor, you don’t have to leave the advisory […]

    The Life Insurance Agent as Financial Planner

    {July 6th, 2018} by Steve Parrish

    There are two major trends occurring with the insurance and risk management aspects of financial planning. First, many traditional life insurance agents are becoming financial planners, not just in title but in terms of their products, services, and fiduciary responsibilities. Second, financial planning is rapidly transitioning from a sales model to an advisory model.  Click […]

    My Encounter with CFPs Who Like Annuities

    {July 6th, 2018} by Kerry Pechter

    The other night I pondered a familiar puzzle: Why aren’t advisors more receptive to annuities and annuity wholesalers, especially at a time when so many of their older clients are transitioning into the “risk-off” side of their financial lives? This question troubles annuity issuers. Click HERE to read the full story via RIJ; subscription required.

    Life-LTC Hybrid Sales Soar: LIMRA

    {July 6th, 2018} by Allison Bell

    Use of life insurance-based long-term care (LTC) planning arrangements soared in 2017, according to data from LIMRA’s LIMRA Secure Retirement Institute. New premiums from life-LTC hybrids increased 18% over 2017 levels, to $4.1 billion, institute analysts report. The number of policies sold increased 5%, to about 260,000. The average amount of new premium revenue per […]

    No. 275: Athene, the New York Department, and the Victimization of Life Insurance Policyholders

    {July 6th, 2018} by Joseph M. Belth

    On June 28, 2018, the New York State Department of Financial Services (DFS) issued a press release announcing an extraordinary regulatory action taken against Athene Life Insurance Company of New York (Athene) and First Allmerica Financial Life Insurance Company (FAFLIC). The regulatory action took the form of a consent order requiring Athene to pay a […]

    The fugitive who was a Securities America advisor

    {July 6th, 2018} by Tobias Salinger

    A former lawyer who briefly worked as a Securities America financial advisor was actually a fugitive who assumed multiple fake identities over two decades, also posing as a real estate agent, bartender and retired paleontologist. Although he only acted as a registered representative of Securities America for seven months — using the name of his […]

    High-Net-Worth Clients Looking For More From Advisors

    {July 5th, 2018} by Brian O'Connell

    Despite robust portfolio returns, high-net-worth clients are lukewarm on their advisors, a new survey found. That disconnect should serve as a warning shot to advisors to stay on their toes while seeking to improve service. Satisfaction with advisors hovered around 60 percent in the first quarter 2018, according to Capgemini’s 2018 World Wealth Report. The […]

    Top-Earning Advisors Are Holding Firm On Fees

    {July 5th, 2018} by Cyril Tuohy

    Top-flight advisors, many of whom saw assets and revenue hit record highs last year, share several characteristics, new research discovered. According to the State of Retail Wealth Management published by McKinsey’s PriceMetrix division, successful advisors: Held the line on fees and refrained from lowering them. Generated a higher percentage of their revenue from fees as […]

    Transamerica Premier Life to pay Massachusetts nearly $20,000 for policies sold by unlicensed agent

    {July 5th, 2018} by Marian Johns

    BOSTON — Transamerica Premier Life Insurance Company has agreed to refund consumer premiums and to pay Massachusetts nearly $20,000 for allegations that one of its agents sold polices in the state without holding a license.  Massachusetts Attorney General Maura Healey announced the Transamerica agreement after the company allegedly allowed Wenifredo Aleman to sell universal life insurance polices […]

    Gov. Tom Wolf signs bill helping beneficiaries claim life insurance

    {July 5th, 2018} by Freda Savana

    Gov. Tom Wolf recently signed legislation to help beneficiaries of life insurance policies and annuities recover money from policies they were unaware of. Bill sponsor Rep. Marguerite Quinn, R-143rd, of Doylestown, said there are many old policies that someone might have bought years ago and forgotten about. “If (families) aren’t aware of a policy, they […]

    Here Come New No-Load Insurance Policies

    {July 5th, 2018} by Ben Mattlin

    David Lau, founder and CEO of DPL Financial Partners in Louisville, Ky., describes his mission as a “kind of personal crusade.” He’s talking about no-load and low-load insurance products—annuities and insurance policies that are commission-free and, as such, well suited to fee-only advisors and other fiduciaries. If only they were better understood, he laments. Before […]

    The DOL Rule Is Dead: What’s That Mean For Annuities?

    {July 5th, 2018} by Ben Mattlin

    In late June, after the Trump administration refused to defend it in court, the Department of Labor (DOL) fiduciary rule on retirement accounts was pronounced dead. The final nail in the coffin came when the Fifth Circuit Court of Appeals issued a mandate to “vacate the fiduciary rule in toto,” as a court statement put […]

    How Have Fixed Index Annuities Evolved And How Are Consumers Protected?

    {July 5th, 2018} by Casey Kuhn

    They say the earlier you decide to invest your money, the better. But, before you sign anything, you need to know exactly how your money may — or may not, perform — especially in a fixed index annuity. The market for these insurance products has boomed, but the complexity of these investments may feel misleading to the […]

    New York State Imposes Fines on Aflac and Transamerica

    {July 5th, 2018} by Dan M. Clark

    Two insurers agreed to pay close to $2.5 million in restitution and penalties on Monday for failing to provide information required by law to policyholders in New York state. The American Family Life Assurance Co. of New York, or Aflac, and Transamerica Financial Life Insurance Co. violated more than a dozen of the state’s insurance […]

    Pushing back against annuities in 401(k)s

    {July 5th, 2018} by Nick Thornton

    The mounting calls from lawmakers, regulators, and even the Government Accountability Office for more annuities in 401(k) plans is getting pushback from prominent retirement economists. In testimony before the ERISA Advisory Committee last month, Teresa Ghilarducci, the Irene and Bernard L. Schwartz Professor of Economics and Policy Analysis at The New School for Social Research, claimed private-sector annuity products were in a […]

    Guggenheim accused of siphoning annuity unit’s cash for LA Dodgers

    {July 2nd, 2018} by Jennifer Ablan, Jonathan Stempel

    NEW YORK (Reuters) – Guggenheim Partners, overseen by billionaire Mark Walter, is facing a lawsuit claiming it defrauded annuity investors by saddling an insurance affiliate with risky assets, and siphoning cash for purposes including Walter’s purchase of the Los Angeles Dodgers baseball team. The complaint, which has drawn little media attention, closely mirrors in substance […]

    Securities America Adds Futurity First Insurance Group

    {July 2nd, 2018} by Securities America

    LA VISTA, Neb. – June 28, 2018 – Securities America, a wholly owned subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS, LTSL, LTS PrA, LTSF), announced today that Futurity First Insurance Group – an independent, nationwide insurance distribution organization that specializes in retirement income and insurance protection solutions with $222 million in client […]

    Advisor groups calling on SEC to clarify distinct roles of IAs, brokers

    {July 2nd, 2018} by Kenneth Corbin

    Six advocacy groups for fee-only advisors have banded together to pressure the SEC to modify its proposed rule package to distinguish — in black and white — the business model for fiduciary advice from that of the brokerage world. Backers of the “Raise Your Voice” campaign are asking fee-only advisors to flood the commission with appeals to […]

    Guggenheim’s Pat Walter, Brother of CEO, to Depart

    {July 2nd, 2018} by John Gittelsohn and Sonali Basak

    Pat Walter, Guggenheim Partners’s head of human resources and brother of the firm’s chief executive officer, is leaving the company after a series of disputes among employees. Walter, 69, is retiring after 17 years as the firm’s first human resources head, according to a memo to employees sent Thursday. Peggi Sturm, a senior managing director, will […]

    Global Atlantic Joins Envestnet Insurance Exchange

    {July 2nd, 2018} by Ginger Salza

    Pieces are falling into place for the new Envestnet Insurance Exchange, which announced that Global Atlantic Financial Group will be its first carrier to offer annuities on its new platform to be live later this year. The insurance exchange is being developed with the goal of allowing RIAs to provide holistic advice to their clients. […]

    New York Regulators Impose $15 Million Fine Over Life Notice Problems

    {July 2nd, 2018} by Allison Bell

    The New York State Department of Financial Services has imposed a $15 million fine on one life insurer in connection with premium notice and annual statement problems affecting about 15,000 policyholders, officials said today. The department has  also required another insurer to make remedial efforts that could have a total value of about $40 million […]

    DFS Fines Insurance Companies Over Lapse in Mandated Communication With Policyholders

    {July 2nd, 2018} by Dan M. Clark

    Athene Life Insurance Co. of New York was fined $15 million by state regulators Thursday after an examination by the agency found the company violated the state’s insurance laws and regulations by failing to make required disclosures to their policyholders. The agreement also involves First Allmerica Financial Life Insurance Co., a subsidiary of Global Atlantic Financial Group, […]

    New York Regulators Fine Athene Life Insurance

    {July 2nd, 2018} by Nicole Friedman

    New York financial regulators on Thursday fined Athene Life Insurance Co. of New York $15 million for not providing required information to about 15,000 life-insurance policyholders from 2015 to 2017. The violations occurred after First Allmerica Financial Life Insurance Co., a unit of Global Atlantic Financial Group, agreed to administer many of Athene’s life-insurance policies in 2013. […]

    Hannover Re Backs OneAmerica Life-Based LTC Product

    {July 2nd, 2018} by Allison Bell

    A U.S. arm of Hannover Re thinks backing life insurance-based long-term care (LTC) products can be a good business. The Hannover Re arm, Hannover Life Reassurance Company of America (Hannover Re US), has agreed to reinsure Asset Care products written by a unit of OneAmerica, Hannover Re and OneAmerica announced today. Click HERE to read the original […]

    A.M. Best Affirms Credit Ratings of Massachusetts Mutual Life Insurance Company and Its Subsidiaries

    {July 2nd, 2018} by A.M. Best

    OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings of “aa+” of Massachusetts Mutual Life Insurance Company (MassMutual) and its life/health subsidiaries, C.M. Life Insurance Company and MML Bay State Life Insurance Company (both domiciled in Enfield, CT). Concurrently, A.M. Best has affirmed the Long-Term […]

    Motivation boost: More than 15,000 from 53 countries attend MDRT-Los Angeles

    {July 2nd, 2018} by Brian Anderson

    If you ever want to go to a huge industry conference that is heavily focused on motivating attendees, you just might want to qualify for and become a member of the Million Dollar Round Table and attend its annual meeting. This year’s event is wrapped up in Los Angeles on Wednesday, after five raucous days, […]

    Life Agents Should Not Face ANY Best Interest Standard: Annuity Group

    {July 2nd, 2018} by Allison Bell

    Some longtime defenders of indexed annuities are trying to head off efforts to impose any new requirements for insurance agents to act in clients’ best interest. The annuity defenders, at the Fixed Annuity Consumer Choice (FACC) Campaign, are trying to get attention for their position: that regulators should stick with the current suitability for fixed […]

    Why Do People Hate Immediate Annuities?

    {July 2nd, 2018} by Scott Stolz

    About 25 years ago, I sat in a packed room at a National Association for Variable Annuities conference (now the Insured Retirement Institute or IRI). There, I watched Dick Austin, one of the original annuity pioneers, deliver a compelling argument for the inevitable substantial growth in immediate annuity sales. The argument was as sound then […]

    Kiley Named Entrepreneur Of The Year® 2018 in EY’s Heartland Program

    {July 2nd, 2018} by Security Benefit Life Insurance Company

    TOPEKA, Kan., June 27, 2018 (GLOBE NEWSWIRE) — Security Benefit today announced that Mike Kiley, Chief Executive Officer of Security Benefit, is the Entrepreneur Of The Year® 2018 Heartland Award winner. The EY awards program recognizes entrepreneurs who are excelling in areas such as innovation, financial performance and personal commitment to their businesses and communities. Kiley […]

    Where to find women financial adviser candidates

    {July 2nd, 2018} by Sarah Min

    Before starting a job as a financial planning associate last month, Alesstrah Love, 27, worked as a scientist for a pharmaceutical company. She ran tests on new drugs in a laboratory, but found that the work didn’t fit her personality. “I’m more of a people person,” Ms. Love said. “I don’t want to go through […]

    A.M. Best Affirms Credit Ratings of Oxford Life Insurance Company and Its Subsidiaries

    {July 2nd, 2018} by A.M. Best

    OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of Oxford Life Insurance Company (Oxford Life) (Phoenix, AZ) and its subsidiary, Christian Fidelity Life Insurance Company (Dallas, TX), collectively referred to as Oxford Group. A.M. Best also has affirmed the FSR of B++ (Good) and the […]