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Archive for January 2014

Insurance licensing reforms finally see light

{January 31st, 2014} by Cathy Weatherford

“For the first time ever, the Senate has voted to pass NARAB II legislation to help streamline and improve the insurance licensing process for thousands of financial advisors across the nation. This significant action is an important step toward removing a regulatory barrier that has been impeding broker-dealers’ ability and financial advisors’ willingness to sell [...]

What to know about selling life insurance to succeed in 2014

{January 31st, 2014} by Lew Nazon

As you are reading the following information from the Life Insurance Marketing Research Association, you might want to think about the exceptional opportunities you have to be helping middle-income families today, while earning an extraordinary living in this great insurance profession. The opportunity for the “average” life insurance agent to earn in excess of $250,000 [...]

Why clients aren’t providing referrals

{January 31st, 2014} by Warren S. Hersch

While a large percentage of investors find their advisor through a referral, more than half of those polled in a recently conducted ByAllAccounts survey say they have not provided referrals for their own advisor. As the following chart shows, some indicate they aren’t comfortable with this, while others say their advisor hasn’t asked them to [...]

Ash Brokerage Names President

{January 31st, 2014} by Ash Brokerage Corp.

News Release Fort Wayne, Ind. — Ash Brokerage has named Larry Dahl, an accomplished financial industry veteran with more than 27 years experience, as its new president. Dahl will help to create a clearly defined vision and strategy, and will be looking at new ways to enhance the Ash business model and offerings. His goal [...]

Insurers Target Pre-Game and Local Ad Time in Super Bowl Marketing Blitz

{January 31st, 2014} by Michael Buck, senior associate editor, BestWeek: Michael.Buck@ambest.com

OLDWICK, N.J. – “Peanuts” characters, private events, professional athletes and military participation are among the marketing tools insurers are deploying in the hopes of capturing the millions of eyes fixed on the NFL’s Super Bowl championship at MetLife Stadium in East Rutherford, N.J. While marketing plans vary, one similarity among insurers has emerged: making end-runs [...]

NAIC Panel Seeking to Attract More Groups, Insurers in Third ORSA Pilot

{January 31st, 2014} by Thomas Harman, associate editor, BestWeek: Tom.Harman@ambest.com

WASHINGTON – Insurers and groups interested in becoming prepared for Own Risk and Solvency Assessment Act filing requirements that will go into effect in 2015 will have at least one more chance to do so as part of a National Association of Insurance Commissioners’ 2014 pilot program. The NAIC in 2012 approved its Own Risk [...]

NCOIL Forms Panel Seeking Consistency in Unclaimed Property Rules, Laws

{January 31st, 2014} by Thomas Harman, associate editor, BestWeek: Tom.Harman@ambest.com

WASHINGTON – The National Conference of Insurance Legislators has formed a new unclaimed property task force in an attempt to improve what lawmakers believe are inconsistent rules and state laws regarding unclaimed life insurance benefits. NCOIL’s new panel will examine and make recommendations to improve the NCOIL’s Model Unclaimed Life Insurance Benefits Act, promote consistency [...]

Guardian Exceeds Corporate Recruitment Goal

{January 31st, 2014} by The Guardian Life Insurance Company of America

NEW YORK, January 30, 2014 — The Guardian Life Insurance Company of America (Guardian), one of the nation’s largest mutual life insurers and a leading provider of employee benefits, today announced it hired 892 Financial Representatives in 2013, the second highest recruiting year in its 153-year history. This is the fourth consecutive year Guardian exceeded [...]

LIMRA: Access Alone Won’t Improve Retirement Savings Behaviors

{January 31st, 2014} by InsuranceNewsNet

During his State of the Union Address, President Obama proposed a retirement savings bond program to reach low- and middle-income workers and others not saving for retirement. The myRA program, which would be run and backed by the federal government, tries to address one of the key issues challenging Americans’ retirement readiness: access to a [...]

IRI Sees Drop In Retirement Confidence And Savings Of Generation X

{January 31st, 2014} by Insured Retirement Institute (IRI)

WASHINGTON, D.C. – The Insured Retirement Institute (IRI) today released a new research report on the retirement outlook for Generation X (Gen X) that shows a decline in retirement confidence and savings among members of the cohort. GenXers, born between 1962 and 1981, reported that their retirement savings have dropped 15 percent over the last [...]

Iowa Senator Introduces New Retirement Savings Program

{January 31st, 2014} by Cyril Tuohy

A day after President Obama announced a new type of retirement account, Sen. Tom Harkin, D-Iowa, introduced new legislation to “tackle the retirement crisis” by automatically enrolling workers into a new pension system that would stash 6 percent of a worker’s pay every year. “Our country is facing a growing retirement crisis, and it’s only [...]

Americans Saving Too Little, Yet 37% Plan To Retire Early

{January 31st, 2014} by Targeted News Service

NEW YORK, Jan. 29 — TIAA-CREF issued the following news release: A majority of Americans are saving 10 percent or less of their income during their working years, including many who are saving nothing, yet 37 percent plan to retire before age 65, according to a recent survey by TIAA-CREF, a leading financial services provider. [...]

Acquiring A Practice: How To Catapult Your Business To The Next Level

{January 31st, 2014} by Jeffrey Concepcion

Are you considering buying a new book of business? With an aging advisor population, acquiring a new practice might be a great way to help catapult your business to the next level. However, there is often a disconnect between desire and reality; an acquisition requires having proper systems and processes in place well in advance [...]

Millennials Present Opportunity & Challenge for Advisors

{January 31st, 2014} by Andrew Welsch

The financial crisis has had an enormous impact on millennials’ attitudes towards investing, saving and success, presenting both opportunities and challenges for financial advisors, a new survey by UBS Investor Watch finds. Members of this young generation are goal-oriented, frugal and likely to seek out advice before making financial decisions. But having been burned by [...]

1 In 3 Say Guaranteed Income Is Top Retirement Priority

{January 31st, 2014} by Targeted News Service

NEW YORK, Jan. 29 — TIAA-CREF issued the following news release: A new study by TIAA-CREF shows that more than one-third (34 percent) of Americans who participate in a retirement plan say the primary goal of their plan is to generate guaranteed monthly income. Another 40 percent want to ensure their savings are safe regardless [...]

Live! From TD Ameritrade Institutional: How to get and keep female clients:

{January 30th, 2014} by Liz Skinner

Women feel more negatively about the financial industry than they do about car salespeople Financial advisers who want to attract female clients must carefully craft a message designed for that particular woman’s knowledge and interest level. “Women are not a niche market and you need to be deliberate about the type of sub-segment of the [...]

Federal Roundup

{January 30th, 2014} by Capcity Associates

Prepared for NAFA by CapCity Advocates Tax Reform The recent two-year bipartisan budget agreement has temporarily paved the way for a revitalized tax reform debate. However, the federal debt ceiling will need to be raised by February 7 (there is a little wiggle room after this date), which might cause a few fireworks in January [...]

Senate passes NARAB bill

{January 30th, 2014} by Arthur D. Postal

Legislation re-establishing the National Association of Registered Agents and Brokers (NARAB) was passed today by the Senate and sent to the House. It was passed as part of S. 1926, the Homeowner Flood Insurance Affordability Act of 2014 and National Association of Registered Agents and Brokers Reform Act of 2014. Officials of the National Association [...]

Life Insurance Myths You Shouldn’t Believe

{January 30th, 2014} by Barbara Mannino

Living in the moment might be a good approach to life, but it doesn’t work in the world of financial planning and insurance. Financial planners are constantly stressing the need to plan for the future to determine what we can do today to protect ourselves tomorrow. Experts claim consumers are more inclined to abide by [...]

Regulators shine spotlight on IRA rollover suitability

{January 30th, 2014} by William H. Byrnes and Robert Bloink

Threats of heightened regulatory scrutiny have loomed large in the first weeks of 2014, and perhaps no area has received greater attention than the IRA rollover transaction. Both the SEC and FINRA have issued warnings to advisors who provide guidance to clients looking to roll traditional workplace 401(k) accounts into private IRAs, and this focus [...]

Wall Street pitches fit after Fed’s tapering announcement

{January 30th, 2014} by Kent Hoover

The tapering continues: The Federal Reserve announced Wednesday afternoon that it would reduce its bond-buying by another $10 billion in February. Even though this decision was expected, stock prices fell in reaction to it. The Fed said it decided to “make a further measured reduction in the pace of its asset purchases” because of “growing [...]

How to market annuities to baby boomers

{January 29th, 2014} by Alanna Ritchie

There are approximately 80 million baby boomers, born between 1946 and 1964, who are rapidly approaching retirement. This demographic makes up a significant portion of the annuity-buying community. In fact, around half of annuity owners purchase their annuity between the ages of 50 and 64. Click here to read…

Most Americans underestimate needed retirement income

{January 29th, 2014} by Warren S. Hersch

More than one-third (34 percent) of Americans who participate in a retirement plan say the primary goal of their plan is to generate guaranteed monthly income, new research shows. TIAA-CREF discloses this finding in a nationwide survey of 1,017 adults, age 18 years and older, on their retirement plans. The study was conducted by KRC [...]

Women The Fulcrum Of The Hispanic Household

{January 29th, 2014} by Cyril Tuohy

It has often been said that the way to a woman’s heart is through her children. For financial advisors, the way to the heart of the Hispanic market lies through women, the household’s de facto gatekeepers, according to experts in the Hispanic insurance and retirement market. The best way for advisors to engage Hispanic women [...]

And the best job in America is …

{January 28th, 2014} by Dan Cook

If you didn’t go to med or pharmacy school, or receive a technical degree of some sort, then you simply aren’t qualified for the five “best jobs” as defined by U.S. News & World Report. The magazine’s annual survey determined that the single best job available in America today is that of software developer. No. [...]

About ‘All Those Annuity Complaints’

{January 28th, 2014} by Linda Koco

Reported complaint activity involving annuities is down, and not by just a hair. In 2013, it was down in the neighborhood of 20 percent compared to the year before and by even greater percentages when compared to the two years previous to that. The improving data contradicts reports about “all those annuity complaints” that some [...]

Athene Moving 200 Jobs To West Des Moines, Iowa

{January 28th, 2014} by Megan Hart

Athene USA will leaveTopeka by the end of the year, relocating most employees and selling its downtown building. Steve Carlson, public relations manager for Athene, on Thursday confirmed the insurance company’sTopeka offices, at555 and 515 S. Kansas Ave., will close and their functions will transfer toWest Des Moines, Iowa. More than 200 people work in [...]

Athene USA shifting Topeka jobs to West Des Moines

{January 28th, 2014} by Victor Epstein

Kansas’ loss is going to be Iowa’s gain, according to a spokesman for Athene USA. The West Des Moines-based insurer plans to close its office in Topeka, Kan., by the end of the year and shift the positions there to Iowa, according to Athene USA Spokesman Steven Carlson. It means about 225 new jobs for [...]

Identity Crisis

{January 28th, 2014} by Linda Koco

When Tony Goebel decided to become an independent life and health producer in early 2013, he had to decide how to present himself to clients. His official title at the agency was clear enough. He had become executive vice president of Goebel Insurance and Financial, a Green Bay, Wis., firm founded by his father. But [...]

NARAB bill under White House scrutiny

{January 28th, 2014} by Arthur D. Postal

The White House has expressed concerns about some technical provisions of legislation that would re-establish the National Association of Registered Agents and Brokers (NARAB). At the same time, Sen. Tom Coburn, R-Okla., has proposed an amendment to the legislation that would allow states to opt out, a provision that concerns industry officials. Officials of the [...]

AIG back on the offensive, chairman says

{January 28th, 2014} by Zachary Tracer and Alexandria Baca

(Bloomberg) — American International Group Inc. is benefiting from an improved reputation after the insurer finished repaying a $182.3 billion U.S. bailout a year ago, Chairman Steve Miller said. “We were the most disrespected brand name on the planet and now we have come back,” Miller said today in a Bloomberg Television interview with Stephanie [...]

Wells Fargo To Sell 42 Insurance Brokerage Offices

{January 28th, 2014} by Noah Buhayar

(Bloomberg) –WellsFargo, the largest U.S. home lender, agreed to sell more than 40% of its insurance brokerage locations to focus bricks-and-mortar operations on higher-growth regions and bigger clients. USI Insurance Services will purchase 42 of WellsFargo’s insurance brokerage and consulting offices, according to a statement today from theSan Francisco-based lender. The remaining 55 locations are [...]

Guaranteed Income Is a “Must Have” for Annuity Sales

{January 28th, 2014} by Annuity Outlook Magazine Staff

A Recent Survey Attempts to Forecast Important Annuity Market Trends By Annuity Outlook Staff Several factors are contributing to a positive outlook for our industry. Listen to insights on this topic in this brief audio interview with Mark Fitzgerald, National Sales Manager for Saybrus Partners, a distribution subsidiary of the Phoenix Companies. The link to [...]

Indexed Annuities Increase Retirement Success to 97.5%

{January 28th, 2014} by Douglas Wolff

Before 2007, whenever Americans were asked about their retirement goals, the most common responses boiled down to “retiring early” and “accumulating as much wealth as possible.” Pose the same question today, however, and the dominant answers are more likely to be “dealing with health care expenses” and “not outliving my income.” As an industry, we [...]

New York Life on hiring spree

{January 28th, 2014} by Emily Holbrook

Continuing a favorable tradition, New York Life is planning to add more than 3,600 financial representatives this year, with more than half being women or those who represent the cultural markets. In 2013, 62 percent of New York Life’s new hires in the field were women or individuals who represent the cultural markets. The company [...]

FIO Calls States to Adopt Uniform Annuity Suitability Regulations

{January 28th, 2014} by Linda Koco

Every state should “adopt and enforce” the National Association of Insurance Commissioners’ (NAIC) Suitability in Annuities Transaction Model Regulation, according to the Federal Insurance Office (FIO). Reading between the lines, the underlying message is that this is no time for foot-dragging. All states need to adopt and implement the NAIC suitability model ASAP. If all [...]

Convincing women to build a stake in their financial future

{January 28th, 2014} by Liz Skinner

Provide timid clients incentives to gain knowledge about money An Ohio adviser is using a formal incentive program to encourage her female clients to boost their financial education. Paula Chesser, an adviser with Robert W. Baird & Co. Inc. in Akron, Ohio, created a Savvy Women’s Club that hosts eight workshops or seminars for her [...]

Millennials chary of long-term investing

{January 28th, 2014} by Mason Braswell

Shell-shocked by market crises, Gen Y holds onto cash, doesn’t use advisers, survey says The trauma of the financial crisis is still fresh in the minds of the youngest investors and that makes them hold tight to their cash and dubious about long-term investing. Many millennials, which UBS defines as being 21 to 36, are [...]

Krawcheck says advisory business still coming up short in reaching out to women

{January 27th, 2014} by Jeff Benjamin

Advisers need to understand distinctions between women and men investors Sallie Krawcheck’s bottom line is getting the advice industry to reach out to more women, both as advisers and clients. “Women don’t say they need a woman adviser, but I don’t think it will hurt if we got beyond 17% of the industry being women,” [...]

AIG Taps Former New York Life Executive as SVP of Annuity Distribution

{January 27th, 2014} by Fran Matso Lysiak

HOUSTON – American International Group Inc. has tapped a former executive with New York Life Investments to develop and execute annuity sales strategies for its independent brokerage platform and for its newly launched career sales channel — AIG Financial Network. Liza Tyler, with 20 years experience in the industry, was named senior vice president, annuity [...]