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Archive for June 2019


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  • Security Benefit Increases Withdrawal Rates for Foundations Lifetime Income Rider

    {June 28th, 2019} by Security Benefit Life

    Convenient Income Calculator shows increases by age across contract types TOPEKA, Kan.—June 25, 2019—Security Benefit announced it has significantly increased the Lifetime Withdrawal Rates for the Foundations Annuity optional Guaranteed Lifetime Withdrawal Benefit Rider (Lifetime Income Rider), from 30 to 50 bps higher for each age. Available only on the 7-year product, the increased withdrawal […]

    North American Company for Life and Health Insurance Launches New ADDvantage Term Life Product

    {June 26th, 2019} by North American Company for Life and Health

    WEST DES MOINES, Iowa, June 24, 2019 (GLOBE NEWSWIRE) — North American Company for Life and Health Insurance® (North American), a member of Sammons® Financial Group, Inc. (SFG) and one of America’s leading insurance companies, today announced new lower premiums for its ADDvantage® Term life insurance product. In addition to competitive rates, ADDvantage Term features an accelerated death benefit for […]

    How Likely the Government Thinks You Are to Die This Year

    {June 25th, 2019} by Allison Bell

    The life insurers that issue annuities are keenly interested in whether annuity holders will die this year. They hope, as kind human beings, that the annuity holders will live long and healthy lives, but shorter lives would cut contract benefits payouts. Issuers come up with death rate forecasts for a particular year by using their […]

    10 IBDs with the most variable annuity revenue

    {June 25th, 2019} by InvestmentNews

    Variable annuities have seen some hard times recently. Click HERE to read the full story via InvestmentNews

    Geneva Association Elects 4 Board Members from Ping An, Prudential, PICC and Aviva

    {June 25th, 2019} by Geneva Association

    The Geneva Association, the global organization of insurance and reinsurance chief executive officers (CEOs), announced the election of four new board members. They are: Yuansiong Lee, co-CEO, Ping An Insurance Co. of China; Charles F. Lowrey, CEO, Prudential Financial; Jianmin Miao, Chairman, The People’s Insurance Company of China, and Maurice Tulloch, CEO, Aviva. Click HERE […]

    Annuity Issuers Use Death Forecasting Tech: Willis Towers Watson

    {June 25th, 2019} by Allison Bell

    Many North American life insurers are getting ready to make a lot more use of predictive analytics in forecasting how long people will live. Few of those insurers are making much use of predictive analytics in individual annuity pricing or claim management operations today. Analysts at Willis Towers Watson have published data supporting those conclusions in a […]

    Honorable Mention

    {June 25th, 2019} by Editorial Staff

    In a step toward the completion of Principal’s acquisition of the Wells Fargo Institutional Retirement & Trust (Wells Fargo IRT) business, a number of former Wells Fargo managers have moved into positions at Principal Retirement & Income Solutions, Principal reported this week. Click HERE to read the full story via Retirement Income Journal.

    Allianz Study: Women Report Steady Decline In Financial Confidence

    {June 25th, 2019} by InsuranceNewsNet

    While the past few years have put a spotlight on female empowerment, women say they are struggling to make progress with financial confidence and decision making, according to the 2019 Women, Money and Power Study*from Allianz Life Insurance Company of North America (Allianz Life®). In fact, the financial picture for women isn’t particularly bright when compared […]

    Financial Prosperity Eludes Many Americans Despite Growing Economy and Declining Unemployment

    {June 25th, 2019} by Business Wire

    June 20, 2019 — WASHINGTON–(BUSINESS WIRE)–As the gap between the Haves and the Have-nots continues to widen, cash-strapped Americans are failing to save money, struggling with student loan debt and facing decreasing financial literacy, despite economic growth and declining unemployment over the past 10 years, according to new research from the FINRA Investor Education Foundation […]

    Life Insurers CAN Face Dangerous Runs: Fed Economists

    {June 25th, 2019} by Allison Bell

    Some life insurers’ deals with big, institutional clients could lead to sudden, dangerous demands for enormous amounts of cash, according to three economists at the Federal Reserve Board. Nathan Foley-Fisher and two colleagues write, in an informal article published on the Fed website in May, that those life insurers could face spikes in demand for cash  that […]

    Senate confirms Allison Lee to SEC

    {June 25th, 2019} by InvestmentNews

    The U.S. Senate voted Thursday to confirm Allison Lee to serve as a Securities and Exchange commissioner, bringing the markets regulator back to full strength. Click HERE to read the full story via InvestmentNews. 

    HAFA Mobilizes Members to Fight Senate Agent Comp Disclosure Provision

    {June 25th, 2019} by Allison Bell

    Health Agents for America (HAFA) wants members to call senators on the Senate Health, Education, Labor and Pensions Committee, to ask the senators to kill a new health insurance producer compensation provision. Sen. Lamar Alexander, R-Tenn., the chairman of the committee, and Sen. Patty Murray, D-Wash., put the provision in Section 308 of S. 1895, […]

    The Advisor Compliance Issue That’s Bigger Than Reg BI

    {June 25th, 2019} by Jane Wollman Rusoff

    The biggest compliance issue facing advisors isn’t Reg BI. It’s cybersecurity. Protecting clients’ and firms’ confidential information from a nightmare breach is critical — and urgent, says attorney and compliance expert Beth Haddock in an interview with ThinkAdvisor. A 20-year-plus veteran of running big firms’ compliance departments, she has helmed her own compliance consultancy, Warburton […]

    Ohio National Extends Whole Life Line

    {June 25th, 2019} by Allison Bell

    Ohio National Financial Services is adding two new products to its whole life insurance line. The Cincinnati-based company is introducing the Prestige Value IV and Prestige 100 II policies. Both products can accept premium payments up until the insureds turn 100. Consumers can add a flexible paid-up addition rider. A policyholder who adds that rider can make […]

    AIG and CUNA Mutual enhance variable annuities

    {June 25th, 2019} by Editorial Staff

    AIG’s Polaris Income Plus Daily Flex and Polaris Income Plus Flex riders will have higher lifetime income rates. CUNA Mutual’s Horizon II will have variable and indexed-variable investment sleeves. Click HERE to read the full story via Retirement Income Journal.

    The Derivatives that Power Index Annuities

    {June 25th, 2019} by Kerry Pechter

    FIA owners can pick from an array of choices as cryptic as those on a roulette table. But if they don’t understand options, how can they evaluate these safe but esoteric insurance products? Click HERE to read the full story via Retirement Income Journal.  

    Ron Rhoades: SEC Reg BI Is ‘Greatest Securities Fraud in History’

    {June 25th, 2019} by Jane Wollman Rusoff

    The Securities and Exchange Commission has committed “the greatest securities fraud in history” by adopting Regulation Best Interest, making BDs “pretend fiduciaries” who think their duty of care can be satisfied by disclosing conflicts of interest, a belief that’s “ludicrous,” fiduciary law expert Ron Rhoades tells ThinkAdvisor in an interview. The former estate planning attorney […]

    10 Years After Recession’s End, Millions Are Treading Water Financially: Survey

    {June 25th, 2019} by Michael S. Fischer

    Ten years after the end of the recession, 23% of Americans who were adults at its onset in December 2007 — some 47 million people — are in worse financial shape than they were before it hit, Bankrate.com reported Thursday. Another one in four of respondents in a survey said they were doing about the same now […]

    Prudential and Lincoln Were Talking to Investors. About You

    {June 25th, 2019} by Allison Bell

    Some insurers seem to act as if life insurance policies and annuities will just show up in consumers’ lives, like paper clips, or rubber bands. Executives from some other insurers occasionally admit to investors and securities analysts that they still need live humans to persuade other live humans to spend money to protect themselves against mortality, morbidity […]

    Fed signal sends advisers into fixed-income scramble

    {June 25th, 2019} by Jeff Benjamin

    The Federal Reserve Board’s signal earlier this week that it is preparing for its first interest-rate cut in 10 years sent a chill through some corners of the financial planning industry, as rate cuts typically indicate rough times ahead. Click HERE to read the full story via InvestmentNews.

    Financial planning for same-sex couples has changed immensely since 2015 Supreme Court marriage ruling

    {June 25th, 2019} by Greg Iacurci

    Financial planning for same-sex couples has undergone a vast transformation in the four years since the Supreme Court made same-sex marriage a right nationwide, according to advisers who work with LGBTQ clients. Click HERE to read the full story via InvestmentNews.

    Make Your Clients’ Money Last Throughout Retirement

    {June 25th, 2019} by InsuranceNewsNet

    Many people worry about running out of money in retirement. That’s understandable, since we don’t know how long we’ll live, what your future costs might be and what kind of returns we can expect on our savings. There are several ways, however, to boost the odds that your money will last as long as you […]

    Symetra Becomes The First Founding Partner Of NHL Seattle, New Arena And Practice Facility

    {June 25th, 2019} by NHL Seattle

    SEATTLE, June 24, 2019 /PRNewswire/ — Oak View Group (OVG)  and Seattle Hockey Partners (NHL Seattle) today announced Symetra Life Insurance Company as the first founding partner and sponsor of the National Hockey League’s 32nd franchise, the New Arena at Seattle Center, and Northgate Ice Centre. Symetra, based in Bellevue, Wash., is a national provider of employee benefits, annuities, and life insurance.  As […]

    Nationwide introduces Nationwide Peak® 5 fixed indexed annuity

    {June 25th, 2019} by Nationwide

    COLUMBUS, Ohio, June 19, 2019 /PRNewswire/ — Nationwide announced today it has added a new fixed indexed annuity (FIA), Nationwide Peak® 5, to offer clients additional ways to maintain principal protection while offering the potential for higher returns and growth. For conservative clients, Nationwide Peak 5 can provide an alternative to low-yielding fixed products such as money markets or […]

    Jackson RateProtector Fixed Annuity Launches

    {June 25th, 2019} by Jackson National Life Insurance Company

    NASHVILLE, Tenn.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®) today announced the launch of Jackson RateProtectorSM, a single premium, multi-year guaranteed fixed annuity. Jackson RateProtector offers consumers the opportunity to protect and grow their assets through guaranteed interest rates that will not fluctuate during a selected time period, combined with the ability to defer taxes on any earnings […]

    Uncertainty Casts a Pall Over Investors and Advisors: Nationwide

    {June 25th, 2019} by Michael S. Fischer

    Investor and advisor optimism fell at the beginning of this year for the first time in four years, according to Nationwide Advisory Solutions. Investor optimism fell from 62% in 2018 to 55%, and advisor optimism from 66% to 55%. Nationwide’s fifth annual Advisor Authority study found that 66% of investors and 56% of RIAs and fee-based advisors […]

    Vanguard Prepares to End Variable Annuity Offering

    {June 25th, 2019} by Bernice Napach

    Vanguard is preparing to end its variable annuity offering for retail investors. Over the next 12 to 18 months it will transfer client servicing and account administration for the Vanguard Variable Annuity to Transamerica. “While insurance-based options can be an appropriate choice for some investors, annuity administration is not central to our long-term product and […]

    Ed Slott: The Pros and Cons of Annuities in Retirement Plans

    {June 25th, 2019} by Melanie Waddell

    Welcome back to Human Capital. I’m Melanie Waddell in Washington. After chatting with Senate Finance Committee Chairman Chuck Grassley, R-Iowa, recently about the timing of Senate passage of the Setting Every Community Up for Retirement Enhancement (Secure) Act of 2019, I checked in with IRA expert Ed Slott to get the lowdown on complaints being lodged that the […]

    RGA Reinsures $2.9 Billion Horace Mann Annuity Block

    {June 25th, 2019} by Allison Bell

    An arm of Reinsurance Group of America Inc. (RGA) has reinsured a $2.9 billion block of annuities for Horace Mann Life Insurance Company, a subsidiary of Horace Mann Educators Corp., RGA and Horace Mann announced today. The deal will free up about $185 million in capital at Horace Mann Life. Horace Mann Life’s parent plans […]

    Andrew Hartnett Joins Iowa Insurance Division as Deputy Administrator for Securities

    {June 25th, 2019} by Iowa Insurance Division

    Des Moines, Iowa – Iowa Insurance Commissioner Doug Ommen today announced that Andrew Hartnett has been appointed as Deputy Administrator for Securities. “The Iowa Insurance Division has long had great national leadership in the area of securities regulation and I’m pleased to announce that Andrew Hartnett will be joining us to help continue that tradition.  […]

    GAO Asked to Investigate Impact of DOL Fiduciary Rule

    {June 25th, 2019} by Nick Thornton

    Two leading Democratic lawmakers on retirement issues are asking the Government Accountability Office to investigate the impact of the Labor Department’s fiduciary rule, which was vacated by the Fifth Circuit Court of Appeals a year ago, on the financial services industry, retirement plan sponsors, and retirement savers. Labor’s rule, which was finalized in 2016 after nearly six […]

    Rep. Waters Seeks to Block SEC Regulation Best Interest

    {June 25th, 2019} by Melanie Waddell

    House Financial Services Committee Chairwoman Maxine Waters, D-Calif., wants to block the Securities and Exchange Commission from enforcing Regulation Best Interest. Waters offered an amendment to the Financial Services and General Government Appropriations Act of 2020, H.R. 3351, to prohibit the SEC from using funds to enforce Reg BI. The House Rules Committee voted late […]

    How Much Money Do You Need to Retire?

    {June 24th, 2019} by Bernice Napach

    $1.7 million. That’s how much Americans believe they should save in order to retire, according to a Schwab survey of 1,000 401(k) plan participants between the ages of 25 and 70. Unfortunately, few are likely to attain that goal. Almost 60% of survey respondents said their 401(k) plan was their only or largest source of […]

    Life and Annuity Distributor Arranges $395 Million in Financing

    {June 24th, 2019} by Allison Bell

    If you’re selling a company that markets or distributes life insurance, health insurance or annuities, AmeriLife Group LLC might have the cash to buy it. The Clearwater, Florida-based life, health and annuity distributor announced today that it has replaced its old credit facilities with new facilities that can provide up to $395 million in financing. […]

    Massachusetts Fiduciary Plan Looks Awfully Familiar, Lawyers Say

    {June 24th, 2019} by Melanie Waddell

    Massachusetts’ fiduciary proposal is “very similar” to the one floated by New Jersey and may indicate that “an emerging model of regulation with respect to uniform standards of conduct is afoot,” according to members of Stradley Ronon’s Fiduciary Governance Group. The Stradley Ronon attorneys argue in a just-released legal alert that such a model regulation […]

    Target-date fund design may be wrong for retirees

    {June 24th, 2019} by Greg Iacurci

    Prominent retirement researchers are questioning whether target-date funds, the golden goose of the 401(k) industry, are structured appropriately. Click HERE to read the full story via InvestmentNews.

    Investors Heritage Ranked Fastest Growing U.S. Life and Annuity Insurer in 2018

    {June 24th, 2019} by Investors Heritage

    FRANKFORT, Ky.–(BUSINESS WIRE)–Investors Heritage Life Insurance Company (“Investors Heritage”) today announced that it was ranked the fastest growing U.S. life insurer with a Life & Annuity focus in 2018, based on total-filed life, annuity, and accident and health direct premiums, according to a new report from S&P Global.1 S&P ranked companies based on both direct […]

    Fixed Annuities Sales Surge in First Quarter: IRI

    {June 24th, 2019} by Elizabeth Festa

    Total annuity sales reached $57.8 billion for the first quarter of 2019, a slight dip from the last quarter of 2018, with fixed annuity sales surging from the year-ago quarter, according to the Insured Retirement Institute. Market volatility late last year and interest rate pressures tell part of the story, according to data researchers. Industrywide […]

    Rolling Stones concert goers to get schooled on lifetime income

    {June 18th, 2019} by Lorie Konish

    If you’re attending a Rolling Stones concert this summer, you might notice something different. And no, it’s not Mick Jagger’s new moves. The tour has what some might consider to be an unlikely sole sponsor: the Alliance for Lifetime Income, a nonprofit organization formed by financial services firms to raise awareness around the need to […]

    iPipeline and Atidot Partner to Mine In-Force Data for Life and Annuity Sales

    {June 18th, 2019} by Business Wire

    EXTON, Pa.–(BUSINESS WIRE)–iPipeline® – a leading provider of cloud-based software solutions for the life insurance and financial services industry – today announced an exclusive partnership with Atidot, a Gartner “Cool Vendor” insurtech company empowering the life insurance industry with big data and predictive analytics. The InsureSight® In-Force Service powered by Atidot® will enable Insurers in North America to […]

    Optimizing Annuity Income Benefits—A Case Study

    {June 18th, 2019} by Eva L. Levine

    Countless surveys and studies have established that many Americans are concerned about running out of money in retirement because people are living longer, and that there is growing recognition that annuities are a critical part of retirement income planning because of their lifetime income characteristic, which can serve as an insurance against longevity. Yet there […]

    FIDx Opens Annuity Supermarket

    {June 18th, 2019} by Allison Bell

    Fiduciary Exchange LLC — FIDx — has started to open up the Envestnet Insurance Exchange for Envestnet Inc. Exchange organizers are predicting the new exchange will help financial advisors do a better job of helping clients with retirement and income planning, by plugging an easy-to-use sales tool into the same systems many advisors already use to sell […]

    Securities Broker Jealousy Fuels Attacks on Annuities: Ohio Lawmaker

    {June 18th, 2019} by Allison Bell

    A key state insurance legislator has suggested that big broker dealers may be partly to blame for some of the hostility aimed at variable annuities in recent years. Ohio state Sen. Bob Hackett, R-London, Ohio, talked about that possibility in March, in Nashville, Tennessee, at a meeting of the National Council of Insurance Legislators’ Life Insurance & […]

    Wink to provide insured product sales data by index

    {June 18th, 2019} by Editorial Staff

    Wink, Inc., the life insurance and annuity research firm, will begin reporting indexed annuity and indexed life product sales at an index level, for each index available in a product, Wink president and CEO Sheryl J. Moore announced this week. Click HERE to read the full story via Retirement Income Journal.

    Symetra Celebrates the Power of Community Volunteerism During 11th Annual Week of Service

    {June 18th, 2019} by Symetra

    BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra CEO Margaret Meister joined hundreds of company employees yesterday who turned out to volunteer at community projects across Symetra’s Puget Sound hometown region and around the country as the national provider of employee benefits, annuities and life insurance kicked off its 11th annual Symetra Week of Service. From June 10-14, nearly 800 Symetra employee-volunteers […]

    Is now the time to flip the script on annuities?

    {June 18th, 2019} by Maddy Perkins

    PHOENIX — What can advisors glean from the recent popularity spike of the perennially disparaged variable annuity? Though their origins can be traced back to the Roman Empire, annuities have been historically underutilized by advisors. But that could be changing, panelists told attendees at Pershing’s annual Insite conference. Annuities’ bad rap in the wealth management […]

    National Western Life names Chad Tope as Executive Vice President and Chief Marketing Officer

    {June 18th, 2019} by National Western Life Group, Inc.

    AUSTIN, Texas, June 17, 2019 /PRNewswire/ — Ross R. Moody, Chairman of the Board, President, and Chief Executive Officer of National Western Life Group, Inc. (NWLGI) announced the hiring of Chad J. Tope as the Executive Vice President and Chief Marketing Officer of National Western Life Insurance Company (NWLIC), a wholly owned subsidiary of NWLGI, effective immediately. “National Western Life […]

    Iowa Proposes NAIC Annuity Standard That Eclipses Suitability

    {June 18th, 2019} by John Hilton

    Iowa Insurance Commissioner Doug Ommen is attempting to cross a seemingly unbridgeable divide with a new “best interest” annuity sales rule that erases references to “suitability.” The proposal will be presented and discussed next week when a National Association of Insurance Commissioners’ working group meets in Columbus, Ohio, for an all-day meeting. The Annuity Suitability […]

    Wescom Financial Services and Simplicity Life Partner for Insurance Services

    {June 18th, 2019} by Wescom Financial Services & Simplicity Life

    Wescom Financial Services and Simplicity Life have formed a strategic partnership to enhance, expand, and provide more insurance sales support for Wescom Financial Services Advisors and Member Services Representatives. Wescom Financial Services went through an extensive RFP and search process in the latter half of 2018 to determine which industry partner would best support their […]

    SEC Commissioner Study Links ‘Clients First’ Language to Less-Conflicted Advice

    {June 17th, 2019} by Mindy Diamond

    On Wednesday, the Securities and Exchange Commission released its final rules on industry standards of conduct, including an interpretation of an investment advisor’s fiduciary duty under the Advisers Act. One major change the SEC made from the original proposal is that it removed language from the original proposal requiring investment advisors to “put clients’ interests first.” Yet, […]

    Odds Increase for a Fed Rate Cut Next Week

    {June 17th, 2019} by Bernice Napach

    Odds are increasing that the Federal Reserve will cut interest rates for the first time in almost ten years when its policymakers meet next week. A cut “is possible next week,” says Vanguard senior economist Andrew Patterson. It would be a “bit of shock and awe” and could help ease concerns of an inverted yield […]

    Annuities Get No Respect: New Study Confronts Misconception

    {June 17th, 2019} by Adolph Pajkos, Eagle Life Insurance Company and Kenneth Kehrer, Kehrer Bielan and Consulting

    Fixed-rate and index annuities provided the lion’s share of revenue as banks and credit unions launched their investment services offerings in the 1980s and 1990s, yet as the bank insurance and securities community has matured, annuities get no respect. They are looked down upon as an investment product on training wheels, an inefficient way to […]

    NAIC Panel May Update the Tax Guide for Failed Insurers

    {June 17th, 2019} by Allison Bell

    State insurance regulators are preparing to update their tax guide for regulators who are overseeing failed insurance companies. The Receivership & Insolvency Task Force, part of the Financial Stability Task Force at the National Association of Insurance Commissioners (NAIC), is asking for comments on the chapters in the Receivers’ Handbook for Insurance Company Insolvencies that deal with […]

    Rose Conneely Named COO of SBLI

    {June 17th, 2019} by SBLI

    WOBURN, Mass. – The Savings Bank Mutual Life Insurance Company of Massachusetts (SBLI) announces that Rose Conneely has been promoted to Chief Operating Officer of the company at its headquarters in Woburn. Ms. Conneely joined SBLI in 1999 as Senior Vice President of Underwriting and Customer Service. In her new position, she will assume management of […]

    Financial Planning For Financial Planners

    {June 17th, 2019} by Joseph Conroy

    Everyone is familiar with the adage about the cobbler’s children who had no shoes. It is ironic, but common, that financial planners provide quality advice to clients but often don’t think enough about their own finances. After spending 40, 50 or more hours every week advocating for clients, it’s tough to carve out time to […]

    Part II: Allianz Life’s Marketing and Distribution Strategy

    {June 17th, 2019} by Kerry Pechter

    One challenge for FIAs back in 1997 was that insurance agents knew nothing about them. It would take higher-than-usual commissions and other incentives to motivate agents to start selling them. Click HERE to read the full story via Retirement Income Journal.

    Allianz Life’s Index Annuity Winning Streak

    {June 17th, 2019} by Kerry Pechter

    There was a shaky moment in 2007 when it looked as if Allianz SE’s bet on the U.S. insurance market might backfire on the German financial services giant. American regulators had placed the company’s Minneapolis-based subsidiary, Allianz Life of North America, in their crosshairs. Click HERE to read the full story via Retirement Income Journal.

    4 strategies for Roth conversions

    {June 17th, 2019} by Greg Iacurci

    The time is ripe to convert traditional, pretax retirement accounts to Roth-style accounts. Click HERE to read the full story via InvestmentNews.

    New Final HRA Regs Could Help Brokers Reach Employees

    {June 17th, 2019} by Allison Bell

    New final health reimbursement arrangement (HRA) regulations could encourage U.S. employers of all sizes to give workers cash the workers could use to buy their own health coverage. The final regulations could also encourage employers offer workers access to health insurance brokers, and to private health insurance exchange programs, to help workers understand their health […]

    Forget the SEC advice rule — broker-dealers more concerned with CFP Board expanded fiduciary standard ​

    {June 17th, 2019} by Bruce Kelly

    Lawyers across the brokerage industry are busily reading and digesting the Securities and Exchange Commission’s investment advice reforms approved this week. Click HERE to read the full story via InvestmentNews.

    IRA trusts could become an estate planning disaster

    {June 17th, 2019} by Ed Slott

    The new SECURE Act that was passed overwhelmingly by the House in a 417-3 vote on May 23 contains a provision to eliminate the stretch IRA and replace it with a 10-year payout for most non-spouse beneficiaries, including trusts. Click HERE to read the full story via InvestmentNews.

    SEC ‘guts’ RIA industry with a footnote, degrading fiduciary duty

    {June 17th, 2019} by Ann Marsh

    A single word change has upended wealth management. By substituting an “and” for an “or” in a footnote last week, the SEC watered down the meaning of investment advisors’ fiduciary duty to clients. The change prompted sharp criticism from multiple quarters, including the commission’s own investor advocate, and left industry insiders bewildered. “It guts the […]

    Galvin Proposes Fiduciary Rule in Massachusetts

    {June 17th, 2019} by Melanie Waddell

    Dissatisfied with the Securities and Exchange Commission’s just-finalized Regulation Best Interest, Massachusetts Secretary of State William Galvin, the state’s top securities regulator, introduced Friday a fiduciary rule proposal. The Massachusetts Securities Division’s regulation would apply a fiduciary conduct standard on broker-dealers, agents, investment advisors and investment advisor representatives when dealing with their customers and clients. “We are […]

    3 Important Details in the New Individual Coverage HRA Regs

    {June 17th, 2019} by Allison Bell

    Take Health Command has had a front-row seat on federal agency efforts to draft and complete the new individual coverage health reimbursement arrangement (ICHRA) regulations. The Dallas-based startup already provides compliance services, employee enrollment services and other support services for the new ICHRA’s older sibling: the qualified small employer HRA (QSEHRA). The firm’s basic package of QSEHRA services […]

    Kemp Appoints New Acting Insurance Commissioner, Replacing Indicted Jim Beck

    {June 17th, 2019} by Emma Hurt

    Gov. Brian Kemp has named a new acting insurance commissioner: John King, chief of Doraville police is filling the shoes of Jim Beck, who was indicted last month for embezzling more than $2 million from a former employer, the Georgia Underwriting Association. Beck was indicted by a federal grand jury on 38 charges of money laundering, […]

    Trade Groups Press New Jersey to Embrace SEC’s Reg BI, Drop Fiduciary Plan

    {June 17th, 2019} by Melanie Waddell

    With a final Regulation Best Interest in hand, trade groups are urging the New Jersey Bureau of Securities to embrace the Securities and Exchange Commission’s federal standard, so as not to create a patchwork of state rules. New Jersey stops taking comments on its uniform fiduciary standard for broker-dealers and investment advisors Friday. On April 15, the state proposed its rule, […]

    The Good, Bad and Ugly of SEC’s Reg BI and Advice-Standards Package

    {June 17th, 2019} by Melanie Waddell

    While folks are busy sizing up the “good, bad and ugly” of Reg BI, advisors registered with the SEC need to focus on the new Form CRS requirements, advises GJ King, president of RIA in a Box, calling the new form “the first new significant regulatory filing requirement to impact RIA firms in a decade.” King […]

    Senate Working to Pass Secure Act Retirement Bill: Grassley

    {June 17th, 2019} by Melanie Waddell

    Senate Finance Committee Chairman Sen. Chuck Grassley, R-Iowa, said Wednesday that the Senate is now working to pass the Setting Every Community Up for Retirement Enhancement (Secure) Act of 2019, “as the House passed it,” but the timeline on passage is uncertain. At an event held by the National Association for Fixed Annuities at The Watergate […]

    Life Activity Rises: MIB

    {June 17th, 2019} by Allison Bell

    U.S. life insurance application activity continued to improve in May, mainly because consumers ages 45 to 59 were much more likely to apply for coverage, according to new activity data from MIB Group Inc. In May, MIB says, overall activity rose 1.1%. That’s up from an increase of just 0.1% in April. Application activity for […]

    The Warning Sign That Predicted Nearly Every Modern Financial Crisis: Richard Vague

    {June 17th, 2019} by Jane Wollman Rusoff

    The predictor of virtually every major financial crisis during the last 200 years has been runaway private debt fueled by lending institutions and their leaders’ fierce ambition, according to Richard Vague, founder and managing partner of the venture capital firm Gabriel Investments. In an interview with ThinkAdvisor, the former banker discusses his years-long research into […]

    Retirement Is Forced Upon Roughly 1 in 4 Americans: Fed

    {June 17th, 2019} by Alex Tanzi

    Most Americans aren’t financially prepared for retirement. About 44% of Americans said their retirement savings are not on track versus 36% of Americans who said it is on track, according to the Federal Reserve Board’s sixth annual survey of household economics. The rest of Americans aren’t sure whether their plan is on track or not. […]

    New Jersey Supreme Court Voids Stranger-Originated Life Policies

    {June 17th, 2019} by Steven A. Meyerowitz

    This story is reprinted with permission from the Insurance Coverage Law Center, the industry’s only comprehensive digital resource designed for insurance coverage law professionals. Visit the website to subscribe. The Supreme Court of New Jersey has ruled that stranger-originated life insurance (STOLI) policies are against public policy and are void ab initio. The court also ruled in the […]

    Pennsylvania law requires multiple record keepers for 403(b), 457 plans

    {June 17th, 2019} by Greg Iacurci

    A new law in Pennsylvania will require school districts sponsoring certain retirement plans to use at least four service providers, which advisers say runs counter to best practices and will perpetuate an environment of higher record-keeping and investment-management fees. Click HERE to read the full story via InvestmentNews.

    RIA makes fiduciary duty its calling card

    {June 17th, 2019} by Jeff Benjamin

    When the founders of AGW Capital Advisors launching a financial advisory firm in April 2009, in the wake of the financial crisis and at the stock market’s low point, they decided to embrace the elephant in the room. Click HERE to read the full story via InvestmentNews.

    Texas suspends one adviser, orders second to repay commissions

    {June 17th, 2019} by InvestmentNews

    The Texas Securities Commissioner has sanctioned two Dallas-area investment adviser representatives for selling unsuitable investments to clients. Click HERE to read the full story via InvestmentNews.

    RIA with $15 billion in AUM appoints first female president

    {June 17th, 2019} by Jeff Benjamin

    Wendy Hartman has become the latest example of women making inroads into the C-suites of the financial services industry with her promotion to president of Buckingham Strategic Wealth, an RIA with $15 billion in assets. Click HERE to read the full story via InvestmentNews.

    Helicopter Hits Former AXA Equitable Headquarters in New York City

    {June 17th, 2019} by Allison Bell

    A helicopter crashed into the roof of the AXA Equitable Center building in New York City around 1:45 p.m. today, according to officials at the New York City Fire Department. The crash killed the pilot of the helicopter and caused a fire, officials said around 2:45 p.m. Officials reported that firefighters had extinguished the fire […]

    Love It Or Hate It, Reg BI Is Here

    {June 17th, 2019} by Cassie Miller

    Just one year since the Department of Labor fiduciary rule was vacated, the financial services industry is again reeling or rejoicing after the Securities and Exchange Commission’s approval of Regulation Best Interest and its subsequent rulings. Here’s just some of what the industry has had to say: Insured Retirement Institute IRI made several observations about […]

    The Case For Insuring Parents And Loved Ones

    {June 17th, 2019} by Tomas McFie

    The cost of care provided to parents by their adult children is now estimated to be well over $375 billion a year, twice as much as what is actually being spent on home health care or nursing home services combined), according to the National Alliance for Caregiving and Evercare. It is crucial that these adult children should be […]

    Which IBDs are leading the shift to fee-based revenue?

    {June 17th, 2019} by Tobias Salinger

    Some of the smaller firms in the independent broker-dealer sector are helping fuel its giant shift to fee-based business. Advisory revenue from the top 50 IBDs participating in Financial Planning’s IBD Elite study outpaced commission business for the first time ever in 2017. Last year, the difference between the two business lines became even more pronounced. The 50 largest […]

    Top Selling Indexed ULs of All Time! (2018)

    {June 14th, 2019} by Jamie Johnson

    We began tracking the individual product sales of indexed universal life (IUL) products in the second quarter of 2008.  We recently updated our annual “Top Selling Indexed ULs of All Time” chart to reflect IUL sales through 2018. Transamerica Premier Life’s Transamerica Financial Foundation IUL has the title of the “Top Selling IUL of All […]


    {June 13th, 2019} by Jamie Johnson

    Wink continues to receive many inquiries about which products are the best-selling indexed annuities of all time. We began tracking individual product sales of indexed annuities in 2006; in 2013 we began to compile these individual product sales to see which products were the top-selling indexed annuities ” of all time” from the 2006-2013 time period. […]


    {June 12th, 2019} by Press Release

    — FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE   WINK RELEASES FIRST-IN-THE-INDUSTRY INDEX SALES INTELLIGENCE Wink, Inc. Providing Indexed Annuity and Indexed Life Sales by Individual Index Des Moines, Iowa. June 12, 2019– Wink, Inc., the company behind the insurance industry’s #1 resource for indexed annuity sales data since 1997, has turned their attention to reporting […]

    Father Knows Best: Lincoln Financial Study Finds Dads Have a Better Understanding of Personal Finance Than the General Population

    {June 12th, 2019} by Lincoln Financial

    RADNOR, Pa.–(BUSINESS WIRE)–It turns out there is a reason why Dad is never shy in handing out financial advice. According to Lincoln Financial Group’s (NYSE: LNC) Love and Responsibility Survey, dads have a better understanding of personal finance than the general population. The research also showed 88% percent of dads prioritize talking to their children about […]

    Does the SEC’s new interpretation of the investment adviser standard diminish it? Depends who you ask

    {June 12th, 2019} by Mark Schoeff Jr.

    One of the most controversial parts of the advice reform package the Securities and Exchange Commission approved last week is its interpretation of the standard of conduct for investment advisers. Click HERE to read the full story via InvestmentNews.

    10 Key Regulation Best Interest Points, for Agents

    {June 12th, 2019} by Allison Bell

    The U.S. Securities and Exchange Commission (SEC) has tested life and annuity policy specialists’ speed reading skills by posting a final version of its Regulation Best Interest (Regulation BI) regulations. The regulation packet — which includes the introduction to the regulation, federal regulators’ economic impact assessments, and the actual text — takes up 771 PDF file […]

    Selling Annuities Is the Right Thing to Do: Life CEOs

    {June 12th, 2019} by Allison Bell

    Two life insurance company leaders told an audience full of money managers that the world needs annuities, and that the life industry needs to do better job of explaining how important and necessary annuities are. Mark Mullin, the chief executive officer of Transamerica Corp., and Mark Pearson, the CEO of AXA Equitable Holdings Inc., talked about […]

    American Equity No Longer in Discussions Regarding a Potential Transaction

    {June 12th, 2019} by American Equity Investment Life Holding Company

    WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (NYSE: AEL) (“American Equity”) announced today that its Board of Directors (the “Board”) is no longer in discussions regarding a potential transaction. Consistent with its fiduciary duties, the Board, with the assistance of financial and legal advisors, assessed the indications of interest it received from […]

    New protection, flexibility enhancements introduced for two Ohio National lifetime pay products

    {June 12th, 2019} by Ohio National Financial Services

    CINCINNATI, June 10, 2019 (GLOBE NEWSWIRE) — Clients looking for secure lifetime protection and excellent value for death benefit protection have two new options with Ohio National’s enhanced lifetime pay whole life products. “Prestige Value IV and Prestige 100 II provide an excellent foundation of long-term protection,” said Christopher Calabro, CLU, ChFC, Ohio National senior […]

    MDRT Power Sellers Charge Into Miami Beach

    {June 11th, 2019} by Allison Bell

    The Million Dollar Round Table (MDRT) is continuing to get bigger — by continuing to go global. One thing MDRT leaders are doing at their group’s annual meeting in Miami Beach, Florida, this week is promoting the group’s next major, in-person event: a global conference in Sydney, in Australia. The MDRT plans to start that four-day event, […]

    4 Reasons Small BDs Are Under Pressure

    {June 11th, 2019} by ThinkAdvisor

    Higher interest rates are enabling money market accounts, sweep accounts and margin accounts to contribute noticeable profit increases to the bottom lines of some broker-dealers. But though we’ve seen a bump up in profitability for BDs in general, we also see some worrisome trends unique to smaller organizations, which will work against their future survival. […]

    Insurance platforms have to simplify before moving towards the shiny new future

    {June 11th, 2019} by Alicja Grzadkowska

    Divesting, or the selling off of distressed assets and businesses, has picked up steam since the 2008 financial crisis, though a recent report shows the drivers pushing companies to divest are no longer mandatory state aid regulations. Instead, companies need to strategically divest in order to remain competitive. The insurance sector in particular is seeing […]

    AIG Promotes David McElroy to Lead North America General Insurance Operations

    {June 11th, 2019} by Business Wire

    NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE:AIG) today announced that David McElroy, President and CEO of Lexington, has been promoted to President and CEO of the North America operations of General Insurance. Mr. McElroy will continue to report to Peter Zaffino, CEO General Insurance and Global Chief Operating Officer, AIG, and continue to serve as […]

    Indexed annuity illustrations are hurting consumers: group

    {June 11th, 2019} by Greg Iacurci

    An investor advocacy group took a shot at indexed-annuity illustrations — the primary sales tool used to sell insurance products — and said that current rules around illustrations are too flimsy, allowing insurers to use them in a way that benefits them but disadvantages consumers. Click HERE to read the full story via InvestmentNews.   […]

    The Index Annuity Story, Part I

    {June 11th, 2019} by Kerry Pechter

    ‘Zero is the hero’ in fixed index annuities, which offer upside without risk of loss. In this first article of a four-part series on FIAs, presented by Retirement Income Journal and Wink, Inc., RIJ analyzes Wink’s first-quarter 2019 sales data to establish an overview of the fast-growing index annuity industry.   Click HERE to read […]

    Kirt Walker Set to Become Nationwide CEO

    {June 11th, 2019} by Allison Bell

    Kirt Walker will be taking over from Steve Rasmussen as chief executive officer of Nationwide Mutual Insurance Company Oct. 1, the company announced today. Rasmussen — who has been Nationwide’s CEO sinc 2009 — is retiring. Rasmussen began working for Nationwide since 1998, after the company acquired his previous employer, Allied Insurance Company of America. Kirt […]

    3 Hot Sources of Life and Annuity Sector Terror

    {June 11th, 2019} by Allison Bell

    S&P Global Ratings analysts kept assuring attendees at the firm’s latest insurance conference Wednesday that life insurer capital levels, investment portfolios and ratings look fine. S&P analysts have concluded that, even though the average rating of the life insurers it rates is an A+, those insurers have 10% more total capital than they would need […]

    Life and Annuity Groups Give SEC’s Final Best-Interest Standard Mixed Reviews

    {June 11th, 2019} by Allison Bell

    Members of the U.S. Securities and Exchange Commission voted 3-1 Wednesday to approve the SEC’s Regulation Best Interest: The Broker-Dealer Standard of Conduct (Regulation BI). The SEC has posted a 771-page regulation packet for Regulation BI, which is set to have a compliance date of June 30, 2020. The SEC also agreed to update its […]

    iPipeline and Atidot Partner to Mine In-Force Data for Life and Annuity Sales

    {June 11th, 2019} by iPipeline

    EXTON, Pa.–(BUSINESS WIRE)–iPipeline® – a leading provider of cloud-based software solutions for the life insurance and financial services industry – today announced an exclusive partnership with Atidot, a Gartner “Cool Vendor” insurtech company empowering the life insurance industry with big data and predictive analytics. The InsureSight® In-Force Service powered by Atidot® will enable Insurers in North America to […]

    To 1035 or not to 1035? Reprint #AnnuityAwarenessMonth

    {June 11th, 2019} by Sheryl J. Moore

      To 1035 or not to 1035? June 6, 2013 by Sheryl J. Moore Lately, I’ve been receiving a lot of questions about whether, or not, I have concerns about 1035 exchanges in the current interest rate environment. Why? Maybe you missed the memo, but you are currently selling annuities in the worst interest rate […]

    FTSE Russell Reconstitutes US Equity Indexes

    {June 11th, 2019} by Bernice Napach

    FTSE Russell has announced its annual reconstitution of the Russell 3000 index, which tracks the performance of the 3,000 largest U.S. traded stocks, and the Russell Microcap, comprised of over 1,500 of the smallest U.S.-based stocks. Both indexes are market-cap weighted. In total, close to 170 stocks will be added and about 160 stocks will […]

    American Equity’s Mysterious Suitor

    {June 11th, 2019} by Michael Jay Markey Jr.

    In case you’ve missed it, there’s been a Hollywoodesque legal drama swirling around in the insurance world between two private equity (private equity) firms, Caldera Holdings Ltd., Apollo Global Management LLC, and one publicly traded insurance company. Until now, the company has been unnamed, but, in my opinion, a recent court filing, and a persistent […]

    Reg BI limits brokers’ use of title ‘adviser’ or ‘advisor

    {June 11th, 2019} by Mark Schoeff Jr.

    Brokers who are only brokers will have to be less cavalier in describing themselves as financial advisers, thanks to an advice reform package approved last week by the Securities and Exchange Commission. Click HERE to read the full story via InvestmentNews.

    LIMRA, LOMA Offer Online ‘Best Interest’ Training for NY Reg 187

    {June 11th, 2019} by Elizabeth Festa

    Industry trade associations LIMRA and LOMA announced Monday they are offering training for New York’s best interest and suitability regulation, which takes hold Aug. 1. LOMA’s and LIMRA’s combined online training program, announced Monday, is designed to help both sales agents and producers as well as home office employees understand and comply with the new rule […]

    Optimizing Annuity Income Benefits—A Case Study

    {June 11th, 2019} by Eva L. Levine

    Countless surveys and studies have established that many Americans are concerned about running out of money in retirement because people are living longer, and that there is growing recognition that annuities are a critical part of retirement income planning because of their lifetime income characteristic, which can serve as an insurance against longevity. Yet there […]

    SEC passes Regulation Best Interest, but fiduciary rules could make a comeback

    {June 10th, 2019} by Andrew Welsch

    Advisors and brokers will soon be faced with new SEC disclosure and compliance requirements, but the changes disappoint consumer advocates — and suggest more state regulatory action on fiduciary rules is likely. The commissioners voted 3-1 on four items: Regulation Best Interest, Form CRS (a relationship summary form for clients), an interpretation of standards of […]

    New Life and Annuity Deals May Be Complicated

    {June 10th, 2019} by Allison Bell

    U.S. life insurance and annuity players could make more complicated deals in the next year or so, and many of those deals could be structured as reinsurance arrangements. Philip Salem, co-head of the Americas insurance sector in the investment banking division at the Goldman Sachs Group Inc., made that case today in New York, during a […]

    AM Best Revises Outlooks to Positive for ELCO Mutual Life and Annuity

    {June 10th, 2019} by Business Wire

    AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bb+” of ELCO Mutual Life and Annuity (ELCO) (Lake Bluff, IL). The ratings reflect ELCO’s balance sheet strength, which AM Best categorizes as weak, as well as its […]

    SEC Passes Regulation Best Interest by 3-1 Vote

    {June 10th, 2019} by Melanie Waddell

    The Securities and Exchange Commission passed by a 3-1 vote Wednesday its controversial Regulation Best Interest, which SEC Chairman Jay Clayton said would “substantially enhance the broker-dealer standard of conduct beyond existing suitability obligations.” The agency also passed by a 3-1 vote the three other prongs of the advice-standards package — the Form CRS Relationship […]

    Retirement bill would allow tax-free financial planning

    {June 10th, 2019} by Mark Schoeff Jr.

    Recently introduced legislation includes tax incentives for financial planning related to retirement. Click HERE to read the full story via InvestmentNews.

    SEC reforms impose new requirements on brokers and advisers, but some argue not enough

    {June 10th, 2019} by Jeff Benjamin

    The Securities and Exchange Commission’s long-awaited investment advice reforms, which were approved Wednesday in a 3-1 vote, are virtually unchanged from an original proposal. Click HERE to read the full story via Investment News.

    Booming MYGA Sales Highlight Wink’s 1Q Annuity Sales Report

    {June 10th, 2019} by Staff Reports

    Total first-quarter sales for all deferred annuities were $55.5 billion — led by the dominating sales of multi-year guaranteed annuities, Wink’s Sales & Market Report reports. Noteworthy highlights for all deferred annuity sales in the first quarter include AIG ranking as the No. 1 carrier overall for deferred annuity sales, with a market share of […]

    Bells and Whistles Skirmishes Pop Up at S&P Conference

    {June 10th, 2019} by Allison Bell

    Several speakers have suggested here in New York this week, at S&P Global Ratings’ latest insurance conference, that excessive product complexity might be one reason that life insurers have had sales problems, and regulatory headaches. Mark Mullin, the chief executive officer of Transamerica Corp., made that point today during a life insurance CEO discussion, in a […]

    Regulators, Industry Reps Tangle Over Indexed Annuity Illustrations

    {June 10th, 2019} by John Hilton

    An industry attempt to beat back a tougher indexed annuity illustration regulation appeared to fail Wednesday after a consumer advocate blasted the effort. The National Association of Insurance Commissioners’ working group is studying a proposal to double the time indexes must be in existence to be used in annuity illustrations from 10 to 20 years. […]

    Will Reg BI Be Hammered by Lawsuits?

    {June 10th, 2019} by Melanie Waddell

    Industry officials anticipate a little-changed Regulation Best Interest as well as potential lawsuits after the Securities and Exchange Commission approves on Wednesday its controversial Reg BI for brokers, part of the agency’s four-pronged advice standards package. “Litigation is certainly possible after the final rules are adopted,” said David Tittsworth, former president and CEO of the […]

    Supreme Court to Hear Case on Retirement Plan Losses

    {June 10th, 2019} by Greg Stohr

    The U.S. Supreme Court will use a case involving International Business Machines Corp. to consider making it harder for workers to sue when their retirement plans lose money because the employer’s stock price falls. The justices said they will scrutinize a lawsuit that claims IBM plan managers didn’t do enough to protect employees from stock […]

    Learning how life insurance can help charity

    {June 10th, 2019} by Gaston Gazette

    The Gaston Community Foundation hosted a continuing education event on May 7 for professional advisors at Gaston Country Club. The foundation offers a lunch and one hour of free continuing education annually to attorneys, CPAs and financial advisors. “Professional advisors are a key resource for our community in communicating giving vehicles and structuring planned gifts,” said Ernest Sumner, president, in […]

    SEC Adopts Rules and Interpretations to Enhance Protections and Preserve Choice for Retail Investors in Their Relationships With Financial Professionals

    {June 9th, 2019} by The Securities and Exchange Commission

    FOR IMMEDIATE RELEASE 2019-89 Washington D.C., June 5, 2019 — The Securities and Exchange Commission today voted to adopt a package of rulemakings and interpretations designed to enhance the quality and transparency of retail investors’ relationships with investment advisers and broker-dealers, bringing the legal requirements and mandated disclosures in line with reasonable investor expectations, while […]

    Legacy Marketing Group® Introduces New FUSION Strategy, Fusing Together Annual Crediting and Multi-Year Upside

    {June 6th, 2019} by Legacy Marketing Group

    PETALUMA, CA, June 5, 2019—Legacy Marketing Group® is excited to announce the availability of a new, game-changing interest crediting strategy on its exclusive line of fixed indexed annuities from “A” rated* Americo Financial Life and Annuity Insurance Company. The new strategy—the FUSION StrategySM**—fuses the best parts of an annual point-to-point strategy and a multi-year strategy. […]

    SEC moving to require brokers to reveal conflicts for advice

    {June 5th, 2019} by Marcy Gordon

    By Marcy Gordon | AP June 5 at 3:08 AM WASHINGTON — Federal regulators are moving to require that brokers provide their customers with detailed disclosures of their potential conflicts of interest when dispensing advice for retirement planning and other investments. But critics say the Securities and Exchange Commission’s new measure, supported by the financial industry, doesn’t go […]

    SEC To Vote On Reg BI

    {June 5th, 2019} by Cassie Miller

    The Securities and Exchange Commission is voting June 5 on a three-part rulemaking package containing regulation best interest. While it is unknown what the final rule being voted on will look like, the proposed rules attempt to fill in holes left by the vacated Department of Labor fiduciary rule and issue a firm federal ruling in the […]

    Investors Heritage Names Robert Hardy Chief Executive Officer; Raymond Carr, John Frye to Serve as Co-Presidents

    {June 4th, 2019} by Investors Heritage Life Insurance Company

    FRANKFORT, Ky.–(BUSINESS WIRE)–Investors Heritage Life Insurance Company (“Investors Heritage”) today announced that Executive Vice President and General Counsel Robert Hardy has been named Chief Executive Officer, succeeding Harry Lee Waterfield II, who will become Vice Chairman, effective June 1. “It has been one of the great honors of my life to work beside the fine […]

    13 Best & Worst Broker-Dealers: Q1 Earnings, 2019

    {June 4th, 2019} by Janet Levaux

    While analysts were cautious about financial companies’ prospects for strong earnings in the first quarter of 2019, most broker-dealers reported robust results. “We consider first-quarter earnings season a success based on the upside surprise and resilience of estimates for the rest of this year,” said John Lynch, chief investment strategist for LPL Financial, in a recent […]

    Allianz’s El-Erian to Head College at Cambridge University

    {June 4th, 2019} by Lucy Meakin

    Mohamed El-Erian, chief economic advisor at Allianz SE, has been named president of Cambridge University’s Queens’ College. The son of an Egyptian diplomat, El-Erian was an undergraduate at Cambridge in the late 1970s, where he studied economics. He also holds a doctorate from Oxford University. El-Erian worked at the International Monetary Fund for 15 years, […]

    Do Annuities And 401(k) Plans Mix?

    {June 4th, 2019} by Ben Mattlin

    Once upon a time, retirees received pensions through defined benefit plans. Nowadays, instead, most employees have defined contribution plans—largely in the form of 401(k)s. Lately, a growing number of 401(k) plans are offering annuities as an investment choice. Congress has even made overtures toward helping this trend along. Nevertheless, despite compelling arguments in favor of […]

    Great-West Lifeco completes sale of U.S. individual life insurance and annuity business

    {June 4th, 2019} by Great-West Lifeco Inc.

    All figures are expressed in Canadian dollars, except as noted. WINNIPEG, June 3, 2019 /CNW/ – Great-West Lifeco Inc. (Great-West Lifeco) today announced its Colorado-based subsidiary, Great-West Life & Annuity Insurance Company (GWL&A), has completed the previously-announced sale, through reinsurance, of substantially all of its individual life insurance and annuity business to Protective Life Insurance Company, the primary […]

    BNY Mellon’s Pershing Debuts Enhanced Subscribe Annuity Platform; Announces Plans to Integrate Subscribe into Its Managed Accounts Offering

    {June 4th, 2019} by BNY Mellon

    JERSEY CITY, N.J., June 3, 2019 /PRNewswire/ — BNY Mellon’s Pershing (“Pershing”) today announced a series of enhancements to its Subscribe® annuity platform, which helps advisors streamline how they process, service and maintain annuities. Among the key updates is eSignature capability, which will set a new standard for the industry and change the way advisors purchase annuities. The enhancements […]

    Jackson Announces Distribution Relationship with TD Ameritrade

    {June 4th, 2019} by Jackson National Life Insurance Company

    NASHVILLE, Tenn.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (“Jackson®”) announced that it is teaming up with TD Ameritrade Institutional to bring the carrier’s most popular advisory annuity product – Perspective Advisory IISM – to the independent RIA channel. Since its launch in 2017, Jackson’s Perspective Advisory II has been one of the leading advisory variable annuities. The product’s many rider […]

    The Latest Must-Have Wedding Registry Item? Life Insurance

    {June 4th, 2019} by Brian Madgett

    Ah, “wedding season.” It’s a time when couples across the country prepare to open a new chapter of their lives together, surrounded by family and friends (and sometimes by people they don’t even know that well). Amid the flurry of invitations, fittings, flowers and all that often comes along with saying, “I do,” there’s one […]

    Pacific Life Undertakes Dramatic Digital Transformation

    {June 4th, 2019} by Staff Reports

    Pacific Life is partnering with Salesforce on a sweeping CRM platform upgrade across its entire U.S. retail businesses. Previously, Pacific Life’s employees across regions and departments did not have a single platform to view and manage every customer relationship and interaction. To address this challenge, Pacific Life partnered with Salesforce on a new initiative it […]

    No. 314: Indexed Universal Life Policies—The Views of Two Prominent Professionals About the Risks for Buyers

    {June 4th, 2019} by Joseph M. Belth

    During the years of The Insurance Forum, and more recently on my blog, I have never written an article about indexed universal life (IUL) policies. I have been asked by many readers to write on the subject, but have not done so. The reason is simple. I have obtained and looked closely at samples of IUL […]

    Retirees, Ladder Annuities to Hedge Your Bets

    {June 4th, 2019} by Mary Kane

    Handing over a large lump sum to an insurance company in exchange for a stream of guaranteed payments is a hard pill to swallow for many investors. Add in uncertainty about interest rates, which affect annuity payouts, and the decision to buy an immediate annuity becomes more challenging. A laddering strategy could help ease that decision […]

    Some insurance agents breaking law with 401(k) rollovers

    {June 4th, 2019} by Greg Iacurci

    Rolling money out of a 401(k) plan to fund an insurance product, like an annuity or life insurance policy, can be a difficult, tense decision for retirees. After all, seniors are earmarking a large chunk of their nest egg. Click HERE to read the full story via InvestmentNewsNet.            Wink’s Note: “Source […]

    Structured Annuities Take Hold

    {June 4th, 2019} by Sheryl Moore

    It was almost a decade ago when I heard the news that a company that cannot stand indexed annuities had launched an “indexed annuity.” No better way to confirm the information than to go straight to the horse’s mouth: I gave the product management division of the company a call. “Did you guys launch an […]

    What Is a Medicaid Annuity?

    {June 4th, 2019} by Geoff Williams

    IT’S A PRECARIOUS situation that many elderly people find themselves in: They need long-term nursing home or assisted living care, but they don’t have enough money to pay for it. So they consider applying for Medicaid, the joint federal-state program that offers health coverage to eligible low-income seniors. But because they have a little too much […]

    Envestnet’s latest trick? Offering annuities

    {June 4th, 2019} by Sean Allocca

    Envestnet, the turnkey asset management platform used by hundreds of RIAs, will now carry annuities, adding both fee-based and commission insurance products to the advisor arsenal. The firm’s Insurance Exchange offers products from six carriers, including Allianz Life, Nationwide and Prudential, and gives advisors on the platform access to variable, structured, fixed and indexed annuities, according […]

    Which independent broker-dealers produce the most revenue?

    {June 4th, 2019} by Tobias Salinger

    Small and midsize firms read on at your own risk: The giants of the independent broker-dealer sector are growing rapidly. Not one of the top 25 firms in annual revenue took a step back in 2018, according to Financial Planning’s annual IBD Elite survey of the largest IBDs. On the contrary, 15 of them generated double-digit increases […]

    Non-Variable Annuity Sales Continue to Climb

    {June 4th, 2019} by Allison Bell

    Maybe Elon Musk and Jeff Bezon should try using MYGA contracts to make their rockets go up faster. Sales of U.S. individual non-variable and all deferred annuities are continuing to rise like a hot air balloon that broke free from its rope, according to new survey data from Wink Inc. [Total non-variable annuity] sales climbed […]

    MassMutual Breaks Ground on 310-Square-Foot Boston Building

    {June 4th, 2019} by Allison Bell

    Massachusetts Mutual Life Insurance Company today broke ground for a 17-story, 310,000-square-foot building at 10 Fan Pier Boulevard in Boston, on the Boston waterfront. 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 lead […]

    Former Nebraska Senator to Lead Life Agency

    {June 4th, 2019} by Allison Bell

    Insurance Care Direct, a life and health agency, has hired one of the best-known figures in the insurance industry to be its new chief executive officer. The Deerfield Beach, Florida-based agency’s new CEO is Ben Nelson. Ben Nelson was the governor of Nebraska from 1991 to 1999; a U.S. senator from 2001 through 2013; and the CEO […]

    Great American Life Collaborates with Raymond James to Develop First-Of-Its-Kind Annuity

    {June 4th, 2019} by Great American Life

    CINCINNATI–(BUSINESS WIRE)–Great American Life® is pleased to announce the launch of a new variable-indexed annuity developed in collaboration with Raymond James. The Index Summit 6℠, which will be offered through financial institutions, banks and independent broker dealers, is the only annuity on the market to offer crediting strategies with both upside and downside participation rates. The […]

    Look to IUL in Planning for Longevity

    {June 4th, 2019} by Mark Peterson

    Longevity can be a double-edged sword: the longer people live, the longer their resources in retirement must last. According to new research1 from AIG, more than half of Americans (53 percent) say their goal is to live to 100 years old. But, even with this optimism for aging, over half of Americans (51 percent) aren’t sure […]

    What you need to know about professional fiduciaries

    {June 4th, 2019} by Blaine F. Aikin

    Typically, individuals engage professional fiduciaries directly and voluntarily, but that isn’t always the case.   Click HERE to read the full story via InvestmentNews. 

    SEC solicits comment on conduct standards for advisers and brokers

    {June 4th, 2019} by Mark Schoeff Jr.

    The Securities and Exchange Commission announced Thursday that it is again seeking public comment on investment-advice standards, restarting its consideration of a fiduciary duty regulation while a similar measure promulgated by the Labor Department is undergoing a reassessment. Click HERE to read the full story via InvestmentNews. 

    Historical timeline of the SEC advice rule

    {June 4th, 2019} by Christina Nelson and Ellie Zhu

    Here are the major milestones on the journey toward the agency’s final advice reform package.   Click HERE to view the timeline via InvestmentNews.

    What to look for in the final SEC advice rule

    {June 4th, 2019} by Mark Schoeff Jr.

    The Securities and Exchange Commission will meet Wednesday to vote on a final investment advice reform package of rules. Click HERE to read the full story via InvestmentNews. 

    Retirement plan provider sticks with embattled celeb Tony Robbins

    {June 4th, 2019} by Jeff Benjamin

    Self-help guru Tony Robbins, whose business relationship with $38 billion RIA Creative Planning ended last week following a wave of sexual misconduct allegations, is maintaining his affiliation with $1 billion retirement plan provider America’s Best 401(k) Company. Click HERE to read the full story via InvestmentNews. 

    What the new DOL fiduciary rule will probably look like

    {June 4th, 2019} by Greg Iacurci

    The form and substance of the Department of Labor’s new fiduciary rule, set to be unveiled by the end of the year, is anybody’s guess.   Click HERE to read the full story via InvestmentNews.

    How to battle sequence-of-returns risk

    {June 4th, 2019} by Mary Beth Franklin

    There were two recurring themes at the annual InvestmentNews​ Retirement Income Summit in Chicago earlier this month: the economic impact of increased longevity and the need for guaranteed income in retirement. Click HERE to read the full story via InvestmentNews. 

    How to replicate a stretch IRA

    {June 4th, 2019} by Greg Iacurci

    The end of the stretch IRA is nigh, and that’s bad news for clients of financial advisers. Click HERE to read the full story via InvestmentNews.