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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. […]

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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 […]

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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 […]

U.S. retirement industry could learn from Australia’s successes

{April 19th, 2013} by Paula Aven Gladych

Australia’s retirement system has a much higher asset growth rate than other industrial nations. It also spends less on old-age pensions and has high individual savings rates. According to a report by Julie Agnew for the Center for Retirement Research at Boston College, the U.S. could learn a few lessons from Australia’s system, which combines […]

Treasury rejects notion of too big to fail

{April 19th, 2013} by Arthur D. Postal, Liz Festa

There will be no more bailouts of financial institutions, a top official of the Obama administration said Thursday night in what appears to be an attempt to pre-empt Republicans efforts to water down the Dodd-Frank Act. “No financial institution, regardless of its size, will be bailed out by taxpayers again,” Mary J. Miller, U.S. Treasury […]

Nearly 20% Willing To Purchase Life Insurance From A Retail Outlet

{April 19th, 2013} by Cyril Touhy

Purchasing life insurance from a financial professional remains the preferred way to buy, but even so nearly one in five consumers (17 percent) would be willing to purchase life insurance coverage directly from a retail outlet, according to findings from the 2013 Insurance Barometer Study, conducted by LIMRA and the LIFE Foundation. The study asked […]

LIMRA: Top Five Ways Gen X and Y Consumers Can Improve Their Chances for a Secure Retirement

{April 19th, 2013} by Catherine Theroux

WINDSOR, Conn., April 18, 2013 —LIMRA research reveals that the majority of Generation X and Y consumers have little understanding of financial products and services and less than half make saving for retirement their top priority. “There are nearly 116 million Americans aged 20 to 47, and most of them will have to rely solely […]

People Love Their Insurance Agent, Study Shows

{April 18th, 2013} by Linda Koco

NEW ORLEANS – LIMRA researchers have been noodling around with the question of how customers feel when beneficiaries undergo the experience of filing a death claim, so they decided to do a study. What they found out is not what they expected. What they found is that 95 percent of the claimants were satisfied with […]

ING To Sell Stake In U.S. Arm For Up To $1.5B

{April 18th, 2013} by Associated Press

AMSTERDAM –ING Groep NV says it will sell a 25 percent stake in its U.S. arm for around $1.4-$1.5 billion in an initial public offering, as part of measures demanded by the European Commission to compensate after ING received a bailout from the Dutch government in 2008. ING U.S. has insurance, investment and retirement businesses. […]

John Hancock to contribute to Marathon support fund

{April 18th, 2013} by N/A

Massachusetts Governor Deval Patrick and Boston Mayor Menino today announced the formation of The One Fund Boston, the purpose of which is to raise money to help those families most affected by the tragic events that unfolded during Monday’s Boston Marathon. “I am humbled by the outpouring of support by the business community and individuals […]

Immediacy Makes It Harder To Stick To Long-Term Goals

{April 18th, 2013} by PR Newswire Association LLC

MILWAUKEE, April 16, 2013 /PRNewswire/ –The efficiency that technology affords us is undeniable. Yet around-the-clock connectivity and instant access to information is distracting millions of Americans, and having a deep impact on long-term planning, according to data from Northwestern Mutual’s 2013 Planning & Progress Study. To view the multimedia assets associated with this release, please […]

Western United Life Assurance Acquired By The Manhattan Insurance Group

{April 18th, 2013} by Todd Hayden

Houston, TX, April 2, 2013 – The Manhattan Insurance Group of companies is pleased to announce that one of its operating companies, Central United Life Insurance Company, has acquired Western United Life Assurance Company (WULA). The acquisition gives the privately held Houston based insurance company and a leading provider of Life, Accident, Cancer and Limited […]

Selling Indexed UL For Upside Potential, Downside Protection

{April 18th, 2013} by Linda Koco

NEW ORLEANS – There is a huge opportunity in the emerging growth product, indexed universal life insurance, said Bobby Samuelson in a workshop here. But when entering this market, the industry “needs to know where the landmines are,” he warned. He named a number of landmines in his presentation, but focused heavily on one of […]

SEC Aims To Move Past Financial Crisis Cases

{April 18th, 2013} by Joshua Gallu

(Bloomberg) –Mary Jo White, the first former prosecutor to serve as chairman of theU.S. Securities and Exchange Commission, has pledged to run a “bold and unrelenting” enforcement program at the agency charged with regulatingWall Street. With financial crisis cases mostly done and some of the biggest insider-trading cases in history closed, White will have to […]

Strong Sales Of Retirement Plans Boost OneAmerica

{April 18th, 2013} by Chris O'Malley

A big bet on employer-sponsored retirement plans is paying off for locally based OneAmerica Financial Partners, a company best known for its life insurance offerings. The company’s sales of employer-sponsored plans rose 22 percent last year to $1.39 billion, adding to a 51-percent increase in 2011. Total retirement services sales in 2012 were nearly $1.5 […]

Advisors Step Up To The Retirement Planning Plate

{April 18th, 2013} by Linda Koco

NEW ORLEANS – If there is any doubt that financial advisors are stepping up their efforts to offer retirement income planning and services, LIMRA has some numbers that should put that doubt to rest. Among the more than 1,000 advisors the firm surveyed in late 2011, nearly all (89 percent) said they do offer retirement […]

Partners Advantage Launches New Mobile App for Advisors and Insurance Professionals

{April 17th, 2013} by Peggy Porter

FOR IMMEDIATE RELEASE   Partners Advantage Launches New Mobile App for Advisors and Insurance Professionals   Riverside, CA (April 16, 2013) – Partners Advantage Insurance Services, LLC announced the launch of a new mobile application for Apple and Android devices. Technology is more important than ever and it is helping professionals in all industries manage […]

SABIR-rattling at the NAIC and beyond

{April 16th, 2013} by Elizabeth D. Festa

CEO Nelson and members, group ready to ‘fight’ for state regulation   By Elizabeth D. Festa April 8, 2013 •   NAIC CEO Ben Nelson and a group that says it is poised to defend state regulation spoke in robust battle rhetoric Monday at a reception, upping the rhetoric against federal insurance supervision while at […]

IUL and the need for clones in New Orleans

{April 16th, 2013} by Brian Anderson

Opinion By Brian Anderson April 15, 2013 •   LIMRA’s 2013 Life Insurance Conference hits New Orleans April 15-17. Remember the 1996 film “Multiplicity,” where Michael Keaton’s character never has enough time in the day and finds a sort-of solution by cloning himself? I’d like to have three clones with me at this week’s 2013 LIMRA […]

Prudential selling wealth unit to Envestnet

{April 16th, 2013} by AP Staff Writer

By AP Staff Writer April 15, 2013 •   CHICAGO (AP) — Prudential Financial Inc. is selling off a small part of its business, a wealth management services unit, to financial services firm Envestnet Inc. for up to $33 million. Envestnet sells technology and services to investment advisers. It said Friday that it’s buying the division, […]

DIAs: The perfect annuity for baby boomers

{April 16th, 2013} by Maria Wood

By Maria Wood April 15, 2013 •   Kimberly Foss calls them “tweeners.” But, no, she’s not referring to those legions of pre-teens who worship Justin Bieber. Instead of the baggy-pants one, Foss, CFP®, founder and president of Empyrion Wealth Management in Roseville, Calif., is talking about baby boomers, mostly in their 50s, who have been […]

American General Life Insurance Company Announces Launch of AG Choice Index 10(SM) Annuity with AG Lifetime Income Plus(SM) Optional Guaranteed Living Benefit Rider

{April 16th, 2013} by N/A

Income Solution Can Help Individuals Guarantee More Income for Retirement by Providing Potential to Double Retirement Income in Just 10 Years HOUSTON, Apr 15, 2013 (BUSINESS WIRE) — American General Life Insurance Company (American General) is proud to announce its new AG Choice Index 10(SM) annuity. This new index annuity offers upside growth potential with […]

Amarillo woman's conviction overturned in annuities scam

{April 16th, 2013} by Jim McBride

Posted: April 15, 2013 – 11:31am By Jim McBride jim.mcbride@amarillo.com Amarillo woman’s conviction overturned in annuities scam Amarillo Globe-News An Amarillo woman will be resentenced later this month after a federal appeals court overturned her money laundering conviction in a two-year, mother-and-son scam that drained more than $700,000 from elderly client’s annuities. In 2011, an Amarillo […]

Lincoln National CEO Pay Package Up To $6.8M Last Year

{April 16th, 2013} by Matthew Sturdevant

By Matthew Sturdevant, The Hartford Courant April 15–Lincoln National Corp. CEO Dennis R. Glass had a pay package last year that was up 11 percent from 2011, according to documents filed Friday with the U.S. Securities and Exchange Commission. Glass was compensated $6.8 million, not including stock-and-option awards worth $6.3 million which will provide value […]

Madison Dearborn to buy NFP for $1.3 billion

{April 15th, 2013} by Dan Jamieson

Firm being sold for less than its IPO price of 10 years ago By Dan Jamieson   |  April 15, 2013 – 4:29 pm EST Private-equity firm Madison Dearborn Partners LLC has agreed to buy National Financial Partners Corp. (NFP) for $1.3 billion, the companies said today. The deal, which includes debt that can be converted into […]

Fidelity Exec Calls For More Retirement Savings

{April 15th, 2013} by Ira Kantor

By Ira Kantor, Boston Herald April 10–Congressional and financial leaders need to act now to address the nation’s “inadequate” retirement savings system to stave off threats to America’s economic strength, competitiveness and future prosperity, a top Fidelity Investments executive said today. Addressing the U.S. Chamber of Commerce’s 7th Annual Capital Markets Summit in Washington, D.C., […]

Industry Groups Launch Retirement Planning Awareness Campaign

{April 12th, 2013} by Cyril Tuohy

By Cyril Tuohy InsuranceNewsNet In the wake of a spate of studies showing Americans worried about their ability to finance retirement, the Insured Retirement Institute (IRI) and the National Retirement Planning Coalition have launched a campaign to increase consumer understanding of important retirement planning. “Too many Americans are woefully unprepared and lack the savings to […]

Allstate CEO's Compensation Doubled In 2012

{April 12th, 2013} by Becky Yerak

By Becky Yerak, Chicago Tribune McClatchy-Tribune Information Services April 10–Tom Wilson, Allstate Corp. chairman and chief executive, saw his total compensation rise 53 percent in a year when the stock of his Northbrook-based insurer was up about 50 percent. His total pay last year was nearly $17.1 million. He saw a big jump his perfomance […]

NAIC Establishes American Indian Liaison Committee

{April 12th, 2013} by N/A

Targeted News Service WASHINGTON, April 11 — The National Association of Insurance Commissioners issued the following news release: The Executive Committee of the National Association of Insurance Commissioners (NAIC) has approved the formation of an American Indian Liaison Committee. The committee will address insurance issues involving the cooperation and relationship between sovereign states and sovereign […]

AXA Financial sells closed portfolio to Protective

{April 12th, 2013} by Michael K. Stanley

By Michael K. Stanley April 11, 2013 •   AXA Financial (AXA), a member of the global AXA Group, has entered into an agreement to sell a closed book of policies from its MONY Life Insurance Company to Protective Life Corporation (Protective) for $1.06 billion. Under the terms of the deal, expected to close on Oct. […]

We need the retirement Gecko

{April 12th, 2013} by Maria Wood

National Retirement Planning Week April 8-12 By Maria Wood April 11, 2013 •   Tomorrow will end National Retirement Planning Week, in case you didn’t know. The event is supposed to get consumers from the, “Yeah, I should start thinking about retirement,” to “Let’s see an advisor and get a plan together” stage. A noble […]

White sworn in; SEC commissioner departures loom

{April 12th, 2013} by Melanie Waddell

By Melanie Waddell April 11, 2013 • Just as Mary Jo White was sworn in Wednesday morning as the 31st chair of the Securities and Exchange Commission, two other SEC commissioners are likely on their way out. White, who was confirmed by the Senate on Monday, said in a statement Wednesday that it was “an […]

ING U.S. Announces Plans to Rebrand as Voya Financial

{April 11th, 2013} by Joe Loparco

April 11, 2013 New identity will support company’s strategy to help Americans advance their retirementreadiness As more Americans face the growing responsibility to plan and save for their retirement, ING U.S.’s goal is help guide them on their voyage toward greater financial preparedness. In this context, and as it continues to prepare to become an […]

Insurance Marketing Veteran Joins Lincoln Financial Distribution Team

{April 11th, 2013} by Cyril Tuohy

By Cyril Tuohy InsuranceNewsNet Lincoln Financial Group Distribution, the wholesale and retail distribution subsidiary of Lincoln Financial Group, has hired former AXA Equitable marketing vice president Kathy Kavanaugh as vice president of strategic solutions and partner marketing. Kavanaugh will develop strategies to improve services for producers and wholesalers, create campaigns that broaden the sales context […]

AXA Signs Closed MONY Portfolio Transaction With Protective

{April 11th, 2013} by N/A

PR   Newswire Association LLC NEW YORK, April 10, 2013 /PRNewswire/ — AXA today announced it had entered definitive agreements with Protective Life Corporation (“Protective”) to sell MONY Life Insurance Company (“MONY”) and to reinsure an in-force book of life insurance policies written by MONY’s subsidiary MONY Life Insurance Company of America (“MLOA”) primarily prior […]

Industry opposes Obama retirement limits

{April 11th, 2013} by Arthur D. Postal

By Arthur D. Postal April 10, 2013 • A budget deficit-cutting proposal from President Obama released today that calls for capping the value of individual retirement accounts at $3 million would significantly impact the growth of the retirement market in coming years, according to an analysis by Employee Benefit Research Institute. Robert Smith, president of […]

A.M. Best Downgrades Issuer Credit and Debt Ratings of The Phoenix Companies; Ratings for Its Subsidiaries Remain Under Review

{April 10th, 2013} by N/A

 FOR IMMEDIATE RELEASE OLDWICK, N.J., APRIL  09, 2013 A.M. Best Co. has downgraded the issuer credit rating (ICR) to “b+” from “bb-” and debt rating to “b+” from “bb-” on the outstanding $253 million 7.45% senior unsecured notes of The Phoenix Companies, Inc. (Phoenix) (Hartford, CT) [NYSE: PNX]. The ratings for Phoenix’s life insurance subsidiaries are […]

CEO says up to 50 jobs could be lost at Aviva Investors

{April 10th, 2013} by Victor Epstein

Jim Belardi, chief executive officer of Athene Holding Limited, says that its planned acquisition of Aviva USA could lead to the loss of as many as 50 jobs at Aviva Investors after the deal is consummated in the third quarter.   Belardi said Aviva Investors has more than 140 people and Athene is keeping 90 […]

Alternative Brokerage Opens in Greater Des Moines, IA

{April 10th, 2013} by Bob Phillips

FOR IMMEDIATE RELEASE   Alternative Brokerage Opens in Greater Des Moines, IA New National BGA and Annuity Wholesaler Launched   Clive, IA (April 3, 2013– Alternative Brokerage (AB) is a new wholesaling concept for broker-dealers, large producer groups, registered investment advisors, regional banks and career marketing organizations that wish to expand their product offerings to […]

Fed minutes show clear divisions over QE duration

{April 10th, 2013} by Greg Robb

By Greg Robb WASHINGTON (MarketWatch)– Federal Reserve officials remained divided over how long they should keep buying bonds, according to the minutes of the March 19-20 meeting released Wednesday. The Fed said that one member wanted to slow the bond purchases immediately. A few more favored slowing the purchases at midyear, with the program ending […]

NAFA Response to Stan Haithcock from LifeHealthPro

{April 10th, 2013} by Kim O'Brien

April 5, 2013 LifeHealthPro Editorial Headquarters 7009 S. Potomac Street, Suite 200 Centennial, CO 80112 Letter to the Editor of LifeHealthPro Re:  “The annuity industry needs its own Series 7 exam…now” by Stan Haithcock Dear Editor, NAFA, the National Association for Fixed Annuities, has been advocating on behalf of fixed annuities for more than 15 […]

The secret selling ingredient, Pt. 1

{April 9th, 2013} by Steve Lewitt

Without self-respect, people can’t trust themselves. And, without the ability to trust themselves, they cannot trust you. Last week one of my clients, Italian in heritage, was nice enough to share her family recipe for tomato sauce (which she calls “gravy,” as many from the old country do). After a long set of instructions on […]

SABIR-rattling at the NAIC and beyond

{April 9th, 2013} by Liz Festa

Houston –NAIC CEO Ben Nelson and a group that says it is poised to defend state regulation spoke in robust battle rhetoric today at a reception, upping the rhetoric against federal insurance supervision while at an event where participants made a call to arms, of sorts, against federal encroachment. The target — “excessive federal regulation” […]

Financial education still looking for elusive payoff

{April 9th, 2013} by Adam Belz

Looking dapper in a blue shirt and striped tie, 11-year-old Quinn Krueger leaned over his desk and peered at plans for his company’s next project — a park bench. Krueger was CEO of the only construction firm in BizTown, a simulated city at Junior Achievement in Maplewood where fourth- and fifth-graders spend a day learning […]

Advisers garnering more trust

{April 9th, 2013} by Jason Kephart

The financial crisis may have wreaked havoc on people’s portfolios, but it strengthened their relationship with financial advisers. Advisers are more trusted by investors than banks, insurance companies, investment firms and the government, according to an online survey of 1,150 investors by Fidelity Investments. “The last several years have been a wake-up call,” said Scott […]

FIUL power phrases for certain sales success in 2013

{April 9th, 2013} by Kevin Startt

Life insurance illustrations are like marriage; you either learn to pay attention or pay dearly. Through paying attention to these power phrases and suitability points, FIUL can be a potent and powerful tool for legacies of lifetime income and protection. Fixed indexed universal life (FIUL) was one of the fastest growing products in 2012 and […]

What you need to know about field underwriting

{April 9th, 2013} by Paul Holland

Reliable underwriting opinions depend on reliable information. I hope the catchy mnemonic, TOADS, will help you remember the general items that are important in the field underwriting of medical impairments. Collecting data about your client is an important step in the underwriting process. Known as field underwriting, this information allows your  underwriter to better assess […]

What To Do About Closed Block?

{April 9th, 2013} by Linda Koco

If the past is any indicator of what is to come, the recent burst of new annuity products and the debut of more deals between annuity carriers will be followed by closed block announcements. That is, the carriers involved will close certain blocks of business to new sales. What do producers who wrote those older […]

Why Baby Boomers and Millenials make great teams

{April 9th, 2013} by Staff Writer

There are 66 million Boomers who, instead of heading into traditional retirements, are increasingly entering encore careers where they can leverage their experience. There are 90 million Millennials who are young, hungry, don’t have a head full of bad habits yet and can leverage their potential. Instead of seeing Boomers and Millennials as two groups […]

10 great opening lines from top producers

{April 9th, 2013} by Brian Anderson

The middle of a sales conversation is usually great. And ending one? No sweat. Click here to read…

Advisors Need To Initiate Longevity Talk

{April 9th, 2013} by David Dankwa

Even though Americans are living longer, the risks and financial responsibilities associated with longevity are not frequent topics of discussion for many middle-income Americans. In fact, according to a new study conducted by the research arm of Bankers Life, more than 87 percent of middle-income Americans age 55 and older, do not spend much time […]

Baby Boomers’ Retirement Planning Confidence Trending Downward

{April 9th, 2013} by N/A

WASHINGTON, D.C.– The Insured Retirement Institute (IRI) released its third annual report on Boomers’ retirement expectations that reveals a continuing decline in Boomers’ retirement planning confidence. The percentage of Boomers who are confident in their financial preparations for retirement has dropped each year since the report’s inception—from 44 percent in 2011 to 37 percent in […]

Student Loans Trap Parents, Too

{April 9th, 2013} by Celia Baker; Celia Baker Deseret News

WASHINGTON –Signing a death-benefit policy was the last thingJennifer DePaul wanted to do on Christmas morning. But there it was. When she went home toNew Hampshire for the holidays, her parents had the life insurance papers ready. DePaul’s parents had co-signed on the student loans that paid for her master’s degree in international journalism atCardiff […]

Nevada official’s body found in river; 4 arrested

{April 9th, 2013} by AP Staff Writer

RENO, Nev. (AP) — A body believed to be that of Nevada’s missing chief insurance examiner was found wrapped in a blanket and bound with duct tape Saturday in a river in Carson City, and four suspects were arrested in the case, authorities said. Carson City Sheriff Ken Furlong said that while a positive identification […]

NAIFA members hit Capitol Hill

{April 9th, 2013} by Arthur D. Postal

An estimated 1,000 life insurance agents will be advising their legislative representatives on the importance of maintaining strong incentives for people to save as part of the National Association of Insurance and Financial Advisers annual conference being held in Washington, D.C. On Monday, Gov. Dirk Kempthorne, president and CEO of the American Council of Life […]

AIG Asks Court to Dismiss Part of Greenberg Suit over Bailout

{April 8th, 2013} by N/A

Insurer American International Group Inc. has asked a court to block Maurice “Hank” Greenberg’s efforts to sue the U.S. government on AIG’s behalf, saying its former CEO has not proven he should have the right to do so. Earlier this year, AIG drew sharp criticism from members of Congress and an outraged public when the […]

National Retirement Planning Week® 2013 Set to Kick Off on April 8

{April 7th, 2013} by Catherine Weatherford

Washington, D.C. – April 2, 2013 – The Insured Retirement Institute (IRI) today announced that National Retirement Planning Week® 2013 will take place from April 8 to 12. Held during financial literacy month, National Retirement Planning Week® is led by the National Retirement Planning Coalition, a group of prominent education, consumer advocacy and financial services […]

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Educating consumers about financial services products

{April 5th, 2013} by Sheryl J. Moore

I wrote the following article so that your clients could have an important high-level overview of financial services. It was prompted by an exchange that I had with a fellow member of my credit union’s board of directors. I hope that this helps you, your business, and your clients! Since entering the financial services industry 12 […]

New York Life posts double-digit earnings increase

{April 5th, 2013} by Warren S. Hersch

New York Life Insurance Company enjoyed a double-digit increase in profits last year, the company disclosed today in its 2012 financial results. Operating earnings, the company’s measure to track profitability from ongoing operations, grew 18.4 percent in 2012 to $1.6 billion from 1.3 billion in 2011. This marks the fifth of the last six years where […]

AIG makes case for its ability to sue banks

{April 5th, 2013} by Arthur D. Postal

American International Group contends it never forfeited its right to sue mortgage bankers that sold it virtually worthless mortgage-backed securities, and the insurer says a Federal Reserve official has made inconsistent statements to the court on the matter. AIG is claiming that it is owed perhaps $10 billion from the banks. AIG’s statement is contained […]

Cetera to buy two of MetLife's indie B-Ds

{April 5th, 2013} by Bruce Kelly

Cetera Financial Group is continuing its aggressive expansion, announcing Friday it had agreed to acquire two independent broker-dealers from MetLife Inc. “With acquisitions we look for quality firms that are a cultural fit, and those where we can offer the greatest benefit to the joining advisors,” Valerie Brown, chief executive of  Cetera Financial Group said […]

Fed issues final rule for nonbank supervision

{April 4th, 2013} by Elizabeth D. Festa

The Federal Reserve Board announced Wednesday its approval of a final rule that defines the terms “significant nonbank financial company” and “significant bank holding company,” potentially clearing the way for the Financial Stability Oversight Council (FSOC) to designate an insurance company for consolidated supervision by the Fed. The board also established the requirements for determining when a […]

SEC Embraces Social Media

{April 4th, 2013} by Jessica Holzer and Greg Bensinger

New Way to Make Disclosures Gets Go-Ahead if Investors Are Told Where to Look Executives with itchy Twitter fingers can rest easier after federal securities regulators blessed the use of social-media sites to broadcast market-moving corporate news. The Securities and Exchange Commission cleared Netflix CEO Reed Hastings of any wrongdoing in using social media platforms […]

Why the 4% Rule Still Stands

{April 4th, 2013} by Ron Grensteiner

Posted on April 1, 2013 by IALC By Ron Grensteiner, President of American Equity Investment Life Insurance Company There’s been a recent spate of news coverage from sources such as NBC, the Wall Street Journal, and Fox Business debating the merits of what is known as the 4% rule. Essentially, this rule of thumb states that […]

Consumer mistrust leaves retirement planning in the dust

{April 3rd, 2013} by Sam J. Friedman, Val Srinivas

A fundamental lack of trust is one major reason why a large segment of consumers may be reluctant to allow financial services providers to help them with their retirement savings and income planning, a survey by Deloitte’s Center for Financial Services has revealed. Deloitte’s survey of nearly 4,500 consumers from a wide range of age […]

Panel considers ending unisex insurance rates

{April 3rd, 2013} by Kathryn Haake

HELENA, Mont. (AP) — Even Shawn McQuillan’s 88-year-old grandfather says his 20-year-old grandson drives too cautiously. The younger McQuillan, who says he has never been in a car accident or received a ticket, testified against a measure Friday that would allow some insurance companies to consider gender when determining Montanans’ policy rates — a measure […]

Americans cite top reason for caution in spending

{April 3rd, 2013} by Warren S. Hersch

Many Americans continue to spend money cautiously, new research shows. Northwestern Mutual Life Insurance Co., Milwaukee, discloses this finding in the second release of data from its new survey, “2013 Planning and Progress Study.” Conducted by research firm Harris Interactive, the survey polled 1,546 Americans ages 25 and older. Click here to read…

State Life redesigns annuity-based long-term care product to thrive in low interest rate environment

{April 3rd, 2013} by Jim Gavin, Media Relations Manager

Indianapolis (April 3, 2013) – The State Life Insurance Company, a OneAmerica company, is now offering an updated version of its popular asset-based long-term care annuity product, Annuity Care® II. The product – an annuity from which withdrawals can be made free from federal income tax for qualifying long-term care (LTC) expenses – has been […]

The Phoenix Companies Launches Next Generation Annuities

{April 3rd, 2013} by Business Wire

HARTFORD, Conn., Apr 02, 2013 (BUSINESS WIRE) — The Phoenix Companies, Inc. /quotes/zigman/11365752/quotes/nls/pnx PNX -0.03% today announced the launch of the Phoenix Next Generation Annuity, a single premium fixed indexed annuity, offered in both “bonus” and “non-bonus” versions. The annuity features the Protected Inheritance Benefit which combines a guaranteed lifetime withdrawal benefit (GLWB) with a […]

Allianz Life Hires Vanessa Ramirez as Senior Director, Government Relations

{April 3rd, 2013} by N/A

MINNEAPOLIS — Allianz Life Insurance Company of North America (Allianz Life) named Vanessa Ramirez as the new senior director of Government Relations in the Legal department where she is responsible for directing public policy advocacy initiatives for the company. She also leads cross-company coordination of government relations activities while reviewing proposed federal, state and insurance […]

LICONY trying to work with DFS on regulatory updates

{April 3rd, 2013} by Elizabeth Festa

The New York life insurance industry is slowly moving the state toward what it feels is more equitable treatment of its industry, with efforts spread across years rather than seasons. Thomas E. Workman, right, president and CEO of the Life Insurance Council of New York (LICONY) wants to make sure the life industry in New […]

New Montana law targets life insurance companies

{April 2nd, 2013} by AP Staff Writer

HELENA, Mont. (AP) – A bill that has been signed into law by Montana Gov. Steve Bullock requires life insurance companies to search for beneficiaries when a policyholder dies, even if no claims have been submitted. The law was a response to a series of national settlement agreements in which life insurance companies were charged […]

Baby boomers' underfunded retirement

{April 2nd, 2013} by Michael K. Stanley

Although baby boomers feel they will need an average of $750,000 in order to live comfortably in retirement, they have saved an average of $275,000. The discrepancy between what boomers feel they need and what they actually have was highlighted in a recent Investor Index Survey released by broker-dealer T.D. Ameritrade, Inc., a subsidiary of […]

Tax reform draft aimed at pass-through businesses

{April 2nd, 2013} by Andrew Osterland

Financial advisory firms and other businesses set up as so-called pass-through entities could be among the most dramatically affected if Congress adopts a comprehensive tax reform bill. The discussion draft on small-business taxation put forth by House Ways and Means Committee Chairman Dave Camp, R-Mich., on March 12 cites high tax compliance costs and the […]

Work-life balance: Is life too short to be busy?

{April 2nd, 2013} by Paul Wilson

Like most Americans, advisors struggle to balance their work with the rest of their life. The financial services industry is extremely competitive, a battle of attrition. Each hour spent doing something unrelated to business can be viewed as time in which ground is being lost to competitors. There’s some truth to the old adage about […]

Affluent Hispanic Moms Take Active Role In Finances

{April 2nd, 2013} by PRNewswire

SPRINGFIELD, Mass.,April 1, 2013 /PRNewswire-HISPANIC PR WIRE/– The results of a new study released today by Massachusetts Mutual Life Insurance Company (MassMutual) suggests that affluent Hispanic moms, with household incomes greater than $100,000, are working to be financially responsible, while striving to flawlessly manage all the household responsibilities. Yet, like many, theyre concerned about the […]

Advisor Worries: A Top 10 List

{April 2nd, 2013} by Bob Veres

When I asked the readers of my newsletter recently to articulate their biggest professional fears, I received more than 300 messages covering a range of concerns. Here are some of the most common themes I heard. 1. ERODING CONFIDENCE Investor confidence in the fairness of the investment system and in the stability of the global […]

Producers and technology: Overcoming adoption hurdles

{April 2nd, 2013} by Brian Anderson

Some producers will always prefer the decidedly low-tech sales approach of simply bringing a pen and a notepad to meet with customers. No flashy sales illustration will be shown on an iPad. The only “app” used will be in the form of a paper application for life insurance coverage. This old-fashioned approach has its merits, […]

Using Online Calculators, Advisors Raise Workers’ Retirement Confidence Levels

{April 2nd, 2013} by Cyril Tuohy

Employees who use online calculators and retirement advisors are more likely to exhibit higher levels of retirement confidence, according to new research by the Employee Benefit Research Institute (EBRI). The savings targets set by those in the lowest income quartile who had sought the input of a financial advisor reduced their risk of running short […]

Western United Life Assurance Aquired By The Manhattan Insurance Group

{April 2nd, 2013} by Todd Hayden

Houston, TX, April 2, 2013 – The Manhattan Insurance Group of companies is pleased to announce that one of its operating companies, Central United Life Insurance Company, has acquired Western United Life Assurance Company (WULA). The acquisition gives the privately held Houston based insurance company and a leading provider of Life, Accident, Cancer and Limited […]

CNO Financial Group Announces Organizational Changes

{April 1st, 2013} by PRNewswire

CARMEL, Ind., March 28, 2013 /PRNewswire/ –CNO Financial Group, Inc. (NYSE: CNO) today announced several organizational changes to create a more efficient alignment of resources and leverage talent across the enterprise. — Barbara Stewart has been appointed President of the Washington National segment. Stewart, who served previously as Vice President of Strategy and Business Development […]

Supreme Court Case Has Tax, Benefits Implications for Married Gay Couples

{April 1st, 2013} by Kim Dixon and Patrick Temple-West

If the U.S. Supreme Court strikes down a federal law defining marriage as between a man and woman, the newfound rights for gay married couples may bear something not so welcome – a bigger tax burden. That’s because with equality, gay couples will face the same tax woes of many heterosexual couples with similar incomes, […]

Tax season keeping wirehouse reps in their seats

{April 1st, 2013} by Andrew Osterland

The pace of adviser movement into and out of the wirehouses picked up at the beginning of this year compared to a slow 2012, say recruiters. But advisers now appear to be in lock-down mode in the lead up to the tax filing season. “There’s a lull in the recruiting market now because we’re within […]

The annuity suitability process

{April 1st, 2013} by Corey Weiner

Most advisors would agree that a fixed annuity can be an integral part of a sustainable income plan in retirement. Yet selling fixed annuities come with myriad regulations. Increasingly, to handle those risks, general agencies, field marking organizations and broker-dealers have instituted suitability measures in the interest of consumer protection and overall due diligence.  Click […]

Genworth elects former Sen. Conrad to board

{April 1st, 2013} by AP Staff Writer

RICHMOND, Va. (AP) – Genworth Financial Inc. has elected former Sen. Kent Conrad to serve as a new independent director, the insurance holding company said Friday. Conrad, 65, served as a senator representing North Dakota from January 1987 to January 2013. He was chairman of the Senate Budget Committee. Click here to read…

Retire before 40? Some folks say it can be done

{April 1st, 2013} by Matt Krantz

To most people, “retiring early,” means 55. But to Jason Fieber, that’s too long to wait. Everything Fieber does is with one goal: Retiring well before he hits the big 4-0. Fieber, a 30-year-old service adviser at a car dealership in Sarasota, Fla., even moved to the Sunshine State from his Michigan home,  in large […]

Boomers turn to encore careers after retiring

{April 1st, 2013} by Rodney Brooks, USA TODAY

Sitting at home through a 20-or 30-year retirement is no longer an option for an increasing number of Baby Boomers. Some are looking to do something else because they have to for financial reasons. But, increasingly, Boomers are embarking on entirely different “encore” careers after retirement. “The reality is people are living longer, healthier lives, […]

Social Media Use Widespread Among Advisors, But Perception Gap Persists

{April 1st, 2013} by Cyril Tuohy

Nearly one in two financial advisors (48 percent) interact daily with clients through social media, a sign that advisors view social media as a critical tool to help them grow their business and stay in touch with clients, according to an Accenture survey of 400 financial advisors. The survey also found that nearly three out […]

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