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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 [...]