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Archive for April 2013

What high net worth clients want from their adviser

{April 30th, 2013} by N/A

Wealthy people want you to make their lives easier. With some clients, that may mean you help them choose their benefits or when to refinance. Click here to view (Source: Gerard Klingman, president of Klingman & Associates LLC, speaking to advisers at the Raymond James Financial Services Inc. National Adviser Conference)

Securities America pays $100,000 fine

{April 30th, 2013} by Dan Jamieson

Securities America Inc. has agreed to pay a $100,000 fine to the Financial Industry Regulatory Authority Inc. over e-mail violations. In a settlement finalized last Friday, the independent broker-dealer also agreed to review, test and certify that its supervisory systems have been fixed. The violations arose over a series of e-mails sent by three registered […]

He Left a Fortune, to No One

{April 30th, 2013} by Julie Satow | New York Times

By Julie Satow | New York Times  When Roman Blum died last year at age 97, his body lingered in the Staten Island University Hospital morgue for four days, until a rabbi at the hospital was able to track down his lawyer. Mr. Blum, a Holocaust survivor and real estate developer, left behind no heirs […]

Female professionals: Don't let fear of failure stop you

{April 30th, 2013} by Warren S. Hersch

Many career women fail to advance themselves because they fear taking risks, according to speakers presenting during a panel discussion at a conference for professional women in New York City on Friday. Organized by the National Association of Professional Women at the Sheraton New Times Square Hotel, the speakers – nearly all chief executives at their […]

The Boston Marathon: One advisor's story

{April 30th, 2013} by Michael K. Stanley

The next thing Breese knew, one of his teammates who had been running well ahead of him was walking back towards him, telling him: “It’s over, it’s over, bombs at the finish line.” What Breese did not realize through his fatigue and shock was that bombs had actually been detonated. Click here to read…

LIMRA: A Third of Americans Fail Financial Literacy Quiz

{April 29th, 2013} by Catherine Theroux

Researchers Identify Four Strategies to Improve Financial Literacy WINDSOR, Conn., April 29, 2013 — In recognition of April being Financial Literacy Month, LIMRA asked 2,000 Americans a series of ten multiple-choice and true/false questions to gauge their knowledge of basic financial and retirement topics. Few Americans Get an A The study found that only one in […]

Gen X: A $3.6 Trillion Opportunity For Life Insurers

{April 29th, 2013} by Chris McMahon

Generation X, those between the ages of 47 and 32, now represent larger sales potential,$3.6 trillion in the next 12 months, than baby boomers, at$2.2 trillion, and generation Y, at$0.3 trillion, according to “Life insurers cast the net wider for growth: Enter Gen X,” a white paper from Deloitte. “Carriers should now reconsider the scant […]

Reaching for Retirement

{April 29th, 2013} by Wade Carter

A few days ago I had a prospective client, Richard, come in to my office to  discuss his retirement plans. He had no idea what he needed to do to make his  retirement a reality. Almost everyone out there dreams about the last years of  their life being relaxing and carefree but don’t really know […]

LPL set to settle with Finra over e-mail tracking

{April 29th, 2013} by Bruce Kelly

Sometime this quarter, LPL Financial LLC expects to settle with the Financial Industry Regulatory Authority Inc. a matter related to broker and adviser e-mail surveillance. The broker-dealer’s chief executive, Mark Casady, highlighted the e-mail surveillance issue yesterday in a call with Wall Street analysts who cover the company. The concern comes on the heels of […]

Resigned AIG Executives Joining Berkshire Hathaway

{April 29th, 2013} by Best's News Service

NEW YORK – The four senior American International Group executives that resigned April 25 are joining Berkshire Hathaway, a company spokeswoman confirmed to Best’s News Service. The spokeswoman, Carrie Sova, did not say in what capacity they would be serving, only that they were joining the company. The executives that left AIG were: Peter Eastwood, […]

'Dear Mom, I Wish You'd Had Life Insurance'

{April 29th, 2013} by BRITTNEY LACOMBE

by LearnVest Apr 24th 2013 5:00AM Brittney Lacombe / LIFE By BRITTNEY LACOMBE I live in St. Petersburg, Florida. On May 8th, 2011, my mother, two younger sisters and I drove to a local campsite for our annual Mother’s Day camping trip. When we arrived, my mother said that her foot was bothering her. We […]

Recruiting at a trickle

{April 29th, 2013} by Bruce Kelly and Liz Skinner

In a clear indication of a tough start in the recruiting year for independent broker-dealers, LPL Financial Holdings LLC reported a net gain of only 25 reps and advisers in the first quarter. Those new advisers — reported in the firm’s earnings release issued last Thursday — represent a far cry from what has become […]

Life, Retirement Plan Sponsor Industries Hit Back At Frontline

{April 29th, 2013} by Cyril Tuohy

Two powerful industry groups representing life insurers and corporate retirement plan sponsors have hit back against PBS’ show “Frontline” for Tuesday night’s airing of “The Retirement Gamble,” which took the industry to task over retirement plan fees. Producer Martin Smith narrated the program, which aired on PBS at 10 p.m. Tuesday. Smith produces documentaries for […]

5 key ideas for new insurance agents

{April 29th, 2013} by John Chapin

Success in any venture begins with the proper mindset. As a new insurance agent, there are five key “truths” about the insurance industry and your role in it that will help ensure you have the correct mindset and the best chance at success. Truth #1: You are a salesperson. Click here to read…

5 traits of a top performer

{April 29th, 2013} by Amy McIlwain

Financial professionals have many characteristics in common: We tend to be morning people, we spend a certain amount of time numbers-crunching and we really, really like coffee. But what are the characteristics that above average advisors share? Inspired by Malcolm Gladwell’s fascinating book Outliers: The Story of Success, which examines the factors that contribute to […]

Twitter chat: Sheryl J. Moore overcomes your IUL objections

{April 28th, 2013} by Paul Wilson

Description: Sheryl J. Moore overcomes your IUL objections. Join ProducersWEB and LifeHealthPro for a Twitter chat with indexed universal life expert, Sheryl J. Moore. Sheryl will explain the ins and outs of IUL, including how indexed life and indexed annuities differ. In addition, she will address objections and misconceptions common to both consumers and advisors. […]


Vapor on paper: Coming to an annuity near you

{April 28th, 2013} by Sheryl J. Moore

The insurance division in the great state of Iowa (a.k.a. the indexed annuity capital of the world) will soon set forth a new regulation on annuity illustrations. This regulation, a directive that I’ve aided in crafting for nearly eight years, will actually hamper my company’s ability to make money. Illustrations ‑ lengthy documents that are […]

Top 10 business risks of 2013

{April 26th, 2013} by Phil Gusman

1. Economic slowdown/slow recovery Since concerns over the world’s economy will not go away soon, Aon says organizations need to embrace it for the long-term and from a global perspective. We are no longer sitting on an island by ourselves. What happens on the other side of the world can have a direct impact on […]

Study Finds Women’s Needs Often Ignored By Financial Advisors

{April 26th, 2013} by Cyril Tuohy

If women don’t believe that financial advisors are meeting their needs, perhaps there’s a good reason. Most financial advisors are men, and men often find themselves — either by accident or by design — talking to other men. Men like to talk about total return, about individual stocks and bonds, about tweaking portfolios, about asset […]

ING Faces Tough Going As It Separates Banking, Insurance Operations

{April 26th, 2013} by Fran Lysiak

As Netherlands-based ING Group NV separates its insurance and banking operations, an equity analyst cautioned the company faces roadblocks as the Dutch economy is in recession. ING is restructuring following a US $13 billion bailout from the Dutch government in 2008 during the global financial crisis. The restructuring plan between ING and the European Commission […]

Americans set sights on the long-term

{April 26th, 2013} by Michael K. Stanley

Three-quarters of Americans now place an emphasis on long-term planning as opposed to short-term performance with one-third admitting they subscribe to the philosophy behind the old adage: Slow and steady wins the race. The finding, among others, was released as part of Northwestern Mutual’s “Planning and Progress Study.” As the name of the study denotes, […]

2013 LIMRA Life Insurance Conference: A New Orleans education

{April 26th, 2013} by Paul Wilson

I learned a lot last week at LIMRA’s 2013 Life Insurance Conference in New Orleans. For one thing, a co-worker was kind enough to show me some of the finer points of eating raw oysters. I also quickly came to realize that stepping around any corner in the Big Easy is like entering a new […]

Losing Clients To Boost Profitability

{April 26th, 2013} by Megan Leonhardt

Some clients just aren’t profitable. As much as advisors want to help everyone, they need to maintain practice profitability. A Michigan firm recently has started the process of culling its client base, shedding 75 out of a 250 goal. It started when Brent Kerstetter of Sanford Financial Services realized that the firm needed to get […]

National Life Group Releases 2012 Annual Report

{April 26th, 2013} by Beth Rusnock

Montpelier, VT – April 22, 2013– National Life Group released its 2012 Annual Report in both printed and interactive versions, providing options to reader preference. It also reflects the values the company recently rolled out: “Do good. Be good. Make good.” “Our Annual Report not only provides important financial information,” explained Mehran Assadi, President and […]

IMF concerned about US life insurers

{April 26th, 2013} by Arthur D. Postal

Life insurance companies chasing risky assets in a low interest rate environment need to be closely monitored, the International Monetary Fund says in a new report. The IMF report labels the issue as the “gamble for resurrection” in response to solvency risk, asset-liability mismatches or diminishing net margins in a low-interest rate environment. This “re-risking […]

Will The FIA Romance Last?

{April 26th, 2013} by Linda Koco

Is the consumer romance with fixed indexed annuities likely to continue next year or might it start to fizzle as consumers seek other eligible prospects? Three leading annuity experts gave the thumbs up to “continue” during at a panel at the annual Retirement Industry Conference last week in New Orleans. They had reasons. First, here’s […]

Raymond James signs off on sign up makeover

{April 25th, 2013} by Liz Skinner

Raymond James Financial Services Inc. plans to improve the process its advisers use to sign on new customers, according to the independent broker-dealer’s president. At the opening of the firm’s national adviser conference in Dallas, Scott Curtis said the firm, which has 3,200 financial advisers managing $175 billion in assets, also will require advisers this […]

11 best business jobs

{April 25th, 2013} by N/A

U.S. News has issued its annual list of best jobs by category. For each list, occupations are ranked based on its calculated overall score, which combines several components into a single, weighted average score. Among the components used: median salary, employment rate, future job prospects, stress level and work-life balance. Median salary gets the heaviest […]

Could SEC's fidicuary plan spell the end of fiduciary duty?

{April 25th, 2013} by Mark Schoeff Jr.

If the Securities and Exchange Commission’s eventual fiduciary-standards proposal focuses on disclosure of conflicts of interest rather than avoiding them, the whole concept of fiduciary duty will be undermined, a leading fiduciary-duty advocate asserts. The SEC’s request for information — issued March 1 — is designed to elicit data for a cost-benefit analysis of a […]

To attract high-net-worth clients, offer more than financial planning

{April 25th, 2013} by Darla Mercado

In the never-ending search for high-net-worth clients and more assets, wealth managers might want to keep it in the family. Advisers catering to the wealthiest clients aim to provide comprehensive advice to those investors and wield influence by being aware of what’s going on with clients’ assets — even those held elsewhere. “The most important […]

7 Ways To Go Independent

{April 25th, 2013} by Donald Jay Korn

In 2011, 44% of brokers who left wirehouses landed at independent firms, but every broker has an array of options when it comes to independence. According toMark Elzweig, who heads aNew York-based executive search firm focusing on the asset management community, going independent often means taking a modest deal in anticipation of a large future […]

Is becoming a fee-based advisor your next step?

{April 25th, 2013} by Steve Lewitt

We all enter this business as neophytes. We then embark on a journey in which our work effort, experiences and interests cause us to grow and mature until we reach a certain level of comfort with what we are doing, who we are doing it with, and the results we are getting. At that point, […]

10 countries with the lowest household savings rates

{April 25th, 2013} by N/A

Click here to view.

Missouri Department of Insurance Reports Leadership Changes

{April 25th, 2013} by N/A

Several veteran regulators were appointed into new positions at the Missouri Department of Insurance during the first quarter of 2013. Department of Insurance Director John M. Huff announced that John Rehagen, Mary Kempker, Molly White, Jeana Thomas and Tamara Kopp will assume new roles in the department. Chris Cline was also recruited as the department’s […]

Prudential Employs Marketing To Rise To The Longevity Challenge

{April 24th, 2013} by Cyril Tuohy

Although Prudential’s widely recognized branding campaign featuring those near retirement age has impressed its financial services contemporaries, one may be surprised to learn that the campaign is not trying to sell life insurance at all. At least not in the way one might expect. Launched in 2011, Prudential’s marketing campaign was a bold departure from […]

CANNEX’s Groundbreaking Personalized Annuity Educational Video Recognized With Major Award

{April 24th, 2013} by N/A

Toronto, Canada, April 15, 2013 – A first-of-its-kind annuity educational video, introduced earlier this year by CANNEX, has won the award for Best Investment Online Video from the Internet Advertising Competition.   Using real time market data, the educational video and report are customized to the client’s individual financial and personal profile in order to […]

Advisers plan to use tech to kick client experiences up a notch

{April 24th, 2013} by Davis D. Janowski

In the results of its 2012 Wealth Management Study, announced last week, Ernst & Young LLP reported findings that will come as little surprise to many regular readers of InvestmentNews. Primarily, the fact that leveraging technology to provide a better experience for clients — as well as advisers — will be a strategic focus among […]

Finra backpedals, pulls plan mandating web links to BrokerCheck

{April 24th, 2013} by N/A

Finra today withdrew a proposal that would have required brokers to post a link on their websites and social media to a database containing information about their disciplinary history. The Financial Industry Regulatory Authority Inc. proposed the rule earlier this year. It would have required Finra members to include “a prominent description of and link […]

Boomers & retirement: Not a pretty picture

{April 24th, 2013} by Maria Wood

When to take Social Security? How much do they need to save? According to numerous studies, baby boomers may be short of funds and correct information. For more coverage from our 2013 boomer survey, visit www.LifeHealthPro.com/BoomerSurvey.  Click here for the Infographic.    

Retiring on CDs Not Viable

{April 23rd, 2013} by Sheyna Steiner | Bankrate.com

The days when anyone, besides royalty and oil barons, could live off of the interest from certificates of deposit are gone. Today’s low CD rates and rates on other savings vehicles could cause retirees to run out of money before they run out of life. Not only is it not possible to simply collect interest […]

MetLife Raises Dividend For First Time Since 2007

{April 23rd, 2013} by Associated Press

NEW YORK — Insurer MetLife Inc. said Tuesday it is raising its quarterly dividend to 27.5 cents from18.5 cents. The move marks the first time MetLife has raised its dividend since 2007. It comes shortly after the MetLife stopped being a bank holding company, giving it the ability to raise its dividends without getting approval […]

New Deferred Income Annuity Products Flow Into The Marketplace

{April 23rd, 2013} by Cyril Tuohy

The recent spate of deferred income annuities (DIAs) has swept into the market like a straight-line cluster of summertime derecho storms. To demonstrate, The Phoenix Companies launched its Income Elite Annuity, a single premium fixed indexed annuity with a guaranteed lifetime withdrawal benefit rider. American General announced the AG Choice Index 10 Annuity with an […]

Relying on technology: Financial planning is an art, not a science

{April 23rd, 2013} by John Olsen

Article added by John Olsen on April 22, 2013 The biggest problem with the incredibly powerful tools we employ, in my judgment, is that they have allowed us to form an intimate relationship with our client’s data, when what we need to do is form an intimate relationship with our clients. Financial planning is an […]

AP Just Got Hacked And A Fake Tweet Caused The Stock Market To Tank

{April 23rd, 2013} by Joe Weisenthal and Sam Ro

Story of the day: The  AP twitter feed was hacked, and “reported” that there was an explosion at  The White House, injuring Barack Obama. The tweet looked like this. It came just after 1 PM ET. Twitter/@AP   Of course the story was false, though it remained uncorrected for several  minutes. Eventually an AP employee […]

Apollo-to-Goldman Embracing Insurers Spurs State Concerns

{April 23rd, 2013} by Zachary R. Mider

Until April 2011, Patrick “Pete” Dodd, a former money manager at Liberty Life Insurance Co. in Greenville, South Carolina, invested customer premiums in what he calls a “squeaky clean” portfolio: bonds backed by state governments and blue chip corporations. Then a company funded by private equity firm Apollo Global Management LLC (APO) acquired Liberty and […]

Biggest Social Issue Of Our Time: Saving For Retirement

{April 22nd, 2013} by Linda Koco

NEW ORLEANS – Getting Americans to save more is ”the biggest social issue of our time,” maintained Stig O. Nybo here at the annual Retirement Industry Conference sponsored by LIMRA, LOMA and Society of Actuaries. Addressing this social issue will take an “absolutely bold response,” continued the president of pension sales and distribution for Transamerica […]

Why April is a must month for client annuity reviews

{April 22nd, 2013} by Kevin Startt

Through focusing on indexed products during the fall and winter months, the client’s money doubles every six years. Be a master of your client’s destiny by following this age-old market-timing strategy that does work. There’s an old story about a client who went to visit his financial advisor and was amazed to find him playing […]

ING U.S. IPO moves forward

{April 22nd, 2013} by Michael K. Stanley

ING U.S. is moving closer to fully rebranding into Voya Financial as the company announced they had filed an amended Registration Statement on Form S-1 with the Securities and Exchange Commission (SEC) related to its initial public offering (IPO). ING U.S., the retirement investment management and insurance operations unit of the Netherlands-based ING Group will […]

What is the best equity indexed universal life policy for your clients?

{April 22nd, 2013} by Roccy DeFrancesco

The number one question I receive from advisors who use cash value life insurance to help clients build wealth for retirement is, “What is the best equity indexed universal life (EIUL) policy in the marketplace?” While everyone would like a one-product answer, that is not realistic. By accident or intention, EIUL policies in the market […]

‘We’re all on the same team’

{April 22nd, 2013} by Stan Haithcock

We are all on the same team. We are all this together. We all are trying to achieve the same goal, and that goal is to “protect the annuity franchise.”  Click here to read…

Five Ways To Reach The Mid-Market In Life Insurance

{April 22nd, 2013} by Linda Koco

NEW ORLEANS – Carriers are using five ways to reach the mid-market for life insurance, according to new research from LIMRA and the LIFE Foundation. As may be expected in today’s Internet-savvy world, going online is one of those ways. But there are other approaches too, said LIMRA analyst Todd Silverhart. One of them includes […]

NY doubles down on captives, private equity firm scrutiny

{April 22nd, 2013} by Elizabeth D. Festa

New York insurance regulators have the captives industry and private equity firms that own annuity companies under a microscope for their effect on financial solvency and stability, and the fear policyholders may be left holding the bag. The use of captives by insurers places the stability of the broader financial system at greater risk, the New York State […]

National Insurance Marketing Organization Marks 20th Anniversary

{April 22nd, 2013} by N/A

Partners Advantage Insurance Services sees significant revenue growth as it celebrates its 20th anniversary Riverside, CA (PRWEB) April 18, 2013 During the past 20 years it has been difficult for companies to survive, much less thrive, but one company that started as a modest insurance brokerage in 1993 has grown into a nationally recognized independent […]

How Twitter Saved Us From a Scam: Inside ING DIRECT’s Social Media Strategy

{April 22nd, 2013} by Ulara Nakagawa

These days social media crises seem to be popping up all over the business world. You’ve heard the stories: The hostile Twitter takeovers of Burger King and Jeep in March that had the two corporate giants scrambling to regain control of their accounts. The HMV PR catastrophe in February when one disgruntled employee suddenly went […]

Advisers at marathon recall harrowing moments

{April 22nd, 2013} by Liz Skinner

Phil Stathos, a financial adviser and partner at Mayflower Advisors LLC, cheered on his wife, Alice, during her fourth marathon in Boston last Monday. He watched her run by and turn onto Boylston Street for the final stretch at 2:46 p.m. — four minutes before the bombs exploded. After initially thinking that a transformer blew, […]

Adviser at the Boston Marathon relives 911 emotions

{April 22nd, 2013} by Liz Skinner

Financial adviser Robert Henderson proudly cheered for his younger brother at mile 20 of the Boston Marathon yesterday, promising that he, his wife and two young children would meet the first-time marathoner in the finish area. Running to raise funds for the National Multiple Sclerosis Society, his 37-year-old brother Erik was fulfilling a goal pledged […]

One adviser's harrowing story of running the Boston Marathon

{April 22nd, 2013} by Darla Mercado

Jennifer Hartman, principal at Greenleaf Financial Group in Los Angeles, participated in Monday’s Boston Marathon. This is her story. We were running down the home stretch, with two friends. There were 14 members of our group, the LA Leggers. We are all qualified runners, not charity runners, but wanted to have a good time. With […]

In difficult circumstances, advisers in Boston soldier on

{April 22nd, 2013} by Jason Kephart

Jerry Anderson, president of Boston Investment Advisers Inc., found himself in an unusual situation Friday morning at his office on Beacon Street in downtown Boston. Mr. Anderson, who lives within walking distance from his office, was acting as his own secretary. “I don’t normally answer the phones but my secretary isn’t here. We’re in a […]

Allstate Said to Seek Buyers for Lincoln Benefit Business

{April 22nd, 2013} by Matthew Monks & Noah Buhayar

Allstate Corp. (ALL), the largest publicly traded U.S. home and auto insurer, is seeking potential buyers for its Lincoln Benefit Life Co. subsidiary, three people familiar with the matter said. Goldman Sachs Group Inc. (GS) was engaged by Northbrook, Illinois-based Allstate to solicit offers for Lincoln, said the people, who declined to be identified because […]


Don’t Assume Prospects Know Annuities

{April 21st, 2013} by Sheryl J. Moore

By Sheryl J. Moore, President and CEO of Moore Market Intelligence, an indexed product resource in Des Moines, IA. I was speaking to a health insurance agent today who was looking for information on life insurance and annuities. He was genuinely interested in selling these “foreign” products, and I did my best to provide him […]

In insurance, Des Moines narrows gap with Hartford

{April 21st, 2013} by Victor Epstein

Industry and economic challenges push more companies to look to Midwest Apr 14, 2013 Written by Victor Epstein Des Moines, “the Hartford of the Midwest,” is narrowing its namesake’s lead as the insurance capital of the United States, driven by insurers moving operations from Northeast cities to more affordable alternatives in the Midwest. Insurance employment […]

John Hancock seeds 'One Fund' for Marathon bombing victims

{April 21st, 2013} by The Republican newsroom

The One Fund Boston, intended to raise money to help those families most affected by the bombing at the finish line of Monday’s Boston Marathon, was announced Tuesday by Massachusetts Gov. Deval Patrick and Boston Mayor Thomas Menino. John Hancock Financial Services, the lead sponsor of the Boston Marathon, kicked off The One Fund Boston […]

ING U.S. sets stock offering price at $21-$24 a share

{April 21st, 2013} by Darla Mercado

Company to change name to Voya Financial upon IPO, focus on retirement, investment, insurance. ING U.S., soon to be known as Voya Financial, has named its price for its upcoming initial public offering: $21 to $24 a share. The insurer filed an updated S-1 form with the Securities and Exchange Commission yesterday to offer roughly […]

Advisors Key To America’s Retirement Future: Kerzner

{April 19th, 2013} by Linda Koco

NEW ORLEANS – Today, many Americans have no incentive to save for retirement, but advisors can do something about that, according to LIMRA Chief, Robert Kerzner. Advisors can, and do, have a motivational impact on clients, he explained in an interview in advance of his opening remarks this morning at the annual Retirement Industry Conference […]

Still wondering about social media?

{April 19th, 2013} by Amy McIlwain

Do you ever wonder how many clients other financial advisors gain from their use of social media? Perhaps you wonder whether your prospects use social media at all. These are the questions that occupy the minds of many advisors who are on the fence about social media — and with good reason. Click here to […]