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Archive for October 2018


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  • Private equity: Apollo’s lucrative but controversial bet on insurance

    {October 31st, 2018} by Where to Get Finance

    Marlene Albert had $110,000 in her investment account when she left her job at AT&T a decade ago. But what she needed instead, she told her broker, was a monthly cheque for the rest of her life. “He didn’t charge [for advice], because my mother would bake him fudge,” recalls her daughter, Sherrie Kelly. “She […]

    Voya to exit individual life sales at end of the year

    {October 31st, 2018} by Brian Anderson

    Voya Financial, Inc. announced on Tuesday, Oct. 30, that it will stop selling new individual life insurance at the end of the year. The announcement came as part of the company’s third quarter earnings report, which revealed the company, spun out of ING in 2013, had concluded the strategic review of its individual life business. […]

    Consumers See Annuities As Answer To Top Retirement Worry: Survey

    {October 31st, 2018} by LIMRA SRI

    NEW YORK CITY – A new LIMRA Secure Retirement Institute (LIMRA SRI) study of annuity owners finds the top two reasons consumers buy annuities are to supplement Social Security/pension income and to receive guaranteed income payments for life. “Our research consistently shows consumers are worried about running out of money in retirement – 67 percent of pre-retirees […]

    SEC Proposes Long-Awaited Variable Annuity Summary Prospectus

    {October 31st, 2018} by Melanie Waddell

    The Securities and Exchange Commission proposed late Tuesday its long-awaited summary prospectus for variable annuities and variable life insurance contracts. The plan is designed to help investors “better understand these contracts’ features, fees, and risks, and to more easily find the information that they need to make an informed investment decision,” the SEC said in […]

    Genworth Reminds Analysts That GLIC Will Stand Alone

    {October 31st, 2018} by Allison Bell

    Genworth Financial Inc. executives said they are optimistic about being able to complete the sale of the company to China Oceanwide Holdings Group Co. Ltd. by the end of the year — and they took pains to emphasize that the units that have written Genworth’s long-term care insurance (LTCI) and annuities will have to stand on […]

    Fill the Gaps of Special Needs Financial Planning

    {October 31st, 2018} by Tom Halloran, Voya Financial Advisors

    Across the United States, one in five children and adults — 65 million people — will experience a special need or disability during their lifetimes.1Without assistance from government programs, non-profit organizations or employers, caregivers often face a tough and confusing journey — especially when it comes to planning for retirement and a lifetime of continuous […]

    Annuity Collections May Replace Swiss Army Knife VA Contracts

    {October 31st, 2018} by Allison Bell

    Fifteen years ago, many financial professionals tried to meet clients’ needs with variable annuity contracts that could do everything. Advisors dreamed of annuities that could help clients save for retirement, collect income in retirement, pay long-term care bills, pass estates on to heirs, and, possibly, hammer nails, cut wires and open wine bottles. Today, the variable […]

    RetireUp Adds AXA Equitable Life’s Leading Structured Variable Annuity to Its Comprehensive Retirement Planning Platform

    {October 31st, 2018} by RetireUp

    CHICAGO, Oct. 30, 2018 /PRNewswire/ — Retirement income planning software provider RetireUp announced today the addition of AXA Equitable Life’s Structured Capital Strategies® variable and index-linked deferred annuity to its broad selection of products available in the RetireUp Pro platform. The industry-leading RetireUp Pro platform enables financial professionals to convey complex concepts using simple numbers, visuals and “what-if” scenarios. […]

    Life Insurers Set Records For Payouts, Coverage, Investments In 2017

    {October 31st, 2018} by Targeted News Service

    WASHINGTON, Oct. 29 — The American Council of Life Insurers issued the following news release: America’s life insurers set new records last year for life insurance and annuity benefit payouts, coverage issued and investments in corporate bonds, continuing their strong commitment to families’ financial security and investing in America. These and other industry highlights are […]

    Get The Framing Right And Consumers Love Annuities

    {October 31st, 2018} by John Hilton

    NEW YORK — When LIMRA Secure Retirement Institute researchers quizzed survey respondents on how big the lump sum would have to be to forgo a monthly guaranteed income option – they were surprised by the results. Respondents were told hypothetically how the lifetime income option – an annuity – works before answering. “It turns out […]

    The midterm elections: What’s at stake for financial advisers

    {October 31st, 2018} by Mark Schoeff Jr.

    As voters head to the polls in three weeks, the fate of many issues affecting financial advisers will hang on the outcome. If Democrats gain control of the House of Representatives in November’s midterm elections — as is widely predicted — advisers will feel the impact. Click HERE to read the full story via InvestmentNews; […]

    State Of The Fiduciary: States Step In Where Federal Agencies Left Off

    {October 31st, 2018} by Cassie Miller

    While the Securities and Exchange Commission revises its rule-making package containing regulation best interest, Form CRS and title reform, several states are taking matters into their own hands, establishing a fiduciary standard in the hopes of better-protecting investors. Nevada passed Senate Bill No. 383 last July, creating needed definitions of financial planners and broker-dealers. The […]

    Let’s Talk About The ‘Insurance Company Of The Future’

    {October 31st, 2018} by John Hilton

    NEW YORK — The “insurance company of the future” will be leaner and meaner, while empowering advisors through technology. And advisors are optimistic about it, according to new data via a joint LIMRA-Ernst & Young survey. LIMRA hosted a session led by David Holtzman, principal, insurance advisory, for Ernst & Young. “People are acknowledging that […]

    Ohio National Offers Annuity Buyouts

    {October 31st, 2018} by Ross Snel

      Ohio National Financial Services is offering buyouts to some variable-annuity customers, sparking criticism from financial professionals. So reports InvestmentNews. The offer appears to be related to Ohio National’s recent decision to cancel commission trails for advisors, some experts say. Early last month the insurer said it would stop writing new annuity contracts. Click HERE to view the […]

    WHAT’S NEW IN ANNUITIES: October 2018

    {October 30th, 2018} by Wink's RockStars

    Wink’s AnnuitySpecs analysis provides an up-to-date view of the traditional fixed, multi‐year guaranteed, indexed, structured, and variable annuities being launched and retired on a monthly basis so you can quickly view trends in product development. AnnuitySpecs’ “What’s New” section will default to the last three months and one can view historical data in quarterly intervals. […]

    6 myths about millennials that could harm adviser businesses

    {October 30th, 2018} by Gre

    Financial advisers, like society at large, get an awful lot wrong about millennials — that group of 20- and 30-somethings who are an obsessive focus of generational discussion. To a certain extent, it’s not entirely advisers’ fault. Seemingly endless articles spout broad and often negative generalizations about this large demographic: They are lazy, technology-dependent, disloyal, […]

    Choosing the right annuity

    {October 30th, 2018} by Sheryl J. Moore

    So, if someone has decided that an annuity is indeed right for them, they typically next need assistance identifying which type of annuity they are going to purchase. But which type of annuity is right for this prospect? There are so many choices… To that end, it is important to consider a fundamental principal of risk: […]

    What is happening to Variable Annuities?

    {October 30th, 2018} by Sheryl J. Moore

    Funny thing happened yesterday… I “met” a guy on the phone, who asked me if I had recently learned about indexed life insurance. Uh, no. I’m actually THE indexed life guru…have been for 19.33 years. I cut my teeth on participating whole life, then moved over to the tough stuff. He remarked, “Oh! I thought you were […]

    Women advisors share the tough advice that shaped their careers

    {October 30th, 2018} by Amanda Schiavo

    Long-standing cultural norms and stereotypes have kept finance a boy’s club, but some women financial planners have received bracing advice that has helped them grow and thrive in this challenging field.  Just 32% of financial advisors are women, according to the federal Bureau of Labor Statistics, and only 23% of advisors with a CFP designation […]

    How Do You Measure the Effects of Owning an Annuity?

    {October 30th, 2018} by Allison Bell

    Annuity market players here in New York for LIMRA’s annual conference came up with an idea for improving annuities’ image: Develop a tool that can show how purchasing annuities has affected the purchasers’ well-being. Robert Kerzner, the outgoing president of the Windsor, Connecticut-based industry consortium, talked about the effect of annuities on retirees’ well-being today […]

    Do annuities have a place in your retirement portfolio?

    {October 30th, 2018} by Mark Hulbert

    To annuitize or not to annuitize? Hardly the elegant alliteration of a Shakespeare. But, nonetheless, this remains an urgent question that nearly all retirees and soon-to-be-retirees face at one time or another. And, despite an enormous amount of ink having been spilled on the question over the last few decades, a consensus answer appears as […]

    How Life Insurers (Just Barely) Escaped a Tax Bill Catastrophe…

    {October 30th, 2018} by Allison Bell

    A year ago, life insurers were saying little about the tax bill debate in Washington, even though the tax bill drafts were all full of life insurance provisions. Carolyn Coda — the deputy head of Americas regulatory affairs at Swiss Re  — explained Monday why life insurers were so quiet: The original version of the Tax Cuts and […]

    Insurers ‘Back To Square One’ After Election, Panelist Predicts

    {October 30th, 2018} by John Hilton

    NEW YORK — Next Tuesday is sure to be a wild Election Day, and there are enough important issues on the table to keep life insurers fully engaged. In fact, if control of Congress changes in any way, a very real possibility, insurer teams will likely have to retrace lobbying steps, said a panelist Monday […]

    Next Stop, TechTown: Where LIMRA’s New CEO May Go

    {October 30th, 2018} by Steve Morelli

    NEW YORK — If Bob Kerzner helped put LIMRA/LOMA on track after 14 years as CEO, the incoming chief executive is expected to take it and the industry to new territory. The incoming LIMRA board chairman, Brandon Carter, said Kerzner had stabilized and nurtured the association to be an essential part of the life insurance […]

    Picturing Life In Retirement Leads To More Savings: Survey

    {October 30th, 2018} by Capital Group

    LOS ANGELES, Oct. 23, 2018 /PRNewswire/ — A large majority of Americans agree they need to save more and invest better to prepare for retirement, but new research reveals an action that may make all the difference: When people envision how they want to live in their retirement years, they are motivated to save more. The research, based […]

    Ohio National offers new round of variable annuity buyouts

    {October 30th, 2018} by Greg Iacurci

    Ohio National Financial Services Inc. is offering buyouts to some variable-annuity customers, a move that some industy experts believe is related to a recent announcement that it would be cutting advisers’ trail commissions by the end of the year. Around Nov. 12, Ohio National will begin offering clients the ability to surrender some variable annuities […]

    If You Hate Annuities, You May Not Understand Them

    {October 30th, 2018} by RICHARD W. PAUL, CFP, RFC, INVESTMENT ADVISER

    No investment or insurance strategy is more polarizing than annuities. Some financial professionals love them. Some hate them. Others claim to hate them — but only certain kinds. All of which is extremely confusing for the average investor. The bottom line is that annuities can be a wonderful tool for those looking to generate guaranteed […]

    4 Ways New Annuity Market Options Can Open Doors

    {October 30th, 2018} by Chris Conklin

    When it comes to purchasing the right annuity, every client wants and needs something different. One thing most clients have in common, however, is the desire to make meaningful choices. With so many different annuities out there, it can be difficult for clients to know every option that is available to help them reach their […]

    Commission By Stealth? In a Raymond James Ruling, a Federal Court May Have Opened the Door

    {October 30th, 2018} by Miriam Rozen

    When can financial advisors call a commission something else and have clients pay it? “Never,” is the short answer. “I believe that most firms understand that commissions must be clearly identified as such,” says Brad Bennett, the former chief of enforcement at Finra, who is now a law partner at Baker Botts in Washington, D.C. A ruling this month […]

    State Regulators Unveil Annuity Sales Rules Draft … Here’s What it Means for Advice

    {October 30th, 2018} by Alex Padalka

    Members of the National Association of Insurance Commissioners have rolled out a proposal to subject annuity sales to the suitability standard, which one consumer watchdog says doesn’t do enough to protect investors, InvestmentNews writes. NAIC says the regulation would require that sales of the product “are suitable, in the consumer’s interest and result in transactions involving annuity […]

    RetireOne Adds Symetra Advisory FIAs to Annuity Platform

    {October 30th, 2018} by Symetra Life Insurance Company and RetireOne

    SAN FRANCISCO & BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra Life Insurance Company and RetireOne™ today announced the addition of Symetra Advisory Edge and Symetra Advisory Income Edge fixed indexed annuities (FIAs) to the RetireOne™ platform. Engineered for registered investment advisors and fee-based advisors, the Symetra FIAs help provide protection against market losses while offering upside potential via two […]

    Change is Inevitable – Embrace it

    {October 30th, 2018} by LIMRA

    NEW YORK CITY, Oct. 29, 2018—Opening the 2018 LIMRA Conference amidst more than 900 attendees, Robert A. Kerzner, CLU, ChFC, president and CEO of LIMRA, LOMA and LL Global, discussed how the life insurance and retirement industries have changed over his 44-year career, declaring the rate of change is accelerating especially for distribution. “Traditional distribution is […]

    Brighthouse Financial Aims to Simplify Advisor Experience with End-to-End Digital Platform

    {October 30th, 2018} by Business Wire

    October 23, 2018 — CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial® (Nasdaq: BHF) today announced the availability of the Brighthouse Financial Digital Desk, an online platform designed for firms to help their financial advisors navigate the fixed annuity purchase process from start to finish. The Digital Desk acts as a one-stop resource for fixed and income annuities. It allows advisors […]

    Diversity in Financial Services

    {October 30th, 2018} by Jocelyn D. Wright, MBA, CFP

    In August, The American College of Financial Services held its’ 13th Annual Conference for African American Financial Professionals (CAAFP). More than 600 financial service professionals from across the country convened in the nation’s capital for the day and a half event of professional development, continuing education and networking. This is likely the largest annual gathering […]

    Delaware Schedules China Oceanwide-Genworth Hearing

    {October 29th, 2018} by Allison Bell

    China Oceanwide Holdings Group Co. Ltd. may be about to get a step closer to completing its proposed acquisition of Genworth Financial Inc. The Delaware Department of Insurance has agreed to hold a public hearing on China Oceanwide’s application to acquire a key Genworth subsidiary, Genworth Life Insurance Company (GLIC) Nov. 28. China Oceanwide has been trying to […]

    State insurance commissioners plan tougher annuity sales rules

    {October 29th, 2018} by Lyle Adriano

    The National Association of Insurance Commissioners (NAIC) has produced the latest draft of its annuity transactions suitability model regulation – a rule that will hopefully enhance the standard of care for sales of the products. According to NAIC working group chairman and Idaho Department of Insurance director Dean Cameron, the proposal would require insurers and […]

    RGA Sees Strong Competition for Annuity Reinsurance Deals

    {October 29th, 2018} by Allison Bell

    Executives at Reinsurance Group of America Inc. say competition for annuity and pension reinsurance business is strong. RGA executives talked about the state of the longevity deal market Friday, during a conference call with securities analysts. Anna Manning, the president of the Chesterfield, Missouri-based life reinsurer, told the analysts that the performance of reinsurance arrangements […]

    Intruders May Have Viewed Some Social Security Numbers on Insurer’s System

    {October 29th, 2018} by Allison Bell

    Intruders used the credentials of some Bankers Life and Casualty Company employees to get into Bankers Life systems from May 30 through Sept. 30, the company announced last week. The intruders may have obtained unauthorized access to the full Social Security numbers, driver’s license numbers, bank account numbers, or medication, diagnosis or treatment plan information for “a limited […]

    Change Or Fall Behind, Outgoing LIMRA CEO Warns

    {October 29th, 2018} by John Hilton

    NEW YORK — Bob Kerzner issued one final warning to insurers today to either change or fall behind. The popular, outgoing CEO of LIMRA/LOMA delivered his regular state of the industry talk to kick off the trade association’s annual meeting. Kerzner was more emphatic than normal in urging industry execs to embrace technology and change. […]

    What 4 Carriers Are Saying About Agents and Agent Comp

    {October 27th, 2018} by Allison Bell

    Only a few U.S. life and annuity insurers have stock that trades on the New York Stock Exchange or Nasdaq, but many of those insurers are giants. Their quarterly earnings releases, financial supplements and reports can give financial professionals insights into the chief financial officers (CFOs) might look more nervous than the chief executive officers. The stuff that […]

    Gift Annuity Offers Tax Break and Retirement Income

    {October 27th, 2018} by Mary Kane

    Donor-advised funds and qualified charitable distributions have grabbed the spotlight for charitable giving under the new tax law, and for many people, those giving vehicles may work best. But that doesn’t necessarily mean ruling out other ways to give. For some donors, a charitable gift annuity could be a way to meet charitable goals and […]

    State insurance commissioners draft annuity sales rule

    {October 27th, 2018} by Mark Schoeff Jr.

    State insurance regulators want to strengthen rules for annuity sales by requiring they be conducted with the consumer’s interest as the priority, rather than the insurance professional’s compensation. Members of the National Association of Insurance Commissioners hammered out the latest draft of their annuity transactions suitability model regulation earlier this week in Chicago.  Click HERE to read […]

    Lincoln Financial Network Advisors Recognized at Women in Insurance and Financial Services National Conference

    {October 26th, 2018} by Lincoln Financial Network

    PHILADELPHIA–(BUSINESS WIRE)–Lincoln Financial Network (LFN), the retail wealth management affiliate of Lincoln Financial Group (NYSE:LNC), announced today that 13 independent registered representatives from across LFN were recognized by Women in Insurance & Financial Services (WIFS) at its Leading the Way 2018 National Conference. The advisors each received the WIFS “Circle of Excellence” honor and were […]

    The ABCs of Structured Annuities

    {October 26th, 2018} by Scott Stolz

    Commentary: Today, registered index-linked annuities, buffered annuities, index-linked variable annuities and structured annuities are all used to describe a single product. Given the many names for this relatively new annuity structure, I suspect there is some confusion as to what these products are and when they should be recommended. I refer to these products as […]

    Time for RIAs to Rethink Insurance

    {October 26th, 2018} by Michael Finke

    At a recent conference of financial planners who strongly consider themselves fiduciaries, I explained the benefit of tax-favored longevity insurance using a qualified longevity annuity contract (QLAC). I even called them a “no brainer” when building a retirement income plan for a client who doesn’t have a pension. A planner in the audience raised her […]

    Industry Pressured To Find UL Policy Fix

    {October 26th, 2018} by John Hilton

    Pressure is growing on insurance regulators and carriers to address failing universal life insurance policies sold decades ago. Even those who want the industry to step in are not sure what they can do. But one industry veteran said it’s an impending “public relations disaster” for the life insurance industry. Click HERE to read the […]

    Ameriprise Increases Variable Annuity Sales 3%

    {October 25th, 2018} by Allison Bell

    The third quarter was pretty good for Ameriprise Financial Inc., but not that great for the company’s annuity operations. The Minneapolis-based financial services company is reporting $503 million in net income for the quarter on $3.3 billion in revenue, compared with $507 million in net income on $3 billion in revenue for the third quarter […]

    Life insurance advisors selling less life insurance but more of other products, says study

    {October 25th, 2018} by The IIJ Staff

    A new study from LIMRA and EY indicates significant growth of advisory services in financial professionals’ business mix across multiple types of advisor channels, but that’s putting a damper on the amount of life insurance advisors are selling. The U.S. study indicates that the largest growth of fee-based advisory services comes from full-service broker-dealer advisors, which grew nearly five […]

    Brighthouse Financial Launches Digital Desk to Support Fixed and Income Annuity Sales

    {October 24th, 2018} by WCRC LEADERS

    Brighthouse Financial announced Tuesday the availability of its new Digital Desk platform, which is designed to help financial advisors with the selection and purchase of fixed and income annuities. Described in a prepared statement as a “one-stop resource” for fixed and income annuities, the Digital Desk is meant to assist advisors in educating their clients […]

    Officials seek to highlight elder financial abuse problem, new protections for reporting

    {October 24th, 2018} by Elizabeth Crisp

    Louisiana and federal officials on Thursday held a town hall meeting to raise awareness of the dangers of financial exploitation of the elderly and new protections in state law that may make it easier to prevent. “When people prey on the elderly, they are preying on our most vulnerable, when they should be enjoying that […]

    Insured Retirement Institute chooses new president/CEO

    {October 24th, 2018} by Rob Kozlowski

    Wayne Chopus was named president and CEO of the Insured Retirement Institute, the organization announced in a news release Tuesday. He will start Jan. 1, 2019, succeeding Catherine J. Weatherford, who is retiring after 10 years of leading the Washington-based organization, which represents major insurers, money managers, broker-dealers and financial professionals. Mr. Chopus, who is a member […]

    Will Fee-Only Advisors Warm to Annuities?

    {October 24th, 2018} by Kerry Pechter

    At the National Association of Personal Financial Planners’ meeting in Philadelphia this week, Wade Pfau of The American College and David Lau of DPL Financial Planners urged fee-only advisors to mix annuities and investments in retirement. (Painting of Philadelphia trolley stop by Paul Santoleri.) The trouble with fee-only advisors—from an annuity marketer’s viewpoint—is that they […]

    New digital MYGA platform from Blueprint Income

    {October 24th, 2018} by Editorial Staff

    We’re seeing that many of those nearing retirement want to have at least a portion of their money earning a guarantee, whether that’s a guaranteed return or guaranteed income,’ said Nimish Shukla, CFA and a Blueprint Income co-founder.   Blueprint Income, a New York-based fintech firm formerly known as Abaris, has what it calls the “first […]

    Reminder: If You Win the $1.6 Billion Mega Millions, Don’t Take the Cash Up-front — Take the Annuity

    {October 24th, 2018} by Josh Barro

    I have another reason for President Trump to be mad at the Federal Reserve: Its recent actions have pushed down the value of Tuesday’s big Mega Millions jackpot. The drawing is forecast to have the highest headline jackpot ever for an American lottery: $1.6 billion, which would just exceed the $1.586 billion Powerball drawing on January […]

    Ohio National stokes adviser fears over annuity trail compensation

    {October 24th, 2018} by Greg Iacurci

    It’s been a few weeks since Ohio National Financial Services Inc.’s bombshell announcement around annuity trail compensation, and financial advisers are still trying to make sense of its implications for them and the broader industry. One question seems to be on the minds of most: Will other insurers follow Ohio National’s lead? Click HERE to […]

    Best’s Market Segment Report: Ordinary Life Insurance—What Lies Ahead?

    {October 24th, 2018} by A.M. Best

    Oldwick – Direct premiums written in ordinary life insurance grew to a historical high of $147.8 billion in 2017, with further year-over-year growth of 1-4% likely in 2018, according to a new A.M. Best report. The Best’s Market Segment Report, “Ordinary Life Insurance—What Lies Ahead?” states that total ordinary life direct premiums written have been rising since […]

    Women lag men in retirement savings, Prudential study finds

    {October 23rd, 2018} by Prudential Financial, Inc.

    October 22, 2018 03:43 PM Eastern Daylight Time NEWARK, N.J.–(BUSINESS WIRE)–Women on average have saved 43 percent less for retirement than men, finds new data from Prudential Financial, Inc. (NYSE: PRU). Data from Prudential’s 2018 Financial Wellness Census™ finds that women and men on average expect to retire at age 67. But women have saved an average […]

    Uneducated Consumers Have Been Sold a Bill of Goods

    {October 23rd, 2018} by Steve Savant

    As a 35-year veteran of the financial services industry I’ve come to a basic understanding of the mindset of consumers. Everyone has a synaptic pathway between their cerebral hemispheres for function and creativity, but when it comes to money that bridge is out. There’s no connection linking earning power and value spending. No correlation associated […]

    Ladenburg Institute of Women & Finance Concludes Seventh Annual Symposium to Champion Advancement of Women Advisors

    {October 23rd, 2018} by Ladenburg Thalmann Financial Services Inc

    Launches LIFT University to Enable Participation in Annual Symposium and Mentoring Program at the Event for Women Considering Careers in Financial Advice Profession Event Brings Together Leading Women Advisors and Home Office Executives Across Ladenburg and Its Subsidiaries, Along with Top Third-Party Experts October 15, 2018 06:00 AM Eastern Daylight Time DALLAS–(BUSINESS WIRE)–Ladenburg Thalmann Financial […]


    {October 23rd, 2018} by ACLI

    American Council of Life Insurers (ACLI) President and CEO Susan Neely issued the following statement today after the Financial Stability Oversight Council (FSOC) announced its rescission of the designation of Prudential Financial as a “nonbank systemically important financial institution.” Washington, D.C. (October 17, 2018) — “We strongly support the Financial Stability Oversight Council’s (FSOC) action today. The […]

    NAIC Annuity Sales Model Won’t Be Done In Time For Fall Meeting

    {October 23rd, 2018} by John Hilton

    CHICAGO – A National Association of Insurance Commissioners working group has been hashing out an annuity sales model. But the group’s chair says the model will not be done in time for NAIC’s fall meeting in San Francisco next month. The working group will provide a “framework” for NAIC and the states as the regulation […]

    NAIC Group Debates Trips, Incentives In Annuity Sales Model

    {October 23rd, 2018} by John Hilton

    CHICAGO — A line on “noncash compensation” led to an extended back-and-forth discussion on agent conduct as state insurance commissioners try to finalize an annuity sales model. A National Association of Insurance Commissioners’ working group meets again today and is on track to present a completed annuity sales model law to its parent committee. That […]

    NAIC Annuity Sales Group Deeply Split Over ‘In-Force’ Issue

    {October 23rd, 2018} by John Hilton

    CHICAGO — A fierce split on whether to extend annuity sales rules to in-force policies crippled a state insurance commissioners’ working group today. The National Association of Insurance Commissioners’ Annuity Suitability Working Group is attempting to craft an annuity transactions model law to present to its parent committee at the NAIC Fall Meeting next month. […]

    NAIC Working Group Balks At Tough ‘Best Interest’ Annuity Rule

    {October 23rd, 2018} by John Hilton

    CHICAGO — The New York-California faction made a big push to beef up a proposed state insurance commissioners’ annuity sales rule, but the effort fell short when working group members rejected “best interest” language. The Annuity Suitability Working Group took all of its scheduled five hours today to finish a section-by-section review of the model […]

    NAIC Group Continues To Debate Annuity Sales Rule

    {October 23rd, 2018} by John Hilton

    CHICAGO — The “best interest” concept was thought to be a settled issue for a state insurance commissioners’ working group struggling to create an annuity sales rule. But it did not take long for the idea to return today at a special meeting of the Annuity Suitability Working Group. Led by Chairman Dean Cameron of […]

    NAIC Annuity Sales Rule Proposal Faces Showdown In Chicago

    {October 23rd, 2018} by John Hilton

    The stakes will be high when Idaho Insurance Commissioner Dean Cameron gavels a special meeting Monday afternoon to continue work on an annuity sales model law. A National Association of Insurance Commissioners’ working group is again meeting in person – this time in Chicago – in another bid to bridge a seemingly unbridgeable divide between […]

    Brighthouse Has Annuity Platform News, Too

    {October 23rd, 2018} by Allison Bell

    Brighthouse Financial Inc. said today that it will be offering two types of annuity contracts through a single online platform — and that it can add more types of products to the system. The Charlotte, North Carolina-based annuity issuer said it will start by offering fixed annuities and immediate annuities through its new Brighthouse Financial Digital Desk […]

    IRS Helps Federal Agencies Tap Variable Life and Annuity Users

    {October 23rd, 2018} by Allison Bell

    The Internal Revenue Service has come out with new guidelines that could help two other federal agencies use cash from variable life and variable annuity holders to support federal mortgage loan guarantees. The IRS gave the federal mortgage agencies the boost with Revenue Procedure 2018-54. Two major federal mortgage agencies — the Federal Home Loan Mortgage Corp. […]

    More retirement plan advisers coverage » LPL and Independent Financial Partners lose $10 billion retirement group

    {October 23rd, 2018} by Greg Iacurci

    Retirement Benefits Group, a multibillion-dollar advisory group focused on defined-contribution plans, is leaving LPL Financial and Independent Financial Partners early next year, according to a source familiar with the plans. RBG — which had $10 billion and 55 retirement plan advisers as of year-end 2017, according to InvestmentNews data — is joining another registered investment adviser, Resources Investment Advisors Inc., in […]

    DOL likely to address fiduciary rule again next year

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

    The Labor Department has signaled it will address by next fall unfinished business surrounding its investment-advice rule that was killed by a federal court earlier this year. The agency released a regulatory agenda on Thursday that indicates that it will consider “regulatory options” to respond to the U.S. Fifth Circuit Court of Appeals decision in March to […]

    New DOL Fiduciary Rule Coming Next Fall

    {October 23rd, 2018} by Melanie Waddell

    The Labor Department plans to issue in September 2019 a revised final fiduciary rule package to replace the one vacated this spring by the U.S. Court of Appeals for the 5th Circuit, according to Labor’s fall regulatory agenda. That’s likely one reason why the Securities and Exchange Commission’s final advice standards package “is taking longer […]

    Kansas City Life Declares Quarterly Dividend

    {October 22nd, 2018} by Kansas City Life

    KANSAS CITY, Mo., Oct. 22, 2018 /PRNewswire/ — The Board of Directors of Kansas City Life Insurance Company declared a quarterly dividend of $0.27 per share on October 22, 2018. The dividend will be payable on November 7, 2018, to stockholders of record on November 1, 2018.   Kansas City Life Insurance Company (OTCQX: KCLI) was established in 1895 and is based in Kansas […]

    LIMRA-EY Joint Study Shows Growth in Advisory Services Over the Past 10 Years

    {October 22nd, 2018} by LIMRA

    WINDSOR, Conn., October 22, 2018 LIMRA-EY Service Offerings – A new LIMRA and EY study finds significant growth of advisory services in financial professionals’ business mix across multiple types of advisor channels. The largest growth of fee-based advisory services comes from full-service broker-dealer advisors, which grew nearly five times, from 10 percent in 2008 to […]

    How Millennials Are Advancing Financial Literacy

    {October 22nd, 2018} by Stephanie Bell-Rose and Annamaria Lusardi

    Millennials use of digital technology has transformed the way they socialize and form communities. Their interest in streaming services has upended the entertainment industry. Their preference for online shopping has forced businesses to revolutionize the models they have relied on for decades. We’ve all seen the headlines. Over 90% of millennials have a smartphone and […]

    Forget the DOL Rule or the SEC’s Reg BI… Financial Literacy is Key to Protection, RBC Advisor Says

    {October 22nd, 2018} by Rita Raagas De Ramos

    Regardless of the Department of Labor fiduciary rule being dead or alive, it’s up to retirement plan sponsors to guide employees toward a situation where they are knowledgeable enough to make sound retirement decisions, according to one specialist advisor. The DOL is “considering regulatory options,” given the U.S. Court of Appeals for the Fifth Circuit’s order in March […]

    Annuities can solve sustainable income dilemma, research finds

    {October 22nd, 2018} by Justin Cash

    U.K.: Retirees are likely to miss out on sustainable income and death benefits if they do not annuitze at least part of their pot, new research finds. In a paper from actuaries Milliman, which draws on data from provider Just, Milliman modeled a pure drawdown strategy combining equities and bonds, and a combined annuity with […]

    Can annuities with no ‘pesky’ commissions win over RIAs?

    {October 22nd, 2018} by Tobias Salinger

    PHILADELPHIA — In an attempt to win over a skeptical audience of NAPFA members, the founder of DPL Financial Partners presented a novel case for annuities: selling them without commissions. The new offerings from insurers “take away those pesky commissions which cause the conflicts of interest, as well as the pricing problems within the products,” […]

    NAIC Working Group Chair Critical Of Annuity Illustration Changes

    {October 22nd, 2018} by John Hilton

    The mood turned against allowing insurers to illustrate indexed annuities using indices that have been around less than 10 years during a state insurance commissioners’ working group meeting today. Birny Birnbaum, executive director of the Center for Economic Justice, swayed commissioners with passionate comments against the concept during a midday conference call. Allowing insurers wide leeway […]

    Don’t be fooled by the numbers — the industry is in a dangerously vulnerable state

    {October 21st, 2018} by Jeff Benjamin

    If one were to look at the financial advice industry solely by the numbers, it would look pretty good. Median assets grew a whopping 16.8% last year, while median revenue grew by 11.7%, according to the 2018 InvestmentNews Study of Pricing & Profitability Click HERE to read the full story via InvestmentNews; registration required. 

    Is Permanent Life Insurance Too Expensive?

    {October 20th, 2018} by Eva L. Levine

    The cost of permanent or cash value life insurance has long been an anathema with many financial advisors, who believe that permanent life is too expensive, and the cheaper term life is the way to go. This belief is captured in the popular saying: “buy term and invest the savings.” Another objection is that most […]

    Life Insurers’ Investments Look Fine: Moody’s

    {October 20th, 2018} by Allison Bell

    Life insurers may be taking on a little more investment risk than they used to, but only a little more, and even the holdings getting the most scrutiny seem pretty safe. Shachar Gonen and other analysts at Moody’s Investors Service have given that assessment of life insurers’ investments in a new report. Click HERE to […]

    Bora Bora or Bust: Annuity Sales Incentives May Taint Structured Settlements for Accident Victims

    {October 19th, 2018} by H. DENNIS BEAVER, ESQ.

    Did you know that posh trips and other incentives are sometimes offered to those who recommend annuities for accident victims? Here’s what consumers should watch out for and how they can protect themselves. Imagine being injured in an accident and having to pay for years of medical care with a lump-sum financial settlement. Faced with […]

    Invesco to Acquire OppenheimerFunds From MassMutual Life

    {October 19th, 2018} by Charles Stein, John Gittelsohn and Katherine Chiglinsky

    Invesco Ltd. is betting $5.7 billion that active management has a bright future. Invesco agreed to pay about that amount in a deal with Massachusetts Mutual Life Insurance Co. to acquire its OppenheimerFunds, which specializes in picking stocks and bonds especially in the international arena. At a time when many investors are deserting active funds […]

    A.M. Best Comments on Credit Ratings of Massachusetts Mutual Life Insurance Company Following Sale of OppenheimerFunds to Invesco

    {October 18th, 2018} by A.M. Best

    OLDWICK, N.J.–(BUSINESS WIRE)–Oct 18, 2018–A.M. Best has commented that the Credit Ratings (ratings) of Massachusetts Mutual Life Insurance Company (MassMutual) (Springfield, MA) remain unchanged following the Oct. 18, 2018, announcement that it has entered into an agreement to sell Oppenheimer Funds, Inc. (OppenheimerFunds) to Invesco. The Financial Strength Rating of A++ (Superior) and the Long-Term […]

    ATHENE USA Wins “Best Carrier” Award for Second Year at the Structured Retail Products (SRP) Indexed Insurance Conference

    {October 18th, 2018} by Athene USA

    WEST DES MOINES, Iowa–(BUSINESS WIRE)–Athene USA (Athene), a leading provider of products in the retirement savings market, was honored to be recognized as a top performer at the Structured Retail Products (SRP) Indexed Insurance Conference held in Des Moines recently, winning the “BEST CARRIER” award for the second year in a row. The SRP Awards […]

    IBDs brace for impact as Ohio National ends commissions on VAs

    {October 18th, 2018} by Tobias Salinger

    Independent broker-dealers are closely watching a decision by Ohio National Financial Services to shutter its $1-billion annuity business and end advisor commission trails for some variable products. The Cincinnati-based insurance firm and IBD announced in early September that it would no longer issue annuity contracts or retirement plans, to focus on life and disability products and growth […]

    DOL, SEC Appear To Be Harmonizing Fiduciary Standard

    {October 18th, 2018} by Steve Morelli

    The Department of Labor signaled that it is planning to harmonize its final word on its Conflict of Interest Rule with the Securities and Exchange Commission’s best interest standard, according to a prominent industry lobbyist. That was the interpretation of the Office of Management and Budget’s issuing a fall agenda that lists a final rule […]

    Last non-bank SIFI Prudential no longer considered ‘too big to fail’

    {October 18th, 2018} by Brian Anderson

    Prudential, the last of the four non-bank financial companies to bear the “systematically important” designation, has won relief from stricter federal regulatory oversight. The Financial Stability Oversight Council (Council) announced Oct. 17 that it has rescinded its determination that material financial distress at Prudential Financial, Inc. (Prudential) could pose a threat to U.S. financial stability and that […]

    NAILBA’s transformation will be on display in Orlando Oct. 31-Nov. 2

    {October 18th, 2018} by Brian Anderson

    The largest gathering of independent brokerage agencies in the U.S. kicks off on Oct. 31, when NAILBA 37 takes over the Gaylord Palms Resort and Convention Center in Orlando for a three-day run. Much like the organization itself, the annual meeting for the National Association of Independent Life Brokerage Agencies (NAILBA) has been significantly revamped […]

    Tip: Nudge Clients To Update Beneficiaries

    {October 17th, 2018} by The Herald News (Joliet, IL)

    Commentary Imagine you have just lost a loved one. As affairs are sorted out over the subsequent days, you unfortunately come to discover that the beneficiary listed on that loved one’s life insurance policy is inaccurate, having not been updated in decades. This situation is actually much more common than you might imagine. Beneficiaries are […]

    SEC’s Regulation Best Interest Rule Remains Controversial

    {October 17th, 2018} by Rich Blake

    The growing consensus among financial services industry watchers —  think tanks, lobbyists, watchdogs, thought leaders —  is that the Securities and Exchange Commission’s (SEC) proposed Regulation Best Interest (Reg BI) rule package will be introduced in some finalized form later in 2018 or early 2019, and implemented in 2020. The rule is intended to clarify […]

    Women insurtech founders tackle unconscious bias

    {October 17th, 2018} by Nathan Golia

    The insurtech phenomenon is currently plowing through the industry, introducing new ways of doing business and upending the status quo. But while the movement promises a renaissance of novel ideas related to the insurance industry, there is a notable absence in the faces behind the revolution: women. The overwhelming majority of insurtech entrepreneurs are men. […]

    What’s the good news, ladies? 4th quarter push!

    {October 17th, 2018} by Susan L. Combs

    Gah!  And just like that, it’s fourth quarter.  Where did this year go?  As we approach open enrollment season and the holidays, I know it can be difficult to juggle it all.  I tip my hat to the working mothers out there; I really do not know how you all do it.  I’m getting ready […]

    American Equity Offers Annuity With Dividend-Linked Index Option

    {October 16th, 2018} by Allison Bell

    American Equity Investment Life Insurance Company has introduced a new indexed annuity product, the AssetShield product. The contract comes in versions with five-year, seven-year and 10-year terms, according to American Equity. Click HERE to read the original story via ThinkAdvisor. The West Des Moines, Iowa-based insurer says the products will give purchasers access to a crediting […]

    New Jersey releases uniform fiduciary standard pre-proposal, seeks comments

    {October 16th, 2018} by Mark Schoeff Jr.

    New Jersey released a request for public comment Monday on what could become a proposal to raise investment advice requirements for brokers. The state’s Bureau of Securities issued what it called a notice of pre-proposal that would subject brokers, agents, investment advisers and investment adviser representatives to a fiduciary duty when providing investment recommendations to clients. Click […]

    NAIC Sketches Out Online Resource Prototype

    {October 16th, 2018} by John Hilton

    As more and more consumers rely on the internet for life insurance information, an insurance commissioners’ working group is wrestling with how to appropriately educate consumers in cyberspace. The group changed its name from the Life Insurance Buyer’s Guide (A) Working Group to the Life Insurance Online Guide (A) Working Group to reflect the changing […]

    After Ohio National decision, the fine print of annuity trails is now a must-read

    {October 16th, 2018} by InvestmentNews Editorials

    It’s still a fresh sting, hearing that Ohio National Financial Services Inc. plans to terminate servicing agreements and cut off trail commissions to broker-dealers that sell some of its variable annuities. Can they really do this, some B-Ds wonder? Until and unless the Ohio Department of Insurance or other regulators say otherwise, and as long […]

    Mutual of Omaha launches whole life policy with funeral planning services rider

    {October 16th, 2018} by Insurance Forums Staff

    United of Omaha, a Mutual of Omaha company, last week announced Guaranteed Plus Whole Life insurance, a new life insurance policy with a no-additional-cost rider intended to help simplify the funeral planning process for consumers. Created through a strategic alliance with Everest Funeral Concierge Service, Guaranteed Plus includes the benefits of a Guaranteed Whole Life policy from United […]

    7 Things to Know About an Annuity Group’s ‘Best Interest’ Proposal

    {October 16th, 2018} by Allison Bell

    A group for indexed annuity supporters — the Fixed Annuity Consumer Choice (FACC) campaign — has released a major proposal for improving annuity sales standards. FACC members are hoping their proposal will change how state insurance regulators are approaching the issue. Click HERE to read the original story via ThinkAdvisor. Best interest battle history The […]

    Michael Falcon to Succeed Barry Stowe at Jackson National

    {October 16th, 2018} by Allison Bell

    Prudential PLC has picked Michael Falcon to succeed Barry Stowe as the chief executive officer of its Jackson National Life Insurance Company unit. Stowe plans to retire Dec. 31, and Falcon is on track to become CEO Jan. 7, Prudential announced today. Stowe succeeded Mike Wells as Jackson National’s CEO in 2015. Wells left the Jackson […]

    Is Private Equity Bad for Broker-Dealers?

    {October 16th, 2018} by Jon Henschen

    Private equity firms continue to have substantial involvement in the independent channel as they fill the void left by insurance companies exiting the broker-dealer universe. Private-equity ownership can bring benefits to the advisor, but we also see moves by PE firms that are detrimental to the interests of broker-dealers’ advisors. Why are institutional investors attracted to private […]

    Life Happens President: Millennials Evaluate Advisers by Their Online Presence

    {October 16th, 2018} by Frank Klimko

    WASHINGTON – Marv Feldman, president and chief executive officer, Life Happens, said financial advisers need to maintain their social media and other online business presences or risk losing the trust of the next generation of insurance buyers. Feldman spoke with A.M. BestTV at the annual conference of the American Council of Life Insurers, held in […]

    Will Social Security Really Be There for Your Clients’ Retirement Income?

    {October 16th, 2018} by Marcia Mantell

    Social Security is a critical product in every client’s comprehensive retirement income plan. In fact, it should be the first consideration in every plan, even for wealthy clients. Being on the receiving end of $3,000 per month per person is a good starting point – and it could be close to $6,000 per month for […]

    With Questar-Woodbury Deal, What’s Next for Insurance-Owned BDs?

    {October 16th, 2018} by Janet Levaux

    As Allianz Life Insurance moves to get out of the advisory business, it has struck a deal with Advisor Group-owned independent broker-dealer Woodbury Financial Services, which will get “preferred” treatment in recruiting 640 registered reps with Questar Capital. Woodbury has about 1,200 advisors and is based in Oakdale, Minnesota. The other Advisor Group IBDs are […]

    Ken Fisher’s Resolve Unwavering as Insurance Marketers Cajole Advisors to Annuities

    {October 16th, 2018} by Miriam Rozen

    Ken Fisher’s own high profile and his firm’s more than $106 billion under management, paired with his well-known disregard for annuities, have made him a persistent target for criticism by other advisors. But those attacks have been reinvigorated most recently by the so-called Alliance for Lifetime Income, a newly-formed marketing coalition of insurance companies trying to […]

    Your Annuity Can Do More

    {October 16th, 2018} by Craig Hawley

    In a world where Netflix and Amazon have raised the bar for ease, convenience and choice, while keeping costs low and creating greater value, shouldn’t the financial services industry be doing the same? More investors are demanding unbiased advice. More advisors are making the move to the independent fee-based and fee-only approach. Both are embracing […]

    Life Insurance Time Bombs

    {October 16th, 2018} by Bill Boersma

    This past month, there was an article on the front page of a major publication about universal life (UL) insurance policies. The  article included a statement that many people “… are sitting on a ticking time bomb, and most probably aren’t aware of it.” This reminded me of another article that said, “Today, in this […]

    Insurance CEOs bullish on annuities under SEC proposal

    {October 16th, 2018} by Tobias Salinger

    A new organization of insurance and asset management firms is hopeful that the SEC’s proposed Regulation Best Interest will include a provision mandating discussion of risk, according to Jackson National Life Insurance CEO Barry Stowe. The language would require advisors to “be mindful of and communicate to the consumer” how exposed they are “to market […]


    {October 16th, 2018} by ACLI

    Ameritas CEO JoAnn Martin Elected ACLI Chair   WASHINGTON, D.C., (October 8, 2018) — The American Council of Life Insurers (ACLI), whose member companies provide financial and retirement security to 90 million American families, elected its chair, officers and ACLI Board of Directors at the 2018 ACLI Annual Conference today.   Ameritas CEO JoAnn Martin will […]

    Providing incentives for annuities within retirement plans

    {October 15th, 2018} by Tim Walsh

    TIAA was founded 100 years ago by Andrew Carnegie to provide college professors with retirement income through employment-based annuities. This was an innovative concept for the time, predating the Social Security system by two decades. Click HERE to read the full story via InvestmentNews. 

    Jackson Introduces Financial Freedom Campaign

    {October 15th, 2018} by Jackson National Life Insurance Company

    LANSING, Mich.–(BUSINESS WIRE)–Oct 4, 2018–When preparing to retire, many people brace themselves for years without a paycheck. But with an annuity, consumers can help protect their financial futures and count on a different kind of reliable monthly income — a LIFETIME CHECK℠from Jackson National Life Insurance Company® (Jackson ® ). The Lifetime Check is the foundation of […]

    TIAA, a Founding Member of the Alliance for Lifetime Income, Helps Celebrate Protect Your Retirement Income Day

    {October 15th, 2018} by TIAA

    NEW YORK–(BUSINESS WIRE)–TIAA, a founding member of the Alliance for Lifetime Income, today helped kick off Protect Your Retirement Income Day, which will be celebrated with a full day of events in New York City. The events, which include a virtual reality truck experience in Times Square, will enhance and amplify the mission of the […]

    Allianz Life Sells Own B-D, RIA Business

    {October 15th, 2018} by Alex Padalka

    Allianz Life is the latest insurer to exit the broker-dealer and RIA business, FA magazine reports. Allianz has signed a deal to sell its RIA and broker-dealer assets to Woodbury Financial Services, an independent broker-dealer that’s part of the Advisor Group network, according to the publication. Click HERE to read the original story via Financial Advisor IQ.  Allianz’s 600 representatives […]

    American Equity Launches New Fixed Index Annuity

    {October 12th, 2018} by American Equity Investment Life Insurance Company

    AssetShield 5, 7, 10 offers strong growth opportunities, new liquidity option October 11, 2018 04:25 PM Eastern Daylight Time WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Insurance Company®, a leading underwriter of index and fixed rate annuities, announced a new fixed index annuity product to its competitive product portfolio. The AssetShield offers multiple allocation […]

    Feds: Woman used annuities, life insurance in $2.5M scam

    {October 12th, 2018} by N/A

    October 12, 2018, Chicago, IL — A 55-year-old Chicago woman was charged with criminal mail fraud Wednesday after allegedly swindling the elderly out of millions of dollars through multiple Niles companies she owned, according to the U.S. Attorney’s Office in Chicago. Lucita Zamoras defrauded older clients out of more than $2.5 million by “(holding) herself out […]

    Jackson National Names Successor To Retiring CEO

    {October 12th, 2018} by Jackson National Life Insurance Company

    Lansing, MI – Oct. 12, 2018 – Jackson National Life Insurance Company® today announced that Chief Executive Officer Barry Stowe will be retiring as of Dec. 31, 2018. Michael Falcon, who has been serving as chief executive officer of Asia Pacific for J.P. Morgan Asset Management since 2015, has been named his successor, subject to regulatory approval. […]

    Cetera Forms New Board of Directors

    {October 12th, 2018} by N/A

    Cetera Financial Group, the second-largest independent financial advisor network in the nation by number of advisors, has formed its new board of directors, after selling a majority stake of its business to private equity firm Genstar Capital in July. The new board members include Ben Brigeman, Gary Michel and Hal Strong, as well as Genstar […]

    Allianz dumps its IBD

    {October 11th, 2018} by Bruce Kelly

    Another life insurance company is dumping its independent broker-dealer, with Allianz Life Insurance Co. of North America saying on Thursday it was leaving the retail broker-dealer and RIA businesses. Click HERE to read the full story via InvestmentNews; registration required.

    Financial services giant TIAA looking to serve Colorado customers in more down-to-earth way

    {October 11th, 2018} by N/A

    TIAA isn’t as well known as Fidelity Investments or Charles Schwab, but the financial giant manages $1.2 trillion in assets, including more than $4 billion locally, and counts around 150,000 customers in the state. And it leans heavily on its Denver workforce of 1,500, its second biggest base after Charlotte, N.C., to keep its customers […]

    New York Life Foundation Expands Childhood Grief Education Program

    {October 11th, 2018} by Allison Bell

    The New York Life Foundation is turning its Grief-Sensitive Schools Initiative pilot program into an ongoing, national program. The foundation announced Wednesday that it plans to train thousands of New York Life employees and agents to offer teachers presentations on grief in schools. Schools can then apply for grants they can use to get credentialed […]

    LIMRA Names Edward Jones’ Executive New President/CEO

    {October 11th, 2018} by N/A

    David Levenson will be the next president and chief executive officer (CEO) of LIMRA and LOMA, effective Jan. 1, 2019, parent company LL Global announced today. Levenson will succeed Robert Kerzner, who is retiring as president and CEO after 14 years at the helm of the world’s largest association of life insurance and financial services […]

    Older Consumers’ Life Application Activity Continues to Rise: MIB

    {October 11th, 2018} by Allison Bell

    MIB Group Inc. says its overall life insurance application activity index was 0.4% lower in September than in September 2017. But activity for consumers ages 45 and older was up. Click HERE to read the original story via ThinkAdvisor. MIB is a Braintree, Massachusetts-based group that helps life insurers share information used in checking life insurance […]

    Meet the Dare-Devils Who Own Annuities

    {October 11th, 2018} by Kerry Pechter

    In a media event that went from 8 a.m. to 1 p.m. on Oct. 4, a jet-car driver, a shark wrangler, and four C-level annuity executives gathered in and around Times Square to help promote annuities for the fledgling Alliance for Lifetime Income.   Even at 51, Elaine Larsen—sunflower-blonde, Southern-folksy, and right at home in […]

    Ohio National Hits the Trail

    {October 11th, 2018} by Kerry Pechter

    Hell hath no fury like a financial advisor denied a promised trail commission on a significant book of variable annuity business. Not long after Ohio National’s September 28 announcement that it would cease paying certain financial advisor their roughly one percent annual “trail” commission on perhaps hundreds of millions of dollars worth of sales of […]

    Allianz To Exit B-D, RIA Businesses; 600 Reps Offered New B-D

    {October 11th, 2018} by Jamie Johnson

    Allianz Life is leaving the broker-dealer and RIA businesses and its 600 reps are being given the opportunity to transition to Woodbury Financial Services as part of an asset sale, according to a company press release. Clients at Allianz’s subsidiaries, Questar Capital and Questar Asset Management, with total assets under management of $13 billion, will […]

    David Levenson Named President and CEO of LIMRA, LOMA and LL Global

    {October 11th, 2018} by LL Global

    WINDSOR, Conn., Oct. 11, 2018—LL Global, the parent company of LIMRA and LOMA, today announced David Levenson will be the next president and chief executive officer (CEO), effective January 1, 2019. Levenson will succeed Robert Kerzner, who is retiring as president and CEO after 14 years at the helm of the world’s largest association of life insurance […]

    What Prudential Benefits Sellers Are Seeing Now

    {October 11th, 2018} by Allison Bell

    Prudential Financial Inc. has come up with a strategy for increasing America’s overall level of insurance, employee benefits and financial wellness awareness: It’s been inviting reporters to a series of quarterly press conferences in New York. The latest press conference, held Tuesday, attracted reporters from organizations like Bloomberg and CNBC, as well as from publications […]

    Is the commission-based annuity market primed for disruption?

    {October 10th, 2018} by Nick Thornton

    Annuities have long been the whipping boy of the financial services industry, and for good reason, thinks David Lau, founder and CEO of DPL Financial Partners. “Insurance products have forever had a very bad reputation,” he said. Lau is not a plant or acolyte of Ken Fisher’s, the head of Fisher Asset Management who in […]

    NAIC Working Group Closing In On Disclosure Overview Language

    {October 10th, 2018} by John Hilton

    A National Association of Insurance Commissioners working group is narrowing down issues related to a proposed two-page “policy overview” summary to accompany life insurance sales. Designed to “enhance consumer understanding,” the two-page summary proposal has been in the works for nearly three years. The Life Insurance Illustration Issues Working Group held a conference call Tuesday […]

    State Farm Deal A Huge Boost For Jackson National Distribution

    {October 9th, 2018} by Cyril Tuohy

    Now that the fiduciary rule is dead, the industry could see more distribution agreements like the one announced last week between Jackson National and State Farm, an analyst said. The deal allows Jackson to distribute variable and index annuities through State Farm agents beginning in the second half of next year. “It’s not groundbreaking, but […]

    ‘Reckless’ Ohio National VA Purge Not A Likely Trend: Analyst

    {October 9th, 2018} by John Hilton

    Broker-dealers are dealing with angry producers while unsure themselves how to respond to Ohio National terminating trail commissions on some of its variable annuities. With Ohio National’s Sept. 28 decision to abandon those VA contracts, the company went where other insurers had not dared to go in an effort to shed costly guarantees. The termination […]

    Annuity Issuers Are Using This One Clever Trick to Save MILLIONS

    {October 9th, 2018} by Elizabeth Festa and Allison Bell

    Four life insurers have received a collection of rulings from the U.S. Securities and Exchange Commission that could help them eliminate about $12 million in index-linked annuity compliance costs in the first year. The annuity issuers involved are Allianz Life Insurance Company of North America, Athene Annuity and Life Company, Great-West Life & Annuity Insurance Company, and […]

    Millennials walking financial tightrope without safety net of life insurance

    {October 9th, 2018} by Brian Anderson

    A new survey unveiled at last week’s InsureTech Connect event in Las Vegas finds Millennial families are not buying life insurance at nearly the pace of previous generations. The survey by SE2, a technology and third party administration company focused on the North American life and annuity insurance industry, indicates that heavy financial burdens and […]

    A.M. Best Affirms Credit Ratings of Ameriprise Financial, Inc. and Its Life/Health Subsidiaries

    {October 9th, 2018} by Best's News Service

    Oldwick – A.M. Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” of RiverSource Life Insurance Company (Minneapolis, MN) and its wholly owned subsidiary, RiverSource Life Insurance Co. of New York (Albany, NY) These companies represent the key life/health (L/H) insurance subsidiaries of Ameriprise Financial, […]

    A.M. Best Comments on Credit Ratings of National Western Life Insurance Company Following Acquisition Announcement

    {October 9th, 2018} by Best's News Service

    Oldwick – A.M. Best has commented that the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” of National Western Life Insurance Company (NWLIC) (Austin, TX) is unchanged following the Oct. 4, 2018, announcement that NWLIC has entered into a stock purchase agreement to acquire all of the outstanding […]

    F&G and Davis Life and Annuity announce focus partnership.

    {October 9th, 2018} by Davis Life and Annuity

    For Immediate Release—Des Moines, Iowa Davis Life and Annuity along with Fidelity and Guarantee Life Insurance Company announce a joint marketing effort. Davis Life and Annuity is supporting a focused program to promote what they believe is the finest annuity package in the annuity industry. This partnership is based upon months of research that include […]

    New Jersey could be first in fiduciary ‘blue wave’ with pending proposal

    {October 9th, 2018} by Mark Schoeff Jr.

    A calm surface on the waters of investment advice reform is about to be broken by what could be the beginning of a fiduciary blue wave at the state level. Next Monday, the New Jersey Bureau of Securities is expected to release for public comment a proposed rule that would require all financial advisers in the state […]

    Muddy Waters Shorts Manulife on Risks in Universal Life Trial

    {October 9th, 2018} by Erik Schatzker, Katherine Chiglinsky and Ivan Levingston

    Muddy Waters has found its latest target: Canadian insurer Manulife Financial Corp. Short seller Carson Block, who runs Muddy Waters, announced a short position in the firm Thursday, and said its life-insurance subsidiary just concluded a trial with a hedge fund that could lead to billions in losses. Block expects a verdict this year. Manulife […]

    Ohio National VA Exit May Be Start of ‘Hedge Effectiveness’ Moves

    {October 9th, 2018} by Allison Bell

    Ohio National Financial Services Inc. has been trying to address concerns about its exposure to variable annuity guarantee risk by getting out of the VA market and cutting 300 VA-related jobs. The Cincinnati-based company says it will focus more on sales of two traditional products that rating analysts still say they like: life insurance and […]

    What Ohio National’s Annuity Trail Cutoff Means for Advisors, BDs

    {October 9th, 2018} by Jon Henschen

    After an extended period of failing to get results out of buyout offers on its variable annuities, Ohio National has decided to stop paying trailing commissions on some variable annuities. Going one step further, the firm will also stop the data feed to advisors, leaving clients to fend for themselves.   We checked with several […]

    Will Hedging Demons Haunt Q3 Life and Annuity Issuer Earnings?

    {October 9th, 2018} by Allison Bell

    The publicly traded U.S. life and annuity issuers are set to start releasing their third-quarter earnings eight days before Halloween: Oct. 23. Securities analysts are already factoring in impressions of how the issuers have handled low interest rates in general, and how well they have priced and managed old blocks of stand long-term care insurance. […]

    Insurance Economist Gets MacArthur ‘Genius Grant’

    {October 9th, 2018} by Allison Bell

    The Jane Austen of insurance economics papers has won a “MacArthur genius grant.” The John D. and Catherine T. MacArthur Foundation last week gave a $625,000, “no strings attached” grant to Amy Finkelstein, an economics professor at the Massachusetts Institute of Technology. Click HERE to read the original story via ThinkAdvisor. Finkelstein, who is 44, […]

    JoAnn Martin of Ameritas to Lead ACLI

    {October 9th, 2018} by Allison Bell

    If lawmakers in Washington or state capitals start to tinker with life insurance and annuity taxes, the American Council of Life Insurers (ACLI) will have a leader who will understand what the proposals really mean. Members of the insurer group have elected JoAnn Martin, the chief executive officer of Ameritas Life Insurance Corp., to be […]

    Jackson and State Farm® Announce New Marketing Alliance

    {October 9th, 2018} by Jackson National Life Insurance Company

    NASHVILLE, Tenn.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®) and State Farm® today announced a new marketing alliance between the two firms. Beginning in the second half of 2019, authorized State Farm agents will begin offering a select group of Jackson’s variable annuity and fixed index annuity products. While Jackson currently maintains one of the largest sales teams in the industry, this alliance […]

    How Ohio National’s move may lead to ‘unscrupulous’ broker behavior with annuities

    {October 9th, 2018} by Greg Iacurci

    Ohio National Financial Services Inc. recently told broker-dealers it would be terminating trailing commissions on some of its variable annuities, which has led experts to fear that the insurer’s action will cause unscrupulous behavior among brokers. Click HERE to read the full story via InvestmentNews; registration required.   ……………………………………………………………………………………………………………..   “That is what Ohio National […]

    Transamerica pays $195 million to settle lawsuit over universal life insurance

    {October 9th, 2018} by Ryan W. Neal

    Transamerica Life Insurance Co. will pay $195 million to settle a class-action lawsuit alleging the company improperly increased the monthly charges on 70,000 universal life insurance policies. Click HERE to read the full story via InvestmentNews; registration required. 

    Subpoena Issued to North Carolina Insurance Department Over Private Political Donor

    {October 9th, 2018} by Gary D. Robertson

    A federal investigation seeks documents about business operations connected to a private investment firm founder who seemingly overnight became the largest individual donor in North Carolina politics. The federal grand jury subpoena issued last month to the state Department of Insurance demands information since January 2014 about Greg E. Lindberg; Durham-based Eli Global, which he founded; […]

    4 Ways To Maximize Life Insurance In Retirement Income Planning

    {October 8th, 2018} by Jamie Hopkins

    Life insurance is a fundamental risk management tool for a secure financial lifestyle. Primarily, it functions as an income replacement insurance product during an individual’s working years. In many cases, life insurance is set up to provide financial security for family members or to pay off liabilities in the event of an untimely and premature […]

    Football For A Buck: Steve Young Has The Happiest Annuity Story Ever

    {October 8th, 2018} by David Rae

    Greatest moments and player statistics may be top of mind when you think about the history of sports. However, there are also teachable moments when it comes to finances. A lot can be learned from how leagues, team owners and individual players either responsibly or irresponsibly managed their multi-million contracts. Football for a Buck: The Crazy […]

    Kansas City Firm and Owner Named in Multimillion Suit

    {October 6th, 2018} by Alex Padalka

    Ten investors in the Kansas City area are suing Pinnacle Plus Wealth Management and associated companies, as well as their owner, over $2.5 million in losses they say they suffered as a result of investment recommendations by the firm’s representatives, the Kansas City Star writes. The suit also names Pinnacle Plus Capital, Pinnacle Plus Financial and the owner of the […]