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  • AM Best Affirms Credit Ratings of American Equity Investment Life Insurance Company and Its Subsidiaries

    {July 1st, 2020} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of American Equity Investment Life Insurance Company (AEILIC) and its subsidiaries, American Equity Investment Life Insurance Company of New York (Lake Success, NY) and Eagle Life Insurance Company, collectively referred to as AEL. Concurrently AM Best has affirmed […]

    Best’s Special Report: U.S. Insurers’ Private Equity Holdings Continue to Climb

    {July 1st, 2020} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–U.S. insurance companies for a fourth-straight year increased their private equity holdings—by nearly 10% in 2019 to $81.3 billion—as this asset class remains attractive to insurers looking to diversify their investment portfolios or increase returns in the low interest rate environment, according to a new AM Best special report. The Best’s Special Report, titled, “Private Equity Holdings […]

    Investors Heritage Again Ranks Among Top 10 Fastest Growing U.S. Life Insurers

    {July 1st, 2020} by Investors Heritage Life Insurance Company

    FRANKFORT, Ky.–(BUSINESS WIRE)–Investors Heritage Life Insurance Company (“Investors Heritage”) today announced that, for the second year in a row, it ranked among the top 10 fastest growing U.S. life insurers in 2019, based on total-filed life, annuity, and accident and health direct premiums, according to a new report from S&P Global.1 Investors Heritage ranked as […]

    DPL, Midland National Team up for First Commission-Free Fixed Index Annuity With Health-Activated Income Multiplier

    {July 1st, 2020} by DPL Financial Partners

    OUISVILLE, Ky.–(BUSINESS WIRE)–DPL Financial Partners and Midland National® Life Insurance Company (Midland National), are introducing a new, commission-free fixed index annuity (FIA), the Midland National Capital IncomeSM. Through its unique health-activated income multiplier feature1, Capital Income can double income payments for up to five years to help prepare for increased personal care costs. It offers […]

    MassMutual $3 Billion Free Life Insurance Program Now Available Nationwide for Frontline Healthcare Workers Battling COVID-19

    {July 1st, 2020} by MassMutual

    SPRINGFIELD, Mass. & BOSTON–(BUSINESS WIRE)–Massachusetts Mutual Life Insurance Company (MassMutual) today announced the nationwide expansion of MassMutual HealthBridge, which provides free term life insurance to frontline healthcare workers who directly interact with patients fighting the virus. Previously, HealthBridge was available in MassMutual’s home states as well as those hardest hit by the pandemic. Now it will […]

    7 Things to Know About the New DOL Annuity Sales Standard Proposal

    {July 1st, 2020} by Allison Bell

    The Employee Benefits Security Administration (EBSA) has unveiled a new sales standard proposal that could affect investment advice fiduciaries that help retirement savers roll cash from retirement plans into individual retirement accounts (IRAs). EBSA is an arm of the U.S. Department of Labor (DOL), and the new draft is likely to set off a new […]

    The Gender Gap in Life Insurance

    {July 1st, 2020} by Joshua Cox-Steib

    Life insurance can be an uncomfortable topic, but it is a vitally important one. We live in a world where many of our financial obligations can and do outlive us. Life insurance provides a safety net for our loved ones when we are no longer with them. Insurance expert Laura Adams says, “Having life insurance […]

    DoL proposes a fiduciary rule replacement that would buttress SEC’s Reg BI

    {July 1st, 2020} by Andrew Welsch

    The Department of Labor, now led by the attorney who spearheaded the charge to vacate the fiduciary rule two years ago, is rolling out a replacement for the defunct regulation. The proposed rule governing advice in retirement accounts is a nod to the SEC’s Regulation Best Interest, with which the Labor Department says it will […]

    Deloitte survey reveals “resilient generation”: Millennials and Gen Zs hard hit by COVID-19 pandemic, yet view this period as an opportunity to reset, take action

    {July 1st, 2020} by Deloitte

    EW YORK, June 25, 2020 /PRNewswire/ — In the face of unprecedented health and economic disruption caused by the COVID-19 pandemic, millennials and Gen Zs express resolve and a vision to build a better future, a new Deloitte survey finds. The 2020 Deloitte Global Millennial Survey, now in its ninth year, reveals that both generations remain resilient in […]

    BB&T Insurance Holdings Rebrands as Truist Insurance Holdings

    {July 1st, 2020} by Truist Insurance Holdings

    CHARLOTTE, N.C., June 29, 2020 /PRNewswire/ — BB&T Insurance Holdings, Inc., a subsidiary of Truist Bank, today announced that it is now doing business as Truist Insurance Holdings, Inc. With $30 billion in premium in 2019, Truist Insurance Holdings is the fifth-largest insurance broker in the U.S. and sixth-largest in the world. The company, headquartered at the Truist Center in Charlotte, […]

    The Alliance and Integrity Marketing Group Combine to Accelerate Growth and Provide More Insurance Coverage for American Families

    {July 1st, 2020} by Integrity Marketing Group, LLC

    DALLAS, June 30, 2020 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), the nation’s largest independent distributor of life and health insurance products, announced today its acquisition of National Agents Alliance (“The Alliance“), one of the country’s most prominent insurance marketing organizations (IMOs). The Alliance has helped more than 1.5 million Americans with their life insurance needs and has […]

    Foresters Financial’s Tradition of Community Support Continues

    {July 1st, 2020} by Foresters Financial

    TORONTO, June 24, 2020 /PRNewswire/ – Foresters Financial™ (Foresters) announced today that in 2019 it contributed more than USD$11 million ($11.3 million) to support communities across Canada, the UK, and the US. The 148-year old fraternal life insurer is focused on enriching the well-being of families and communities. Through 2019, nearly 94,000 Foresters policyholders (members) and their guests participated in activities […]

    AM Best Maintains Under Review With Negative Implications Status for Universal Life Insurance Company Following Arbitration Award

    {July 1st, 2020} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has maintained the under review with negative implications status for the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of Universal Life Insurance Company (San Juan, PR) (Universal Life) following a reinsurance arbitration award. This Credit Rating (rating) action reflects a continuation of the under review […]

    Northwestern Mutual Study Finds that Among Americans who Hold Student Debt the Average Amount is $24,155

    {July 1st, 2020} by Northwestern Mutual

    MILWAUKEE, June 24, 2020 /PRNewswire/ — The latest set of findings from Northwestern Mutual’s 2020 Planning & Progress Study highlights the impact that student debt can have on a financial plan. Among U.S. adults aged 18+ who hold student debt, the average amount is $24,155. The study also finds that 42% of Americans with student debt say that if they had […]

    AM Best Places Credit Ratings of Standard Life and Casualty Insurance Company Under Review With Positive Implications

    {July 1st, 2020} by A.M. Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has placed under review with positive implications the Financial Strength Rating (FSR) of B (Fair) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bb” of Standard Life and Casualty Insurance Company (Standard Life and Casualty) (Salt Lake City, UT). The rating actions follow the recent announcement by ManhattanLife of its agreement […]

    Financial impact of COVID-19 has many Americans reevaluating their retirement plans

    {July 1st, 2020} by Nationwide

    COLUMBUS, Ohio, June 24, 2020 /PRNewswire/ — Given this year’s tax deadline is extended to July 15, now is an ideal time for consumers to reevaluate their retirement plans, assess how COVID-19 has impacted their financial goals and develop a strategy to optimize taxes in retirement. According to the 2019 Tax-Efficient Retirement Income survey conducted online by The […]

    Financial Services Industry Ranked 11th Out of 15 Industries Studied in MBLM’s Brand Intimacy 2020 Study

    {July 1st, 2020} by MBLM

    NEW YORK, June 24, 2020 /PRNewswire/ — The financial services industry maintained its 2019 spot, ranking 11th out of 15 industries studied in MBLM’s Brand Intimacy 2020 Study, which is the largest study of brands based on emotions. MBLM (pronounced Emblem), the agency using emotional science to build more intimate brands during these unprecedented times, is also analyzing COVID-19’s impact on the […]

    Only 22% of Generation Z Say They Are Prepared to Be Life Insurance Beneficiaries or Know About Life Insurance Claims

    {July 1st, 2020} by NAIC

    WASHINGTON (June 11, 2020) – America’s Generation Z— which has grown up as digital natives and is more likely to be engaged in social activism—is less engaged when it comes to life insurance. According to a recent survey from the National Association of Insurance Commissioners (NAIC), only 22% of Generation Z say they are prepared to […]

    Impact of Emotional Intelligence: New Harris Poll Study

    {July 1st, 2020} by NAILBA

    One of the questions people are asking themselves these days is, “Who do I believe?” With everyone learning at essentially the same time, a lot of advice is conflicting. Who you believe eventually comes down to who you trust. It’s the same way with financial relationships. The Million Dollar Round Table (MDRT) recently announced the […]

    Too Far from the Core

    {July 1st, 2020} by Chuck Hirsch

    If you’re like me, this strange new world we’re living in has given rise to some serious contemplation. There’s been a lot of new-found time to think and unprecedented things to think about. One of the things I’ve been thinking about is how far some of us have moved from the core of this business, […]

    IT Outsourcing in Life & Annuities Insurance Industry is Readying for Cost Transformation by Systems Simplification and Rationalization—Everest Group

    {July 1st, 2020} by Everest Group

    DALLAS (PRWEB) JUNE 30, 2020 The Life & Annuities (L&A) insurance segment experienced a growth in premiums of 2.0% to 2.5% in 2019, but this is expected to drop to -3.5% to -1.5% through 2020 as a result of the COVID-19 crisis, according to Everest Group. However, long-term industry growth fundamentals remain robust amidst the COVID-19 […]

    DOL Floats Revised Fiduciary Rule to Align With Reg BI

    {July 1st, 2020} by Melanie Waddell

    The Department of Labor said late Monday afternoon that it is proposing a new exemption for investment advice fiduciaries, allowing them to receive “a wide variety of payments that would otherwise violate the prohibited transaction rules.” Those payments include “commissions, 12b-1 fees, trailing commissions, sales loads, mark-ups and mark-downs, and revenue sharing payments from investment […]

    Hopkins, Kitces: As SEC’s Reg BI Goes Live, Worries Remain

    {July 1st, 2020} by Janet Levaux

    As the Securities and Exchange Commission’s Regulation Best Interest goes into effect today, some industry leaders are speaking about their continued concerns — both with the SEC’s rules and with a proposal announced late Monday by the Labor Department.  The SEC finalized Reg BI a year ago to ensure that brokers adhere to the same fiduciary standard as RIAs when […]

    How racial trauma, wealth and mental health collide in women’s financial lives

    {July 1st, 2020} by Tobias Salinger

    A book idea can come from anywhere. For financial wellness specialist Eugenie George, reading tables of contents in the personal finance section of a Barnes & Noble store provided inspiration. “I kept saying, ‘Well, what’s missing from this?’” George says. “There was no discussion about race or class. And then the folks that did write […]

    Genworth Says Would-Be Buyer Is Having Trouble Closing on Financing

    {July 1st, 2020} by Allison Bell

    Genworth Financial Inc. says China Oceanwide Holdings Group Co. Ltd. of Beijing is having trouble nailing down the financing it needs to pay to acquire Genworth. China Oceanwide — a financial services and real estate development company based in Beijing — has been trying to acquire Genworth for about four years. The company is in the process of […]

    Yes, It’s Possible to Underwrite Life Insurance Policies Remotely

    {July 1st, 2020} by Shelby Hollister-Share

    The coronavirus pandemic and social distancing measures have changed how we do business across industries — and insurance underwriting is no exception. Typically, life insurance underwriting requires a thorough medical examination (as anyone who has ever applied for a policy will know well). This involves an in-person visit, allowing the medical examiner to conduct a […]

    Transamerica’s Parent Hires a Change Manager: Personnel Moves

    {July 1st, 2020} by Allison Bell

    Aegon N.V. — the parent of Transamerica — has hired Duncan Russell to be its chief transformation officer. The role is new. Aegon is based in The Hague, in the Netherlands, and manages the equivalent of about $1 trillion in assets. Russell will report to Lard Friese, Aegon’s chief executive officer, and will be a member of […]

    6 Rolls of Toilet Paper v. Life Insurance

    {July 1st, 2020} by Chris Cook

     The ease of applying for and obtaining life insurance products during the pandemic has improved in recent weeks — and the process may be easier now than ever. We know the insurance-buying community has a heightened interest in our products based on what we are seeing in the financial publications, LIMRA reports, as well as […]

    Reg BI Ruling Could Help Annuity Issuers, Commission-Based Agents

    {July 1st, 2020} by Allison Bell

    The American Council of Life Insurers (ACLI) says a new federal appeals court ruling should help an annuity sales standard it likes spread. A three-judge panel at the 2nd U.S. Circuit Court of Appeals ruled Friday that the U.S. Securities and Exchange Commission did have the authority to adopt Regulation Best Interest, and that Reg […]

    How Advisors Can Connect With Female Boomers, Gen Xers and Millennials

    {July 1st, 2020} by Ginger Szala

    When targeting female investors, advisors should understand how each age group — baby boomers, Gen Xers and millennials — differ from each other in interests and needs and tailor their marketing accordingly, said Lori Hubbard, regional director of MFS, who spoke at the Commonwealth Summit for Women Advisors on Tuesday discussing why 50% of the […]

    3 in 4 Investors Would Recommend Their Advisor: Study

    {July 1st, 2020} by Ginger Szala

    New research from Cerulli Associates and the Securities Industry and Financial Markets Association found that 78% of U.S. households with $100,000 to $1 million in assets use a professional advisor in some way. Most of them — 74% — said they would recommend their advisor, and 77% said their advisor was worth the cost. In […]

    How to Decide if an Annuity Is Right for Your Client: Morningstar’s Benz

    {July 1st, 2020} by Ginger Szala

    Annuities have grown in popularity, largely due to their promise of a guaranteed income stream until a client’s death. They can help investors strengthen retirement plans, defer taxes and some can protect against stock market losses, but there are caveats, says Christine Benz, Morningstar’s director of personal finance. The questions advisors must answer: Is an […]

    Can Americans’ Increasing Interest in Wellness Help Life Insurers Engage More People?

    {July 1st, 2020} by LIMRA

    New LIMRA-BCG study explores consumers’ willingness to share their data and how life insurers can leverage consumers’ enthusiasm in wellness WINDSOR, Conn., and BOSTON, June 25, 2020—A new study, conducted by LIMRA and Boston Consulting Group (BCG), finds 97% of Americans say they want to improve one aspect of their overall wellness. Three quarters of consumers claim they want […]

    Pandemic Life Insurance Selling: ‘Become Better Listeners’

    {July 1st, 2020} by John Hilton

    Selling life insurance products in a pandemic is difficult, but one industry veteran reminds agents not to abandon the important techniques that connect them with clients. The most important thing is to make the connection, said Marv Feldman, recipient of the 2011 John Newton Russell award. That means a phone call, progressing to a possible […]

    Nationwide successfully completes IA transition

    {July 1st, 2020} by Nationwide

    More than 99% of Nationwide exclusive agents affirm plans to continue relationship with Nationwide’s independent agency channel Nationwide accelerates transformational efforts to enable Independent Agency (IA) success New capabilities facilitate speed, ease, price stability and competitiveness Nearly 100 years ago, Nationwide began offering auto insurance to Ohio farmers through exclusive and independent agents, an approach […]

    Fidelity National Financial, Inc. Announces Virtual Participation at KBW Title Insurance Day

    {July 1st, 2020} by Fidelity National Financial, Inc.

    JACKSONVILLE, Fla., June 18, 2020 /PRNewswire/ — Fidelity National Financial, Inc. (NYSE:FNF) (the “Company”) today announced that the Company’s President, Mike Nolan, Chief Financial Officer, Tony Park, and FGL Holdings’ CEO, Chris Blunt will participate in a fireside chat at the KBW Title Insurance Day at 10:00 a.m. Eastern Time on Thursday, June 25, 2020.  A live webcast and replay of the presentation […]

    COVID-19 Spotlights Retirement Readiness, Sparking Conversations About Annuities

    {July 1st, 2020} by Jackson National Life Insurance Company

    NASHVILLE, Tenn.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®) and the Insured Retirement Institute (IRI) today announced results from a new research study that was fielded in the midst of the COVID-19 global pandemic. Conducted between April 8-17, 2020, the online survey found more than half (55%) of financial professionals believe 25% or more of their client base is […]

    US Appeals Court Upholds Reg BI

    {July 1st, 2020} by Wire Reports

    The 2nd U.S. Circuit Court of Appeals ruled that the Securities and Exchange Commission acted properly in developing Regulation Best Interest and that the rule was not arbitrary and capricious. The court’s decision on Friday means that Reg BI, which establishes a new advice standard for brokers, can take effect as planned on Tuesday. Seven […]

    John Hancock’s New Electronic App Platform Streamlines Life Insurance Sales

    {July 1st, 2020} by Anthony R. O'Donnell

    John Hancock (Boston) has launched a proprietary electronic application platform, JH eApp, designed to significantly streamline and accelerate the life insurance purchasing experience, which has traditionally been time-consuming and cumbersome. The insurer says JH eApp can reduce processing times from weeks to, in some cases, just minutes. The new digital platform is available for applications ages […]

    DOL Issues Fiduciary Rule To Harmonize With SEC

    {July 1st, 2020} by Steve Morelli

    The Department of Labor issued its new fiduciary rule one workday after a federal court upheld the Securities and Exchange Commission’s Regulation Best Interest standard, with which the DOL rule was designed to harmonize. “The standards in the Department’s proposed exemption announced today align with standards of other regulators, including the SEC,” according to a […]

    On The Front Lines For Life Insurance

    {July 1st, 2020} by Staff Reports

    This year has been the worst of all possible worlds for life insurance, an industry that depends on predictability. Historically low interest rates are making it painful even to attempt projecting returns that will support products and sustain remotely attractive crediting rates. Meanwhile, the COVID-19 pandemic is hitting the primary age demographic that the industry […]

    What Is An Annuity?

    {July 1st, 2020} by Elizabeth Rivelli

    Life insurance can provide much needed financial support after retirement and as you get older. It also ensures you can provide for your beneficiaries, such as a spouse or next of kin, after your death. However, life insurance isn’t your only option – some people choose to purchase an annuity instead. An annuity may share a […]

    Former North Carolina Branch Manager Faces December Sentencing

    {June 30th, 2020} by Peter Strozniak

    A former branch manager at the $89.9 million Welcome Federal Credit Union will be sentenced in December for embezzling at least $645,000 from the Morrisville, N.C.-based credit union. Johnnie Earl Harrell, 47, pleaded guilty Wednesday in U.S. District Court in Wilmington to theft and embezzlement, according to court records. While working at the branch in […]

    American Equity Launches Destinations Fixed Index Annuity with New Index

    {June 24th, 2020} by American Equity Investment Life Insurance Company

    WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Insurance Company®, a leading underwriter of fixed index annuities, announced the launch of a new growth-focused fixed index annuity. The Destinations annuity is a first of its kind for the company, offering multiple allocation options including a new volatility-controlled index developed with Bank of America®, the BofA […]

    Janus Henderson Announces the Innovative Janus SG Global Trends Index To Be Used by Global Atlantic in Its New Fixed Index Annuity

    {June 24th, 2020} by Janus Henderson Investors

      June 23, 2020 08:00 AM Eastern Daylight Time DENVER–(BUSINESS WIRE)–Janus Henderson Investors (NYSE/ASX: JHG) today announced the innovative Janus SG Global Trends Index has been licensed to Global Atlantic Financial Group, a leading U.S. retirement and life insurance company. The Index was developed in partnership with Société Générale who acts as the index sponsor […]

    Consumer Group Confronts Insurers, Regulators On Systemic Racism

    {June 24th, 2020} by John Hilton

    The Center for Economic Justice today challenged insurers and insurance regulators to match their public statements condemning systemic bias and inherent racism with concrete actions to address inherent racism in insurance. “We were heartened to see insurance company CEO’s calling for changing business practices to stop the effects of systemic bias and inherent racism in […]

    Athene Announces Fixed Annuity Reinsurance Transaction With Jackson National Life Insurance Company

    {June 24th, 2020} by Athene Holding, Ltd.

    PEMBROKE, Bermuda–(BUSINESS WIRE)–Athene Holding Ltd. (“Athene”) (NYSE: ATH), a leading provider of retirement savings products, has announced a fixed annuity block reinsurance transaction with Jackson National Life Insurance Company (“Jackson”), a leading provider of retirement products and subsidiary of Prudential plc (LSE: PRU), with the support of Athene Co-Invest Reinsurance Affiliate (“ACRA”). Under the terms […]

    Nationwide Introduces New Nationwide Lifetime Income Rider+SM (L.inc+) Suite to Provide Protected Retirement Income with Greater Choice and Flexibility

    {June 24th, 2020} by Nationwide

    COLUMBUS, Ohio, June 15, 2020 /PRNewswire/ — Investors say that being unable to retire as planned is among their top three financial concerns related to the COVID-19 pandemic. More than half agree that the pandemic has made them recognize the need for annuities to protect their retirement income (51%) and to protect their investments against market risk […]

    Jackson Announces Strategic Transaction With Athene

    {June 24th, 2020} by Jackson National Life Insurance Company

    LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®) today announced it has entered into an agreement with Athene Holding Ltd. (Athene) (NYSE: ATH), a leading provider of retirement savings products, to fully reinsure $27.6 billion¹ of Jackson’s in-force book of fixed and fixed index annuity liabilities in exchange for approximately $1.25 billion in ceding commission. Athene […]

    AM Best Comments on Credit Ratings of Jackson National Life Insurance Company and Its Affiliates Following Transactions with Athene Holding Ltd

    {June 24th, 2020} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of Jackson National Life Insurance Company (JNL), its wholly owned subsidiary, Jackson National Life Insurance Company of New York, and its direct parent, Brooke Life Insurance Company remain unchanged following the recently […]

    AM Best Comments on Credit Ratings of Athene Group Following Fixed Annuity Reinsurance Agreement

    {June 24th, 2020} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has commented that the Credit Ratings (ratings) and outlooks of the members of Athene Group (Athene) remain unchanged following the recent announcement of its fixed annuity reinsurance agreement, which is effective June 1, 2020. Athene, which is focused on the fixed indexed and fixed annuity market segments, is the consolidation of the […]

    Ties grow between Athene and Jackson National

    {June 24th, 2020} by Editorial Staff

    Athene’s $500 million investment and $1.25 billion reinsurance deal with Jackson National is expected to boost Jackson’s Risk-Based Capital (RBC) ratio by about 80 percentage points. Athene Holding Ltd. has agreed to reinsure Jackson National Life’s $27.6 billion in-force fixed and fixed index annuity liabilities, effective from June 1, 2020. Athene will pay Jackson a […]

    Many Young Consumers Want Long-Term Care Insurance: MassMutual

    {June 24th, 2020} by Allison Bell

    The bond market may be too chaotic for life insurers to have an easy time supporting stand-alone long-term care insurance (LTCI), but many consumers still love the idea of having LTCI coverage. They also like the idea of buying chronic care benefits packaged together with life insurance. About 32% of consumers surveyed said they are […]

    Broker-Dealers, Under Siege, Look Toward Second-Half Comeback

    {June 24th, 2020} by Rich Blake

    The broker-dealer (BD) industry can still salvage 2020, shaking off downturns and downgrades to return to some semblance of profitability in the second half of the year, industry members said. Crass, a cliché, but still true: Out of crisis comes opportunity. “There may be relatively more money in motion, probably to advisors who are more […]

    Robinhood Vows to Make Changes in Response to Customer’s Suicide

    {June 24th, 2020} by Alex Padalka

    Zero-commission brokerage Robinhood says it will revamp how it handles options trading in light of the suicide of one of its customers involved in a complex trading strategy. Alexander Kearns, 20, took his own life on June 12, apparently after seeing his account, which had around $16,000, showing a negative $730,000 cash balance, according to his suicide note. The […]

    ‘Buckets of Money’ Advisor Settles With SEC After Long Legal Battle

    {June 24th, 2020} by Melanie Waddell and Allison Bell

    After a 10-year battle including a Supreme Court case in which he prevailed over the Securities and Exchange Commission, former RIA Raymond Lucia Sr. and his former advisory firm, Raymond J. Lucia Cos., agreed Tuesday to settle charges related to the marketing of their “Buckets of Money” retirement investing strategy. Lucia will pay a $25,000 […]

    Some States Highlight Bans on Insurer Discrimination Against LGBT People

    {June 24th, 2020} by Allison Bell

    Officials in California, New York and Illinois have rushed to tell health insurers in their states that their states continue to have regulations protecting lesbian, gay, bisexual, transgender and queer (LGBTQ) people against discrimination in health care and health insurance. The U.S. Department of Health and Human Services (HHS) is in the process of removing […]

    Center Asks NAIC to Look for Racial Bias in Life Insurers’ Methods

    {June 24th, 2020} by Allison Bell

    The Center for Economic Justice says that, if state insurance regulators are serious about fighting systemic racial bias, they should take a close look at  new life insurance underwriting strategies. The center is calling for regulators to verify that the new data sources, data analysis rule sets, and “artificial intelligence” programming techniques are fair to […]

    Integrity Marketing Acquires McNerney Management Group

    {June 24th, 2020} by Allison Bell

    Integrity Marketing Group LLC has acquired McNerney Management Group. Integrity Marketing is a Dallas-based insurance distributor that has relationships with about 270,000 independent agents. McNerney Management Group began operation in 1979. It’s the Columbia, Missouri-based parent of Senior Marketing Specialists, an independent agent brokerage operation, and of the Senior Benefit Services career agent group. Click […]

    Fed Worries About Life Insurers’ Leverage

    {June 24th, 2020} by Allison Bell

    The Federal Reserve Board is worried enough about the health of life insurers to include them in the financial stability section of its new monetary policy report. Federal Reserve Board Jerome Powell is briefing congressional committees on the report this week. The Fed started off the report by emphasizing the impact of the COVID-19 outbreak. […]

    Empower Retirement Launches National Ad Campaign to Elevate Importance of Retirement Savings

    {June 24th, 2020} by Empower Retirement

    GREENWOOD VILLAGE, Colo.–(BUSINESS WIRE)–Empower Retirement, the nation’s second largest retirement plan provider,1 announced today the launch of its first national advertising campaign, designed to boost the company’s visibility before a broad audience and promote American workers’ retirement savings. Empower is set to launch its national television and radio ad campaign today (June 15), with a colorful […]

    New TIAA and Savi Solution Provides Significant Student Debt Relief

    {June 24th, 2020} by TIAA

    NEW YORK–(BUSINESS WIRE)–TIAA, a leading financial services provider, today announced that it is working with social impact technology startup Savi to make it easier for nonprofit institutions to offer a meaningful student debt relief solution to their employees. The companies together launched a student debt solution designed to help employees of nonprofit organizations reduce their […]

    SIMON Announces Integration With EbixExchange’s AnnuityNet; Expands InsurTech Platform With New e-App Capabilities

    {June 24th, 2020} by SIMON Markets LLC

    NEW YORK–(BUSINESS WIRE)–SIMON Markets LLC and SIMON Annuities and Insurance Services LLC (“SIMON”) today announced integration with AnnuityNet, EbixExchange’s industry leading order-entry solution for annuity transactions. Designed to optimize advisor experience through increased efficiency and reduction of compliance risk, AnnuityNet fully automates the annuity transaction, including automated calculation of suitability scores and transaction routing through […]

    Christopher Blunt and Gretchen Nickel Make Transformational Donation to The American College of Financial Services to Create Professorship

    {June 24th, 2020} by The American College of Financial Services

    King of Prussia, June 17, 2020 (GLOBE NEWSWIRE) — KING OF PRUSSIA, PA – June 17, 2020 – Three-time alumnus Christopher Blunt, CLU®, ChFC®, CAP®, and his wife Gretchen Nickel have donated $1 million to establish the Blunt-Nickel Professorship in Philanthropy at The American College of Financial Services. The generous gift will support an expansion of The […]

    Annuity Types in A Retirement Income Plan

    {June 24th, 2020} by Wade Pfau

    It is worth mentioning a few other annuities that could play a role in a retirement income plan, before digging into the discussion of deferred variable and fixed index annuities. Deferred Fixed Annuities Deferred fixed annuities (DFAs), or multiyear guaranteed annuities (MYGAs) may be used as an accumulation tool in the years leading up to […]

    What You Need To Know – An Overview Of Annuities Continued

    {June 24th, 2020} by Wade Pfau

    This chapter is about how the lifetime income protections available through deferred variable annuities can support a retirement income goal through risk pooling and mortality credits. The next chapter adds fixed index annuities. We have already considered immediate and deferred income annuities. It is worthwhile to start by stepping back to describe the universe of available […]

    Transamerica Expands Financial Education Program for Retirement Plan Participants with Online Financial Wellness Center

    {June 24th, 2020} by Transamerica

    BALTIMORE, June 18, 2020 /PRNewswire/ — Transamerica today announces its new online Financial Wellness Center offering enhanced education resources for retirement plan participants and sponsors. This interactive education platform features insight on a wide range of topics, from budgeting to preparing for retirement. This self-paced, digital learning experience is now available to all Transamerica retirement plan sponsors […]

    LostPolicy.com Offers Free Search Services to the Families of COVID-19 Victims

    {June 24th, 2020} by LostPolicy.com

    ATLANTA, June 23, 2020 /PRNewswire/ — LostPolicy.com, in Support of the Families of COVID19 Victims’, is Offering Free Lost, Misplaced, or Unknown Life Insurance Policy Search Services. (A $3.95 service charge applies). LostPolicy.com, an Atlanta based internet search service, contacts the top 100 life insurance companies, which account for more than 97% of issued life insurance, advises them of a death and orders searches […]

    John Hancock Launches Electronic Application Platform to Streamline Life Insurance Sales Process

    {June 24th, 2020} by John Hancock

    New Resource to Increase Sales Efficiency and Offer Access to Instant Underwriting Decisions TSX/NYSE/PSE: MFC     SEHK: 945 BOSTON, June 23, 2020 /PRNewswire/ — John Hancock today announced the launch of a proprietary electronic application platform, JH eApp, the company’s latest advancement in modernizing the life insurance purchase experience for insurance agents and their customers. The platform is designed to […]

    ECA Marketing Deploys FireLight® Providing Advisors Electronic Annuity Sales Capabilities Within a Matter of Weeks

    {June 24th, 2020} by Insurance Technologies, LLC

    COLORADO SPRINGS, Colo.–(BUSINESS WIRE)–Insurance Technologies, LLC, a provider of sales and regulatory automation solutions for the insurance and financial services industries, announces ECA Marketing, a national annuity and life marketing organization, has launched FireLight® e-Application enabling their advisors to quickly and efficiently process annuity sales electronically. By using FireLight Access, ECA Marketing was able to […]

    AM Best Affirms Credit Ratings of Farm Bureau Life Insurance Company

    {June 24th, 2020} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” of Farm Bureau Life Insurance Company (FBL). Concurrently, AM Best has affirmed the Long-Term ICR of “bbb+” of FBL Financial Group Inc. [NYSE: FFG], the holding company of FBL. The outlook of these […]

    Most people think having kids is the only reason to get life insurance, but I can say from experience they’re wrong

    {June 23rd, 2020} by Kali Roberge

    A good, general rule of thumb to follow if you want to figure out whether or not you need life insurance is this: have kids, get life insurance. That’s because the purpose of life insurance is to protect your beneficiaries against financial hardships they may face if something happened to you. If you’re single and childless, there’s probably no […]

    Florida Bill To Ban Insurers’ Use Of Genetic Info Goes To DeSantis

    {June 20th, 2020} by John Hilton

    The Florida Legislature sent a bill to the governor’s desk Wednesday that would prohibit insurers from using customers’ genetic information in changing, denying or canceling policies. It is not known if Gov. Ron DeSantis, R, will sign the bill, which is generally opposed by the insurance industry. The Florida House of Representatives passed a bill […]

    2020 Insurance Barometer Study: Is Life Insurance Tomorrow’s Problem?

    {June 20th, 2020} by Insurance Forums Staff

    For the last decade, Life Happens and LIMRA have come together to understand the “financial pulse” of consumers as part of the annual Insurance Barometer Study. This year’s study reviews 10 years of consumer data on life insurance and related financial issues, providing a point of view from January 2020, before COVID-19 significantly impacted the […]

    A New Kind of Income Annuity

    {June 20th, 2020} by Kerry Pechter

    Achaean Financial and Ash Brokerage, a large Fort Wayne, Ind., BGA, are partnering on a potential retirement game-changer: Achaean’s immediate indexed income annuity, couched in Ash’s JourneyGuide planning software. The underwriter has yet to be named. The first baby boomers reached age 66 eight years ago, but still no one has brought to market a […]

    SEC tees up virtual meet-ups for fintechs

    {June 20th, 2020} by Nicole Casperson

    The Securities and Exchange Commission announced Thursday a series of thematically-based virtual meetings to remain engaged with the fintech community. Click HERE to read the full story via InvestmentNews

    McNerney Management Group and Integrity Marketing Group Partner Together in Monumental Deal

    {June 19th, 2020} by Integrity Marketing Group, LLC

    DALLAS, June 18, 2020 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), the nation’s largest independent distributor of life and health insurance products, today announced it has completed the acquisition of McNerney Management Group (MMG). As part of the acquisition, MMG’s four equity owners, Dan McNerney, David McNerney, Bobby Richardson and JoAnn Wray will become owners and partners at Integrity. Financial terms of the deal […]

    BlackRock Makes a Bundle (with Annuities)

    {June 19th, 2020} by Kerry Pechter

    BlackRock, the giant asset manager, is adding a lifetime income dimension to its LifePath target date funds by partnering with Brighthouse, Equitable and Voya on a service that will help 401(k) participants buy individual immediate annuities at retirement. BlackRock, the $7.43 trillion asset manager, is bundling an optional income annuity with its LifePath target date […]

    Annuity sales back on track by 2022: Report

    {June 19th, 2020} by Emile Hallez

    This year isn’t shaping up well for sales of most annuities, but volume will likely tick up over the next two years to return to the record levels seen in 2019, according to projections this week from Limra’s Secure Retirement Institute.   Click HERE to read the full story via InvestmentNews

    In private, life insurers express ‘concern’

    {June 18th, 2020} by Editorial Staff

    ‘About one-third of companies expect a negative 10-year treasury rate at the end of 2020 in their worst case scenario,’ according to a high level life insurance industry report. The COVID-19 pandemic infection has greatly affected the economy, resulting in volatile market conditions and impacting life insurers’ balance sheets, according to a new report from […]

    ‘He was larger than life’: Des Moines philanthropist and businessman Barry Griswell dies

    {June 18th, 2020} by Andrea May Sahouri

    Prominent Des Moines philanthropist and businessman Barry Griswell died Friday morning, his family announced. He was 71. Griswell was the chairman and CEO of Principal Financial Group from 2000 to 2008, then led the Community Foundation of Greater Des Moines in 2008 until he retired in 2013. While president of the Community Foundation, Griswell focused on improving […]

    Lemonade’s Impending IPO and Its Long-Term Prospects

    {June 18th, 2020} by N/A

    On Monday, June 8, startup insurer Lemonade (New York) filed with the SEC to raise up to $100 million in an initial public offering. Few InsurTechs have been so visible in the press and the subject of so many of the discussions among industry observers. As the next great step in the story of Lemonade, the IPO can be […]

    SRI Forecasts A Slump In Annuity Sales

    {June 18th, 2020} by Jacqueline Sergeant

    Annuity sales are in for a rough few months, triggered by low interest rates, market volatility and record high employment, according to forecast by the Secure Retirement Institute. Overall total annuity sales are expected to drop between eight percent and 15% in 2020, SRI said. But the outlook for 2021 and 2022 is brighter, as […]

    AM Best Assigns Credit Ratings to Upstream Life Insurance Company

    {June 17th, 2020} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb+” to Upstream Life Insurance Company (Upstream) (Dallas, TX). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Upstream’s balance sheet strength, which AM Best categorizes as very strong, as well as […]

    Nationwide Introduces New Nationwide Lifetime Income Rider+SM (L.inc+) Suite to Provide Protected Retirement Income with Greater Choice and Flexibility

    {June 17th, 2020} by Nationwide

    COLUMBUS, Ohio, June 15, 2020 /PRNewswire/ — Investors say that being unable to retire as planned is among their top three financial concerns related to the COVID-19 pandemic. More than half agree that the pandemic has made them recognize the need for annuities to protect their retirement income (51%) and to protect their investments against market risk […]

    AIG Life & Retirement Launches Innovative Multi-Style Index with AQR to Help Consumers Earn Consistent Returns in Changing Markets

    {June 17th, 2020} by AIG Life & Retirement

    NEW YORK–(BUSINESS WIRE)–AIG Life & Retirement, a division of American International Group, Inc. (NYSE: AIG) and a leading provider of annuities, today announced the launch of the new AQR DynamiQ Allocation Index, available exclusively through the Power Protector Series of Index Annuities. This multi-style index has been designed by AQR Indices, LLC, a subsidiary of […]

    Nationwide making an additional $1 million investment to fight racism, promote economic equality

    {June 17th, 2020} by Nationwide

    COLUMBUS, Ohio, June 12, 2020 /PRNewswire/ — Reasserting its commitment to justice and equality, Nationwide is making additional investments to combat racism and promote economic empowerment.  On top of its existing efforts, the company is announcing a $1 million, multi-year commitment to support local and national programs dedicated to fostering social justice. The multi-year commitment on criminal justice efforts […]

    Fidelity National Financial Closes Issuance Of $650 Million Of 3.400% Notes Due June 15, 2030

    {June 17th, 2020} by Fidelity National Financial, Inc.

    JACKSONVILLE, Fla., June 12, 2020 /PRNewswire/ — Fidelity National Financial, Inc. (NYSE: FNF) (“FNF”) today announced that it has closed its issuance of $650 million of its 3.400% senior notes due June 15, 2030, through BofA Securities, Inc. and J.P. Morgan Securities LLC, representatives of the several underwriters. The notes were priced at 99.756% of their principal amount to yield 3.429% […]

    National Guardian Life Insurance Company Announces Agreement to Sell Certain Closed-block Businesses

    {June 17th, 2020} by National Guardian Life

    MADISON, Wis.–(BUSINESS WIRE)–National Guardian Life Insurance Company (“NGL”) today announced an agreement to sell certain closed-block businesses to Prosperity Life Assurance Limited (“Prosperity Life”). The subject businesses have combined net statutory reserves of approximately $400 million and consist of life, annuity and A&H lines. “This transaction is a significant milestone for NGL in executing our […]

    Symetra Awards Two $20,000 Education Grants to Help Empower Students, Support Diversity, Equity and Inclusion

    {June 17th, 2020} by Symetra Life Insurance Company

    ELLEVUE, Wash.–(BUSINESS WIRE)–Symetra Life Insurance Company today announced that two schools were the recipients of the Symetra Heroes in the Classroom® education program’s “MVP Award.” Parkwood Elementary School in Shoreline, Washington, and Thornton Fractional North High School in Calumet City, Illinois, will each receive a $20,000 grant for new student programming that supports diversity, equity and inclusion. […]

    Trust In Insurance Agents At 12-Year High

    {June 17th, 2020} by Staff Reports

    Despite the unsettled economy over the past half year, public confidence in insurance agents is at an all-time high, up dramatically from a low recorded in the wake of the 2008 crash, according to LIMRA data. In October 2008, only 9% of consumers had “extreme/quite a bit” of confidence in insurance agents and brokers in […]

    NAIC Converts Summer Meeting To Virtual Only Format

    {June 17th, 2020} by Staff Reports

    Given the ongoing health challenges associated with holding large in-person meetings in the midst of the COVID-19 pandemic, the National Association of Insurance Commissioners is converting its Summer Meeting to a virtual format. A revised Summer National Meeting schedule with specific dates and times will be available on naic.org no later than July 6, the […]

    LIMRA: Fraud Is On The Rise In Financial Services

    {June 17th, 2020} by Press Release

    A recent LIMRA survey of financial services companies identified increased fraudulent activity, as well as efforts to combat it through education and other preventive measures. Fraud attacks are on the rise; within the last 60 days, 42% of responding companies have experienced an increase in overall fraudulent activity. In addition, 47% have seen an increase […]

    Technology Touching ‘Every Aspect’ Of Insurance In Pandemic

    {June 17th, 2020} by John Hilton

    Insurers and everyone along the distribution chain have long anticipated the impending technology infusion that would transform the delivery of life insurance and related products to consumers. That technology transformation crept closer at a glacial pace until the COVID-19 pandemic pushed an industry that relies on face-to-face contact to accelerate its plans. And something happened […]

    How To Transition Your Client’s Portfolio From Growth To Income

    {June 17th, 2020} by Kiplinger's Personal Finance Magazine

    One of the biggest challenges investors face as they near retirement is transitioning their portfolio from a focus on accumulation and asset allocation to a new, but just as critical, emphasis on distribution and income allocation. The aim is the same — to create a retirement paycheck that will provide the lifestyle they want and […]

    Advisers misjudge client interest in annuities: Survey

    {June 17th, 2020} by Emile Hallez

    Clients are more interested in annuities than advisers might realize, according to a survey published Tuesday. Click HERE to read the full story via InvestmentNews

    Morgan Stanley sued for racial bias by former diversity head

    {June 17th, 2020} by Bloomberg News

    Morgan Stanley was sued by its former head of diversity for allegedly discriminating against black women who work at the bank. Click HERE to read the full story via InvestmentNews

    Widespread protests against racism sharpen focus of FPA’s virtual internship

    {June 17th, 2020} by Ann Marsh

    Growing up in a tiny town outside Houston, Kameron Kindle watched his parents working for themselves, his mother as a beautician and his father as a contract truck driver, without any professional financial guidance. “Nobody in the family had an advisor or had anyone to teach them how to manage money well,” he says. But […]

    Maybe It’s Time to Gut Check Your Risk Tolerance

    {June 17th, 2020} by Lyle Boss

    Whenever there is a shake-up in the market, there are stories shared and lessons learned. Market downturns are the place where a client discovers, for better or worse, if the financial advice they got from their advisor was the right advice. When things are going well, and the bulls are running, bad advice gets obscured […]

    Life Application Activity Soars: MIB

    {June 17th, 2020} by Allison Bell

    Maybe COVID-19 has educated younger consumers about the value of life insurance. U.S. life insurance application activity was 5.2% higher in May than in May 2019, according to MIB’s new application activity report. The Braintree, Massachusetts-based life insurer consortium says overall application activity climbed even more for consumers in the youngest of the three age […]

    Lincoln Financial Adds Virtual Internship Program: Personnel Moves

    {June 17th, 2020} by Allison Bell

    FBL, American Financial Group and Smart Path also have announcements. Lincoln Financial Group says it will be running this year’s summer internship program entirely online. The Radnor, Pennsylvania-based life insurer has recruited 88 students and 50 recent graduates from 77 colleges and universities for the internship program. The participants will get remote work assignments, online mentorships, an […]

    Life Insurers May Get Accounting Rule Compliance Extension

    {June 17th, 2020} by Allison Bell

    The Financial Accounting Standards Board (FASB) plans to give life insurers an extra year to implement an accounting standard that could lead to big swings in their quarterly and annual net results. The Norwalk, Connecticut-based accounting standards group said Wednesday that its members have voted to issue a proposed accounting standards update related to the […]

    IRS Posts Annuity Advisory Fee Letter Rulings With a Twist

    {June 17th, 2020} by Allison Bell

    The Internal Revenue Service (IRS) has issued two new private letter rulings that may affect what a life insurer can pay annuity holders’ fee-based advisors directly from the annuity assets. The IRS appears to have sent  both of the letters to the same company: a life insurer that wants to offer three types of deferred […]

    COVID-19 Fraud Bill Could Affect Life and Annuity Sellers

    {June 17th, 2020} by Allison Bell

    The COVID-19 crisis could give life and annuity sellers a gift: a new fraud bill. Members of the U.S. House Financial Services national security subcommittee talked about the proposed legislation, the Senior Investor Pandemic and Fraud Protection Act bill draft, today at a virtual hearing on how bad actors are exploiting the financial system during the […]

    Nationwide Adds 3 Lifetime Income Riders

    {June 17th, 2020} by Allison Bell

    Nationwide introduced a collection of three annuity lifetime income riders — partly because it can. U.S. life insurers tend to generate much of the cash that funds annuities by investing in corporate bonds and other fixed-income investments. Many life insurers have responded to falling interest rates and investment market volatility to ending, or at least […]

    Impact of Emotional Intelligence: New Harris Poll Study

    {June 17th, 2020} by Chuck Hirsch

    One of the questions people are asking themselves these days is, “Who do I believe?” With everyone learning at essentially the same time, a lot of advice is conflicting. Who you believe eventually comes down to who you trust. It’s the same way with financial relationships. The Million Dollar Round Table (MDRT) recently announced the […]

    RayJay Fires Rep After Confrontation Over Black Lives Matter Sign

    {June 17th, 2020} by Alex Padalka

    Raymond James has fired a registered representative, Robert Larkins, after a video of him and his wife confronting an individual in the Pacific Heights neighborhood in San Francisco — who was stenciling a Black Lives Matter sign in front of his own home — went viral. Click HERE to read the full story via Financial Advisor IQ       To read […]

    Life Insurance: The Chameleon Of The Financial Services Industry 66

    {June 16th, 2020} by Ralph Dittrich

    With today’s unprecedented market dynamics, it’s imperative that we insurance professionals learn to adapt. Similar to how a chameleon adapts to its environment in order to thrive, we find ourselves adjusting the way we communicate and work, as well as adapting our products and services to meet changing needs. COVID-19 has helped move a traditionally […]

    Risk reduction

    {June 16th, 2020} by Keith Singer, JD CFP

    Despite the fact that the economy is still a shell of what it was prior to COVID-19, both the S&P 500 and NASDAQ 100 are now positive for the year. The markets seem to think everything is going to work out just fine. If you are not so sure about that, there are ways to […]

    How I Made LinkedIn Worth the Effort

    {June 16th, 2020} by Bryce Sanders

    Everyone is searching for the “silver bullet” in prospecting. Advisors want to know “what works?” Experienced advisors sometimes say: “Everything works, nothing works.” My goal has been to raise my visibility on LinkedIn. Get people talking to me. After about eight months’ effort — at some time and virtually no cost — let’s look at […]

    Ethos Life Downsizes

    {June 16th, 2020} by Allison Bell

    Ethos Technologies Inc. — an online life insurance agency that announced a $60 million round of financing in August 2019 — has reduced the size of its staff. Former employees of the San Francisco-based company say the believe the layoffs may have affected about 14% of the company’s staff. The company has about 100 employees, according to employees […]

    Life Settlements: Betting on Life Insurance During a Global Pandemic

    {June 15th, 2020} by Chris Orestis

    Life Settlements are a unique financial option that allows the owner of an unneeded or unwanted life insurance policy (typically someone over the age of 70) to sell it off to a third-party owner (typically a financial institution) for a percentage of the death benefit as a lump-sum while they are still alive. It is […]

    For Fifth Consecutive Year, LIDP Named a Top 10 Policy Administration Solution Provider by Insurance CIO Outlook

    {June 15th, 2020} by LIDP

    WOODRIDGE, Ill., June 10, 2020 /PRNewswire/ — LIDP Consulting Services (LIDP), a provider of innovative and proven software solutions and related services designed specifically for the life, annuity, and health insurance industry; today announced that it has once again been recognized by Insurance CIO Outlook magazine as a Top 10 Policy Administration Solution Provider. This is the fifth consecutive year LIDP has […]

    Nationwide protests over race highlight hurdles faced by nonwhite advisers

    {June 11th, 2020} by Nicole Casperson

    Financial planners are bracing for the economic pain clients will experience due to the nationwide protesting and looting sparked by the fatal arrest of George Floyd in Minneapolis last week.  Click HERE to read the full story via InvestmentNews

    ‘We Can All Do More’: American College President

    {June 9th, 2020} by Allison Bell

    George Nichols III, the president of the American College of Financial Services, says the school should play a role in dealing with racial injustice. Nichols — who has been marketing director for Blue Cross and Blue Shield of Kentucky, the Kentucky insurance commissioner, the president of the National Association of Insurance Commissioners, and an executive vice […]

    TIAA Responds to the Crisis With ‘Be The Change’ Program

    {June 9th, 2020} by Allison Bell

      The Teachers Insurance and Annuity Association — the sixth biggest annuity issuer in the United States, in terms of 2019 annuity considerations — says it’s trying to “healing healing and inclusion during this troubled time” by starting a Be The Change outreach program. Roger Ferguson Jr., TIAA’s president and chief executive officer, said in a message […]

    Symetra Adds Indexed Annuity: Annuity Update

    {June 9th, 2020} by Allison Bell

    Symetra Life Insurance Company has introduced the Symetra Prestige indexed annuity contract. USAA Life Insurance Company has started distributing its annuities through NEOS. USAA once sold annuities only through direct channels. TrueChoice Financial Group LLC has started using the Envestnet Insurance Exchange to help investment advisors and other financial professionals offer annuities. WinTech, a company that sells retirement valuation and administration […]

    COVID-19 Dings Life Insurers’ Commercial Mortgage Returns

    {June 9th, 2020} by R. Robin McDonald

    Driven by growing COVID-19 related credit concerns, commercial mortgage investments held by life insurance companies posted a -1 % negative return for the first quarter, according to a Trepp LifeComps report released this week. The total returns on those commercial investments is down significantly from a 0.55 % return on commercial loan investment portfolios for […]

    June is Index Month at RIJ

    {June 9th, 2020} by Kerry Pechter

    In June, Retirement Income Journal dedicates most of its coverage to the world of indexed annuities. This year we’re concentrating on the indexed variable annuity, for two reasons. Its sales are growing, despite the repressive rate environment. It also defies easy understanding.   The yen to earn a slightly higher (but safe) rate of return, […]

    The Advisor As Financial Therapist

    {June 9th, 2020} by Craig Hawley

    Americans have been sideswiped by the COVID-19 pandemic—and they’re looking for ways to get back on track. According the Nationwide Retirement Institute’s most recent survey conducted in April, 85% of U.S. investors with investable assets of $100,00 or more say the COVID-19 pandemic has made them realize that they could do everything right and still […]

    Preparing for Better Times: A Message from BISA’s President

    {June 9th, 2020} by Frank Consalo

    Prejudice is a burden that confuses the past, threatens the future and renders the present inaccessible.” – Maya Angelou As I sat down to write this letter a week ago, I intended to focus solely on the challenges and opportunities facing our industry. After recent events, however, I would like to first address what we […]

    Insurance Underwriter Settles SEC Charges for Understating CEO Pay in Proxy Statements

    {June 9th, 2020} by N/A

    An international insurance underwriter settled SEC charges for understating in its definitive proxy statements the perquisites and personal benefits paid to its CEO. According to the SEC order, the company failed to disclose $5.3 million that it had paid on the former CEO’s behalf. Among the undisclosed benefits were use of corporate aircraft, helicopter trips, housing costs, […]

    Voices: I am a black woman advisor. Am I valued by this industry?

    {June 9th, 2020} by Zaneilia Harris

    (Editor’s note: As protesters march worldwide in response to the death of George Floyd at the hands of police, we are highlighting stories that address racism and inequality in the wealth management industry. This first ran March 8, 2019.) There’s been a lot of talk lately about diversity and inclusion in the financial services industry, and how […]

    How many black planners? CFP Board will answer upon request

    {June 9th, 2020} by Tobias Salinger

    How many black financial planners are there? It’s a surprisingly difficult question to answer. Few firms or organizations, if any, disclose a tally, making it more difficult to track the industry’s progress on increasing the representation of black people and other minorities. But, for the first time, the CFP Board provided Financial Planning with precise numbers for […]

    Voices: Does the financial services industry want minority clients?

    {June 9th, 2020} by Zaneilia Harris

    (Editor’s note: As protesters march worldwide in response to the death of George Floyd at the hands of police, we are highlighting stories that address racism and inequality in the wealth management industry. This first ran Sept. 22, 2017.) Does the financial services industry want minority clients? It’s a question I’ve thought a lot about […]

    Bank of America pledges $1 billion to address racial, economic inequality

    {June 9th, 2020} by Contributor

    Bank of America Corp on Tuesday pledged $1 billion to help communities across the country address economic and racial inequality, the first big bank to vow monetary support following violent protests after the death of an unarmed black man at the hands of police in Minneapolis.  “The events of the past week have created a […]

    FIDx Partners with TruChoice to Provide Advisors with High-Quality Annuity Solutions Through Envestnet Insurance Exchange

    {June 9th, 2020} by Fiduciary Exchange, LLC (FIDx)

    BERWYN, Pa., June 9, 2020 /PRNewswire/ — Envestnet, Inc. (NYSE: ENV) announces that TruChoice Financial Group, LLC (TruChoice), a provider of insurance solutions for a network of investment advisors, registered representatives, and insurance professionals, has launched the Envestnet Insurance Exchange, an insurance network providing access to reputable insurance carriers and their annuity products alongside traditional managed account investments on the […]

    Would You Like a Life Insurance Policy With That 7-Eleven Big Gulp?

    {June 9th, 2020} by Al Root

    Now consumers can get life-insurance policies with their Big Gulps or other convenience items at 7-Eleven outlets in Japan. The Nikkei Asian Review reported on Monday that the iconic convenience store chain would offer life insurance policies from MS&AD Insurance Group (ticker: 8725. Japan). Actually, the partnership and the selling strategy aren’t as strange as they may sound to American ears. […]

    How To Make A Life Insurance Claim

    {June 9th, 2020} by Ed Leefeldt

    There might be a time in your life when someone you know pulls you aside at a family gathering and says that you’re the designated beneficiary of their life insurance policy. This situation has many—almost infinite—variations. It might happen on a phone call, in a letter or even in a text. But if, and when, […]

    How To Choose A Life Insurance Beneficiary

    {June 9th, 2020} by Ed Leefeldt

    You’re filling out the form to purchase a life insurance policy and you reach the question over which many people agonize: Who do I designate as my beneficiary? That is, the person or persons, organization, or even pet that will receive the payout from this policy when I die? Think of it as one of […]

    Bankers Life Forget Me Not Days Annual Fundraiser to Support Alzheimer’s Association Launches Virtual Campaign

    {June 9th, 2020} by CNO Financial Group

    CHICAGO, June 8, 2020 /PRNewswire/ — Bankers Life, a national life and health insurance brand focused on the insurance needs of Americans near or in retirement, announced today the launch of its 18th annual Forget Me Not Days® fundraising campaign to benefit the Alzheimer’s Association’s care, support and research programs. “The Alzheimer’s Association reports that more than 5 […]

    Simplicity is a powerful concept

    {June 9th, 2020} by John Spoto

    In my last article, I discussed how simplicity can improve your ability to make better financial decisions, and about the importance of being properly insured. Let’s continue to talk about life insurance and also examine the role estate planning plays in simplifying your financial affairs. Two additional points are worth making about life insurance. First, […]

    AM Best Affirms Credit Ratings of Massachusetts Mutual Life Insurance Company and Its Subsidiaries

    {June 9th, 2020} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings of “aa+” of Massachusetts Mutual Life Insurance Company (MassMutual) and its life/health subsidiaries, C.M. Life Insurance Company and MML Bay State Life Insurance Company (both domiciled in Enfield, CT). Concurrently, AM Best has affirmed the Long-Term Issue […]

    Black people are locked out’: $10B fund manager on race inequality

    {June 9th, 2020} by Annie Massa

    John Rogers wants to be clear: Corporate America is missing its moment to act on racial inequity. It’s not just rhetoric and donations that will make the difference, said the co-CEO of $10 billion fund manager Ariel Investments, which focuses on value stocks. Businesses need to hire more African Americans into senior roles ⁠— including […]

    5 Things Annuity Prospects Just Don’t Get

    {June 9th, 2020} by Allison Bell

    Financial professionals can’t control COVID-19, interest rates, or how eager life insurers are to guarantee that a consumer will receive an attractive stream of income payments. But financial professionals can control one important annuity sales driver: whether consumers know how annuities work. Analysts at Cannex Financial Exchanges Ltd. have published some data on what annuity […]

    AM Best Affirms Credit Ratings of ELCO Mutual Life and Annuity

    {June 9th, 2020} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has 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 outlook of these Credit Ratings (ratings) remains positive. The ratings reflect ELCO’s balance sheet strength, which AM Best categorizes as weak, as […]

    Roberta Keller

    {June 9th, 2020} by Bold Women of Richmond 2020

    After nearly a decade of trying to figure out what ailment she was suffering with as she continued to work in the high-stress institutional money management world, Roberta Keller’s Chinese doctor told her this in 1999: “There is an ancient Chinese proverb that says, ‘Smart people learn from observing other people’s experiences, normal ones learn […]

    Dalal Salomon

    {June 9th, 2020} by Bold Women of Richmond 2020

    During the financial crisis in 2008, Dalal Salomon of Salomon & Ludwin wanted to find a way to work around the unpredictability of the stock market for her clients. “I’ve learned that I can control hiring the right people, I can control our service level and our attention to detail, I can create financial plans, and we […]

    Dee Ann Remo

    {June 9th, 2020} by Bold Women of Richmond 2020

    Dee Ann Remo’s appetite for professional change began when she left her secure, successful, partner-level role at KPMG and set about creating an entrepreneurial business to provide investment and tax advice, financial planning, and estate planning. “It’s atypical for a firm in our industry to offer all three disciplines,” she says. “Because it’s harder. It’s […]

    Angie Shay

    {June 9th, 2020} by Bold Women of Richmond 2020

    Angie Shay became a licensed financial advisor in 1989, but as she took off building her client base, the business became her identity, and she used it as a way to hide from a failing marriage. After getting a divorce, God put her on a new track with her firm THE PATH Financial Strategies. As […]

    Life Insurance Application Procedures Changing Amid the Pandemic

    {June 9th, 2020} by Tamara E. Holmes

    While life insurance coverage is still widely available amid the COVID-19 pandemic, some insurers are adjusting certain processes to accommodate the new norms created by social distancing. Life insurance applicants have traditionally been required to pass a physical exam to get a policy. However, the need for social distancing due to the pandemic has led […]

    Payout Rates And Rates Of Return For Income Annuities

    {June 9th, 2020} by Wade Pfau

    The pricing of an income annuity is typically described using either the monthly income amount it generates, or as the annual payout rate of the income received as a percentage of the premium amount. For instance, using the example in Exhibit 4.1, an income annuity might offer $481.67 per month for a $100,000 premium. For twelve […]

    Money’s Worth Measures For Income Annuities

    {June 9th, 2020} by Wade Pfau

    Annuities have a reputation for being a high-fee financial product. Is this reputation deserved? We address this for different types of annuities throughout the book, starting with income annuities. It is a bit complicated to answer this for income annuities because they do not have visible fees. There are no additional fees extracted from the quoted […]

    The Annuity Puzzle: Other Issues Impacting The Annuity Decision

    {June 9th, 2020} by Wade Pfau

    This discussion has been fairly positive with regard to the role of income annuities as a retirement income tool. My explanations follow standard academic theory regarding income annuities and their role in pooling longevity risk and providing mortality credits. Without this risk pooling, retirees must be needlessly conservative in their spending to ensure they still […]

    Congress Urged To Cut ‘Regulatory Barriers’ To Index-Linked Annuities

    {June 9th, 2020} by John Hilton

    Four industry organizations are rallying behind legislation to open up access to index-linked annuities. The measure, the Registration for Index Linked Annuities (RILA) Act, is sponsored by Sen. Tina Smith, D-Minn., Sen. Thom Tillis, R-N.C., Rep. Dean Phillips, D-Minn., and Rep. Steve Stivers, R-Ohio. It directs the Securities and Exchange Commission to devise a new […]

    New IUL Illustration Rules Will Not Apply To In-Force: Regulators

    {June 9th, 2020} by John Hilton

    A state regulator task force took another step Thursday toward agreement on rule changes designed to rein in index universal life insurance illustrations. In another “straw poll” vote, Life Actuarial Task Force members buried the in-force issue by voting 13-3 to affirm that any changes will only apply to new policies. Illinois, New York and […]

    Insurance Will Grow And Flow Through Different Channels: Analyst

    {June 9th, 2020} by John Hilton

    Insurance products remain solidly profitable, but big change is coming in who sells them and how they are sold, one leading industry analyst predicts. More fee-based products, new channels and growth in direct-to-consumer sales are some trends Chip Roame expects in the coming years. Roame, managing partner of Tiburon Strategic Advisors, characterized insurance products as […]

    Raymond James sues Ohio National for $10 million in VA commission fight

    {June 9th, 2020} by Bruce Kelly

    The two main broker-dealers under the umbrella of Raymond James Financial Inc. last week sued insurer Ohio National Life Insurance Co. in federal court in Florida, alleging that the insurer had reneged on its obligation to pay compensation for sales of certain annuity products. Click HERE to read the full story via InvestmentNews

    Advisers must focus on health and empathy in the new normal

    {June 9th, 2020} by Bruce Kelly

    During the current COVID-19 crisis, clients of financial advisers are more focused than ever on an array of  planning and advice issues, from staples like communication with advisers and keeping an eye on their overall health to the less spoken issue of an adviser’s ability to maintain his or her practice during a public health […]

    The sound of silence

    {June 9th, 2020} by Mark Schoeff Jr.

    A landmark regulation designed to change the way brokers deliver investment advice is within weeks of going into force. It’s a milestone that so far is being observed quietly.   Click HERE to read the full story via InvestmentNews