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Archive for January 2020

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  • 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 LegacyŽ 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 […]

    OneAmericaÂŽ Unveils New Web Design for Retirement Services Audience

    {January 22nd, 2020} by OneAmerica

    NDIANAPOLIS–(BUSINESS WIRE)–OneAmericaŽ 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/ — SagicorÂŽ 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 CompassÂŽ Portal

    {January 20th, 2020} by LIMRA

    WINDSOR, Conn., Jan. 15, 2020 /PRNewswire/ — LIMRA is expanding its Life CompassÂŽ 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 […]

    AmeriLifeÂŽ 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 LifeŽ 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 LifeÂŽ), 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)–iPipelineÂŽ – 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 […]

    Sr. Analyst, Market Intelligence: Lincoln Financial, Omaha NE +

    {January 14th, 2020} by N/A

    Alternate Locations: 14457; Atlanta, GA (Georgia); Boston, MA (Massachusetts); Charlotte, NC (North Carolina); Dover, NH (New Hampshire); Kansas City, KS (Kansas); Omaha, NE (Nebraska); Phoenix, AZ (Arizona); Radnor, PA (Pennsylvania) Relocation assistance is not available for this opportunity. Requisition #62012 About The Company Lincoln Financial Group, a Fortune 250 company with over 10,000 employees, provides […]

    Director & Actuary – Pricing & Product Development: Pacific Life, Newport Beach CA

    {January 14th, 2020} by N/A

    Job Description As a member of the Registered Investment Advisor (RIA) team within the Retirement Solutions Division, the primary responsibilities for this position include feasibility analysis for new product ideas, pricing and development of new products to serve this rapidly growing market, management/maintenance of pricing models, and providing actuarial and analytical support to the AVP […]

    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 […]

    Commentary: The SECURE Act – An Advisor’s Friend or Foe?

    {January 14th, 2020} by Lloyd Lofton

    No bill is a cure-all for the challenges of retirement saving. Traditional individual retirement accounts first became available in 1975. I have a plaque in my office from John Hancock recognizing me in weeks 77-43 (that’s 1977) for outstanding performance with a weekly total annual premium of $3,600. Click HERE to read the full story […]

    Financial Planning: Getting Smart About The SECURE Act, Part 2

    {January 14th, 2020} by Wire Reports

    In last week’s column, I discussed three key provisions of the SECURE Act that will likely affect the way you handle your IRA. These provisions went into effect on Jan. 1 and include 1) eliminating the stretch provision on inherited IRAs, 2) increasing the RMD age from 70½ to 72, and 3) allowing individuals older […]

    Five Affiliates from LIBRA Insurance Partners Receive NAILBA’s 2019 ID Twenty Award

    {January 14th, 2020} by LIBRA Insurance Partners

    BALTIMORE, Jan. 8, 2020 /PRNewswire/ — LIBRA Insurance Partners (LIBRA), a life insurance marketing organization with more than 60 affiliated partner agencies, is pleased to announce that five of its affiliates are winners of NAILBA’s 2019 ID Twenty Award. In its inaugural year, the award honors Independent Distribution’s most courageous innovators and visionaries, who have made important contributions […]

    Voices: Are advisors overpaid?

    {January 13th, 2020} by Allan Boomer

    I offended an entire table of fellow financial advisors while attending a conference last year when I made this statement: “Everyone at this table makes too much money relative to what we do.” I went on to explain that in no other profession do service providers have the luxury of basing their prices on what […]

    I reluctantly followed my father-in-law’s advice to purchase life insurance 23 years ago, but looking back my only regret is not buying a bigger policy

    {January 12th, 2020} by Hannah Van Sickle

    When I was 22, my boyfriend and I moved in together. I was delirious with joy at the idea of leaving my college roommates — and the grungy digs we called home — in favor of cohabiting with my main squeeze. The whole experience made me giddy, until his father insisted we get renters’ insurance […]

    Liberty Mutual Insurance Announces 19 Grants in $5 Million Effort to Address Youth Homelessness in Boston

    {January 11th, 2020} by Liberty Mutual Insurance

    BOSTON, Jan. 10, 2020 /PRNewswire/ — Liberty Mutual Insurance today announced the first round of recipients of a $5 million philanthropic effort to support organizations in greater Boston working to reduce and end youth homelessness. Nineteen local non-profit organizations are among the first round of grant recipients announced today. Organizations awarded grants today were acknowledged during a ceremony in Boston’s South End at the […]

    Jackson National Life Insurance to Pay $20.5 Million to Settle EEOC Lawsuit

    {January 10th, 2020} by U.S. Equal Employment Opportunity Commission

    Jackson Tolerated Harassment, Discriminated Against Female and African American Employees in Promotions and Pay, and Retaliated Against Employees Who Complained, Federal Agency Charged DENVER, Colo. – Jackson National Life Insurance Company, Jackson National Life Distributors, LLC, and Jackson National Life Insurance Company of New York (collectively, “Jackson”) will pay $20,500,000 to 21 complainants and furnish […]

    AmeriLifeÂŽ Announces Growth Investment from Thomas H. Lee Partners to Continue Rapid Expansion

    {January 8th, 2020} by AmeriLife Group, LLC

    CLEARWATER, Fla., Jan. 7, 2020 /PRNewswire/ —  AmeriLife Group, LLC (“AmeriLife” or the “Company”), the national leader in marketing and distributing life, health, and retirement solutions, today announced that it has entered into a recapitalization agreement with an investor group led by Thomas H. Lee Partners, L.P. (“THL”), a premier private equity firm investing in growth companies, […]

    Pacific Life Launches Advisory Annuities Through TD Ameritrade

    {January 8th, 2020} by Pacific Life

    NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life announced that the company’s fee-based, advisory annuities are now available to independent registered investment advisers (RIAs) through TD Ameritrade. “TD Ameritrade is an industry leader with independent RIAs. Expanding our distribution through them with our two fee-based annuities, Pacific OdysseyŽ and Pacific Index AdvisoryÂŽ, supports our overall strategy to provide broader access to […]

    Great American Life Unveils Comprehensive Suite of Fee-Based Annuities With Launch of Two New Products

    {January 8th, 2020} by Great American Insurance Group

    CINCINNATI — January 06, 2020 — Great American LifeÂŽ expanded its fee-based product offering with the launch of two new fixed-indexed annuities (FIAs). The Index Protector 4 and Index Protector 5 MVA (market value adjustment) annuities are designed specifically for advisors involved in fee-based planning, making it easy to incorporate these insurance products into their […]

    The Penn Mutual Life Insurance Company Introduces New Product to Bolster Individual’s Financial Security

    {January 8th, 2020} by The Penn Mutual Life Insurance Company

    HORSHAM, Pa.–(BUSINESS WIRE)–The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 Company, introduces a new Guaranteed Whole LifeSM insurance product that provides an array of options for a lifetime of security. The product’s built-in features, including a customized payment period, can offer peace of mind for policyholders and their beneficiaries. The Guaranteed Whole Life […]

    How an Annuity Expert Built Her Software Company

    {January 8th, 2020} by Marc Glickman, FSA, CLTC

    “He said, well, why didn’t you buy an indexed annuity? It’s a retirement savings product that guarantees you a paycheck for the rest of your life… an indexed annuity would not subject me to losing money, but allows me to earn money based on the market’s performance to a limited degree.” – Sheryl Moore On […]

    Ohio National releases enhanced Virtus IUL II policy with expenses among the industry’s lowest

    {January 8th, 2020} by Ohio National Financial Services

    New IUL policy joins revamped V-Pro UL II policy to round out the product portfolio on new CSO tables   CINCINNATI, Jan. 06, 2020 (GLOBE NEWSWIRE) — Ohio National Financial Services is pleased to announce an enhanced indexed universal life (IUL) insurance product that features affordable death benefit protection paired with expenses among the lowest […]

    Kim Cross Appointed Acting Deputy Commissioner for Supervision

    {January 8th, 2020} by Iowa Insurance Division

    Des Moines, Iowa – Kim Cross has been promoted to Acting Deputy Commissioner for Supervision as Jim Armstrong, longtime Deputy Commissioner for Supervision, has retired after more than 35 years serving at the Iowa Insurance Division. “I’m honored to continue to serve Iowans in this new capacity,” Cross said.  “As anyone in the insurance industry knows, […]

    Principal to Announce Fourth Quarter 2019 Financial Results

    {January 8th, 2020} by Principal Financial Group

    DES MOINES, Iowa–(BUSINESS WIRE)–Principal Financial GroupŽ (Nasdaq: PFG) announced today that it will release fourth quarter 2019 financial results 15 minutes after the market closes on Tuesday, January 28, 2020. On Wednesday, January 29, 2020 at 10 a.m. ET, Dan Houston, chairman, president and chief executive officer, and Deanna Strable, executive vice president and chief financial […]

    F&G Announces Headquarter Relocation to 801 Grand

    {January 8th, 2020} by F&G Annuities and Life

    DES MOINES, Iowa, Jan. 6, 2020 /PRNewswire/ — F&G Annuities and Life (NYSE: FG) (“the company” or “F&G”), a leading provider of annuities and life insurance, recently announced a plan to relocate the F&G headquarters to the 801 Grand office building in downtown Des Moines. In the last two years, F&G has hired 58 people in 2018 and 94 in 2019. Of […]

    Athene Closes $6 Billion in Pension Risk Transfer Transactions During 2019

    {January 8th, 2020} by Athene Holding, Ltd.

    PEMBROKE, Bermuda–(BUSINESS WIRE)–Athene Holding Ltd. (“Athene”) (NYSE: ATH), a leading retirement services company, announced it has reached approximately $6.0 billion in total pension risk transfer (PRT) transactions for 2019, which includes approximately $800 million from a recently completed funded reinsurance transaction with a leading U.K. insurance company. Under the terms of Athene’s inaugural transaction in […]

    Kuvare Completes Acquisition of Lincoln Benefit Life Company

    {January 8th, 2020} by Kuvare US Holdings, Inc.

    CHICAGO–(BUSINESS WIRE)–Kuvare US Holdings, Inc. (“Kuvare”), a growth-oriented life and annuity business, announced today the completion of its purchase of Lincoln Benefit Life Company and its affiliates (“LBL”) on December 31, 2019. With this latest acquisition, Kuvare’s pro forma consolidated assets are now valued at over $22 billion. Kuvare Chief Executive Officer, Dhiren Jhaveri, commented […]

    FBL Financial Group Schedules Fourth Quarter 2019 Earnings Release Date, Conference Call and Webcast

    {January 8th, 2020} by FBL Financial Group, Inc

    WEST DES MOINES, Iowa–(BUSINESS WIRE)–FBL Financial Group, Inc. (NYSE: FFG) will announce its fourth quarter 2019 earnings approximately 15 minutes after the close of the market on Thursday, February 6, 2020. The fourth quarter earnings release and financial supplement will be posted on the FBL Financial Group website (www.fblfinancial.com) at that time. FBL Financial Group will […]

    SIMON Markets LLC Expands InsurTech Platform; Introduces Great American Life as Second Carrier to Deliver Annuity Products to Market

    {January 8th, 2020} by SIMON Markets LLC

    NEW YORK–(BUSINESS WIRE)–SIMON Markets LLC (“SIMON”) is pleased to introduce Great American Life Insurance CompanyÂŽ (“Great American”)—a leading provider of annuities in the U.S.—as the second insurance carrier to offer products on SIMON’s new annuities platform for wealth managers. With the belief that sophisticated tools don’t need to be complex, SIMON recently launched its InsurTech […]

    Sammons Financial Group Names Bryce Biklen as Vice President and Chief Distribution Officer

    {January 8th, 2020} by Sammons Financial Group

    WEST DES MOINES, Iowa, Jan. 08, 2020 (GLOBE NEWSWIRE) — Sammons Financial GroupŽ (SFG) has named Bryce Biklen to a new role as vice president and chief distribution officer for Sammons Independent Annuity Group (SIAG), a division of SFG. In this position, Biklen will lead the SIAG distribution teams for SFG’s member companies. Those companies include North American […]

    Life Reshaped

    {January 8th, 2020} by Jeff Roberts

    Kevin Hogan’s friend never made it home. The man owned his own business, and it took him into harm’s way on Sept. 11, 2001. The morning when everything changed. “His was one of those cars that never left the parking lot that night,” said Hogan, CEO of AIG Life & Retirement. He chose not to […]

    SEC won’t offer any grace period for Reg BI compliance

    {January 8th, 2020} by Mark Schoeff Jr

    The Securities and Exchange Commission doesn’t plan to let any grass grow under its feet when it comes to checking on the implementation of investment-advice reform by brokers and registered investment advisers. Click HERE to read the full story via InvestmentNews

    Business Groups Blast Massachusetts Fiduciary Plan as Comment Period Ends

    {January 8th, 2020} by Melanie Waddell

    The U.S. Chamber of Commerce urged William Galvin, Massachusetts’ top securities regulator, on Tuesday to extend the comment period on the state’s fiduciary proposal, as the revised plan raises “serious new legal and practical concerns.” The Massachusetts Securities Division held a hearing Tuesday morning on its revised fiduciary rule, which Galvin, the Massachusetts secretary of […]

    Dodd and Frank Say SEC’s Reg BI Violates Law

    {January 8th, 2020} by Melanie Waddell

    The Securities and Exchange Commission’s Regulation Best Interest violates Section 913 of the Dodd-Frank Act, which directed the commission to “harmonize” the standards of conduct for broker-dealers and investment advisors through a fiduciary rule, current and former Democratic lawmakers, including the law’s authors, told the U.S. Court of Appeals for the 2nd Circuit. Congress’ mandate […]

    Economic Impact: 2020 Forecast Looks Better Than It Did A Year Ago

    {January 8th, 2020} by Christine Chmura

    What a difference a year makes. Last year at this time there was talk of recession, in part, because the stock market and yield curve were signaling warning signs. At the end of 2018, the Dow Jones Industrial Average had its worst year since 2008. If the stock market is falling, then investors must think […]

    Thomas H. Lee Group Agrees to Buy a Majority Stake in AmeriLife

    {January 8th, 2020} by Allison Bell

    An investor group led by Thomas H. Lee Partners L.P., a private equity firm, has agreed to buy a majority stake in AmeriLife Group LLC from another private equity firm, J.C. Flowers & Company LLC, AmeriLife announced today. AmeriLife is a Clearwater, Florida-based life, health and annuity distributor that has relationships with about 140,000 insurance […]

    It’s the Hottest Thing in Life Insurance. Are Buyers Aware of the Risks?

    {January 8th, 2020} by Leslie Scism

    Sales of a life-insurance policy tied to the longest bull market in U.S. history are soaring. Regulators worry that buyers are unprepared for a crash. Indexed universal life is one of the insurance industry’s hottest products. It accounted for a quarter of all individual life sales as measured by premium for the first nine months […]

    Gallagher starts the year with insurance agency acquisition in NY

    {January 8th, 2020} by Lyle Adriano

    Arthur J. Gallagher & Co. has acquired Walsdorf Agency in Huntington, NY. Terms of the transaction were not disclosed. Walsdorf Agency, founded in 1926, is a third generation, family-owned commercial and personal lines insurance agency; a release noted that the agency has “strong real estate niche expertise.” Following the acquisition, David L. Walsdorf, Louis J. […]

    Fixed Index Annuities: The Pros And Cons

    {January 8th, 2020} by William Hinds

    The older and closer to retirement you get, the less risk you should be taking in your portfolio, generally speaking. The old rule of thumb was to take your age and place that much in bonds and the rest into an equity portfolio. And over the last 30 years or so, bonds have done well […]

    Join in the conversation!

    {January 8th, 2020} by Wink's RockStars

    Get social with Wink and our Chief Storyteller, Sheryl J. Moore:  Sheryl J. Moore via LinkedIn for breaking news and thought-provoking discussion in the life insurance and annuity industries. Wink’s company updates via LinkedIn, Instagram, and/or Facebook to connect with us and get to know our team! Also, be sure to visit Sheryl’s profile on Facebook. […]

    7 Things To Remember When Doing A 1035 Annuity Exchange

    {January 8th, 2020} by Matt Carey

    The process of using funds from an existing annuity to purchase another annuity is commonly referred to as an annuity exchange. If the funds being used are non-qualified (i.e. not held in something like an IRA), then the exchange would be a 1035 exchange (so named for Section 1035 of the IRS Code, which governs […]

    You can buy steady retirement income. Experts are divided on whether it’s a good idea

    {January 8th, 2020} by Lorie Konish

    If you think that Republicans and Democrats can’t see eye to eye these days, try sitting in a room with financial professionals who are for and against annuities. The inability to agree is real. And both sides hold steadfast to their positions. Annuities are insurance or investment contracts that give investors regular payments in exchange […]

    My Life Insurance Buying Journey

    {January 8th, 2020} by Jeff Piotrowski

    As someone who works with life insurance marketers on a daily basis, I am keenly aware of the interest that carriers and agents have in meeting their customers in the market, when they are actively interested and most receptive to a conversation. This not only improves productivity for the insurer; it also offers a great […]

    The 2020 Life, Health and Annuity Planner

    {January 8th, 2020} by Allison Bell

    The new year has arrived. Here are some in-person events you could attend… Jan. 13-15: Society of Actuaries (SOA), 2020 Living to 100 Symposium, in Lake Buena Vista, Florida. Jan. 16: Council for Affordable Health Coverage, The Price of Good Health (What the 2020 Election Means for Health Costs), in Washington. Jan. 25: Chinese New Year. Jan. 29-30: Inter-Company Marketing Group, annual […]

    5 Things to Know About 707 Years of Interest Rate Data

    {January 8th, 2020} by Allison Bell

    The Bank of England has published a breath-taking thriller for people involved with creating and selling safe saving and investment vehicles: a comprehensive look at what happened to inflation-adjusted interest rates from 1311 through 2018. Paul Schmelzing, a Harvard University economic history grad student who’s a visiting scholar at the bank, wrote the paper in response to […]

    Brokerage industry opposes Massachusetts fiduciary rule proposal at hearing

    {January 8th, 2020} by Mark Schoeff Jr

    Brokerage and insurance industry representatives on Tuesday criticized a Massachusetts proposal that would impose fiduciary duty on all financial advisers in the state, but investor-protection advocates are confident the state won’t back down under industry pressure.   Click HERE to read the full story via InvestmentNews

    State insurance commissioners poised to approve annuity sales best interest rule

    {January 8th, 2020} by Mark Schoeff Jr

    State insurance commissioners are expected to approve in the next few weeks a model regulation designed to strengthen investor protections related to annuity sales, but consumer advocates say it falls far short of improving safeguards surrounding the often-complex products. Click HERE to read the full story via InvestmentNews

    New Nationwide Survey Finds that Debt Weighs Heavy on the Minds of Americans

    {January 8th, 2020} by Nationwide

    COLUMBUS, Ohio, Jan. 6, 2020 /PRNewswire/ — Dealing with debt is foremost on the minds of many Americans and understandably so. In December, the New York Federal Reserve announced that Americans have a record $14 trillion in debt, including mortgages, credit cards, and student loans. The situation can cause a great deal of anxiety. According to a recent survey conducted by Nationwide […]

    Kuvare Closes on Lincoln Benefit Life

    {January 8th, 2020} by Allison Bell

    A young company that says it wants to become a real life and annuity player, not just manage old blocks of business, now owns Lincoln Benefit Life Company — a life insurer that once helped power Allstate Corp.’s annuity operations. Kuvare US Holdings Inc. said Monday that it completed the purchase of Lincoln Benefit Life, and […]

    New York Asks Insurers What They’ll Do When Libor Goes Away

    {January 8th, 2020} by Allison Bell

    New York state regulators want insurers and other financial services companies to explain what they’ll do if and when a major interest rate benchmark — the London Interbank Offered Rate (Libor) — goes away. New York State Financial Superintendent Linda Lacewell has told the companies to send her detailed life-after-Libor plans by Feb. 7. The same […]

    Alicia Munnell’s Social Security Bridge v. Annuities Income Planning Smackdown

    {January 8th, 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 […]

    Symetra Financial Corporation Launches Investment Management Company

    {January 8th, 2020} by Symetra Financial Corporation

    BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra Financial Corporation today announced that it has established an investment subsidiary, Symetra Investment Management Company (SIM). The standalone entity will initially focus on facilitating the ability of Symetra’s Japan-based parent, Sumitomo Life Insurance Company, to invest in U.S.-based assets utilizing the expertise of the SIM team. Sumitomo completed its first investment of […]

    Voices: My predictions for regulations to watch in 2020

    {January 7th, 2020} by Todd Cipperman

    Below I offer my regulatory predictions for 2020, addressing Regulation Best Interest, closed-end funds, private equity and compliance, among others. One caveat: my crystal ball is always cloudier during a presidential election year. For example, if Jay Clayton or Dalia Blass decide to resign (not predictions, although possible based on history), all bets are off […]

    A year in review: Most-Read Stories from 2019

    {January 7th, 2020} by Jamie Johnson

      IUL illustrations,  Ken Fisher, annuity illustrations, life lessons, and the Secure Act– view 2019’s most-read news stories from each quarter, according to Wink’s weekly newsletter.    4th Quarter, 2019:  WHAT MIGHT THE SECURE ACT MEAN FOR LIFETIME INCOME? VOYA FINANCIAL TO SELL INDIVIDUAL LIFE BUSINESS AND OTHER CLOSED BLOCKS LIFE LESSONS SECURITY BENEFIT INDEXED […]

    National Holdings Corporation Announces Closing of Acquisition of Full-Service Investment Firm Winslow, Evans & Crocker, Inc.

    {January 7th, 2020} by National Holdings Corporation

    NEW YORK, Jan. 06, 2020 (GLOBE NEWSWIRE) — National Holdings Corporation (NASDAQ: NHLD) (“National” or the “Company”), a leading full service independent brokerage, investment banking and asset management firm providing a wide array of services, announced the closing, on December 31, 2019, of the acquisition of Winslow, Evans & Crocker, Inc., an employee-owned full-service investment […]

    Opinion: Now that annuities can be part of your 401(k), here’s how to make them more palatable

    {January 7th, 2020} by Andrew G. Biggs

    The Secure Act passed by Congress at the end of 2019 is the biggest change in U.S. retirement savings policy since the Pension Protection Act in 2006. The Secure Act aims to expand retirement savings opportunities, give retirees more freedom on when to withdraw their retirement savings from IRA plans, and expand access to annuities […]

    A Roth IRA Refresher

    {January 7th, 2020} by Jeremy Hus

    We celebrated the 20-year anniversary of the Roth IRA in 2018 for we tax geeks who like to celebrate that type of thing. However, even though these accounts have been around for that long, there is still so much confusion about them. The benefits of a Roth IRA are clear — the potential for tax-free […]

    Insurers Can Offer Biometric Wearables Without ‘Rebating’: Connecticut

    {January 7th, 2020} by Allison Bell

    Life and health insurers can give consumers Apple Watch devices and Fitbit devices for use in health tracking programs  without getting into trouble with Connecticut insurance regulators, even if the insurers have failed to mention the devices in the policies. Andrew Mais, the Connecticut insurance commissioner, has given that interpretation of Connecticut’s insurance rules in a […]

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