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Archive for January 2020

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  • Many Life Beneficiaries Have No Idea Where the Policy Is: NAIC

    {January 31st, 2020} by Allison Bell

    Only 41% of life insurance beneficiaries who are Baby Boomers say they know where the life insurance policy is stored, and only 33% say they know the name of the life insurer that wrote the policy. Beneficiaries in Generation Z are slightly more likely to say the know the name of the carrier, but Generation […]

    New York Life Debuts “Love Takes Action” Campaign for the Big Game

    {January 29th, 2020} by New York Life

    NEW YORK–(BUSINESS WIRE)–New York Life, America’s largest mutual life insurer, today revealed the 60-second advertising creative to air during the Big Game on Sunday, February 2. The film, titled Agápē, launches New York Life’s new “Love Takes Action” campaign, a celebration of the company’s first 175 years. The creative will run between the game’s first and […]

    New NAIC Survey Shows Most Life Insurance Beneficiaries Aren’t Ready for their Roles

    {January 29th, 2020} by NAIC

    WASHINGTON, Jan. 28, 2020 /PRNewswire/ — When it comes to receiving life insurance benefits after a friend or relative has died, most beneficiaries are unprepared, with Millennials and Gen Z among the least ready, according to a new survey by the National Association of Insurance Commissioners (NAIC). Every year, millions of dollars in life insurance benefits go unclaimed […]

    SECURE To Ignite ‘Huge Boom’ In Annuities, But Not Immediately

    {January 29th, 2020} by Elizabeth Festa

    The SECURE Act will inspire a new batch of annuities and opportunities, but they might not show up until next year, according to insurance professionals. The Setting Every Community Up for Retirement Act is being called the most significant pension reform in a decade, but it will require education while also spurring product innovation. The […]

    Florida Bill Would Make Insurance Commissioner An Elected Position

    {January 29th, 2020} by Staff Reports

    A bill introduced by State Sen. Annette Taddeo, D, would make Florida the 12th state to elect its insurance commissioner. The bill introduced this month would make the commissioner of insurance a member of the governor’s cabinet. Thirty-nine states have appointed insurance commissioners. In 37 of those states, appointments are made by the governor, and […]

    Proposed Legislation In Florida Includes Electing Insurance Commissioner And Consumer Data Privacy

    {January 29th, 2020} by Cheryl Yakey , Vikram Sidhu and Jared Wilner

    Insurance Commissioner – If enacted, Senate Joint Resolution (SJR) 1460 would make Florida the twelfth state to elect its insurance commissioner. The great majority of states, currently 39, have appointed insurance commissioners. In 37 of those states, appointments are made by the governor, and in the remaining two, of which Florida is one, they are appointed […]

    AIG to Report and Host Conference Call to Review Fourth Quarter and Full Year 2019 Results on February 13, 2020

    {January 29th, 2020} by AIG

    NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG) will report financial results for the fourth quarter and full year ended December 31, 2019 before the market opens on Thursday, February 13, 2020 and host a conference call that day to review the results at 9:00 a.m. ET. AIG’s press release and financial supplement will be […]

    When Your Client Can’t Find a Loved One’s Life Insurance Policy

    {January 29th, 2020} by Ray Farmer

    It’s unfortunately a scenario that is all too common. Your client unexpectedly loses her father and remembers that he had purchased a life insurance policy a number of years ago. But she can’t find it. Her father never told her the name of the insurer. He was old-school preferring to conduct business transactions by paper, so […]

    Where will the youth find retirement income?

    {January 29th, 2020} by Paola Peralta

    Some 63% of younger Americans polled by the Longevity Project and Morning Consult believe that they will live longer than their parents, with 70% of Gen Z members saying they will have a longer lifespan than their elders, according to this article in CNBC. The survey also found that 48% of younger Americans feel they […]

    Don’t Sleep on Reg BI Compliance, Industry Officials Warn

    {January 29th, 2020} by Melanie Waddell

    Industry officials are warning advisors and broker-dealers not to dawdle on compliance with the Securities and Exchange Commission’s Regulation Best Interest and advice-standards package, with one compliance firm stating that the consequences for noncompliance are “heavy.” Top of mind for advisors and broker-dealers is whether they “need to race to comply” with Reg BI if […]

    IRS Issues Guidance Amid Secure Act RMD Confusion

    {January 29th, 2020} by Melanie Waddell

    The Internal Revenue Service released guidance Monday for financial institutions on how to report required minimum distributions for 2020 under the Setting Every Community Up for Retirement Enhancement Act of 2019, or the Secure Act. The IRS Notice 2020-6 “is more of an institutional fix for the financial companies that sent out what are now […]

    Advisors’ Advice: What Does the Secure Act Really Mean for Clients?

    {January 29th, 2020} by Ginger Szala

    The Setting Every Community Up for Retirement Enhancement (Secure) Act has been called the most comprehensive retirement security legislation in decades. Overall, it has received a thumbs up for several changes, such as: It will be easier for small businesses to set up 401(k)s by increasing the cap under which they can automatically enroll workers […]

    5 Ways the New Coronavirus May Already Be Affecting U.S. Insurers

    {January 29th, 2020} by Allison Bell

    China’s new coronavirus outbreak may never cause a significant number of health insurance or life insurance claims in the United States, but it’s already joined two other coronavirus outbreaks — Severe acute respiratory syndrome (SARS) and Middle East respiratory syndrome (MERS) — as something that will shape how life insurance actuaries, investors and regulators see insuring […]

    Integrity Market Acquires Agent Pipeline

    {January 29th, 2020} by Allison Bell

    Internet Marketing Group LLC has acquired another life and health distributor. The Dallas-based senior products distributor announced today that it has scooped up Agent Pipeline Inc. of Saint Albans, West Virginia. Agent Pipeline distributes products such as Medicare Advantage plans, Medicare supplement insurance, individual health plans, prescription drug coverage, and final expense products. Click HERE to […]

    4 Ways Women Can Win with the SECURE Act

    {January 29th, 2020} by Evan T. Beach

    While women have historically done better than men in the stock market by about 0.4% per year, they are undeniably in a worse position when it comes to retirement security. This disadvantage stems from fewer years spent in the workforce, longer life expectancy, the wage gap and less access to workplace retirement plans. The SECURE Act, which […]

    Survey Team Looks at Who Owns Annuities

    {January 29th, 2020} by Allison Bell

    Education may have more of a bearing on who in the United States ends up owning annuities than income does. Managers of the Longevity Project-Morning Consult Poll have reported data supporting that idea in a collection of results from an online survey of U.S. adults that was conducted in late 2019. Palisades Media Ventures, a […]

    What is a Multi-Year Guarantee Annuity (MYGA)?

    {January 29th, 2020} by The Annuity Man

    How can people say that they “hate annuities” and love CDs at the same time?  Short answer is they can’t.  Multi-Year Guarantee Annuities (MYGAs) are the annuity industry’s version of a CD (Certificate of Deposit).  Both guarantee an annual interest rate for a specific period of time that you choose.  Both have no annual fees, and both fully protect […]

    Security Benefit’s Index A ‘Fraudulent Scheme,’ Lawsuit Says

    {January 29th, 2020} by John Hilton

    A new and expanded class-action lawsuit alleges that Security Benefit Life Insurance Co. defrauded consumers by implementing a “fraudulent scheme” involving a proprietary index used in two fixed indexed annuities. The lawsuit was filed last week in the U.S. District Court for the Southern District of Florida. Three of the plaintiffs were part of a […]

    First of Its Kind Solution Helps Americans Meet Retirement Income Needs by Joining Target Date Fund Investing with Protected Lifetime Income

    {January 29th, 2020} by Lincoln Financial Group

    RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) and Capital Group, home of American Funds, are partnering to help investors prepare for income in retirement with the launch of the new American Legacy® Target Date Income variable annuity, the first-ever protected lifetime income solution with access to a target date series. This unique solution combines the features […]

    Baby boomers only slightly ahead of millennials when it comes to retirement planning

    {January 29th, 2020} by NAPFA

    CHICAGO, Jan. 22, 2020 /PRNewswire/ — Going into 2020, more than half (59%) of millennials haven’t considered their options for retirement. However, this trend is not limited to younger Americans. According to a survey from the National Association of Personal Financial Advisors (NAPFA), one in three baby boomers — Americans who are nearing or starting retirement — hasn’t […]

    After Stretch IRAs, What Retirement Breaks Could Congress Chop Next?

    {January 28th, 2020} by Laura Saunders

    Late last year, Congress stung many savers when it curtailed the tax benefits of so-called Stretch IRAs. The change derailed those who carefully arranged for younger heirs to inherit their IRAs, and the only way to preserve the plans was to die before Jan. 1, 2020. The revision to Stretch IRAs’ substantial benefits makes it […]

    Trusted Contact Rule Helps Advisors Broach Serious, Sensitive Subjects

    {January 28th, 2020} by Rich Blake

    Financial exploitation of the elderly, often by family members, has been on the rise over the past decade — and it tends to increase during the holiday season with greater numbers of out-of-town relatives gathering together, experts say. Bank and credit union employees, given their central position in most abuse cases, are the critical first […]

    Kansas City Life Declares Quarterly Dividend

    {January 28th, 2020} by Kansas City Life Insurance Company

    KANSAS CITY, Mo., Jan. 27, 2020 /PRNewswire/ — The Board of Directors of Kansas City Life Insurance Company declared a quarterly dividend of $0.27 per share on January 27, 2020. The dividend will be payable on February 12, 2020 to stockholders of record on February 6, 2020. Kansas City Life Insurance Company (OTCQX: KCLI) was established in 1895 and is based in Kansas City, Missouri. The Company’s primary business is providing financial protection through the sale of life insurance and annuities. The Company operates in […]

    AIG Launches New AllianceBernstein Multi-Asset Index Designed Exclusively for AIG Index Annuities

    {January 28th, 2020} by AIG Life & Retirement

    NEW YORK–(BUSINESS WIRE)–AIG Life & Retirement, a division of American International Group, Inc. (NYSE: AIG) and a leading provider of annuities1, today announced the launch of the new AB All Market Index. This multi-asset index has been developed exclusively for AIG’s Power Select Index Annuities by AllianceBernstein (AB) and will be distributed primarily through Market […]

    Accenture Receives Two XCelent Industry Awards for Life Insurance Policy Administration

    {January 28th, 2020} by Accenture

    NEW YORK–(BUSINESS WIRE)–Accenture (NYSE: ACN) has received two XCelent awards for its life insurance and annuity platform in a recent report from research and advisory firm Celent. In the report, “North American Policy Administration Systems ABCD Vendor View,” Celent recognized the Accenture Life Insurance and Annuity Platform (ALIP) as the top performer among 20 life […]

    Protective Life Realigns Operational Structure with Focus on Customer Needs

    {January 28th, 2020} by Protective Life

    BIRMINGHAM, Ala.–(BUSINESS WIRE)–Protective Life Corporation (Protective), a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), today announced a new structure that organizes its life and annuity retail businesses into two distinct operating divisions based on customer needs: Protection and Retirement. The new structure will go into effect on February 1, 2020. “In recent […]

    DPL partners with Pacific Life to offer guaranteed retirement income products

    {January 28th, 2020} by DPL

    LOUISVILLE, Ky.–(BUSINESS WIRE)–DPL Financial Partners (“DPL”), one of the leading insurance networks for registered investment advisors (“RIAs”), today announced an agreement with Pacific Life to begin offering two of the insurer’s guaranteed income products to DPL’s over 400 RIA member firms. The addition of Pacific Odyssey® and Pacific Index Advisory® brings the number of commission-free annuity and life […]

    MetLife to Provide Annuity Benefits to Approximately 20,000 Lockheed Martin Retirees and Beneficiaries

    {January 28th, 2020} by MetLife

    NEW YORK–(BUSINESS WIRE)–MetLife, Inc. (MetLife) announced today that it has entered into an agreement with Lockheed Martin Corporation (NYSE: LMT) to provide annuity benefits through its subsidiary, Metropolitan Tower Life Insurance Company, to approximately 20,000 retirees and beneficiaries in Lockheed Martin’s defined benefit (DB) pension plans, representing pension obligations of approximately $1.9 billion. “We are […]

    Principal Announces Fourth Quarter and Full Year 2019 Results

    {January 28th, 2020} by Principal Financial Group

    DES MOINES, Iowa–(BUSINESS WIRE)–Principal Financial Group® (Nasdaq: PFG) today announced results for fourth quarter and the full year of 2019. Net income attributable to PFG for fourth quarter 2019 of $300.9 million, compared to $236.5 million for fourth quarter 2018. Net income per diluted share of $1.07 for fourth quarter 2019 compared to $0.83 in the prior […]

    Ruark Consulting Releases Annuity Mortality Tables

    {January 28th, 2020} by Ruark Consulting LLC

    SIMSBURY, Conn.–(BUSINESS WIRE)–Ruark Consulting, LLC today released new industry mortality tables for variable annuity (VA) and fixed indexed annuity (FIA) products. The tables are derived from the company’s 2018 studies of VA and FIA mortality, which comprised experience from over 16 million annuity contracts. “Our new tables are purpose-built for deferred annuity products,” said Timothy […]

    Greg Lindberg Sets The Record Straight On Numerous False Allegations By North Carolina Insurance Commissioner Mike Causey

    {January 28th, 2020} by Greg Lindberg

    DURHAM, N.C., Jan. 21, 2020 /PRNewswire/ — A spokesman for Greg Lindberg issued the following statement today to correct false and politically motivated allegations by North Carolina Insurance Commissioner Mike Causey: Greg Lindberg and his team at Global Growth did not “fail to live up to” the obligations of the June 27th, 2019 Memorandum of Understanding (MOU). While directors and officers of the […]

    Death Benefit Claim Fail

    {January 28th, 2020} by Sheryl J. Moore

      As the nation’s top expert on life insurance and annuity products, I have spent a great deal of my time over the last couple of decades pouring-over specimen contracts and prospectuses. It’s what I do. It’s why I’m the life of the party.   Given that, I am going to admit to you one […]

    Security Benefit’s legal woes over indexed annuities persist

    {January 28th, 2020} by Emile Hallez

    A class-action lawsuit claiming that Security Benefit defrauded its indexed annuity clients by deceptively marketing proprietary index performance reemerged in federal court this week.     Click HERE to read the full story via InvestmentNews         ……………………………………………………………………………………………………….     “Insurance companies have been offering hybrid indices on indexed annuities since 2012,” said […]

    2 ways FINRA can make the industry safer for women

    {January 28th, 2020} by Sonya Dreizler

    The stories that landed in my inbox were horrifying and disturbing. Last March, I asked women in finance to send me their personal experiences with sexual harassment and discrimination. Examples of pay inequity, unwanted touching, vile comments, and even rape flooded my inbox. I relayed many of these stories in a blog series called Do […]

    NAIC Executive Committee To Meet Feb. 13 On Annuity Sales Rule

    {January 28th, 2020} by John Hilton

    The NAIC Executive Committee and Plenary will hold a joint meeting on Thursday, Feb. 13 and could vote to adopt new annuity sales rules. The meeting is scheduled for approximately 45 minutes and is open to the public, an NAIC news alert said. Executive Committee and Plenary adoption is the final step before the updated […]

    Puerto Rico Insurance Commissioner Steps Down

    {January 28th, 2020} by CyberNews

    SAN JUAN — Puerto Rico Insurance Commissioner Javier Rivera Ríos handed his letter of resignation Wednesday to Gov. Wanda Vázquez. It comes in effect at 6 p.m. “The reason for my resignation is strictly in response to personal reasons that I must address with my family and take my concentration away from my ministerial duties,” […]

    The New SECURE Act Helps People Save More for Retirement

    {January 28th, 2020} by Kevin Nuss

    The new SECURE Act helps make it easier for people to save more for retirement. While you don’t need to be an expert in it, learning about its key features can help you take advantage of it. Here are some highlights. Required minimum distributions (RMDs) from traditional IRAs, SEP accounts, and 401(k)s are now not […]

    What You Should Know About Variable Annuities

    {January 28th, 2020} by Alin David Lozada,

    Many people are sold a variable annuity with the understanding they will receive a lifetime income stream, which sounds like a good idea when planning for retirement.  The truth is there usually is a big price to pay when it comes to variable annuities. The biggest drawbacks include the fees and the potential to lose value […]

    Announcing BISA’s 2020 Rising Stars

    {January 28th, 2020} by BISA

    BISA’s Rising Star Program is an exclusive BISA-sponsored recognition and leadership development program for young professionals. The program is designed to foster professional growth, leadership growth and career advancement for diverse individuals through mentoring, networking events and volunteer opportunities.   BISA is pleased to introduce its Rising Star class. These individuals will be recognized during […]

    Lincoln annuity seeks to ride TDFs’ coattails

    {January 28th, 2020} by Emile Hallez

    Lincoln Financial this week launched a variable annuity built exclusively with target-date funds, which it said is the first such product on the market with a guaranteed income option. Click HERE to read the full story via InvestmentNews

    DMI Marketing Announces New Identity

    {January 27th, 2020} by DMI

    HINGHAM, Mass., Jan. 23, 2020 /PRNewswire/ — DMI, wholesaler of consumer-driven life and annuity products announces a new brand identity with a complete rebrand.  As part of its rebranding efforts, the Company’s name will change from DMI Marketing to a shortened version, DMI.  We felt it was the right time to move away from utilizing ‘Marketing’ as part […]

    Accelerated Underwriting Could Close The Life Insurance Gap

    {January 27th, 2020} by John Hilton

    Accelerated underwriting holds the promise of being able to cut the agent’s time spent selling a $500,000 policy from 20 hours to roughly five, a Deloitte analyst said. The associated benefits from that are numerous. In particular, it could lead to more life insurance sold to Americans who need smaller amounts for basic protection. Chris […]

    NAIC Names 2020 Consumer Liaison Representatives

    {January 27th, 2020} by NAIC

    WASHINGTON (Jan. 22, 2020) — The National Association of Insurance Commissioners (NAIC) recently named 32 consumer liaison representatives for 2020. The 20 funded and 12 unfunded consumer representatives began their terms Jan. 1. Fifteen of the funded consumer representatives participated in the program in 2019. Established in 1992, the Consumer Liaison Program promotes consumer interaction with the NAIC’s […]

    California Data Privacy Law Has Insurers Scrambling

    {January 27th, 2020} by John Hilton

    The California Consumer Protection Act took effect Jan. 1 and sets a high bar for data privacy — and has potentially significant impacts for insurers and policyholders. According to the bill, any company that collects, shares or sells the information of more than 50,000 people and generated revenue of more than $25 million in the […]

    Judge Orders Feds To Pay Up After Insurer Goes Belly-Up

    {January 27th, 2020} by John Hilton

    A federal appeals court recently ordered the United States to make good on a structured annuity the former Executive Life Insurance Company of New York (ELNY) was paying to a burn victim. The U.S. Court of Appeals for the Federal Circuit ruling overturned a lower court decision in favor of the government in the lawsuit […]

    Opinion: How to choose a financial adviser

    {January 27th, 2020} by Kenny Gott

    In obtaining financial advice, you must first understand you likely need a whole advisory team, not just a single adviser. You may need a financial planner and an investment adviser, an accountant, attorney, business consultant and life insurance agent – and other risk management specialists. Some professionals can fulfill multiple roles, but nobody knows everything […]

    Too Many Americans Will Never Be Able to Retire

    {January 25th, 2020} by Noah Smith

    Traditionally, Americans could look forward to a comfortable retirement. After four decades in an office or a factory, sometime in their 60s they would lay down their burdens and enjoy a final couple of decades with time to relax, spend time with family and friends, and reflect on their life. But since the financial crisis, […]

    Amica Takes the Next Step in Insurance System Modernization

    {January 25th, 2020} by FAST

    ISELIN, N.J.–(BUSINESS WIRE)–FAST, a leading software company for the life insurance and annuity industry, announced today that Amica Life Insurance Company (“Amica”) is live with FAST for policy administration of all its currently sold Term Life and Whole Life products. The system is being hosted by FAST, making Amica the third new customer in the […]

    RIJ Interview: Will Fuller of Lincoln Financial

    {January 24th, 2020} by Kerry Pechter

    In the slugfest known as the annuity market, Lincoln Financial Group punches above its weight-class. While Lincoln was the third biggest seller of retail annuities in the U.S. in the first nine months of 2019, according to LIMRA Secure Retirement Institute, it is smaller than its rivals. Click HERE to read the full story via […]

    Genworth’s Suitor Raises $1 Billion With San Francisco Project Sale

    {January 24th, 2020} by Allison Bell

    An arm of China Oceanwide Holdings Group Co. Ltd. — the company that’s been trying for years to acquire Genworth Financial Inc. — has agreed to sell a big development project in San Francisco to an asset manager in China for the equivalent of about $1.1 billion. The deal includes the Oceanwide Center LLC property and […]

    3 Carriers Stock the Life Shelves

    {January 23rd, 2020} by Allison Bell

    Knights of Columbus is one of at least three carriers that have unveiled permanent life insurance products this month. The New Haven, Connecticut-based fraternal benefit society has introduced the Protector NLG universal life insurance policy. The policy can provide coverage up to age 100, with a flexible premium payment schedule. The policy comes with a lapse […]

    Crime Warp: The Nine Most-Brazen Insurance Scams Of 2018

    {January 22nd, 2020} by Staff Reports

    A socialite makes nearly $20 million of false damage claims after fire wrecks her mansion. An obsessed entrepreneur lodges $1.2 billion of bogus Medicare claims. A slip-and-fall ring terrorizes businesses with $32 million of bogus trips and slips. The nine most-brazen insurance fraudsters of 2019 were chosen by the Coalition Against Insurance Fraud. The convicted […]

    Domestic Terror Bill Could Lead to Life and Annuity Asset Freezes

    {January 22nd, 2020} by Allison Bell

    The House is considering a draft bill that could regulate how financial institutions, including insurance companies, freeze the assets of customers arrested in connection with domestic terrorism allegations. The bill, the “Freezing Assets of Suspected Terrorists and Enemy Recruits Act” draft bill, would require financial institutions to freeze the assets of people “arrested under suspicion […]

    CNO to Change Corporate Structure

    {January 22nd, 2020} by Allison Bell

    CNO Financial Group Inc. says it will be changing the structure it uses to run its business, and changing the way how it tells shareholders about its performance. The Carmel, Indiana-based insurer announced Tuesday that, starting with the first quarter of 2020, it will have just two business divisions: a consumer division, and the rest in a […]

    3 Tips for Selling Annuities In 2020

    {January 22nd, 2020} by Rich Lane

    Annuities remain an industry mainstay, but it’s no secret that many clients have low awareness of how annuities can help them meet their financial goals. At the same time, others may not understand how an annuity can help them meet their goals. Now that the new year has arrived, it is a great time to […]

    NAILBA Announces 2020 Leadership

    {January 22nd, 2020} by NAILBA

    Fairfax, Va – The National Association of Independent Life Brokerage Agencies, well-known as NAILBA, is excited to announce the executive committee and board members for the association as well as the NAILBA Charitable Foundation for the 2020 upcoming term. Leading as Chair for the Board is Seixas “Chad” Milner III, President and CEO of the […]

    Meet ‘The Young Old’

    {January 22nd, 2020} by Bryce Sanders

    “It’s a young person’s game.” How often have we heard that? As we age, we worry about being sidelined. There’s even a board game about “Downsizing” based on the TV series “The Office.” As Baby Boomers age, we see younger people with a far better grasp of technology taking center stage. But there’s hope!) The […]

    Life Insurance Industry Faces Low Growth, New Challenges

    {January 22nd, 2020} by Susan Rupe

    The U.S. life insurance industry is still feeling the effects of a low-growth decade, according to EY’s 2020 US and Americas Insurance Outlook. How can insurers reverse this trend of low growth while dealing with new challenges like the emergence of fintech and climate change-related risks? Ed Majkowski, EY Americas insurance sector and advisory leader, […]

    U.S. Insurer AXA Equitable Leaves AXA Name Behind

    {January 22nd, 2020} by Leslie Scism and Nicole Friedman

    AXA Equitable Holdings Inc. EQH -1.76% is dropping AXA from its name in another sign the company is breaking free of insurance conglomerate AXA SA, its parent since the 1990s. The rebranding follows the initial public offering of AXA Equitable shares in May 2018 and a secondary offering last year, which reduced ownership by the […]

    Insurance Officials Pursue Control of Many of Greg Lindberg’s Firms Executive’s private companies owe $2.1 billion, according to unsealed North Carolina documents

    {January 22nd, 2020} by Mark Maremont and Leslie Scism

    North Carolina insurance officials are seeking appointment of a temporary receiver to take control of hundreds of private companies owned by insurance executive Greg Lindberg, newly unsealed state court documents show. Mr. Lindberg’s private companies owe $1.3 billion to four insurers formerly under his control and $2.1 billion overall, the documents show. State Insurance Commissioner […]

    Here’s where most Americans are really getting their retirement income

    {January 22nd, 2020} by Lorie Konish

    Retirement income is often thought to come from three sources: Social Security, pensions and savings. That combination is often called a three-legged stool, a metaphor for the money retirees use to support themselves once they are no longer working full time. However, a new report finds that very few retirees actually have income from all […]

    Why some life insurance could prove risky for consumers

    {January 22nd, 2020} by Greg Iacurci

    Most American adults own life insurance, yet the buying process can be perplexing and pose traps for the unwary — and cause financial problems years down the road. Around 57% of adults in the U.S. own a life insurance policy, according to a joint study by Limra, a trade group, and Life Happens, a nonprofit […]

    New U.S.-China Trade Deal May Affect Life Insurers

    {January 22nd, 2020} by Allison Bell

    The new two-country trade agreement between the United States and China includes a provision that could help U.S. life insurers expand sales in China. President Donald Trump signed the U.S.-China trade agreement at the White House Wednesday. Article 4.6 in the agreement relates to insurance services. Today, many U.S., European and Japanese life insurers see […]

    Chad Milner to Lead NAILBA

    {January 22nd, 2020} by Allison Bell

    Seixas Milner III — who is commonly known as Chad — is now the 2020 chair of the National Association of Independent Life Brokerage Agencies (NAILBA). NAILBA is a Fairfax, Virginia-based group for life insurance distributors. Myra Palmer was the group’s chair in 2019. Milner is the president and chief executive officer of the Milner Group, an insurance […]

    Jill Froment to Lead NAIC’s Life and Annuities Committee

    {January 22nd, 2020} by Allison Bell

    Jill Froment is leading a panel of state insurance regulators that will help shape new state life insurance and annuity sales standards regulations, including any new sales standard regulations. The National Association of Insurance Commissioners (NAIC), a group for state insurance regulators, has picked Froment to be the 2020 chair of the group’s Life Insurance and Annuities […]

    How High-Income Millennials Get Advice About Advisors

    {January 22nd, 2020} by Allison Bell

    High-income U.S. millennials may be much more likely than other millennials to get advice about financial advisors at the workplace. Those high-income millennials may have a neutral or positive attitude about annuities, and they may not be all that concerned about an advisor’s fees. The Insured Retirement Institute (IRI) has published figures supporting those interpretations in […]

    Checklist Shows Impact of N.Y. Best Interest Rules

    {January 22nd, 2020} by Allison Bell

    A carrier has distributed new guidelines for agents and brokers that show what producers will have to do to comply with the new New York Regulation 187 product suitability and best interest standard regulations. Any time a producer interacts with a client, the producer will have to document Any new recommendations. Whether no recommendation was […]

    Clash Over Control of 4 Insurers Flares

    {January 22nd, 2020} by Allison Bell

    North Carolina officials have filed a suit against Greg Lindberg and some of his companies, Lindberg reported Wednesday. A state court judge in Wake County, North Carolina, approved an order putting four insurance companies affiliated with Lindberg in rehabilitation, and appointing North Carolina Insurance Commissioner Mike Causey as the receiver, in June. Lindberg identified the main plaintiff in the […]

    New Anti-Spying Regs to Affect More Life and Health Deals

    {January 22nd, 2020} by Allison Bell

    A federal agency that tries to shut out hostile foreign investors now can review more life and insurance deals. New regulations give the Committee on Foreign Investments in the United States (CFIUS) jurisdiction over any proposed deal that could give a foreign entity influence over a sensitive U.S. business, even if the foreign entity would not […]

    Chris Conroy Chairs National Association for Fixed Annuities

    {January 22nd, 2020} by Allison Bell

    Chris Conroy is the 2020 chairman of the National Association of Fixed Annuities, NAFA announced today. Conroy succeeds Jim Maietta as chair.   Conroy previously was head of annuity sales at North American Company for Life and Health Insurance. He has a bachelor’s degree from Northwestern, a law degree from Washburn University, and a master’s […]

    The 3 Things CEOs Are Most Concerned About

    {January 22nd, 2020} by Ginger Szala

    As executives gather in Davos, the mood may not be a cheery as it has been in the past decade. While over-regulation still remains a top concern for the C-suite, according to PwC’s 23rd annual survey of CEOs, trade conflicts, uncertain economic growth and cybersecurity have risen to the top of the list as well. […]

    The Standard Earns Best Place to Work Designation and Perfect Score on 2020 Human Rights Campaign Corporate Equality Index

    {January 22nd, 2020} by The Standard

    PORTLAND, Ore.–(BUSINESS WIRE)–Standard Insurance Company (The Standard) is proud to announce that for the fourth consecutive year, it has received a perfect score on the 2020 Corporate Equality Index from the Human Rights Campaign Foundation. The CEI is a national benchmarking survey and report that evaluates organizations on corporate policies and practices that support workplace equality for […]

    Brighthouse Financial Announces Conference Call to Discuss Fourth Quarter 2019 Results

    {January 22nd, 2020} by Brighthouse Financial

    CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (Brighthouse Financial) (Nasdaq: BHF) announced today that it plans to hold a conference call and audio webcast to discuss its financial results for the fourth quarter ended December 31, 2019, at 8:00 a.m. Eastern Time on Tuesday, February 11, 2020. The call will follow the issuance of the Brighthouse Financial […]

    First of Its Kind Solution Helps Americans Meet Retirement Income Needs by Joining Target Date Fund Investing with Protected Lifetime Income

    {January 22nd, 2020} by Lincoln Financial Group

    RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) and Capital Group, home of American Funds, are partnering to help investors prepare for income in retirement with the launch of the new American Legacy® Target Date Income variable annuity, the first-ever protected lifetime income solution with access to a target date series. This unique solution combines the features […]

    OneAmerica® Unveils New Web Design for Retirement Services Audience

    {January 22nd, 2020} by OneAmerica

    NDIANAPOLIS–(BUSINESS WIRE)–OneAmerica® today launched a new design for its group annuity digital platforms, used to administer company retirement plans. This change was made to meet the ever-evolving needs of retirement plan sponsors, advisors and third-party administrators. Clients routinely give feedback about site functionality, and plan sponsor surveys conducted in 2019 provided insight into the desire for […]

    Primerica Included in 2020 Bloomberg Gender-Equality Index

    {January 22nd, 2020} by Primerica

    DULUTH, Ga.–(BUSINESS WIRE)–Primerica, Inc. (NYSE:PRI), a leading provider of financial services to families in North America, today announced that it is one of 325 companies across 50 industries included in the 2020 Bloomberg Gender-Equality Index (GEI). The GEI expanded in 2020 to represent 42 countries and regions worldwide. Companies range from a variety of industries, […]

    Knights Of Columbus Launches New Life Insurance Product

    {January 22nd, 2020} by Knights of Columbus

    NEW HAVEN, Conn., Jan. 21, 2020 /PRNewswire/ — Knights of Columbus (K of C), a Best’s Review Top 50 U.S. Life/Health Insurer1, today announced the launch of its Protector NLG Universal Life insurance product. This product provides affordable guaranteed lifetime coverage*, flexible premium payment options and a low-cost guaranteed death benefit* that will ensure future obligations are met. The […]

    Northwestern Mutual Named One of FORTUNE’s World’s Most Admired Companies

    {January 22nd, 2020} by Northwestern Mutual

    MILWAUKEE, Jan. 21, 2020 /PRNewswire/ — Northwestern Mutual, a leading financial security company, announced today it has been named one of the World’s Most Admired Companies in its industry according to FORTUNE’s annual survey for the 37th year. Since 1983, top executives and directors from eligible companies, as well as financial analysts, have determined the companies with the strongest […]

    Sagicor announces one comprehensive solution to meet the changing needs of retirees

    {January 22nd, 2020} by Sagicor

    SCOTTSDALE, Ariz., Jan. 21, 2020 /PRNewswire/ — Sagicor® Life Insurance Company (Sagicor) introduces its WealthCare Indexed Single Premium Universal Life Insurance, a policy designed for the changing financial needs of Baby Boomers. As this generation continues to transition into retirement, their priorities shift. Protecting their assets from market risk, being able to pay for chronic illness care, […]

    FGL Holdings Schedules Fourth Quarter 2019 Earnings Release, Conference Call and Webcast

    {January 22nd, 2020} by FGL Holdings

    GEORGE TOWN, Cayman Islands, Jan. 21, 2020 /PRNewswire/ — FGL Holdings (NYSE: FG), a leading provider of fixed indexed annuities and life insurance, announced today that it will release financial results for the fourth quarter ended December 31, 2019 after the market closes on Wednesday, February 26, 2020. A live webcast and conference call will be held on Thursday, February 27, 2020 at 9:00 […]

    Why I Love Annuities, and So Should You

    {January 22nd, 2020} by STEWART J. WEISSMAN, INVESTMENT ADVISER REPRESENTATIVE

    If you need reliable, guaranteed retirement income, annuities can be one of your best options. Why do I say that? For one thing, annuities can act as a hedge against longevity risk — the possibility that you will outlive your money. People are living longer than ever before and, as a result, the old 4% […]

    SECURE Act Opens Door For Annuities — Will They Walk Through?

    {January 22nd, 2020} by John Hilton

    Now that the SECURE Act has become law, many within the industry are curious to see if it will lead to widespread use of annuities in retirement plans. Ben Norquist of Convergent Retirement Plan Solutions, said that’s a definite maybe. Speaking during a webinar sponsored by the LIMRA Secure Retirement Institute, Norquist said the fiduciary […]

    New Jersey Gov Signs Bill To Protect Seniors From Financial Exploitation

    {January 22nd, 2020} by Staff Reports

    From Staff Reports New Jersey became the latest state to pass a law to better protect senior citizens from financial exploitation. Gov. Phil Murphy, D, signed the Safeguarding Against Financial Exploitation Act last week. Under the new law, a qualified individual who reasonably believes that financial exploitation of an eligible adult has occurred would be […]

    LIMRA’s Realignment Requires Layoffs For Tech Resources

    {January 22nd, 2020} by Steve Morelli

    LIMRA is recalibrating its mission for a new five-year plan that included eliminating 6% of the LL Global workforce to reallocate resources for new initiatives. David Levenson said that soon after he became LIMRA’s CEO in November 2018, the senior leadership team worked with management consultant Oliver Wyman to reevaluate the association’s activities in relation […]

    Report: Barclays Warns Investors Of A Warren Presidency

    {January 22nd, 2020} by John Hilton

    Barclays is warning Wall Street to be very wary of Sen. Elizabeth Warren’s campaign for the White House, according to a story out this morning. Mother Jones, a liberal news website, reports that it has copies of internal memorandums circulated by Barclays, a powerful London-based bank and financial services firm. In one such memo, the bank warns […]

    Scammed: How Savvy Investors, Johnny Depp and Regular Folks Get Duped

    {January 21st, 2020} by Jane Wollman Rusoff

    One of the most bizarre financial scams in history pivots on a quack doctor and the body part of a goat — anatomy you’d hesitate to chat about with someone you just met. But Ben Carlson, director of institutional asset management at Ritholtz Wealth Management, writes all about this shocking fraud in his new book, […]

    John Hancock Adopts Human API to Speed Life Insurance Purchase

    {January 21st, 2020} by Anthony R. O'Donnell

    John Hancock (Boston) has undertaken a strategic collaboration with Human API, a San Mateo, Calif.-based provider of a health data platform, offering a simple, digital way for consumers to share access to their electronic health records (EHR) in real time, and thus speed the life underwriting process. Human API says its capabilities allow for EHR […]

    Many Americans Lack Trusted Financial Confidant, Survey Finds

    {January 21st, 2020} by Susan Rupe

    Many Americans say they have no one to turn to when they need help with their finances. The National Financial Educators Council conducted a survey with a single question: “When you have a financial question, who do you turn to for trusted financial guidance?” The most popular answer to the question depended on the age […]

    SEC Commissioner Robert Jackson to Depart

    {January 21st, 2020} by Melanie Waddell

    SEC Commissioner Robert Jackson, a Democrat, said Thursday that he will depart from the agency on Feb. 14 and return to teaching at New York University School of Law, where he’s currently on faculty leave. “Serving on the Commission has been the privilege of my lifetime,” Jackson said in his statement. “I will always be […]

    SEC Taps First Chief Data Officer

    {January 21st, 2020} by Melanie Waddell

    The Securities and Exchange Commission said that it has named Austin Gerig its first chief data officer, a position that will help the securities regulator, among other measures, use data analytics to support enforcement and examinations. Gerig, the assistant director of the SEC’s Office of Data Science in the Division of Economic and Risk Analysis […]

    FINRA Names New Head of Enforcement

    {January 21st, 2020} by Melanie Waddell

    The Financial Industry Regulatory Authority said Friday that Jessica Hopper had been named the new head of enforcement, replacing Susan Schroeder. Hopper has been acting head of enforcement since Schroeder left in September 2019. She will report directly to CEO Robert Cook. “Jessica brings a wealth of experience and talent to this critical role, having risen […]

    5 Ways Fixed Index Annuities Are The “Swiss Army Knife” Of Retirement Planning

    {January 21st, 2020} by Adam Moeller

    As a licensed fiduciary for over 15 years and spending most of that time with retirees, I’ve heard the same desires and concerns repeatedly: They want a retirement product that will offer them safety, income, and growth. My clients fear a repeat of 2000 or 2008, are concerned with how to pay for long-term care, […]

    One Way to Avoid a Potential White-Knuckle Ride Through Retirement

    {January 21st, 2020} by Anthony Pellegrino, Registered Investment Adviser, Founder, Goldstone Financial Group

    You see plenty of older visitors enjoying the other attractions, but the cars on the big coasters are typically filled with riders 40 or younger. I’ve never seen an age restriction for older riders, so it isn’t that they aren’t permitted to ride (unless they have a medical condition, of course). More likely, these folks […]

    Prudential Affiliate Is Fined for Misstatements

    {January 21st, 2020} by Anne Tergesen

    The Financial Industry Regulatory Authority, Wall Street’s self-regulatory arm, disclosed a $1 million fine against an affiliate of Prudential Financial Inc. PRU -1.66% on Tuesday for providing potentially thousands of workers in some of the retirement plans it administers with inaccurate data on the cost and performance of their investments. The misstatements, which occurred over as many as two decades, […]

    Comparing IUL vs. 401k for Retirement

    {January 21st, 2020} by Tim Parker

    If you’re like most Americans, you’ve heard of a 401(k). Indexed Universal Life Insurance (IUL), on the other hand, is much more of a mystery to the average American. They have their similarities, but they have a lot of differences, as well. Make sure you fully understand what an IUL is and how it could […]

    Best Life Insurance Companies of 2020

    {January 20th, 2020} by Sarah Shelton and Cherise Threewitt

    Life insurance is essential if you have anyone in your life who depends on your income. Unfortunately, many people don’t have the right type of coverage or the right amount. About half of all U.S. households have less life insurance than they should, according to the Life Insurance Marketing and Research Association. A separate study […]

    LIMRA Introduces New Product Comparison Tool to its Life Compass® Portal

    {January 20th, 2020} by LIMRA

    WINDSOR, Conn., Jan. 15, 2020 /PRNewswire/ — LIMRA is expanding its Life Compass® tool to allow life insurance companies the ability to compare individual life insurance products with similar competitors’ products, boosting their ability to track their own performance and adapt to evolving market conditions. “Today’s market is extremely competitive. The margin for error on product development […]

    LegacyShield Announces Organizational Changes to Support Record Growth & Platform Enhancements

    {January 16th, 2020} by LegacyShield Solutions, Inc.

    JACKSONVILLE, Fla., Jan. 14, 2020 /PRNewswire/ — LegacyShield Solutions, Inc., the premier connectivity hub of the insurance industry, announces Christopher L. Haley’s promotion to CEO. In connection with Mr. Haley’s promotion, Michael Babikian will serve as the Company’s Chairman concentrating on LegacyShield’s strategy and business development, and LegacyShield’s founder, Dan Pierson, will focus on product vision. “I am excited for these positive changes […]

    Announcing Equitable: A New Day for a 160-Year-Old Financial Services Company

    {January 15th, 2020} by Equitable

    NEW YORK–(BUSINESS WIRE)–Equitable, a leading financial services company and subsidiary of Equitable Holdings (NYSE:EQH), today unveiled the brand it will operate under as an independent, U.S.-based company. Formerly known as AXA Equitable Life, the company will begin this new chapter in its distinguished history as Equitable, an iconic American brand synonymous with helping generations of […]

    American Equity Names Anant Bhalla to Succeed John Matovina as CEO & President

    {January 15th, 2020} by American Equity Investment Life Holding Company

    WEST DES MOINES, Iowa–(BUSINESS WIRE)–The Board of Directors (the “Board”) of American Equity Investment Life Holding Company (NYSE: AEL) (“American Equity”) announced today that Anant Bhalla will become American Equity’s Chief Executive Officer (“CEO”) on March 1, 2020. Mr. Bhalla will begin his employment with American Equity on January 27, 2020 as President and will […]

    Highland Capital Brokerage Announces Strategic Partnership with BGA Insurance

    {January 15th, 2020} by Highland Capital Brokerage

    Birmingham, AL—January 9, 2020)—Highland Capital Brokerage’s affiliated partner Constellation has entered into a strategic partnership with BGA Insurance with the intent to build a long-term alliance and stimulate further business growth. “I am very excited about the strategic partnership that BGA Insurance has formed with Highland Capital Brokerage,” said Barry Zimmermann, President of BGA Insurance. […]

    NAIC Names 2020 Committee Leadership

    {January 15th, 2020} by NAIC

    WASHINGTON (Jan. 13, 2020) — The National Association of Insurance Commissioners (NAIC) has named its 2020 committee chairs and vice chairs. The association also assigned members to the organization’s standing committees based on preferences, experience and requirements established by the NAIC Bylaws. “Our 2020 NAIC committee leadership aligns talent and expertise and reflects a strong commitment to […]

    DALBAR Identifies Top Web Experiences for Universal Life Policyholders

    {January 15th, 2020} by DALBAR, Inc

    MARLBOROUGH, Mass., Jan. 14, 2020 /PRNewswire/ — DALBAR’s inaugural ranking of the digital experiences offered to Universal Life policyholders finds Thrivent at the top of the list. Closely following Thrivent are Nationwide, Ohio National, Lincoln Financial and Prudential, the top five consumer site experiences. These firms excel at online policy management and making the topic of life insurance […]

    AmeriLife® Continues Market Expansion with Stephens-Matthews Marketing Partnership

    {January 15th, 2020} by AmeriLife Group, LLC

    CLEARWATER, Fla., Jan. 9, 2020 /PRNewswire/ — AmeriLife Group, LLC (“AmeriLife”) – the national leader in marketing and distributing life, health and retirement solutions – has partnered with Stephens-Matthews Marketing (Stephens-Matthews), a leading insurance marketing organization, to expand AmeriLife’s distribution reach in meeting the needs of pre-retirees and retirees. Stephens-Matthews, through its 49-state network, has been providing quality […]

    Life Insurance and the Demise of the Stretch IRA

    {January 15th, 2020} by Steve Gibbs

    Since their introduction in 1974, IRAs have become one of the most popular tools for retirement savings. And with an average of one out of three Americans now owning an IRA, they are also among the most significant assets addressed in many estate plans. Although funding retirement remains the primary purpose of an IRA, not […]

    Athene Holding Ltd. to Announce Fourth Quarter and Full-year 2019 Financial Results and Host Conference Call on February 18, 2020

    {January 15th, 2020} by Athene Holding, Ltd.

    PEMBROKE, Bermuda–(BUSINESS WIRE)–Athene Holding Ltd. (NYSE: ATH), a leading provider of retirement savings products, announced it will release financial results for the fourth quarter and full-year 2019 on Tuesday, February 18, 2020, before the opening of trading on the New York Stock Exchange. The news release, financial supplement, and earnings presentation will be available on […]

    12 Best States for Retirement: 2020

    {January 15th, 2020} by Michael S. Fischer

    For most Americans, retirement generally occurs at the time they can start receiving Social Security or retirement benefits, according to a report released Monday by WalletHub, a personal finance website. For those whose finances in retirement is a big concern, relocating to a state that lets them keep more money without requiring a major lifestyle change […]

    The “7% Guaranteed” Annuity Myth

    {January 15th, 2020} by Ryan Shumaker

    One of the most common things I hear from people who own or have been pitched an annuity is the belief that the annuity will “earn 7% guaranteed.” Usually this is due to either a salesperson misrepresenting how the annuity works or the consumer misunderstanding. The fact of the matter is, to my knowledge, there […]

    The SECURE Act Increases The Buzz Around Annuities

    {January 15th, 2020} by Kevin Walsh and Thomas Roberts

    The SECURE Act includes three significant provisions relating to lifetime income.  These new provisions have the potential to both fundamentally reframe how participants view their accumulated 401(k) plan savings, and to generate an increasing level of participant interest in gaining “in-plan” access to lifetime income products. To complement this increased interest, the act furnishes plan […]

    The Good News and Really Bad News for IRA Owners Under the SECURE Act – Next Steps for IRA Providers

    {January 15th, 2020} by Morgan Lewis, Sariyah Buchanan, William Marx, Vivian McCardell

    The recently enacted Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act) makes significant changes to individual retirement accounts and individual retirement annuities (IRAs). These important changes generally start in 2020 and touch just about every IRA provider and IRA owner. These changes will have significant effects on retirement, estate, and […]

    Why 2020 Should Be Your Year to Buy Life Insurance

    {January 15th, 2020} by Esther Trattner

    It’s not something any of us ever wants to think about, but what if you were to die suddenly? How would your loved ones handle not only the emotional loss but also the financial cost? Life insurance can cover the loss of your income from the household, plus offset your funeral expenses and pay off […]

    3 planning alternatives to Stretch IRAs

    {January 15th, 2020} by Nick Thornton

    The elimination of the Stretch IRA that resulted from passage of the Setting Every Community Up for Retirement (SECURE) Act is a game changer for wealth advisors, estate planners, and those parents who were considering bequeathing savings in individual retirement accounts to their kids. “For a lot of people, the bulk of their wealth has […]

    A Look Back at (and Beyond) the ‘Stretch’ IRA

    {January 15th, 2020} by Kerry Pechter

    The “stretch IRA” was a time-honored tactic in tax-efficient estate planning. It allowed children or grandchildren who inherited large traditional or Roth IRAs to spread the distributions—and their income tax liabilities—over the entire remainder of their lives. Click HERE to read the full story via RIJ

    How Insurers Can Win Over Gen Z Consumers

    {January 15th, 2020} by Stuart Hyman

    The “experience economy” is here. It’s fundamentally changing how companies go to market, influence their buyers and engage people throughout the customer journeys. In this brave new world, experience trumps all else — consumers’ loyalty and dollars go to experiences, not products. Indeed, a recent survey conducted by Momentum Worldwide found that 76% of customers prefer to […]

    Insurers Ponder Product Design Amid New Reserve/Mortality Regs

    {January 15th, 2020} by John Hilton

    The new year brought the culmination of a long, technical, behind-the-scenes effort to update insurers’ reserving processes and mortality tables. On Jan. 1, the 2017 Principle-Based Reserving and Commissioners Standard Ordinary Table both took effect. Insurers had three years to meet the new standards, but some were certainly more prepared than others, one actuarial expert […]

    Life Application Activity Crept Higher in 2019: MIB

    {January 15th, 2020} by Allison Bell

    U.S. consumers were probably a little more likely to apply for individual life insurance in 2019 than in 2018 — but December was nothing special. That’s the picture that emerges from a new batch of life insurance application volume data from MIB Group Inc. MIB is a Braintree, Massachusetts-based industry consortium that helps life insurers share […]

    New York Insurtech Group to Take On Des Moines

    {January 15th, 2020} by Allison Bell

    The insurtech community in New York City will be competing harder with the insurtech community in Iowa to showcase hot new insurtech startups. InsurTechNY, the most visible insurtech organization in the New York area, is launching an effort to identify interesting insurtech startups.   The group recently opened an application window for a 2020 InsurTech Startup Competition. The […]

    Envestnet and Dynasty Financial Partners Announce Plans to Launch Advisor Services Exchange

    {January 15th, 2020} by Envestnet, Inc.

    CHICAGO, Jan. 8, 2020 /PRNewswire/ — Envestnet, Inc. (NYSE: ENV) today announced it is joining forces with Dynasty Financial Partners to launch the Advisor Services Exchange (ASx), which will offer financial advisors using Envestnet’s platforms an enhanced set of tools and services to help build and grow their businesses.  “We’re excited to provide Envestnet clients access to services […]

    Aim Annuity Messages At The 4 Sources Of Uncertainty

    {January 15th, 2020} by Susan Rupe

    The picture of the retirement landscape isn’t a pretty one. Boston College researchers estimate that only about half of American households will be able to maintain their current standard of living in retirement. Annuities provide guaranteed lifetime income, something that should be attractive to those who fear running out of money in retirement. So why […]

    Ladder Launches Life Insurance Product in New York

    {January 15th, 2020} by Ladder

    PALO ALTO, Calif., Jan. 14, 2020 /PRNewswire/ — Today, Ladder Insurance Services, LLC, (Ladder) announced that the LadderLifeTM term life insurance product issued by Allianz Life Insurance Company of New York (Allianz Life® of NY) will be offered to New York residents, marking the completion of its nationwide rollout. New York residents will now be able to enjoy the same quick insurance application process, real time underwriting, […]

    Tracking Women-Led Funds vs. Benchmarks

    {January 15th, 2020} by Ginger Szala

    Women may only account for a fraction of U.S. mutual fund managers, but they have delivered returns similar to funds that lack women managers, according to the Goldman Sachs’ report “2020 U.S. Equity Outlook: United We Fall, Divided We Wise.” As the paper notes, “While women have voted for a century, their progress in the […]

    John Hancock and Human API Join Forces to Transform the Life Insurance Purchase Process

    {January 15th, 2020} by John Hancock Insurance

    BOSTON, Jan. 14, 2020 /PRNewswire/ – Today, John Hancock announces a major step forward in significantly streamlining the life insurance buying experience through a strategic collaboration with Human API, a leading health data platform, offering a simple, digital way for consumers to share access to their electronic health records (EHR) in real time. Human API’s capabilities allow for EHR […]

    CNO Financial Group Announces New Operating Model to Create a More Customer-Centric Structure and Improve Financial Performance

    {January 15th, 2020} by CNO Financial Group, Inc.

    CARMEL, Ind., Jan. 14, 2020 /PRNewswire/ — CNO Financial Group, Inc. (NYSE: CNO) today announced a new operating model that realigns the company from three operating business segments into two divisions—Consumer and Worksite. The new structure will create a leaner, more integrated, customer-centric organization that better positions CNO Financial for long-term success and shareholder value creation. “CNO is transforming […]

    Nationwide announces five-year, $160M Future of Work investment

    {January 15th, 2020} by Nationwide

    COLUMBUS, Ohio, Jan. 13, 2020 /PRNewswire/ — In a rapidly-changing business environment and competitive job market, businesses are looking to attract and retain talent to help them deliver on their mission, and workers are looking for a company that is values-based and values them. Workers are also seeking employers who will partner with them in preparing for their […]

    Venerable Establishes Fully Independent Operations

    {January 15th, 2020} by Venerable

    WEST CHESTER, Pa., Jan. 13, 2020 /PRNewswire/ — Venerable Holdings, Inc. (Venerable) announced today the completion of its separation efforts from Voya Financial, Inc. (Voya). As announced on June 1, 2018, Venerable purchased Voya Insurance and Annuity Company, now renamed to Venerable Insurance and Annuity Company (VIAC), from Voya as part of Voya divesting substantially all of its […]

    Great American’s Photo Contest Returns for Third Year, Offering Chance to Win $100

    {January 15th, 2020} by Great American Insurance Group

    CINCINNATI–(BUSINESS WIRE)–The annuity companies of Great American Insurance Group, leading providers of fixed and fixed-indexed annuities, announced the return of a popular campaign that invites annuity customers to submit photos of what makes their lives great. The campaign expanded this year to also accept videos and written stories. The campaign last ran in 2018 and received […]

    Americans’ Concerns About Market Volatility Reach Lowest Levels in Over a Year

    {January 15th, 2020} by Allianz Life

    MINNEAPOLIS–(BUSINESS WIRE)–After a volatile year in the markets, American investors ended 2019 feeling more confident about their finances than they have in a long time. According to the latest Allianz Quarterly Market Perceptions Study from Allianz Life Insurance Company of North America (Allianz Life®), worries about an impending market crash or recession are at their lowest levels since 2018. […]

    Pacific Life to Court RIAs Through TD Ameritrade: Annuity Distribution

    {January 15th, 2020} by Allison Bell

    Pacific Life is now offering two fee-based annuities to independent registered investment advisers through TD Ameritrade. RIAs can use TD Ameritrade to help clients buy Pacific Life’s Pacific Odyssey advisory variable annuity and the company’s Pacific Index Advisory indexed annuity. The indexed annuity is filed as a non-variable contract. Click HERE to read the full story via […]

    Life Insurer to Move to New Digs

    {January 15th, 2020} by Allison Bell

    Fidelity & Guaranty Life Insurance Company is moving its headquarters, the company announced earlier this week. The company, which is an arm of FGL Holdings and uses the marketing name F&G Annuities and Life, plans to relocate to 83,000 square feet of space at the 801 Grand building in downtown Des Moines, from Two Ruan […]

    Equitable Gets Its Name Back

    {January 15th, 2020} by Allison Bell

    A New York-based life insurer that once dominated the U.S. financial services sector is getting its old name back. The company that has been operating as AXA Equitable Holdings Inc. has cut “AXA” out of its name and is now Equitable Holdings Inc. The company continues to use the stock symbol “EQH.” The company was […]

    We in the Annuity Community Stand for What’s Right: Annuity Group

    {January 15th, 2020} by Allison Bell

    The Alliance for Lifetime Income is telling the federal regulators, state regulators, and regulator groups trying to set financial services sales standards, “Hold my beer.” The Washington-based group — which represents big annuity issuers, big annuity distributors, and other big annuity industry players — has adopted its own set of five retirement education guiding principles. Resources A copy […]

    3 Ways to Address Our Industry’s Gender Bias

    {January 15th, 2020} by Kristin Hull

    I have an idea: Let’s stop talking about Ken Fisher. Instead, let’s start acting on the power dynamics that produced his crude remarks and related behavior in the business. While we have to call out bad behavior, and women can lean in all day long (and they do), the problems Fisher’s crass commentary exposed are […]

    Ameriprise Nabs Raymond James Regional Director

    {January 15th, 2020} by Alex Padalka

    A Raymond James regional director has jumped ship for Ameriprise. Glenn Flego, who has been in the financial services industry for more than three decades, has joined Ameriprise as its franchise field vice president, the company says in a press release. In his new role, Flego will oversee 300 franchise advisors in New Jersey and […]

    I Hate ALL Annuities….or ALL Money Managers?

    {January 15th, 2020} by annuityman

    Many people say they hate all annuities without knowing they already own one That got your attention.  Huh? I’m assuming when you read that title, you thought it was crazy and ludicrous.  How could anyone hate all money managers?  Some are really good.  Some stink.  But no rational person can say that they hate ALL money managers.  Who would be swayed […]

    Does the ‘Old Boys’ Club’ Still Exist?

    {January 15th, 2020} by Ginger Szala

    Is there still a so-called “old boy’s club” that gives men an edge in getting promotions? A new National Bureau of Economic Research study, “The Old Boys’ Club: Schmoozing and the Gender Gap” by Zoe Cullen of Harvard University’s Business School and Ricardo Perez-Truglia of University of California-Los Angeles, finds that while some things remain […]

    iPipeline Appoints Daphne Thomas as Chief Operating Officer

    {January 15th, 2020} 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 the appointment of Daphne Thomas to the role of Chief Operating Officer. The appointment comes several months after iPipeline was acquired by Roper, a diversified technology company. Roper operates businesses that design and […]

    Investors Near Retirement Are Nervous About Economy, Volatility: Survey

    {January 14th, 2020} by Michael S. Fischer

    Risk aversion was on investors’ minds as they looked forward to the new year, according to new research released Thursday from Kiplinger’s Personal Finance magazine and Personal Capital, a digital wealth management company. Investors in a fourth-quarter survey expressed fear of market volatility, and said they were stockpiling cash and thinking about reducing investments in stocks and […]

    SEC’s Top 5 Exam Priorities in 2020

    {January 14th, 2020} by Melanie Waddell

    In tandem with its must-read annual exam priorities list, the Securities and Exchange Commission said in early January that its exam division covered approximately 15% of registered investment advisors in 2019. Pete Driscoll, director of the SEC’s Office of Compliance Inspections and Examinations, noted last year that the agency’s advisor exam rate would drop in 2019 […]

    SEC Releases FAQ on Reg BI Compliance

    {January 14th, 2020} by Melanie Waddell

    The Securities and Exchange Commission states in a just-released FAQ on Regulation Best Interest that the Customer Relationship Summary, or Form CRS, will not satisfy a broker’s Regulation Best Interest disclosure obligations. The six-page FAQ released Friday by the agency’s Division of Trading and Markets also clarifies the specific account recommendations covered under Reg BI. Reg BI […]

    Secure Act Quirk Opens a Tax Savings Window in IRAs

    {January 14th, 2020} by Janet Levaux

    The new year brings advisors lots of changes to retirement planning, thanks to the passage of the Setting Every Community Up for Retirement Enhancement (Secure) Act in late 2019 (as part of the year-end spending bill). In addition to increasing the age for required minimum distributions and dropping restrictions on IRA contributions for some workers, the […]

    Secure Act’s 401(k) Annuity Options: The Pros and Cons

    {January 14th, 2020} by William H. Brynes and Robert Bloink

    The Secure Act contains provisions that will impact nearly every client saving for retirement—along with many who have already begun taking withdrawals from qualified plans and IRAs. The Secure Act provisions impacting lifetime income options in defined contribution plans have the potential to be some of the most significant. Although it is expected that most […]

    Getting to know our Chief of the Techie Stuff

    {January 14th, 2020} by Wink's RockStars

    Wink’s CTO is one of TWO Wink employees that worked with the company CEO over 20 years ago. He actively serves as a Bible study leader, camping enthusiast, AND a killer Java Technical Lead and once taught German and Italian software sales engineers (in the auto industry) how to use software while speaking Spanish. Intrigued […]

    ACLI President: Elitist Proposal Denies Choices To Bay State Retirement Savers

    {January 14th, 2020} by American Council of Life Insurers

    WASHINGTON, Jan. 7, 2020 /PRNewswire/ — American Council of Life Insurers (ACLI) President and CEO Susan Neely published the following opinion piece today on ACLI’s news and views site, IMPACT, about Massachusetts’s proposed fiduciary standard:  “Massachusetts is about to impose an elitist, fiduciary-only standard for those seeking financial services. Sadly, as the industry that helps small- and moderate-savers to plan their financial futures, we know this would […]

    American Equity’s Next CEO, and More: Personnel Moves

    {January 14th, 2020} by Allison Bell

    The next chief executive officer of  American Equity Investment Life Holding Company will be a Brighthouse Financial Inc. alumnus. The board of the West Des Moines, Iowa-based annuity issuer has picked Anant Bhalla to become the company’s president Jan. 27, and the company’s CEO March 1. Click HERE to read the full story via ThinkAdvisor […]

    Breaking clients of their S&P 500 addiction

    {January 14th, 2020} by Craig S. Israelsen

    You’ve done your homework, run the data, performed your due diligence and built a diversified, multi-asset portfolio for your client. But your job isn’t done. All advisors know that clients may act surprised and disappointed when their portfolios get a little crazy. Naturally, it’s nearly always the downward volatility that bugs them the most. But […]

    Fraudsters Eyeing Life Insurance And Retirement Accounts

    {January 14th, 2020} by Russ Anderson

    Technology has opened up so many opportunities to improve how we live, work and communicate. It is hard to imagine going back to a time without mobile devices, social media, online banking or email. But with all of these technological advances we have also opened up greater exposure for criminals to access our personal information, […]

    SECURE ACT: Game changer for estate planning with qualified retirement benefits

    {January 14th, 2020} by Rebecca Rosenberger Smolen and Amy Neifeld Shkedy

    The new provisions of the SECURE Act, aka the Setting Every Community Up for Retirement Enhancement Act, which were enacted on Dec. 20, 2019, and became effective as of Jan. 1, 2020, change a key factor that goes into the retirement planning process. Prior to the enactment of the SECURE Act, one of the valuable […]

    Alicia Munnell’s Social Security bridge v. annuities income planning smackdown

    {January 14th, 2020} by Allison Bell

    More U.S. retirement savers should probably buy ordinary annuities before they retire, but they don’t, and policymakers need to come up with an alternative, according to Alicia Munnell, a top academic retirement policy researcher. Munnell — director of the Center for Retirement Research at Boston College — says she thinks promoting use of “Social Security bridge” arrangements may be the […]

    Seeking ‘Ambidextrous Advisers’

    {January 14th, 2020} by Kerry Pechter

    In the future, we intend to strengthen our content for financial advisers while still serving our long-standing audience of annuity professionals. We think all of our readers will benefit from that. If you’re new to Retirement Income Journal, I’d like to tell you where we’ve come from, what we’re trying to accomplish today, and what we’re […]

    Gov. Charlie Baker Breaks With State Officials Over Mass. Fiduciary Reg

    {January 14th, 2020} by John Hilton

    Massachusetts Gov. Charlie Baker is asking the state Securities Division to pull its fiduciary proposal off the table, citing concerns it will cause “confusion” in the financial services industry. Baker sent a letter Tuesday to Secretary of the Commonwealth William Galvin urging him to defer action on the proposed regulation. Galvin’s Securities Division conducted a […]

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