Raymond James’ Matchmaking Plans
{May 7th, 2019} by Ross Snel
Plenty of advisors nearing retirement age lack succession plans, and that can be a source of worry for large firms with aging advisors. The concern is they’ll lose clients – and assets – when advisors retire. Raymond James is addressing these issues by developing a platform resembling an online dating service that will connect advisors […]
American Equity Reports First Quarter 2019 Results
{May 7th, 2019} by American Equity Investment Life Holding Company
WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (NYSE: AEL), a leading issuer of fixed index annuities (FIAs), today reported a first quarter 2019 net loss of $30.0 million, or $0.33 per diluted common share, compared to net income of $141.0 million, or $1.55 per diluted common share, for first quarter 2018. Non-GAAP operating income1 for […]
PWCK Law Firm: FINRA Arbitration Panel Awards Record-Setting $3 Million to Rochester-Area Egg-Farming Family Victimized by Convicted AXA Financial Advisor
{May 7th, 2019} by Peiffer Wolf Carr & Kane, APLC
ROCHESTER, N.Y.–(BUSINESS WIRE)–A FINRA arbitration panel has awarded $3.2 million to an Alleghany County egg-farming family swindled in a variable annuity (VA) and life insurance scheme promoted by a former AXA financial advisor who was recently convicted for stealing from another elderly AXA client. The Whitesville, NY, victims were represented in the arbitration proceeding by the Peiffer […]
AM Best Affirms Credit Ratings of Massachusetts Mutual Life Insurance Company and Its Subsidiaries
{May 7th, 2019} by A.M. Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM 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, AM Best has affirmed the Long-Term Issue […]
Global Insurance Symposium examines an industry in transition
{May 7th, 2019} by Joe Gardyasz
The retirement savings crisis, cybersecurity threats and the evolving adoption of technology by the insurance industry were among key topics discussed during this year’s Global Insurance Symposium in Des Moines. Attendance set a record at the sixth annual conference, which drew about 700 participants. “There is a lot of change coming,” said David Levenson, president […]
Ameriprise nabs $304M team from MassMutual
{May 7th, 2019} by Lavanya Nair
Ameriprise recruited a team from MassMutual where the group oversaw $304 million in client assets, according to a company spokeswoman. The move is indicative of the firm’s aggressive hiring strategy to expand its brokerage ranks. Other recent hires include a team from Wells Fargo which oversaw $174 million in client assets. Ameriprise has added a net 98 advisors over […]
Genworth Says It Needs $6 Billion in Additional LTCI Rate Hikes
{May 7th, 2019} by Allison Bell
Executives from Genworth Financial Inc. said Wednesday that the company’s Genworth Life Insurance Company (GLIC) unit could see its solvency level deteriorate if state insurance regulators fail to approve $6 billion in additional long-term care insurance (LTCI) rate increases. Kelly Groh, the Richmond, Virginia-based insurer’s chief financial officer, talked about GLIC’s risk-based capital (RBC) ratio and […]
American Financial Group, Inc. Announces First Quarter Results
{May 7th, 2019} by American Financial Group
CINCINNATI–(BUSINESS WIRE)–American Financial Group, Inc. (NYSE: AFG) today reported 2019 first quarter net earnings attributable to shareholders of $329 million ($3.63 per share) compared to $145 million ($1.60 per share) for the 2018 first quarter. Net earnings for the quarter include $145 million ($1.61 per share) in after-tax net realized gains on securities, including $127 […]
Fidelity Investments® Announces New Investment Solution: a Variable Annuity Providing Principal Protection and Growth Potential Developed with New York Life
{May 7th, 2019} by Fidelity Investments
BOSTON–(BUSINESS WIRE)–Fidelity Investments® today announced the launch of a new deferred variable annuity product that provides investors with growth potential while ensuring guaranteed principal protection. Developed with New York Life, the New York Life Premier Variable Annuity—P Series, with Investment Preservation Rider—P Series also offers market participation with downside protection through a simpler product design relative […]
The Society of Annuity Facts and Education (SAFE) responds to “Trump Could Cost Future Retirees Billions”
{May 7th, 2019} by SAFE
Dear Misters Schwartz and Whitehouse, We are longtime readers of Bloomberg, and are always interested in discussing the facts about annuities. That said, we found some errors in your article “Trump Could Cost Future Retirees Billions,” and would like to clarify some misconceptions. It is important to establish that annuities are insurance, not intended to […]
LPL Profits Soar on Strong Recruiting: Q1 Earnings
{May 7th, 2019} by Janet Levaux
LPL Financial improved profits 66% from last year in the first quarter; the independent broker-dealer reported net income of $155 million, or $1.79 per share, vs. $94 million, or $1.01 per share, a year ago. Net new advisory asset inflows were $4.6 billion, while net new brokerage assets outflows were $0.7 billion — translating into […]
Midland National Life Insurance Company Releases Guaranteed Income Annuity With Simplified Income Calculator
{May 7th, 2019} by Midland National Life Insurance Company
Dedicated to providing customers with the tools they need, Midland National offers an innovative solution to retirement financial planning WEST DES MOINES, Iowa, May 07, 2019 (GLOBE NEWSWIRE) — Midland National Life Insurance Company, a member of Sammons Financial Group and one of America’s leading insurance companies, today unveiled their MNL Income Planning Annuity, a new […]
Alexander Acosta is the Night King from ‘Game of Thrones’
{May 7th, 2019} by Greg Iacurci
For those of us who love the HBO series “Game of Thrones” — and I’m guessing that’s pretty much everyone reading — one question has nagged for the majority of the show’s run: Just who is this Night King guy? DOL chief is bringing the fiduciary rule back from the dead, using a power […]
Life & Annuity Masters continues to expand by adding annuity expert Tom Vick as National Director of Annuities
{May 7th, 2019} by Life & Annuity Masters
May 3, 2019 CONTACT: Tim Whitmore Chief Marketing Officer, Life & Annuity Masters 805.583.2307 twhitmore@laaminc.com For immediate release: Life & Annuity Masters continues to expand by adding annuity expert Tom Vick as National Director of Annuities $200 Million Annuity Superstar Shares “Un-System” Strategy Los Angeles, […]
What TIAA Chief Roger Ferguson Is Reading and Listening To
{May 7th, 2019} by Leslie P. Norton
Roger Ferguson, chairman and CEO of the $1 trillion retirement company TIAA, is a trained economist and former vice chairman of the Federal Reserve. And when Barron’s sat down to talk with him in his midtown Manhattan office, the wide-ranging conversation simply couldn’t be limited to just one Q&A. We chatted about the firm’s effort to streamline its […]
TIAA Chief Roger Ferguson on How to Solve the Retirement Crisis
{May 7th, 2019} by Leslie P. Norton
In many ways, Roger Ferguson, 67, was the perfect choice to head TIAA. Ferguson took over leadership of the big financial services provider—famous for managing pensions for college professors, including Albert Einstein—11 years ago, as the financial crisis was unfolding. As a trained economist and former vice chairman of the Federal Reserve, he has had […]
Meet the man who helped create one of the best public pension plans in America
{May 7th, 2019} by Sunny Oh
As 80-year old Gary Gates trundles along the streets of Wisconsin’s capital on a bike half his age, he stops at dumpsters to pick up cans. It’s a habit the former head of Wisconsin’s public pension fund has kept up for decades. In the first year of his retirement, 30 years ago, Gates collected and […]
LiveWell Freedom Variable Annuity Awarded Wink’s 2018 Excellence in Annuity Innovation Award
{May 6th, 2019} by Midland National Life Insurance Company
Sammons Retirement Solutions first-of-its-kind Freedom Date feature recognized for being highly innovative WEST DES MOINES, Iowa, May 06, 2019 (GLOBE NEWSWIRE) — Wink recently honored Sammons Retirement Solutions LiveWell® Freedom Variable Annuity (VA) with its 2018 Excellence in Annuity Innovation Award. This first-of-its-kind variable annuity – issued by Midland National® Life Insurance Company (Midland National) – automatically includes a […]
Former employer of convicted broker fined in the past by New York state
{May 6th, 2019} by Jane Flasch
Rochester, N.Y. – 13WHAM reported Wednesday about a Rochester investment broker convicted of grand larceny involving one client – and ordered to pay $2.3 million to another. One of the companies that broker worked for has been fined in the past by New York state. In 2014, the State Department of Financial Services levied its largest fine […]
Slideshow: Top 11 States for Retirement on a Fixed Income
{May 6th, 2019} by Marlene Satter
So maybe you didn’t save as much as you intended for retirement. Or maybe you’ve just decided to simplify your life in retirement and eliminate all the nonessentials. Where you retire will make an immense difference in how much you have available to spend. Will you drop a major portion of your fixed retirement income […]
American College President Looks To Build On Its Current Niche
{May 2nd, 2019} by Susan Rupe
The American College’s new president wants to see the school expand by breaking out of its insurance niche and focusing on financial services. The school is moving to a new headquarters with a president who has big plans for its future. He foresees the school doubling its current enrollment of 18,000 through building on its […]
AM Best Revises Outlooks to Positive for Investors Heritage Life Insurance Company
{May 2nd, 2019} by A.M. Best
Oldwick – AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of B+ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb-” of Investors Heritage Life Insurance Company (IHLIC) (Frankfort, KY), which is subsidiary of Aquarian Investors Heritage Holdings LLC (Aquarian). The ratings reflect IHLIC’s balance sheet […]
Women are not a niche: Why financial advisors must look beyond gender
{May 2nd, 2019} by Maddy Perkins
Finding a niche can help planners build their businesses — but advisors looking to serve female clients better may need to be careful how they use that term. A little over half of the U.S. population — roughly 166 million people — are women, many of whom control their families’ wealth. Given the sheer number, […]
Edward Jones Survey Shows Women Prioritize Immediate Needs Over Long-Term Goals
{May 2nd, 2019} by Edward Jones
ST. LOUIS, April 30, 2019 /PRNewswire/ — In its latest survey, Female Financial Empowerment, financial services firm Edward Jones revealed that while 7 out of 10 women say they feel confident in their financial knowledge, research shows that 66% of women have never consulted a financial advisor. Women are demonstrating greater financial confidence but challenges persist in achieving […]
Horace Mann Reports First-Quarter 2019 Net Income of $0.77 Per Share and Core Earnings* of $0.63 Per Share
{May 2nd, 2019} by Horace Mann Educators Corporation
SPRINGFIELD, Ill.–(BUSINESS WIRE)–Horace Mann Educators Corporation (NYSE:HMN) today reported financial results for the quarter ended March 31, 2019: Horace Mann Consolidated Financial Highlights Three Months Ended March 31, ($ in millions, except per share amounts) 2019 2018 Change Total revenues $ 313.2 $ 295.5 6.0% Net income 32.2 20.2 59.4% Net investment gains (losses) after tax […]
NFP Partners with Ellevate Network to Provide Greater Opportunities for Professional Women
{May 2nd, 2019} by NFP
NEW YORK – April 30, 2019 – NFP, a leading insurance broker and consultant that provides employee benefits, property and casualty, retirement, and individual private client solutions, today announced a partnership with Ellevate Network, a leading community for women’s professional advancement. NFP will be a Silver Sponsor of the 2019 Mobilize Women Summit hosted by Ellevate Network […]
DOL to Issue New Rules on Fiduciary Duties: Acosta
{May 2nd, 2019} by Melanie Waddell
Labor Secretary Alexander Acosta signaled Wednesday that the Labor Department will issue new fiduciary-related rules. In an exchange during an oversight hearing held by the House Education and Labor Committee, Rep. Marcia Fudge, D-Ohio, questioned Acosta on Labor’s fiduciary plans. Acosta said that Labor is collaborating with the Securities and Exchange Commission as it works […]
CNO Wants More Agents With Securities Licenses
{May 2nd, 2019} by Allison Bell
The head of CNO Financial Group Inc. says he would eventually like to see about 20% of the company’s agents be licensed to sell securities. Gary Bhojwani, CNO’s chief executive officer, talked about that goal Tuesday, during a conference call the company held to go over its first-quarter earnings with securities analysts. About one in […]
AXA to Pay $3.2M FINRA Arb Award to Elderly Couple
{May 2nd, 2019} by Melanie Waddell
A Financial Industry Regulatory Authority arbitration panel awarded an elderly couple from New York $3.2 million for being put into unsuitable variable annuity and life insurance policies by a former AXA advisor, Francesco Puccio, who was recently convicted of stealing from another elderly AXA client. Jason Kane, a partner at the Peiffer Wolf Carr & Kane […]
AM Best Upgrades Credit Ratings of Insurance Subsidiaries of Nassau Insurance Group Holdings, L.P.
{May 2nd, 2019} by A.M. Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has upgraded the Financial Strength Rating (FSR) to B+ (Good) from B (Fair) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “bbb-” from “bb+” of Nassau Life Insurance Company and PHL Variable Insurance Company, collectively known as Nassau Insurance Group. Concurrently, AM Best has upgraded the FSR to B+ (Good) from […]
Is Another Indexed Universal Life Illustration Fight Pending?
{May 2nd, 2019} by John Hilton
State insurance regulators are taking another look at controversial indexed universal life illustrations — albeit with some trepidation. After all, it has only been a shade over three years since a National Association of Insurance Commissioners’ working group produced Actuarial Guideline 49, which was supposed to rein in illustrations. A new working group quietly began […]
