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Archive for October 2013

New York Life Exec: Life Settlement Industry Should Strive for Standardization and Consumer Protections

{October 31st, 2013} by Angelo Lewis, Senior Associate Editor, Best's Review

NEW ORLEANS – States should work harder to institute consumer protections, standardization and methodologies when it comes to the life-settlement market, according to Scott Berlin, senior vice president at New York Life. He spoke with Best’s News Service at the American Council of Life Insurers Annual Conference in New Orleans. Q: If you could just […]

Indexed Annuities Grow New ‘Must Have’ Features

{October 31st, 2013} by Linda Koco

Guaranteed lifetime withdrawal benefit riders have been the dominant star of indexed annuity features, but they will soon share billing with several other product features, according to insurance and annuity executives. That is one takeaway from a survey conducted earlier this month by The Phoenix Companies during a National Association for Fixed Annuities (NAFA) meeting […]


Beware of ‘Office Zombies’

{October 31st, 2013} by Kevin Daum

Oh, the horror! Office Zombies abound–and they are out to destroy your workplace. Here are the various types and the ways to inoculate yourself. As we begin the annual week of All Hallows, it’s important to recognize that there are office zombies all around you. You yourself are in grave danger of becoming a monster […]

American Equity approves preliminary agreement in class action suit

{October 30th, 2013} by Maria Wood

A preliminary agreement has been reached in a class action lawsuit against American Equity Investment Life Insurance Co. involving the sale of deferred annuities to seniors. According to a statement from the Evans Law Firm, one of the law firms that represented the plaintiffs, the preliminary agreement was handed down last month in the U.S. […]


A.M. Best Affirms Ratings of Symetra Financial Corporation and Its Subsidiaries

{October 29th, 2013} by BUSINESS WIRE

OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best Co. has affirmed the financial strength rating of A (Excellent) and issuer credit ratings (ICR) of “a+” of Symetra Life Insurance Company and its subsidiary, First Symetra National Life Insurance Company of New York (New York, NY). Concurrently, A.M. Best has affirmed the ICR of “bbb+” and existing debt ratings of […]


73 will be the average retirement age for Millennials

{October 29th, 2013} by Michael K. Stanley

Student debt will play the largest role out of all the factors leading to an average retirement age of 73 for Millennials with college degrees. Although Americans of all generations of Americans are preparing to work longer due to inadequate savings coupled with an expanding life expectancy, it is student debt that is the biggest […]

Amy McIlwain

New Facebook promotion possibilities for financial advisors

{October 29th, 2013} by Amy Mcllwain

Use these promotions to get people to interact with your brand and start talking about the big ideas of your business. This type of active participation can be very difficult to create with a standard Facebook timeline post. We’re always looking for new ways to help you market your financial business on social media sites. […]


What’s the most successful social network for financial advisors?

{October 28th, 2013} by Vanessa De La Rosa

It’s an awkward pairing: advisors’ hesitance to push through compliance worries and jump onto the social media bandwagon, and the incessant message that advisors must adapt to social media or risk dying off like dinosaurs. Whether you’re using social media every day, a little bit, or not all, it’s undoubtedly an ongoing source of curiosity […]

Symetra Reports Third Quarter 2013 Results

{October 24th, 2013} by Symetra Financial Corporation

  Third Quarter Summary       BELLEVUE, Wash., Oct 23, 2013 (BUSINESS WIRE) — — Adjusted operating income(1) was $48.9 million, or $0.42 per diluted share, up from $45.9 million, or $0.33 per diluted share, in third quarter 2012. — Net income was $45.3 million, or $0.38 per diluted share, down from net income […]

SNL: Insurers dump $3.9 billion in Treasury notes in 2013

{October 24th, 2013} by Warren S. Hersch

Led by Fidelity & Guaranty Life, U.S. insurers dispensed with nearly $4 billion in U.S. Treasuries in the first half of 2013, new research from SNL Financial reveals. Based on SNL’s review of bond transactions reported by U.S. based insurers that filed quarterly statements with the National Association of Insurance Commissioners, the report shows that […]

12 Insurers See Ratings Updates

{October 23rd, 2013} by Jennifer Morrell

A.M. Best, Fitch Ratings, Moody’s Investors Service and Standard & Poor’s (S&P’s) released ratings updates. The following are some of the most recent: Aegon N.V. Fitch has affirmed Aegon N.V.’s (Aegon) Long-term Issuer Default Rating (IDR) at ‘A’ and senior unsecured debt at ‘A-‘. Fitch has also affirmed Aegon’s primary North American life insurance subsidiaries’ […]

A.M. Best Assigns Issuer Credit and Debt Ratings to Sammons Financial Group, Inc.

{October 23rd, 2013} by Best's News Service

OLDWICK, N.J. – A.M. Best Co. has assigned an issuer credit rating of “a-” and a debt rating of “a-” to the $200 million 7.0% 30-year senior unsecured notes issued by Sammons Financial Group, Inc. (SFG, Inc.) (Delaware), an intermediate holding company indirectly owned by Sammons Enterprises, Inc. (SEI). The outlook assigned to both ratings […]

Jobs Report: US Insurance Industry Adds 2,800 Jobs in September

{October 23rd, 2013} by Jeff Jeffrey

WASHINGTON – The U.S. insurance industry added 2,800 jobs in September, continuing the upward trend in employment the industry has seen in 2013, according to the latest jobs report released by the U.S. Bureau of Labor Statistics on Oct. 22. The seasonally adjusted 0.12% increase added to the uptick in the overall jobs market. The […]

Genworth’s life division CEO to leave by year’s end

{October 23rd, 2013} by Maria Wood

Patrick B. Kelleher will leave his position as executive vice president and CEO of Genworth Financial, Inc.’s U.S. life insurance division at the end of the year, the company announced today. No reason was given in the statement for Kelleher’s departure. A spokesperson for Genworth declined to comment further on the matter. Click here to […]

Life insurance: Who needs it?

{October 23rd, 2013} by Emily Holbrook

It’s amazing to see the statistics out there that point to the lack of awareness among society about the crucial benefits afforded by life insurance. I’ll admit I was one of those who thought little (or not at all) about the product. But that was before I began working with the industry and realizing that […]

Most workers prefer one-on-one financial advice

{October 23rd, 2013} by Paula Aven Gladych

More than half of working Americans say they’d rather receive one-on-one financial advice from a financial advisor. That according to a TIAA-CREF study that showed that just 36 percent of all workers say they regularly rely on financial advice offered by their employers. TIAA-CREF’s second annual Financial Advice Survey was conducted by KRC Research and […]


Why Advisors Ignore ‘Simplified Annuities’

{October 23rd, 2013} by Linda Koco

NEW YORK CITY – “The term ‘simplified annuities’ normally means ‘watered down guarantees,’” according to a securities executive during a wide-ranging and unscripted panel discussion here at LIMRA’s annual meeting. For that reason, many advisors aren’t interested. Ultimately, everyone likes to go to simplicity, but “there isn’t a lot of demand for that,” said Robert […]

LIMRA Establishes Secure Retirement Institute

{October 23rd, 2013} by InsuranceNewsNet

NEW YORK, Oct. 22, 2013— LIMRA and LOMA President and CEO Robert A. Kerzner, CLU, ChFC, announced the establishment of the LIMRA LOMA Secure Retirement InstituteTM  during his remarks at the 2013 LIMRA Annual Conference this week. “Retirement is top of mind for most Americans but our research shows that many consumers have not saved or […]


Swiss Re: “70 is the new 65”

{October 23rd, 2013} by Michael K. Stanley

Well over half of American workers surveyed (57 percent) anticipate that they will work beyond the traditional retirement age of 65 or never retire at all. The finding was uncovered in a recent Swiss Re survey timed to coincide with the beginning of National Save for Retirement Week. The survey cements the growing realization by […]

The report finds that more than 7 in 10 (71 percent) of “proactive self-actualizers” are confident they will have enough money in retirement.

AARP: Self-actualizers more confident about finances, retirement

{October 23rd, 2013} by Warren

Proactive self-actualizers are most confident about their retirement finances and doubters are least confident, according to new research. AARP discloses this finding in an October 2013 report, “Retirement Attitudes Segmentation Survey.” The second of a two-part study to examine pre-retirees’ views of retirement, the steps they’re taking to prepare for retirement and the opportunities to […]

Countering elder financial abuse

{October 23rd, 2013} by Walter White

Nearly all of us have heard a version of this story. A stranger contacts an elderly friend or loved one by phone or a knock on the door and asks them to make a significant financial decision, offering fraudulent assurances that the senior will either make more money or receive some other benefit by taking […]


Social media insights (based on real data!) for the financial professional, Pt. 2

{October 23rd, 2013} by Jennifer DeTroye

Editor’s note: This three-part series from The American College details which prospects are on social media and exactly why advisors can no longer ignore the elephant in the room. You can read part one here. Stay tuned for part three in the next week, which will include a complimentary link to the full report. Let’s […]

Use Annuities As A Tax Shield: CPA

{October 23rd, 2013} by Linda Koco

Time was, before the era of the feature festival in annuities, agents and advisors used to present annuity options based on the client’s tax needs. According to Jeffrey Levine, certified public accountant, this may be the time to return to that strategy. Anytime there is an increase in taxes, “we’ve got to look at re-evaluating […]


Women advisers: ‘Take that step forward’

{October 23rd, 2013} by Liz Skinner

Women have no less ambition, rights activist said at symposium aimed at helping female advisers build successful businesses Women’s rights activist Gloria Feldt called on the female financial advisers of Raymond James Financial Services Inc. to reach out to other women and have the courage to raise the issues that make it difficult for women […]

Insurers “only playing at the digital game”

{October 23rd, 2013} by PR Newswire Association LLC

LONDON, Oct. 22, 2013 /PRNewswire/ — Insurance companies have high digital ambitions but have failed to take action and embrace the digital world, according to EY’s ‘Insurance in a digital world: The time is now’ survey, launched today. The survey was conducted inJuly 2013, with participants from more than 100 insurance companies. Graham Handy, EY’s Global Insurance […]

iPipeline Acquires Aplifi

{October 23rd, 2013} by IBR Staff Writer

iPipeline®, the leader in on-demand marketing, selling and processing solutions for the nation’s top insurance carriers, distributors and producers, today announced the acquisition of Aplifi®, who has maintained a strong reputation for providing life and annuity solutions to the financial services industry.* The acquisition of the Florida-based company has created the insurance industry’s most comprehensive […]

The secrets to a successful succession strategy

{October 22nd, 2013} by David Canter

Approximately 67% of firms either don’t have succession plans for their businesses or have plans that are not ready to be implemented. Is your business ready? Advisers are constantly working with clients to help in every aspect of financial health and success. They guide them in securing their future and, in some cases, assist them […]

Massachusetts Allows Insurance Producers to Charge Fees When Selling Policies

{October 22nd, 2013} by Thomas Harman, associate editor, BestWeek

BOSTON – Resident and nonresident insurance producers in Massachusetts can charge separate, additional fees to customers when selling them policies, according to a new bulletin by the state Department of Insurance. The October bulletin was issued as a guidance for insurance producers. “Resident and nonresident insurance producers, including special insurance brokers, engaged in the solicitation, […]

Conning: Life insurers are revising investments

{October 22nd, 2013} by Warren S. Hersch

The U.S. life insurance industry is shifting its investment allocations as liquidity pressure has eased, according to a new study by Conning. “In 2012 life insurers shifted allocations to reduce holdings in common and preferred stock and increased cash, short term bonds and Schedule BA assets,” says Mary Pat Campbell, analyst at Conning. “We view […]


Insurers’ share prices trading below historical averages

{October 22nd, 2013} by Warren S. Hersch

Share prices of major life insurers are trading below their historical averages, new research shows. A report from Sterne Agee reveals that shares for nine of 13 life insurers are trading below their historical averages, the discount ranging from 62 percent to 99 percent. Just four companies Prudential Financial, Ameriprise Financial, Torchmark and Unum — are enjoying […]


Psychologically Ready To Retire?

{October 22nd, 2013} by Rodney Brooks, USA Today

  Author and former financial planner Frank Maselli tells a story of a man who retired and went home to spend his days with his wife. It didn’t take long for him to become a major intrusion in his wife’s world. He told her the way she did everything was wrong, even the garden she […]


ING sizes planned offering of common stock

{October 21st, 2013} by Maria Wood

In a statement filed today with the SEC, ING U.S. revealed the size of a planned public offering of common stock currently held by ING Group. According to the company, ING Group seeks to sell 30 million shares, which would reduce its stake in ING U.S. from 71 percent to roughly 60 percent. ING U.S. […]

Fi360's Duane Thompson: Finra is “moving inexorably in the direction of emphasizing a fiduciarylike standard.” Vincent Ricardel

Finra urges brokers to adopt a ‘best interests’ standard

{October 21st, 2013} by Mark Schoeff Jr.

Finra moving inexorably in the direction of emphasizing a fiduciary like standard A new report by Finra designed to help brokers avoid conflicts of interest encourages them to adopt a code of conduct that sounds similar to the fiduciary standard followed by investment advisers. Last Monday, the Financial Industry Regulatory Authority Inc. issued a report […]

Prudential to Accept Non-Bank SIFI Designation

{October 21st, 2013} by Jeff Jeffrey

WASHINGTON – Prudential Financial Inc. will not challenge the Financial Stability Oversight Council’s designation of the company as a non-bank systemically important financial institution. Prudential, headed by Chief Executive Officer John Strangfeld, had until Oct. 19 to alert the FSOC if the company decided to continue fighting the non-bank SIFI designation. In June, Prudential was […]


5 Cardinal Rules Of Retirement Planning

{October 21st, 2013} by Glenn A. Herring

Whether you are currently retired or planning for retirement, there are five cardinal rules investors must follow to provide a stress-free retirement.There is an investment product that will achieve all five of these rules, automatically. Although it has been around for almost two decades, many haven’t heard of it. It is called the Fixed Indexed […]


What clients want

{October 21st, 2013} by Jamie E. Green

Given the pronounced need for leads and the challenge prospecting poses to advisors, it is important to look at the methods advisors are using to prospect for new clients (Figure 7). Referrals — both client and professional — and cross-selling to existing clients figure heavily at the top of the list of methods. Advisors generally […]


Husband And Wife Sentenced For Defrauding Great-Aunt

{October 21st, 2013} by Joseph Kohut

By Joseph Kohut, The Times-Tribune, Scranton, Pa. McClatchy-Tribune Information Services Oct. 18–A husband and wife convicted of defrauding a Blakely woman and her estate were sentenced to federal prison Thursday. Victor J. Santarelli III, 47, of Clearwater, Fla., was sentenced to 57 months in prison by Senior U.S. District Judge Edwin M. Kosik and was […]


Prudential Drops Its Fight Against Systemic Risk Designation

{October 21st, 2013} by Zachary Tracer

Prudential Financial Inc., the second-largest U.S. life insurer, abandoned its challenge to a U.S. designation from a Treasury Department panel that subjects the company to increased regulatory oversight. The insurer opted against filing a lawsuit seeking to overturn its status as a systemically important financial institution, or SIFI, Newark, New Jersey-based Prudential said yesterday in […]

Proposed NAIC 2014 Budget Has $93 Million in Revenues; Funds Staff to Aid ORSA, Principles-Based Reserving Efforts

{October 21st, 2013} by Thomas Harman, associate editor, BestWeek

WASHINGTON – The National Association of Insurance Commissioners has proposed a 2014 budget showing slightly increased revenues and expenses, compared with 2013, as well as new funding for staff resources to aid the implementation of the principles-based reserving method for life insurers and the Own Risk and Solvency Assessment model act. The NAIC is projecting […]

national underwriter


{October 21st, 2013} by Elizabeth Festa and Arthur D. Postal

SIFI, NARAB, PBRs and captives — all represent major turning points for an industry in a state of regulatory reform. Read More

Amy McIlwain

20 more astonishing social media statistics for financial advisors

{October 21st, 2013} by Amy Mcllwain

The recent article we did on social media statistics for financial advisors was such a hit that we decided to bring you another round with fresh data. Have you been wondering if your target demographic is using social media? Can you reach them? Do they want to interact with a financial professional on social sites? […]


What type of life insurance do life insurance agents own?

{October 21st, 2013} by Jamie E. Green

Here’s a frightening statistic: 3 percent of advisors whose primary focus is life insurance don’t own any life insurance. Only 3 percent, you might say – that’s not bad, right? That’s just 3 out of every 100 life insurance agents. Click here to read…

Athene president Grant Kvalheim, appearing at his company's all-employee meeting

Deal sealed

{October 18th, 2013} by Michael K. Stanley

The announcement on Oct. 2 that Athene Holding Ltd. (Athene) had closed its acquisition of Aviva USA corp. resulting in the newly formed Athene USA was not a surprise to anyone. The deal had been closely monitored by the press, industry analysts and regulators with most concluding that the acquisition, announced Dec. 21, 2012, would […]


U.S. life insurers remain strong in difficult economy

{October 18th, 2013} by Warren S. Hersch

The U.S. life insurance industry remains financially strong despite pressures from the sluggish economic recovery and low interest rates, according to a new report. Moody’s discloses this finding in an October 2013 Special Comment: “U.S. Life Insurance: Industry Scorecard.” The report highlights the key credit factors Moody’s reviews when assessing insurers in this sector. The […]


Fixed annuity yields at banks plunge in October

{October 18th, 2013} by Maria Wood

October was a cruel month for banks selling fixed annuities. The most recent compilation from Kehrer Saltzman & Associates’s Fixed Annuity Yield Trend Report disclosed that the average yield of a fixed-rate annuity sold through banks tumbled 11 basis points to 1.88 percent in October. That drop off represents a significant reversal from the rise […]

FIO report: The hinge on insurance regulation

{October 18th, 2013} by Arthur D. Postal, Elizabeth Festa

The release of a report — one that was due more than a year ago — on how the insurance industry should be modernized has taken on new urgency. The Federal Insurance Office (FIO) report is seen as the hinge on the door of establishing a blueprint for how state, federal and international regulators can […]

2013 Insurance Industry Mergers & Acquisitions Down From 2012

{October 18th, 2013} by Fran Lysiak

Mergers and acquisition activity in the insurance industry for the first nine months of 2013 has been slower than this time last year, although the transactions are notably widespread and focused. Such activity is down from 2012 by about 100 deals, said Dan Baransky, senior vice president at Merger & Acquisition Services. He noted transactions […]

NAIC budget at $93.2 million for 2014, up 3.68%

{October 18th, 2013} by Elizabeth Festa

The new budget is in. The National Association of Insurance Commissioners (NAIC) 2014 proposed budget includes total revenues of $93.2 million, including $3.8 million in investment income and total expenses of $91.8 million, which represents a 3.68 percent and 3.87 percent increase, respectively, from the 2013 budget. It is expected to exceed the 2013 budget by […]

Former Genworth Exec Tapped to Head OneAmerica’s Individual Life, Financial Services Business

{October 17th, 2013} by Rick Cornejo

INDIANAPOLIS – Patrick M. Foley has been tapped by OneAmerica Financial Partners to be the president of individual life and financial services for OneAmerica companies. He succeeds Mark Wilkerson, who retires in 2014. Foley will lead all of the individual lines of business for the OneAmerica companies. He previously served as president of distribution and […]

Advisors Go Extra Lengths To Keep Wealthy Clients

{October 17th, 2013} by Paul Sullivan

KAREN McNEILL has a Ph.D. in history from the University of California, Berkeley, and is considered one of the foremost authorities on Julia Morgan, the architect who designed Hearst Castle, William Randolph Hearst’s 90,000-square-foot coastal retreat. Ms .McNeill has written extensively about Morgan, who designed some 700 buildings and helped open the field of architecture […]


Editor’s Note: NU, Life Insurance Selling unite

{October 17th, 2013} by Bill Coffin

Today, I have the pleasure of announcing what is not just the biggest news of my own journalism career, but the biggest news that the life & health publishing industry has received in many years. It involves big changes coming to two long-standing stalwarts of the field — National Underwriter Life & Health and Life […]

Summit Announces Launch of Summit’s Maximized Annuity Concept (MAC)

{October 17th, 2013} by PRWeb

Boca Raton, FL (PRWEB) October 16, 2013 Summit Brokerage Services announced at its National Convention the launch of Summit’s MAC, enabling all of Summit’s advisors the ability to easily weigh the potential benefits of utilizing a variable annuity in conjunction with a fixed indexed annuity to benefit their clients. “This is a concept which could […]

Five Insurance Tips For Married Couples

{October 17th, 2013} by PR Newswire Association LLC

NORTHBROOK, Ill.,Oct. 15, 2013 /PRNewswire/ — Whether you’ve dated forever or had a whirlwind romance, enjoyed a big wedding or kept it simple, one fact appears to be almost universal – those first months and years of marriage are a big adjustment. Money matters are a source of potential conflict once the honeymoon is over, […]

Michigan Names New Department of Insurance and Financial Services Head

{October 16th, 2013} by Chris McMahon

Ann Flood, who has more than 25 years of experience in legal, insurance and health care, replaces Kevin Clinton, who has been named state treasurer. Ann Flood has been appointed director of the Michigan Department of Insurance and Financial Services (DIFS) effective Nov. 1, 2013. Flood, who is currently is the department’s chief deputy director, will […]

OneAmerica Appoints New President For Individual Life And Financial Services

{October 16th, 2013} by Zarna Patel

OneAmerica appoints Patrick M. Foley as president of individual life and financial services. October 16, 2013Headquartered in Indianapolis, Ind., OneAmerica   has appointed Patrick M. Foley as president of individual life and financial services (ILFS), where his focus will be on the career agency system and the asset-based care distribution channels, called CareSolution, for OneAmerica Companies. […]

Two-thirds of respondents deployed their e-signature system in a software-as-service (SaaS) mode.

Celent: Most life insurers use hosted e-signature solutions

{October 16th, 2013} by Warren S. Hersch

Life insurers are increasingly using e-signature technology to lower costs, shorten cycle times and improve the services they provide to business partners and customers. A May 2013 survey from Celent, a research advisory unit of the management consulting firm Oliver Wyman, found that 25 percent of respondents were not using e-signatures in their dealings with […]

Too easy for brokers to clean records, lawyers say

{October 16th, 2013} by Mark Schoeff Jr.

Brokers who are the subject of investor arbitration cases can clear their record of any wrongdoing too easily, according to a lawyers’ group that represents plaintiffs. A study released on Wednesday by the Public Investors Arbitration Bar Association shows that so-called expungement was granted in at least 90% of the time in the 1,625 cases […]

Google, Amazon Might Plant Big Footprints in Insurance Distribution

{October 15th, 2013} by Linda Koco

Internet superstars Google and Amazon are likely to become competitors for online insurance sales, according to predictions from life insurance and property-casualty executives polled by Accenture, a global consulting firm. The executives came from 78 European companies, but since they were commenting on digital sales trends and expectations, and since digital is global, the findings […]


Never too early to start a retirement plan

{October 15th, 2013} by Maria Wood

Young adults may think retirement is a far-off reality, but in truth, it’s never too early to start planning for one’s golden years. Proper preparation takes on greater importance in light of the fact that younger workers will have less access – if at all – to employer-sponsored pensions than their parents and grandparents. Studies have […]

Insurer ordered to turn over property records

{October 15th, 2013} by Arthur D. Postal

A Texas insurance company must submit its life insurance policyholder records to the California comptroller for scrutiny as to whether it is complying with the state’s unclaimed property laws. Judge David Brown issued an order mandating such compliance for American National Insurance Company of Galveston, Texas, Oct. 9. Brown is a judge in state Superior […]

The little mistake that could destroy a life insurance plan

{October 15th, 2013} by Ed Slott

In a recent U.S. Supreme Court case (Hillman vs. Maretta, U.S. Supreme Court, No. 11-1221, June 3, 2013) the Court ruled that a decedent’s ex-spouse, who was still named as his beneficiary, was entitled to receive his federal life insurance benefits. The decision was unanimous, despite the fact that an applicable state law says that […]

8 critical questions to prepare for FINRA suitability exams

{October 15th, 2013} by Melanie Waddell

More than a year after revamping its suitability rule, the Financial Industry Regulatory Authority has issued a study guide of sorts for broker-dealers (BDs) to help them prep for suitability exams. Notice to Members 13-31 discusses issues that have cropped up during exams in the last year, with some of the infractions serious enough to […]

Youngest IRA owners are most extreme investors

{October 15th, 2013} by Warren S. Hersch

Roth and traditional individual retirement account owners had the highest percentages of “extreme asset allocations”, according to an October 2013 report from the Employee Benefits Research Institute. The research reveals that, among all investors, Roth and traditional IRA owners had allocated in 2011 more than 90 percent of their investments into equities or more than […]

Whose Job is It to Find Financial Fraud?

{October 15th, 2013} by Targeted News Service

NATIONAL HARBOR, Md.,Oct. 14 –The Institute of Internal Auditors issued the following news release: A new report released today from the Anti-Fraud Collaboration* reveals that board members, financial executives, internal auditors, and external auditors are not completely on the same page when it comes to owning responsibility for deterring and detecting financial statement fraud. In […]


Overturned Felony Conviction Impacts All Advisors Selling Annuities

{October 15th, 2013} by Karen DeMasters

The case of a California insurance agent, whose conviction for theft was overturned by a state appeals court last week, has implications for all client-facing financial professionals, according to the Society of Financial Service Professionals (FSP). The situation points out the need for financial professionals to document their work with elderly clients, even if that […]