Father Knows Best: Lincoln Financial Study Finds Dads Have a Better Understanding of Personal Finance Than the General Population
{June 12th, 2019} by Lincoln Financial
RADNOR, Pa.–(BUSINESS WIRE)–It turns out there is a reason why Dad is never shy in handing out financial advice. According to Lincoln Financial Group’s (NYSE: LNC) Love and Responsibility Survey, dads have a better understanding of personal finance than the general population. The research also showed 88% percent of dads prioritize talking to their children about […]
Does the SEC’s new interpretation of the investment adviser standard diminish it? Depends who you ask
{June 12th, 2019} by Mark Schoeff Jr.
One of the most controversial parts of the advice reform package the Securities and Exchange Commission approved last week is its interpretation of the standard of conduct for investment advisers. Click HERE to read the full story via InvestmentNews.
10 Key Regulation Best Interest Points, for Agents
{June 12th, 2019} by Allison Bell
The U.S. Securities and Exchange Commission (SEC) has tested life and annuity policy specialists’ speed reading skills by posting a final version of its Regulation Best Interest (Regulation BI) regulations. The regulation packet — which includes the introduction to the regulation, federal regulators’ economic impact assessments, and the actual text — takes up 771 PDF file […]
Selling Annuities Is the Right Thing to Do: Life CEOs
{June 12th, 2019} by Allison Bell
Two life insurance company leaders told an audience full of money managers that the world needs annuities, and that the life industry needs to do better job of explaining how important and necessary annuities are. Mark Mullin, the chief executive officer of Transamerica Corp., and Mark Pearson, the CEO of AXA Equitable Holdings Inc., talked about […]
American Equity No Longer in Discussions Regarding a Potential Transaction
{June 12th, 2019} by American Equity Investment Life Holding Company
WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (NYSE: AEL) (“American Equity”) announced today that its Board of Directors (the “Board”) is no longer in discussions regarding a potential transaction. Consistent with its fiduciary duties, the Board, with the assistance of financial and legal advisors, assessed the indications of interest it received from […]
New protection, flexibility enhancements introduced for two Ohio National lifetime pay products
{June 12th, 2019} by Ohio National Financial Services
CINCINNATI, June 10, 2019 (GLOBE NEWSWIRE) — Clients looking for secure lifetime protection and excellent value for death benefit protection have two new options with Ohio National’s enhanced lifetime pay whole life products. “Prestige Value IV and Prestige 100 II provide an excellent foundation of long-term protection,” said Christopher Calabro, CLU, ChFC, Ohio National senior […]
MDRT Power Sellers Charge Into Miami Beach
{June 11th, 2019} by Allison Bell
The Million Dollar Round Table (MDRT) is continuing to get bigger — by continuing to go global. One thing MDRT leaders are doing at their group’s annual meeting in Miami Beach, Florida, this week is promoting the group’s next major, in-person event: a global conference in Sydney, in Australia. The MDRT plans to start that four-day event, […]
4 Reasons Small BDs Are Under Pressure
{June 11th, 2019} by ThinkAdvisor
Higher interest rates are enabling money market accounts, sweep accounts and margin accounts to contribute noticeable profit increases to the bottom lines of some broker-dealers. But though we’ve seen a bump up in profitability for BDs in general, we also see some worrisome trends unique to smaller organizations, which will work against their future survival. […]
Insurance platforms have to simplify before moving towards the shiny new future
{June 11th, 2019} by Alicja Grzadkowska
Divesting, or the selling off of distressed assets and businesses, has picked up steam since the 2008 financial crisis, though a recent report shows the drivers pushing companies to divest are no longer mandatory state aid regulations. Instead, companies need to strategically divest in order to remain competitive. The insurance sector in particular is seeing […]
AIG Promotes David McElroy to Lead North America General Insurance Operations
{June 11th, 2019} by Business Wire
NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE:AIG) today announced that David McElroy, President and CEO of Lexington, has been promoted to President and CEO of the North America operations of General Insurance. Mr. McElroy will continue to report to Peter Zaffino, CEO General Insurance and Global Chief Operating Officer, AIG, and continue to serve as […]
Kirt Walker Set to Become Nationwide CEO
{June 11th, 2019} by Allison Bell
Kirt Walker will be taking over from Steve Rasmussen as chief executive officer of Nationwide Mutual Insurance Company Oct. 1, the company announced today. Rasmussen — who has been Nationwide’s CEO sinc 2009 — is retiring. Rasmussen began working for Nationwide since 1998, after the company acquired his previous employer, Allied Insurance Company of America. Kirt […]
3 Hot Sources of Life and Annuity Sector Terror
{June 11th, 2019} by Allison Bell
S&P Global Ratings analysts kept assuring attendees at the firm’s latest insurance conference Wednesday that life insurer capital levels, investment portfolios and ratings look fine. S&P analysts have concluded that, even though the average rating of the life insurers it rates is an A+, those insurers have 10% more total capital than they would need […]
Life and Annuity Groups Give SEC’s Final Best-Interest Standard Mixed Reviews
{June 11th, 2019} by Allison Bell
Members of the U.S. Securities and Exchange Commission voted 3-1 Wednesday to approve the SEC’s Regulation Best Interest: The Broker-Dealer Standard of Conduct (Regulation BI). The SEC has posted a 771-page regulation packet for Regulation BI, which is set to have a compliance date of June 30, 2020. The SEC also agreed to update its […]
iPipeline and Atidot Partner to Mine In-Force Data for Life and Annuity Sales
{June 11th, 2019} by iPipeline
EXTON, Pa.–(BUSINESS WIRE)–iPipeline® – a leading provider of cloud-based software solutions for the life insurance and financial services industry – today announced an exclusive partnership with Atidot, a Gartner “Cool Vendor” insurtech company empowering the life insurance industry with big data and predictive analytics. The InsureSight® In-Force Service powered by Atidot® will enable Insurers in North America to […]
FTSE Russell Reconstitutes US Equity Indexes
{June 11th, 2019} by Bernice Napach
FTSE Russell has announced its annual reconstitution of the Russell 3000 index, which tracks the performance of the 3,000 largest U.S. traded stocks, and the Russell Microcap, comprised of over 1,500 of the smallest U.S.-based stocks. Both indexes are market-cap weighted. In total, close to 170 stocks will be added and about 160 stocks will […]
American Equity’s Mysterious Suitor
{June 11th, 2019} by Michael Jay Markey Jr.
In case you’ve missed it, there’s been a Hollywoodesque legal drama swirling around in the insurance world between two private equity (private equity) firms, Caldera Holdings Ltd., Apollo Global Management LLC, and one publicly traded insurance company. Until now, the company has been unnamed, but, in my opinion, a recent court filing, and a persistent […]
Reg BI limits brokers’ use of title ‘adviser’ or ‘advisor
{June 11th, 2019} by Mark Schoeff Jr.
Brokers who are only brokers will have to be less cavalier in describing themselves as financial advisers, thanks to an advice reform package approved last week by the Securities and Exchange Commission. Click HERE to read the full story via InvestmentNews.
LIMRA, LOMA Offer Online ‘Best Interest’ Training for NY Reg 187
{June 11th, 2019} by Elizabeth Festa
Industry trade associations LIMRA and LOMA announced Monday they are offering training for New York’s best interest and suitability regulation, which takes hold Aug. 1. LOMA’s and LIMRA’s combined online training program, announced Monday, is designed to help both sales agents and producers as well as home office employees understand and comply with the new rule […]
Optimizing Annuity Income Benefits—A Case Study
{June 11th, 2019} by Eva L. Levine
Countless surveys and studies have established that many Americans are concerned about running out of money in retirement because people are living longer, and that there is growing recognition that annuities are a critical part of retirement income planning because of their lifetime income characteristic, which can serve as an insurance against longevity. Yet there […]
SEC passes Regulation Best Interest, but fiduciary rules could make a comeback
{June 10th, 2019} by Andrew Welsch
Advisors and brokers will soon be faced with new SEC disclosure and compliance requirements, but the changes disappoint consumer advocates — and suggest more state regulatory action on fiduciary rules is likely. The commissioners voted 3-1 on four items: Regulation Best Interest, Form CRS (a relationship summary form for clients), an interpretation of standards of […]
New Life and Annuity Deals May Be Complicated
{June 10th, 2019} by Allison Bell
U.S. life insurance and annuity players could make more complicated deals in the next year or so, and many of those deals could be structured as reinsurance arrangements. Philip Salem, co-head of the Americas insurance sector in the investment banking division at the Goldman Sachs Group Inc., made that case today in New York, during a […]
AM Best Revises Outlooks to Positive for ELCO Mutual Life and Annuity
{June 10th, 2019} by Business Wire
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bb+” of ELCO Mutual Life and Annuity (ELCO) (Lake Bluff, IL). The ratings reflect ELCO’s balance sheet strength, which AM Best categorizes as weak, as well as its […]
SEC Passes Regulation Best Interest by 3-1 Vote
{June 10th, 2019} by Melanie Waddell
The Securities and Exchange Commission passed by a 3-1 vote Wednesday its controversial Regulation Best Interest, which SEC Chairman Jay Clayton said would “substantially enhance the broker-dealer standard of conduct beyond existing suitability obligations.” The agency also passed by a 3-1 vote the three other prongs of the advice-standards package — the Form CRS Relationship […]
Retirement bill would allow tax-free financial planning
{June 10th, 2019} by Mark Schoeff Jr.
Recently introduced legislation includes tax incentives for financial planning related to retirement. Click HERE to read the full story via InvestmentNews.
SEC reforms impose new requirements on brokers and advisers, but some argue not enough
{June 10th, 2019} by Jeff Benjamin
The Securities and Exchange Commission’s long-awaited investment advice reforms, which were approved Wednesday in a 3-1 vote, are virtually unchanged from an original proposal. Click HERE to read the full story via Investment News.
Bells and Whistles Skirmishes Pop Up at S&P Conference
{June 10th, 2019} by Allison Bell
Several speakers have suggested here in New York this week, at S&P Global Ratings’ latest insurance conference, that excessive product complexity might be one reason that life insurers have had sales problems, and regulatory headaches. Mark Mullin, the chief executive officer of Transamerica Corp., made that point today during a life insurance CEO discussion, in a […]
Regulators, Industry Reps Tangle Over Indexed Annuity Illustrations
{June 10th, 2019} by John Hilton
An industry attempt to beat back a tougher indexed annuity illustration regulation appeared to fail Wednesday after a consumer advocate blasted the effort. The National Association of Insurance Commissioners’ working group is studying a proposal to double the time indexes must be in existence to be used in annuity illustrations from 10 to 20 years. […]
Will Reg BI Be Hammered by Lawsuits?
{June 10th, 2019} by Melanie Waddell
Industry officials anticipate a little-changed Regulation Best Interest as well as potential lawsuits after the Securities and Exchange Commission approves on Wednesday its controversial Reg BI for brokers, part of the agency’s four-pronged advice standards package. “Litigation is certainly possible after the final rules are adopted,” said David Tittsworth, former president and CEO of the […]
Supreme Court to Hear Case on Retirement Plan Losses
{June 10th, 2019} by Greg Stohr
The U.S. Supreme Court will use a case involving International Business Machines Corp. to consider making it harder for workers to sue when their retirement plans lose money because the employer’s stock price falls. The justices said they will scrutinize a lawsuit that claims IBM plan managers didn’t do enough to protect employees from stock […]
Learning how life insurance can help charity
{June 10th, 2019} by Gaston Gazette
The Gaston Community Foundation hosted a continuing education event on May 7 for professional advisors at Gaston Country Club. The foundation offers a lunch and one hour of free continuing education annually to attorneys, CPAs and financial advisors. “Professional advisors are a key resource for our community in communicating giving vehicles and structuring planned gifts,” said Ernest Sumner, president, in […]
SEC Adopts Rules and Interpretations to Enhance Protections and Preserve Choice for Retail Investors in Their Relationships With Financial Professionals
{June 9th, 2019} by The Securities and Exchange Commission
FOR IMMEDIATE RELEASE 2019-89 Washington D.C., June 5, 2019 — The Securities and Exchange Commission today voted to adopt a package of rulemakings and interpretations designed to enhance the quality and transparency of retail investors’ relationships with investment advisers and broker-dealers, bringing the legal requirements and mandated disclosures in line with reasonable investor expectations, while […]
Legacy Marketing Group® Introduces New FUSION Strategy, Fusing Together Annual Crediting and Multi-Year Upside
{June 6th, 2019} by Legacy Marketing Group
PETALUMA, CA, June 5, 2019—Legacy Marketing Group® is excited to announce the availability of a new, game-changing interest crediting strategy on its exclusive line of fixed indexed annuities from “A” rated* Americo Financial Life and Annuity Insurance Company. The new strategy—the FUSION StrategySM**—fuses the best parts of an annual point-to-point strategy and a multi-year strategy. […]
SEC moving to require brokers to reveal conflicts for advice
{June 5th, 2019} by Marcy Gordon
By Marcy Gordon | AP June 5 at 3:08 AM WASHINGTON — Federal regulators are moving to require that brokers provide their customers with detailed disclosures of their potential conflicts of interest when dispensing advice for retirement planning and other investments. But critics say the Securities and Exchange Commission’s new measure, supported by the financial industry, doesn’t go […]
SEC To Vote On Reg BI
{June 5th, 2019} by Cassie Miller
The Securities and Exchange Commission is voting June 5 on a three-part rulemaking package containing regulation best interest. While it is unknown what the final rule being voted on will look like, the proposed rules attempt to fill in holes left by the vacated Department of Labor fiduciary rule and issue a firm federal ruling in the […]
Investors Heritage Names Robert Hardy Chief Executive Officer; Raymond Carr, John Frye to Serve as Co-Presidents
{June 4th, 2019} by Investors Heritage Life Insurance Company
FRANKFORT, Ky.–(BUSINESS WIRE)–Investors Heritage Life Insurance Company (“Investors Heritage”) today announced that Executive Vice President and General Counsel Robert Hardy has been named Chief Executive Officer, succeeding Harry Lee Waterfield II, who will become Vice Chairman, effective June 1. “It has been one of the great honors of my life to work beside the fine […]
13 Best & Worst Broker-Dealers: Q1 Earnings, 2019
{June 4th, 2019} by Janet Levaux
While analysts were cautious about financial companies’ prospects for strong earnings in the first quarter of 2019, most broker-dealers reported robust results. “We consider first-quarter earnings season a success based on the upside surprise and resilience of estimates for the rest of this year,” said John Lynch, chief investment strategist for LPL Financial, in a recent […]
Allianz’s El-Erian to Head College at Cambridge University
{June 4th, 2019} by Lucy Meakin
Mohamed El-Erian, chief economic advisor at Allianz SE, has been named president of Cambridge University’s Queens’ College. The son of an Egyptian diplomat, El-Erian was an undergraduate at Cambridge in the late 1970s, where he studied economics. He also holds a doctorate from Oxford University. El-Erian worked at the International Monetary Fund for 15 years, […]
Do Annuities And 401(k) Plans Mix?
{June 4th, 2019} by Ben Mattlin
Once upon a time, retirees received pensions through defined benefit plans. Nowadays, instead, most employees have defined contribution plans—largely in the form of 401(k)s. Lately, a growing number of 401(k) plans are offering annuities as an investment choice. Congress has even made overtures toward helping this trend along. Nevertheless, despite compelling arguments in favor of […]
Great-West Lifeco completes sale of U.S. individual life insurance and annuity business
{June 4th, 2019} by Great-West Lifeco Inc.
All figures are expressed in Canadian dollars, except as noted. WINNIPEG, June 3, 2019 /CNW/ – Great-West Lifeco Inc. (Great-West Lifeco) today announced its Colorado-based subsidiary, Great-West Life & Annuity Insurance Company (GWL&A), has completed the previously-announced sale, through reinsurance, of substantially all of its individual life insurance and annuity business to Protective Life Insurance Company, the primary […]
BNY Mellon’s Pershing Debuts Enhanced Subscribe Annuity Platform; Announces Plans to Integrate Subscribe into Its Managed Accounts Offering
{June 4th, 2019} by BNY Mellon
JERSEY CITY, N.J., June 3, 2019 /PRNewswire/ — BNY Mellon’s Pershing (“Pershing”) today announced a series of enhancements to its Subscribe® annuity platform, which helps advisors streamline how they process, service and maintain annuities. Among the key updates is eSignature capability, which will set a new standard for the industry and change the way advisors purchase annuities. The enhancements […]
Jackson Announces Distribution Relationship with TD Ameritrade
{June 4th, 2019} by Jackson National Life Insurance Company
NASHVILLE, Tenn.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (“Jackson®”) announced that it is teaming up with TD Ameritrade Institutional to bring the carrier’s most popular advisory annuity product – Perspective Advisory IISM – to the independent RIA channel. Since its launch in 2017, Jackson’s Perspective Advisory II has been one of the leading advisory variable annuities. The product’s many rider […]
The Latest Must-Have Wedding Registry Item? Life Insurance
{June 4th, 2019} by Brian Madgett
Ah, “wedding season.” It’s a time when couples across the country prepare to open a new chapter of their lives together, surrounded by family and friends (and sometimes by people they don’t even know that well). Amid the flurry of invitations, fittings, flowers and all that often comes along with saying, “I do,” there’s one […]
Pacific Life Undertakes Dramatic Digital Transformation
{June 4th, 2019} by Staff Reports
Pacific Life is partnering with Salesforce on a sweeping CRM platform upgrade across its entire U.S. retail businesses. Previously, Pacific Life’s employees across regions and departments did not have a single platform to view and manage every customer relationship and interaction. To address this challenge, Pacific Life partnered with Salesforce on a new initiative it […]
No. 314: Indexed Universal Life Policies—The Views of Two Prominent Professionals About the Risks for Buyers
{June 4th, 2019} by Joseph M. Belth
During the years of The Insurance Forum, and more recently on my blog, I have never written an article about indexed universal life (IUL) policies. I have been asked by many readers to write on the subject, but have not done so. The reason is simple. I have obtained and looked closely at samples of IUL […]
Retirees, Ladder Annuities to Hedge Your Bets
{June 4th, 2019} by Mary Kane
Handing over a large lump sum to an insurance company in exchange for a stream of guaranteed payments is a hard pill to swallow for many investors. Add in uncertainty about interest rates, which affect annuity payouts, and the decision to buy an immediate annuity becomes more challenging. A laddering strategy could help ease that decision […]
Some insurance agents breaking law with 401(k) rollovers
{June 4th, 2019} by Greg Iacurci
Rolling money out of a 401(k) plan to fund an insurance product, like an annuity or life insurance policy, can be a difficult, tense decision for retirees. After all, seniors are earmarking a large chunk of their nest egg. Click HERE to read the full story via InvestmentNewsNet. Wink’s Note: “Source […]
What Is a Medicaid Annuity?
{June 4th, 2019} by Geoff Williams
IT’S A PRECARIOUS situation that many elderly people find themselves in: They need long-term nursing home or assisted living care, but they don’t have enough money to pay for it. So they consider applying for Medicaid, the joint federal-state program that offers health coverage to eligible low-income seniors. But because they have a little too much […]
Envestnet’s latest trick? Offering annuities
{June 4th, 2019} by Sean Allocca
Envestnet, the turnkey asset management platform used by hundreds of RIAs, will now carry annuities, adding both fee-based and commission insurance products to the advisor arsenal. The firm’s Insurance Exchange offers products from six carriers, including Allianz Life, Nationwide and Prudential, and gives advisors on the platform access to variable, structured, fixed and indexed annuities, according […]
Which independent broker-dealers produce the most revenue?
{June 4th, 2019} by Tobias Salinger
Small and midsize firms read on at your own risk: The giants of the independent broker-dealer sector are growing rapidly. Not one of the top 25 firms in annual revenue took a step back in 2018, according to Financial Planning’s annual IBD Elite survey of the largest IBDs. On the contrary, 15 of them generated double-digit increases […]
MassMutual Breaks Ground on 310-Square-Foot Boston Building
{June 4th, 2019} by Allison Bell
Massachusetts Mutual Life Insurance Company today broke ground for a 17-story, 310,000-square-foot building at 10 Fan Pier Boulevard in Boston, on the Boston waterfront. The Springfield, Massachusetts-based insurer says it will be keeping its headquarters in Springfield, but that it plans to consolidate some facilities in other parts of the country. The realignment could lead […]
Former Nebraska Senator to Lead Life Agency
{June 4th, 2019} by Allison Bell
Insurance Care Direct, a life and health agency, has hired one of the best-known figures in the insurance industry to be its new chief executive officer. The Deerfield Beach, Florida-based agency’s new CEO is Ben Nelson. Ben Nelson was the governor of Nebraska from 1991 to 1999; a U.S. senator from 2001 through 2013; and the CEO […]
Great American Life Collaborates with Raymond James to Develop First-Of-Its-Kind Annuity
{June 4th, 2019} by Great American Life
CINCINNATI–(BUSINESS WIRE)–Great American Life® is pleased to announce the launch of a new variable-indexed annuity developed in collaboration with Raymond James. The Index Summit 6℠, which will be offered through financial institutions, banks and independent broker dealers, is the only annuity on the market to offer crediting strategies with both upside and downside participation rates. The […]
Look to IUL in Planning for Longevity
{June 4th, 2019} by Mark Peterson
Longevity can be a double-edged sword: the longer people live, the longer their resources in retirement must last. According to new research1 from AIG, more than half of Americans (53 percent) say their goal is to live to 100 years old. But, even with this optimism for aging, over half of Americans (51 percent) aren’t sure […]
What you need to know about professional fiduciaries
{June 4th, 2019} by Blaine F. Aikin
Typically, individuals engage professional fiduciaries directly and voluntarily, but that isn’t always the case. Click HERE to read the full story via InvestmentNews.
SEC solicits comment on conduct standards for advisers and brokers
{June 4th, 2019} by Mark Schoeff Jr.
The Securities and Exchange Commission announced Thursday that it is again seeking public comment on investment-advice standards, restarting its consideration of a fiduciary duty regulation while a similar measure promulgated by the Labor Department is undergoing a reassessment. Click HERE to read the full story via InvestmentNews.
Historical timeline of the SEC advice rule
{June 4th, 2019} by Christina Nelson and Ellie Zhu
Here are the major milestones on the journey toward the agency’s final advice reform package. Click HERE to view the timeline via InvestmentNews.
What to look for in the final SEC advice rule
{June 4th, 2019} by Mark Schoeff Jr.
The Securities and Exchange Commission will meet Wednesday to vote on a final investment advice reform package of rules. Click HERE to read the full story via InvestmentNews.
Retirement plan provider sticks with embattled celeb Tony Robbins
{June 4th, 2019} by Jeff Benjamin
Self-help guru Tony Robbins, whose business relationship with $38 billion RIA Creative Planning ended last week following a wave of sexual misconduct allegations, is maintaining his affiliation with $1 billion retirement plan provider America’s Best 401(k) Company. Click HERE to read the full story via InvestmentNews.
What the new DOL fiduciary rule will probably look like
{June 4th, 2019} by Greg Iacurci
The form and substance of the Department of Labor’s new fiduciary rule, set to be unveiled by the end of the year, is anybody’s guess. Click HERE to read the full story via InvestmentNews.
How to battle sequence-of-returns risk
{June 4th, 2019} by Mary Beth Franklin
There were two recurring themes at the annual InvestmentNews Retirement Income Summit in Chicago earlier this month: the economic impact of increased longevity and the need for guaranteed income in retirement. Click HERE to read the full story via InvestmentNews.
How to replicate a stretch IRA
{June 4th, 2019} by Greg Iacurci
The end of the stretch IRA is nigh, and that’s bad news for clients of financial advisers. Click HERE to read the full story via InvestmentNews.
Announcing the Launch of InsurTechExpress.com, ‘A One Stop Life Insurance Resource’
{June 4th, 2019} by The InsurTech Express
RALEIGH, N.C., May 30, 2019 /PRNewswire/ — The InsurTech Express website has launched at www.insurtechexpress.com. InsurTech Express is the principal resource that brings the Life Insurance and Annuity communities together in one easy-to-access, secure online location for information on Insurtech. It is a network with active participation in industry organizations like ACORD, LBTC, and LIDMA; conferences like InsureTech Connect […]
A Timeline of the Contentious Fiduciary Rules
{June 4th, 2019} by Melanie Waddell, Chris Nicholls and Janet Levaux
The SEC’s Regulation Best Interest was born out of a years-long struggle to regulate brokers as fiduciaries. ThinkAdvisor provides a timeline of the contentious fiduciary rules. Click HERE to view the timeline.
Voices: Why we changed the name of our IBD rankings
{June 4th, 2019} by Chelsea Emery
It’s been a time of stunning change for independent broker-dealers. Widespread consolidation has shrunk their numbers and RIAs have encroached on their business models. The firms left standing? They are the Elite IBDs. It’s for this reason (among a few others) we changed the name of our annual, exclusive IBD ranking from FP50. While the latter […]
Industry Officials Forecast DOL Fiduciary Rule’s Future
{June 1st, 2019} by Melanie Waddell
Labor Secretary Alexander Acosta confirmed in early May that the Department of Labor would indeed issue its own fiduciary-related rules. Exactly what form they’ll take remains unclear, but industry officials’ educated guesses surmise that a full-blown fiduciary rule like the one vacated by an appeals court last year is not in the works. During his […]
New Upcoming Pension And IRA Tax Law Changes: Here Come The Annuity Sales!
{June 1st, 2019} by Alan Gassman
The new 401k/IRA modification rules that have passed the House of Representatives and are now being taken up by the Senate will provide a number of improvements and simplification for high net worth taxpayers, while also taking away the ability to “stretch out” distributions from an IRA that would go to a child or other […]
AXA Files for Annuity Exchange Offer
{June 1st, 2019} by Rebecca Moore
In a filing with the Securities and Exchange Commission (SEC), AXA Equitable Life Insurance Co. has announced an offer for certain participants in the AXA Retirement 360 Defined Contribution Program to be able to exchange some or all of their EQUI-VEST variable annuity holdings for one of the program’s mutual fund options without imposing a withdrawal charge. […]
Life Guide Partners Introduce New Life Expectancy Calculator: How Long Will Your Retirement Funds Last?
{May 30th, 2019} by LifeGuide Partners
ATLANTA, May 28, 2019 /PRNewswire/ — Over the 30 years he’s worked with people who are trying to squeeze all of the juice out of their retirement savings, Scott Page says he’s been surprised that most of them leave a key element out of the equation. His solution was to create a life expectancy calculator that makes it easy and fun to […]
Annuity sales hit record levels as boomers look for safety and lifetime income
{May 30th, 2019} by Tim Grant
Baby boomers craving financial certainty and shunning stock market risk were practically standing in line to buy annuities early this year, according to an insurance research organization which reported sales reached the highest level in a decade. “Annuity sales in the first quarter are definitely a reflection of a flight to safety,” said Teodor Panaitisor, […]
SEC to tackle thorny topic: How much advice brokers can give without being an adviser
{May 29th, 2019} by Mark Schoeff Jr.
When it votes on a final investment advice reform package next week, the Securities and Exchange Commission will revisit an explosive issue: The extent to which brokers can provide advice without having to register as investment advisers. Click HERE to read the full story via InvestmentNews.
SEC sets date for Reg BI, but will it mollify critics’ concerns?
{May 29th, 2019} by Andrew Welsch
The SEC and Department of Labor are moving closer to resetting the rules governing how advisors and brokers serve their clients. The commission will vote June 5 on its proposed Regulation Best Interest, according to a regulatory notice issued by the SEC. It’ll be an opportunity to see whether the SEC, which has received a lot […]
Opinion: This one investment move can give you lifetime yearly income in retirement
{May 29th, 2019} by Michael Edesess
The investment business is full of theories and recommendations about how to accumulate wealth. But the field has very little to say about the best ways to decumulate, or spend down wealth. This is an astonishing oversight, considering that the period over which wealth decumulation occurs is often as long as that of accumulation. If […]
Why Annuities Are Popular
{May 29th, 2019} by The Alliance for Lifetime Income
To the Editor: Re “The Way to Stop Predatory Lending” (editorial, May 23): We take issue with your criticism of fixed indexed annuities. These products, and indeed all annuities, can provide a guaranteed monthly income for the rest of a policyholder’s life, acting much like a personal pension plan or Social Security In an era […]
Lincoln National (LNC) Extends Tie-Up With Valmark Advisers
{May 29th, 2019} by Zacks Equity Research
Lincoln National Corporation LNC recently expanded its collaboration with Valmark Advisers, Inc, a leading provider of Exchange-traded fund (ETF) portfolio management. With this deal, Lincoln’s Variable Universal Life (VUL) and Variable Annuity (VA) products will be accessible to TOPS ETF Portfolios, managed by Valmark Advisers. It is believed that Lincoln’s advanced range of VUL and VA […]
Valmark Financial Group Strengthens Partnership With Lincoln Financial Group to Offer a Robust ETF Portfolio Solution Within Variable Universal Life and Variable Annuity Products
{May 29th, 2019} by Valmark Financial Group
AKRON, Ohio, May 23, 2019 /PRNewswire/ — Valmark Advisers, Inc, a leading provider of ETF-based portfolio management, is pleased to announce a deepened partnership with Lincoln Financial Group (NYSE: LNC) to offer TOPS® ETF Portfolios, managed by Valmark Advisers, within Variable Universal Life (VUL) and Variable Annuity (VA) products offered by Lincoln. “TOPS is a leading independent manager of ETF-based […]
National Life calls 2018 its most successful year ever
{May 29th, 2019} by Timothy McQuiston, Vermont Business Magazine
National Life has released its 2018 Annual Report, which highlights a record-setting year on the company’s 170th anniversary, as life insurance sales have more than tripled over the last decade and its renowned foundation budget has reached $2 million. Revenues in 2018 were $1.9 billion compared to $2.3 billion in 2017. Net income was $150.1 million […]
SEC To Vote June 5 On Regulation Best Interest
{May 29th, 2019} by Cassie Miller
The Securities and Exchange Commission scheduled a June 5 vote on its Regulation Best Interest rulemaking package. The vote will include four items: Regulation Best Interest – Standard of Conduct for Broker-Dealers, Form CRS, Standard of Conduct for Investment Advisers and an item not included in the three-part rulemaking package called Interpretation of “Solely Incidental.” The […]
‘Juicing’ Or ‘Innovative’? IUL Illustrations In The Crossfire
{May 29th, 2019} by John Hilton
Re-opening the contentious life insurance illustrations model regulation is on the table, state insurance regulators said today, but the group is starting with a narrow look at issues with AG 49. The National Association of Insurance Commissioners’ subgroup held an at-times contentious conference call to set an agenda for its work. Fred Anderson, acting deputy […]
AmeriLife Direct and One Resource Group Partner to Provide Medicare Advice and Products
{May 29th, 2019} by AmeriLife
CLEARWATER, Fla., May 22, 2019 /PRNewswire/ — AmeriLife Group, LLC (“AmeriLife”), a national leader in developing, marketing and distributing annuity, life and health insurance solutions, today announced an expanded partnership with One Resource Group (“ORG”) that will enable ORG’s 10,000 agents and advisors to refer their clients with confidence to AmeriLife Direct’s Medicare experts and full-service platform. […]
Great American Life Expands Registered Investment Advisor Support with Customer Relationship Management Integration and Electronic Delivery
{May 29th, 2019} by Great American Insurance Group
CINCINNATI — May 15, 2019 — Great American Life®’s commitment to make annuities easily accessible to registered investment advisors (RIAs) remains strong with the launch of two new technology solutions. The latest solutions include Client Relationship Management (CRM) integration and the electronic delivery of contracts. The new CRM capabilities allow advisors to import client information […]
The Power of Loss
{May 29th, 2019} by Emily Holbrook
The original version of this article ran Oct. 20, 2016. We believe the advice Myra Palmer gave is still highly relevant. (Chicago) — It’s quite possible that I’ve never heard a more touching and persuasive personal story about the importance of life insurance than the one Myra Palmer gave today at the Women in Insurance & Financial […]
Fact or Fiction? 5 RIA Business Myths, Investigated
{May 29th, 2019} by Ginger Szala
During BNY Melon Pershing’s RIA Symposium in Chicago, Gabriel Garcia, managing director, Advisor Solutions for the firm presented some of the myths floating around the business, and whether they are true or not. The implications for these myths, false or not, are that firms need to prepare in the good times, like now, for the bad […]
DOL Fiduciary Rule Release Set for December
{May 29th, 2019} by Melanie Waddell
The Labor Department will issue a notice of proposed rulemaking regarding a new fiduciary rule in December, according to the department’s spring regulatory flexibility agenda. Dates set out in reg flex agendas are traditionally placeholders, and may not reflect the actual date that a fiduciary plan would be released. An earlier unveiling of a Labor […]
Honoring Advisors Who Serve(d): Memorial Day, 2019
{May 29th, 2019} by Ronald Pechtimaldjian
This is ThinkAdvisor’s eighth version of the Advisors Who Serve(d) compilation, and this year we highlight the stories, told in their own words, of 11 veterans in the advisory world. Advisors Who Serve(d) is just that: Financial advisors who have served or are serving in the military. Each of our compilations have debuted over Memorial […]
Alliance Adds Advisor Version of Retirement Readiness Assessment Tool
{May 29th, 2019} by Allison Bell
The Alliance for Lifetime Income is now offering financial advisors an advisor-oriented version of its Retirement Income Security Evaluation tool, or RISE Score tool. The alliance — a group for annuity providers and other organizations with an interest in income planning arrangements — says the tool provides a quick, standardized assessment of how prepared users are for retirement. The […]
How to Sell Fixed Annuities to Skeptical Retirees
{May 29th, 2019} by Craig D. Simms
More often than not, fixed annuities make a lot of sense as a financial tool for retirees. However, they are frequently encumbered by a bad rap that causes skepticism among potential investors. How do agents overcome this resistance and create a win-win situation for all involved? The way I see it, it’s best to anticipate […]
Tony Robbins loses role with RIA amid charges of sexual misconduct
{May 29th, 2019} by Jeff Benjamin
Self-help guru Tony Robbins is quickly becoming persona non grata across the financial planning industry following recently reported accusations by nine women of sexual misconduct over several decades. Click HERE to read the full story via InvestmentNews.
MassMutual Closes on OppenheimerFunds Sale
{May 29th, 2019} by Allison Bell
Massachusetts Mutual Life Insurance Company has completed selling OppenheimerFunds to Invesco Ltd., a money manager, for about $5.7 billion in Invesco stock. MassMutual has emerged from the deal with a 15.7% stake in Invesco. The companies announced the deal in October. Invesco is now managing $1.2 trillion in assets. MassMutual bought OppenheimerFunds in 1990, from British […]
House Passes Secure Act Retirement Bill
{May 29th, 2019} by Melanie Waddell
The full House passed Thursday morning the Setting Every Community Up for Retirement Enhancement (Secure) Act of 2019, which would make it easier for small businesses to offer retirement plans and raises the required minimum distribution age to 72 from 70 1/2. The bill, which passed by a 417-3 vote, also paves the way for […]
Fidelity Measures the CD-Annuity Literacy Gap
{May 29th, 2019} by Allison Bell
Fidelity Investments recently conducted a consumer knowledge survey using a non-random sample of Americans that was designed to give annuities the edge. Even though Fidelity did its best to put its statistical thumb on the annuity side of the scale, the company found that the survey participants knew a lot more about bank certificates of […]
If South Park Characters Applied for Life Insurance Policies…
{May 29th, 2019} by Phil Murphy
South Park is coming to the end of its 23-season run, with the series finale scheduled for later this year. (It may come as a shocker to many, including myself, that it’s still going strong). Since 1997, we’ve watched the characters in the South Park universe reflect human nature, which means they face the same […]
Making Annuities Friendlier, With Insurtech
{May 29th, 2019} by Thiru Sivasubramanian
Robo advisors and chatbots can definitely provide value to advisors. Though they can’t yet replace these financial professionals and the value they bring to the table – a unique combination of relationships, trust and personalized service – today’s advisors do need to effectively engage through digital channels with their customers, whether digital natives or members […]
Life and Annuity Groups Celebrate House Passage of Secure Act Bill
{May 29th, 2019} by Allison Bell
Life and annuity groups are celebrating the possibility that they might be able to get H.R. 1994 — a modest package of retirement savings changes — all the way through Congress, and onto the desk of President Donald Trump. Partisanship slowed progress early Thursday. Some Republicans tried to keep the current version of the Setting Every Community […]
Memories of 9/11 Still Reverberate
{May 29th, 2019} by Warren S. Hersch
The original version of this article ran Sept. 9, 2016. For those who lived through major tragic events in the nation’s history — Pearl Harbor, the death of President Franklin Roosevelt, John F. Kennedy’s assassination — the first thought that often comes to mind is where they were as the events unfolded. And so it […]
The House passed a bill that would allow more annuities in 401(k) plans — is that actually a good thing?
{May 29th, 2019} by Alessandra Malito
The SECURE Act is one step closer to becoming law, and with it, Americans would see a few tweaks to the way the retirement system works. As part of the SECURE Act, which the House of Representatives passed last week, individual retirement accounts’ age cap would be lifted, small businesses would have more avenues to […]
Unrealistic IUL Illustrations Are Unnecessary
{May 25th, 2019} by Bruce Carlton, CLU
Many agents are motivated to show IUL illustrations that have the highest cash value and income compared to other carriers. Typically, with very little in the sales funnel the agent is anxious to make a sale and is naive in thinking the numbers are real. Carriers also anxious to increase sales make it easy for […]
Securities America Recruits Three Groups with Approximately $245 Million in Total Client Assets
{May 25th, 2019} by Securities America
LA VISTA, Neb.–(BUSINESS WIRE)–Securities America, a wholly owned subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS, LTSL, LTS PrA, LTSF, LTSK), announced today that it has successfully recruited three advisory practices with client assets totaling approximately $245 million. The three groups are: Miller & Hurt Wealth Advisors, a two-advisor practice in Rockledge, Fla., […]
TIAA commends House passage of SECURE Act, calls on Senate to take up retirement security
{May 25th, 2019} by TIAA
WASHINGTON–(BUSINESS WIRE)–Roger W. Ferguson, Jr., president and CEO of TIAA, released the following statement regarding the House of Representatives’ passage of the Setting Every Community Up for Retirement (SECURE) Act: “TIAA applauds the House of Representatives for bipartisan passage of the SECURE Act, a significant step toward advancing much-needed modernization of the American retirement system. […]
8 Major Ways The SECURE Act Could Impact Your Retirement Plan
{May 25th, 2019} by Jamie Hopkins
From the outset, 2019 looked like it might be “The Year Of Retirement Reform” for Congress. Last year closed out with a number of retirement bills making real headway through DC, committees, think tanks and lobbyists, and we’ve been poised for major legislation to emerge. And now we have the first real movement of the […]
Empower Retirement lauds House approval of the SECURE Act of 2019
{May 24th, 2019} by Empower Retirement
GREENWOOD VILLAGE, Colo.–(BUSINESS WIRE)–Today the U.S. House of Representatives sent a message with its approval of a bill that reforms retirement policy affecting working Americans. “Congress has done a great service to American retirement savers by voting for the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. Empower Retirement applauds lawmakers for […]
How advisors handle their most difficult conversations
{May 24th, 2019} by Graison Dangor
As both an advisor and therapist, Susan Zimmerman thinks a lot about handling tough conversations with clients — and how to dissuade their fear of the unknown. Many clients walk in the door with minimal financial literacy, says Zimmerman, co-founder of the firm Mindful Asset Planning. It’s an advisor’s job to help steer them in […]
Senate Could Vote Friday On Bill Expanding Annuity Options In Plans
{May 24th, 2019} by John Hilton
A source says Senate leaders want to quickly vote on a bill to expand access and options for retirement plans, which passed the House this morning. Under the maneuver, the Setting Every Community Up for Retirement (SECURE) Act would be voted on under unanimous consent. That means that the Senate could quickly pass the bill Friday, […]
LPL expanding platform to include employee brokers
{May 23rd, 2019} by Bruce Kelly
LPL Financial, which has grown into one of the largest brokerage firms in the country by hiring advisers who act as independent contractors, is creating new a new model which would employ brokers working directly for the firm. Click HERE to read the full article.
Ladenburg Rolling Out New Tax App for Indie Advisors
{May 23rd, 2019} by Ginger Szala
Ladenburg Thalmann Financial Services discovered a new tool for its independent advisors last year: a web app that basically does the “busy work” of calculating payroll taxes, withholding them for the account and providing quarterly reminders and annual tax filings. The firm decided invest in it and just announced plans to roll out Track Technologies’ […]
Americans Believe Risky Careers are Considered the Most Heroic, According to Vantis Life
{May 23rd, 2019} by Vantis Life
WINDSOR, Conn.–(BUSINESS WIRE)–A new study released by leading life insurance provider Vantis Life has highlighted just how valued heroic jobs are in American society. The research polled 2,000 U.S. residents, asking respondents to rank 22 common professions based on how heroic, important and trusted they are, and how they should be compensated accordingly. Vantis Life undertook the survey […]
Only 55% of AIG Shareholders OK $21 Million Compensation for CEO Duperreault
{May 23rd, 2019} by Suzanne Barlyn and Ross Kerber
American International Group Inc. said shareholders approved a $21 million pay package for Chief Executive Officer Brian Duperreault by only a narrow margin during the company’s annual meeting on Tuesday. A non-binding resolution to endorse the firm’s executive compensation received support from just 55% of votes cast, according to a securities filing by the company […]
Best’s Commentary: Life/Health Insurers Daunted by Financial Accounting Standards Board’s Long-Duration Contract Changes
{May 23rd, 2019} by A.M. Best
OLDWICK, N.J.–(BUSINESS WIRE)–Changes to the Financial Accounting Standards Board (FASB) requirements for insurance companies to report GAAP financials for long-duration contracts could become costly for companies transitioning to the new accounting standards and could create earnings and reserving volatility, according to a new AM Best commentary. The Best’s Commentary, titled, “Life/Health Insurers Daunted by FASB Long Duration Contract Changes,” […]
‘Zombie’ Fiduciary Rule Must Stay Dead, Industry Expert Says
{May 22nd, 2019} by John Hilton
While there is plenty of regulatory rumblings on several fronts, the Department of Labor is not reviving the dreaded fiduciary rule, a National Association for Fixed Annuities’ spokeswoman said today. Labor Secretary Alexander Acosta testified May 1 before the House Education and Labor Committee. He described department rulemaking vis-a-vis the late fiduciary rule, which was […]
TIAA Survey Finds Level of Financial Confidence among Adult Children May Stem from Their Parents’ Approach to Retirement Planning
{May 22nd, 2019} by TIAA
NEW YORK–(BUSINESS WIRE)–A new survey from TIAA finds Americans who lack confidence in their parents’ financial security in retirement (27 percent) are twice as likely to lack confidence in their own retirement as those who are confident in their parents’ (72 percent versus 36 percent). More than half of respondents (57 percent) also indicate that […]
Allianz Life Announces New Enhancements to Fixed Index Annuity Portfolio
{May 21st, 2019} by Allianz Life Insurance Company of North America
MINNEAPOLIS – May 21, 2019 – Allianz Life Insurance Company of North America (Allianz Life®) today announced it has added new benefit features to several of its fixed index annuities (FIAs), with the goal of helping provide clients with more flexibility, choice, and control. The new benefits are: New ADL qualifications on the Allianz Income Multiplier […]
New Jersey fiduciary rule: Time to speed up or slow down?
{May 21st, 2019} by Andrew Welsch
New Jersey is currently taking comment on its proposed fiduciary rule, after years of public debate over federal and state regulator’s efforts to craft a higher standard for brokers and advisors. But the state may be moving too quickly, industry insiders warn. The American Securities Association — an industry trade group representing regional broker-dealers — […]
The Impact Partnership expands its product offering for high net worth individuals through the launch of Lincoln Impact Advantage® Plus
{May 21st, 2019} by The Impact Partnership
ATLANTA, May 20, 2019 /PRNewswire/ — The Impact Partnership expands its product offering for high net worth individuals through the launch of Lincoln Impact Advantage® Plus. The bonus fixed indexed annuity option developed with Lincoln Financial Group (NYSE: LNC) helps savers jump-start their retirement goals through accumulation and income. “We are thrilled to unveil the latest product enhancement within our portfolio […]
Variable annuities lose more ground to fixed annuities
{May 21st, 2019} by Greg Iacurci
Variable annuity sales continued their downward spiral last quarter on the back of volatile equity markets, losing yet more ground to fixed annuities. Click HERE to read the full story via InvestmentNews. Wink’s Note: 1st Quarter, 2019 will be the first quarter that Wink has tracked variable annuity sales. Wink’s Sales & Market Report, 1st […]
Annuity Product Update: Impact, AIG, Allianz Life
{May 21st, 2019} by Allison Bell
One sign that the U.S. individual annuity market is heating up is an increase in product announcement activity. Major issuers have put out at least three widely distributed press releases about new annuity products, annuity programs or annuity contract features in the last week. Here’s a look at what our nets brought in. Click HERE to […]
Let’s Talk Annuities: The Growing Fee-based Annuity Space
{May 21st, 2019} by Cassie Miller
WASHINGTON — Fee-based variable annuity accounts made up just 3.2% of all sales in 2018. That number is no doubt small compared to its commission-based counterparts, but it is growing. From 2016 to 2017, the percentage of households with fee-based accounts increased 10%. At the Insured Retirement Institute’s Action19 conference, a panel of experts shared […]
Will Fixed Annuity Sales Continue On A Roll?
{May 21st, 2019} by John Hilton
WASHINGTON — The sales shift to fixed and fixed indexed annuities might not be a temporary thing. A panel of industry experts discussed everything related to fixed annuity products during a Thursday morning session at the Insured Retirement Institute’s Action2019 conference. Whether fixed and fixed indexed annuities maintain their sales roll depends in part on […]
Federal Life Updates Variable Annuity Registration Statement
{May 21st, 2019} by Allison Bell
A Midwestern life insurer that recently raised $35 million through a stock offering has posted a new N-4 registration statement for its individual deferred variable annuity contract. The insurer, Federal Life Group Inc., filed the document with the U.S. Securities and Exchange Commission. The last time the company filed a similar document was in 2008. […]
AIG Announces Results of Its 2019 Annual Meeting of Shareholders
{May 21st, 2019} by AIG
NEW YORK–(BUSINESS WIRE)–Shareholders of American International Group, Inc. (NYSE: AIG) today elected thirteen directors at the company’s Annual Meeting of Shareholders. Shareholders also voted to support each of the three other proposals recommended by the AIG Board of Directors (the “Board”) and, as the Board recommended, shareholders withheld support for the shareholder proposal included in […]
Federal Life Updates Variable Annuity Registration Statement
{May 21st, 2019} by Allison Bell
A Midwestern life insurer that recently raised $35 million through a stock offering has posted a new N-4 registration statement for its individual deferred variable annuity contract. The insurer, Federal Life Group Inc., filed the document with the U.S. Securities and Exchange Commission. The last time the company filed a similar document was in 2008. […]
The Plain Vanilla Fixed Annuity Was the Q1 King
{May 21st, 2019} by Allison Bell
One of the oldest types of individual annuities that the LIMRA Secure Retirement Institute tracks — the book value annuity — has won the latest games of sales growth thrones. Sales of book value annuities soared to $10 billion in the first quarter, up 77% from the total for the first quarter of 2018. A […]
The annuities firms behind the new Stones tour
{May 21st, 2019} by Steve LeVine
In an announcement on Thursday, the Rolling Stones said they will begin a 17-date U.S. tour next month in Chicago, and the bulk of the expected audience is evident in its sponsor — an association of firms that sell annuities. By the numbers: Speaking with Axios, Jean Statler, executive director of the Alliance for Lifetime Income, says […]
Sen. Grassley Talks Retirement Issues With NAIFA Members
{May 21st, 2019} by Susan Rupe
The current retirement system in the U.S. has not kept pace with changes in the workforce and the economy, the chair of the Senate Finance Committee told an industry group this afternoon. Sen. Chuck Grassley, R-Iowa, discussed the Retirement Enhancement and Savings Act during a briefing at the start of the National Association of Insurance and Financial […]
NAIC Group Aims To Finalize ‘Policy Overview’ Idea By Summer Meeting
{May 21st, 2019} by John Hilton
A state insurance commissioners’ working group is targeting the summer for completion of its long-delayed “policy overview” summary to accompany life insurance sales. The National Association of Insurance Commissioners’ big Summer Meeting takes place Aug. 3-6 in New York City. Its Life Insurance Illustration Issues working group is down to the fine details of its […]
Three Annuity Cures for Sequence Risk
{May 21st, 2019} by Kerry Pechter
The Dow Jones Industrial Average fell by about 600 points on Monday, as investors reacted to fresh tremors in the US-China trade relationship. Although the Dow regained 100 points on Tuesday, the jittery sell-off was a reminder that financial instability is never more than a presidential tweet away. Click HERE to read the full story […]
AM Best Affirms Credit Ratings of Thrivent Financial for Lutherans and Thrivent Life Insurance Company
{May 21st, 2019} by A.M. Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings of “aa+” of Thrivent Financial for Lutherans and its subsidiary, Thrivent Life Insurance Company (both headquartered in Minneapolis, MN) (together known as Thrivent Financial). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Thrivent Financial’s […]
AM Best Revises Issuer Credit Rating Outlook to Positive for Athene Holding Ltd. and Its Subsidiaries
{May 21st, 2019} by A.M. Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised the outlooks to positive from stable for the Long-Term Issuer Credit Ratings (Long-Term ICR) and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term ICRs of “a” of the members of Athene Group (Athene). The outlook of the FSR remains stable. Athene, which is focused on the fixed indexed […]
Christopher Zimmerman Appointed General Counsel Effective June 1
{May 21st, 2019} by National Life Group
Montpelier, VT – (May 6, 2018) Christopher B. Zimmerman, assistant general counsel at National Life, has been promoted to Vice President and General Counsel effective June 1. Zimmerman has been at National Life for six years and has provided legal support for the company’s life insurance operations and is responsible for much of National Life’s litigation […]
National Life Releases 2018 Annual Report
{May 21st, 2019} by National Life Group
The company highlights its most successful year ever Montpelier, VT – (May 14, 2019) National Life released its 2018 Annual Report, which highlights a record-setting year and the company’s 170th anniversary. “We remain one of the fastest growing life insurance companies in America1,” said Mehran Assadi, Chairman, CEO and President. “We’re proud of this growth and […]
Guaranteed Appeal
{May 21st, 2019} by Herb Braley, Jr.
A growing concern among working individuals is whether or not they are saving enough money for retirement. Luckily, various financial products exist to mitigate the longevity risk and provide guaranteed solutions. One of the strongest options is an annuity because they are the only investments that are inherently tax-deferred and can be considered guaranteed income. […]
Finra makes its list to target hundreds of rogue individuals
{May 21st, 2019} by Bruce Kelly
As the Financial Industry Regulatory Authority Inc. undertakes closer supervision of rogue firms, it has identified hundreds of individual registered reps and financial advisers who pose the biggest risk for clients of the securities industry. Click HERE to read the full story via InvestmentNews.
5 wealth and estate planning lessons from Grumpy Cat: Reprint
{May 21st, 2019} by Darla Mercado
Grumpy Cat has died. Here’s a column on planning that she inspired back in December 2014. Internet star Grumpy Cat may not be quite as wealthy as everyone thought, but she does make a great case for financial and estate planning in light of a sudden windfall. Click HERE to read the full story via InvestmentNews.
Finra rogue broker rule would affect 61 firms
{May 21st, 2019} by Bruce Kelly
As part of its crackdown on rogue brokers, the Financial Industry Regulatory Authority Inc. has identified 61 firms that would face restrictions under a newly proposed Finra rule. Click HERE to read the full story via InvestmentNews.
New York State Life Industry Produces More GDP Than Jamaica
{May 21st, 2019} by Allison Bell
The life insurance industry in New York state produced $20.3 billion in gross domestic product (GDP) in 2016, according to a new report commissioned by The Life Insurance Council of New York (LICONY). The New York life industry generated 1.3% of New York state’s $1.5 trillion in 2016 GDP, according to the Ernst & Young […]
1Q Annuity Sales Up 38% Year Over Year, LIMRA Reports
{May 21st, 2019} by Staff and Wire Reports
First quarter 2019 fixed annuity sales were $38 billion, a 38% increase compared with first quarter 2018, according to LIMRA Secure Retirement Institute’s First Quarter 2019 U.S. Retail Annuity Sales Survey. Fixed sales have outperformed variable annuity (VA) sales in 11 of the last 13 quarters and they represent 63% of overall annuity sales. Overall, […]
Rumors Build of Imminent Reg BI Release, Here’s What Broker-Dealers Want
{May 21st, 2019} by Rita Raagas De Ramos
The SEC’s pending Regulation Best Interest was a hot topic at last week’s Finra annual conference, with discussions revolving around when the final rule would be released and how close to the draft proposals the final rule would look. At a compliance and legal trends session at the conference, Finra chief legal officer Robert Colby noted there are press reports […]
Fiduciaries Aren’t Free of Conflict, Warns SEC Lawyer
{May 21st, 2019} by Rita Raagas De Ramos
Investment advisors tend to emphasize to existing and prospective clients how they can be trusted because they are fiduciaries. But the SEC’s assistant chief counsel for sales practices says the fiduciary label isn’t an automatic guarantee. “The fundamental problem that we’re trying to tackle is how do you provide advice in the face of conflict,” Lourdes Gonzalez, […]
RetireUp Adds Great American to Roster of Product Partners Who are Demonstrating the Value of Annuities in Retirement Portfolios
{May 21st, 2019} by RetireUp
CHICAGO, May 21, 2019 /PRNewswire/ — Leading retirement income planning software provider RetireUp announced today the addition of Great American Life®‘s fixed-indexed annuities (FIAs) to the extensive selection of modeled products available on its end-to-end client-advisor platform, RetireUp Pro. These include the American LandmarkSM 5, American Legend® 7, AssuranceSelectSM 5 Plus, AssuranceSelect 7 Plus, Premier Bonus® and Premier Income Bonus®. The […]
Bruce Pearl Says Annuities A Way To Compensate College Athletes
{May 21st, 2019} by INN Insider
May 20– May 20– The NCAA announced earlier in May that it was going to look into the possibility of college athletes having the ability to profit off of their likeness. It’s one of the most controversial current rules of NCAA athletics that student-athletes’ name can’t be of value to them in any way. Click […]
Feds: Georgia insurance commissioner used fraud to fund campaign
{May 21st, 2019} by Joshua Sharpe, James Salzer
Georgia Insurance Commissioner Jim Beck was accused Tuesday by a federal grand jury of stealing more than $2 million from his former employer. The 38-count indictment charges Beck, an ex-insurance lobbyist and long-time leader of the Georgia Christian Coalition, with fraud and money laundering in an elaborate scheme to defraud the Georgia Underwriting Association. With […]
Tennessee Insurance Head McPeak Steps Down; Lawrence Tapped as Interim Chief
{May 21st, 2019} by Tennessee Department of Commerce & Insurance
After eight years as the head of the Tennessee Department of Commerce & Insurance (TDCI), Commissioner Julie Mix McPeak is leaving Tennessee state government in order to pursue career opportunities in the private sector, according to a statement from TDCI. TDCI announced McPeak’s resignation May 13, saying her last day as commissioner will be June […]
LIMRA and The Institutes RiskStream Collaborative™ Announce New Life and Annuity Members
{May 21st, 2019} by The Institutes RiskStream Collaborative
The Institutes RiskStream Collaborative™ and LIMRA announced today that eight companies have joined the life and annuity sector of the risk management and insurance industry’s first enterprise-level blockchain consortium. Seven additional companies have also joined the property and casualty sector, bringing the total number of member companies to 39. The Institutes, a leading provider of risk […]
Pricing Actuary: Petaluma, CA
{May 20th, 2019} by Legacy Marketing Group
For the last 26 years, Legacy Marketing Group has been a leader in developing and distributing innovative life insurance and annuity products to our nationwide database of independent insurance agents and wholesalers. We are passionate about our industry and all of the products that we have to help people live the lives of their dreams. […]
National Sales Manager: Petaluma, CA
{May 20th, 2019} by Legacy Marketing Group
Legacy Marketing Group is excited to announce our national search for a National Sales Manager to join our dynamic team. For the last 26 years, Legacy Marketing Group has been a leader in developing and distributing innovative life insurance and annuity products to our nationwide database of independent insurance agents and wholesalers. We are passionate […]
2019 Fixed Index Annuity Volatility Control Indices Overview Available
{May 20th, 2019} by Advantage Compendium, Ltd.
CKINNEY, TX – 15 May 2019 – Over fifty volatility control indices are being offered in today’s fixed index annuities (FIAs), according to a new FIA vol-control index digest from volcontrol.com researched by Advantage Compendium, Ltd. Notable vol-control index changes include: Over the last year eleven new vol-controlled indices entered the FIA space and […]
TIAA Changes Sales Materials After In-House Probe, CEO Ferguson Says
{May 17th, 2019} by Leslie P. Norton
TIAA has concluded its in-house investigation following two November 2017 New York Times articles alleging improper sales practices at the financial services company, and has made some alterations to its sales materials, TIAA chief executive Roger Ferguson told Barron’s in an interview. While its internal probe didn’t find “any systemic support for the central allegations of those […]
Indicted Georgia Insurance Commissioner Steps Aside From Post
{May 17th, 2019} by Timothy Darragh
ATLANTA – Two days after he was charged with fraud in a federal indictment, Georgia Insurance Commissioner Jim Beck said he would step aside from office. But Beck said it was only a temporary move, even after prosecutors charged him with 38 counts of mail and wire fraud and money laundering. “I hereby authorize the […]
This CEO Thinks Traditional Life Insurance Can Be a Rip-Off — Does He Have a Better Alternative?
{May 16th, 2019} by Gabrielle Olya
Peter Colis is the CEO of Ethos, a life insurance provider that allows clients to sign up online, quickly and simply. Prior to co-founding Ethos, Colis was the co-founder of Ovid Corp., an online life insurance exchange. Under his leadership, Ethos has raised $46.5 million in funding, according to Crunchbase, and the company was named one […]
AM Best Affirms Northwestern Mutual’s Highest Possible Financial Strength Rating
{May 16th, 2019} by AM Best
MILWAUKEE, May 15, 2019 /PRNewswire/ — Global rating agency AM Best has reaffirmed Northwestern Mutual’s A++ (Superior) financial strength, the highest possible rating from the agency. The recent report detailed several key drivers for Northwestern Mutual’s continued industry-leading financial strength, including its strong balance sheet and its very strong operating performance and enterprise risk management. “Our financial […]
Nationwide’s CareMatters(R) II makes long-term care coverage more accessible
{May 16th, 2019} by Nationwide
Columbus, OH – Many of us may need long-term care (LTC) at some point during our lives and hope to remain where we’re most comfortable should we ever need care. To help, Nationwide launched Nationwide CareMatters® II today – a new linked benefit product that offers more accessibility, expanded features and more opportunities for advisors to help their clients […]
AIG Life & Retirement Increases Level of Flexibility and Choice for the Power Series of Index Annuities®
{May 16th, 2019} by AIG Life & Retirement
NEW YORK–(BUSINESS WIRE)–AIG Life & Retirement, a division of American International Group, Inc. (NYSE: AIG), today announced a number of enhancements to the Power Series of Index Annuities designed to increase the level of flexibility and choice in these retirement accumulation and income solutions. With the new Lifetime Income Plus Flex℠ and Lifetime Income Plus […]
