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Archive for April 2014

New York Life posts double-digit earnings increase

{April 30th, 2014} by Warren S. Hersch

New York Life Insurance Company, New York, 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 […]

10 best paying independent broker-dealers

{April 30th, 2014} by InvestmentNews

Where do the top advisers make the most in annual production at independent broker-dealer firms? Find out which firms came out on top this year, according to our latest IBD special report.   Click here to view

The work guilt problem

{April 30th, 2014} by Kathryn Mayer

(AP Paris/Jacques Brinon) By this point, you’ve probably considered moving to France. If not for the croissants, culture and cafes, then maybe for the country’s view on round-the-clock work. You may have read the news item about a new French accord — it spread quickly in the United States. But here’s the gist: In the […]

Ramsey: Your bank’s advice is bad. NAFA Response

{April 30th, 2014} by NAFA

Posted: Wednesday, April 9, 2014 7:42 am Dear Dave, I want to roll over a 401(k), and my bank is encouraging me to roll it over to fixed annuities. Is this a good investment? John Dear John, More times than not, when you go to a bank for investment advice, what you’ll get in the […]

ING Agrees To Sell $1.8B Stock In Insurance Arm

{April 30th, 2014} by The Associated Press

AMSTERDAM (AP) —ING Groep NV, the Dutch bank and insurance company, has struck a deal to sell$1.8 billion (1.28 billion euros) worth of shares in its insurance arm to Asian investors later this year. The European Commission has instructedING to spin off its remaining insurance operations in compensation for needing state support during the financial […]

Allstate Case Shows Risk Of Signing Away The Right To Sue

{April 30th, 2014} by TARA SIEGEL BERNARD

When his children were young,Nathan Littlejohn was a regional salesman in search of a position that would allow him to spend more time with his family. So when he heard about Allstate’s neighborhood agent program in 1990, he was intrigued. Over the next several years, he said, he worked round the clock to build his […]

The Hartford Releases 1Q Financial Results

{April 30th, 2014} by Proquest LLC

The Hartford reported core earnings of $564 million for the three months ended March 31, (first quarter 2014), up 23 percent from $457 million in first quarter 2013, reflecting improved results in all of the company’s business segments. In a release on April 28, the Company noted that core earnings per diluted share rose 27 […]

Clients’ higher tax bills prompt advisers to brush up on taxes

{April 30th, 2014} by Darla Mercado

After a particularly brutal 2013 filing season, look for income tax planning to emerge as a specialty among financial advisers. A combination of factors is elevating the importance of income tax planning with respect to high-net-worth clients. First, there’s the fallout from the American Taxpayer Relief Act of 2012, which took effect on Jan. 1, […]

LPL Targets Advisor Growth Opportunities

{April 30th, 2014} by Cyril Tuohy

Many of the most promising long-term growth initiatives for broker/dealer LPL Financial lie with banks and credit unions that are seeking revenue from wealth management services and looking to outsource broker/dealer operations, LPL executives said. Banks and other financial institutions within LPL’s registered investment advisor (RIA) channel have enough demand to add more than 400 […]

Genworth Announces First Quarter 2014 Results

{April 30th, 2014} by PR Newswire Association LLC

</body> RICHMOND, Va., April 29, 2014 /PRNewswire/ –Genworth Financial, Inc. (NYSE: GNW) today reported results for the first quarter of 2014. The company reported net income[1] of $184 million, or $0.37 per diluted share, compared with net income of $103 million, or $0.21 per diluted share, in the first quarter of 2013. Net operating income[2] […]

LIMRA LOMA Secure Retirement Institute Names David Levenson As Its First Board Chair

{April 30th, 2014} by Targeted News Service

ATLANTA, April 29 — LOMA (formerly Life Office Management Association) issued the following news release: The LIMRA LOMA Secure Retirement Institute announced today its Board has unanimously elected David Levenson to be the first Board chairman and Kent Callahan as vice chair. “We are delighted to have two such respected industry leaders guiding the LIMRA […]

Where Do Hybrid Annuities Fit?

{April 30th, 2014} by Linda Koco

The arrival of hybrid annuities into the marketplace is causing some head scratching in the advisor ranks. Because the policies blend characteristics of variable annuities with those of fixed index annuities, the question is: how to position the products with clients? Kelley Connelly, an investment advisor representative who focuses on annuities at JHS Capital Advisors […]

24 most creative people in insurance

{April 29th, 2014} by Vanessa De La Rosa, Noah Guillaume, Emily Holbrook, Nichole Morford, Paul Wilson

Insurance is an industry that depends upon data to accurately assess and manage risk. It is inherently a cautious business — and slow to change, many would add. But it is also a business designed to problem-solve, to engineer, to market and sell customized solutions to a consumer base that needs its products more than […]


Advisor Network Summit

{April 29th, 2014} by Jamie Johnson

Wink’s CEO, Sheryl J. Moore, will be speaking at the Advisor Network Summit. Don’t miss out! Be sure to take advantage of this well rounded program that includes distinguished and award winning advisor/speakers, unrivaled networking opportunities, and superior educational opportunities. Join Us At This CAN’T MISS Industry Conference The Advisor Network Summit is designed to be […]

Advisors look to engage next generation of affluent

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

More than four in 10 financial services providers to the affluent seek to develop relationships with clients’ children at the start of a planning engagement, new research reveals. Cerulli Associates published this finding in “High-Net-Worth and Ultra-High-Net-Worth Markets 2013: Understanding the Contradictory Demands of Multigenerational Wealth Management.” The research indicates that 40.9 percent of high-net-worth […]

Survey: American Workers Aren’t Financially Fit

{April 29th, 2014} by Proquest LLC

American workers view themselves as more physically fit (57 percent) than financially fit (28 percent), according to new research from the Principal Financial Well-Being Index:American Workers. In a release, the Company noted while employees report lagging financial health, 84 percent recognize maintaining physical health is an investment in their financial future. Some 46 percent feel […]

Listen To Clients Before You Try To Sell

{April 29th, 2014} by Rick Rummage

As a financial advisor, it is vital that you understand the art and science of sales. What you are really selling is yourself: your knowledge, trust, service and personality. And when you’re trying to land new clients, it’s not just what a prospect tells you that’s important, it’s also what he does not tell you. […]

Top 5 Insurance Industry Misconceptions About Copyright

{April 29th, 2014} by Miles McNamee, Copyright Clearance Center

Few industries understand the concept of risk better than the insurance sector. But what about infringement risk? Sharing published information is essential to a company’s ability to thrive. Whether developing new insurance products, keeping abreast of state and legislative regulatory developments or gathering competitive intelligence, insurance professionals depend on copyrighted material. The 2013 Information Consumption […]

Online CalSurance Policy Protects ‘Mom and Pop’ Bloggers

{April 29th, 2014} by Amy O'Conner

With the rise of blogging, anyone can be a published writer but not all bloggers understand their exposure to lawsuits. Too few understand what content can expose them – such as that which can be considered copyright infringement, libel, slander or defamation –and most do not have the resources to protect themselves against these claims. […]

New LinkedIn program offers compliance with SEC and Finra regs

{April 29th, 2014} by Joyce Hanson

LinkedIn has launched a compliance program designed to help advisers and financial services firms meet SEC and Finra record-keeping and supervision requirements while using the popular networking website. Announced on Thursday, the LinkedIn Certified Compliance Partners program is designed to help remove the barriers to social media adoption created by Securities and Exchange Commission and […]

Insurance Agents Not Giving Up on NARAB Producer Licensing Reform

{April 29th, 2014} by Andrew G. Simpson

The insurance industry has not given up on getting Congress to pass legislation to create a national producer registry and make it easier for agents and brokers become licensed in multiple states. The Independent Insurance Agents and Brokers of America (the Big “I”) and other supporters nearly succeeded earlier this year by having the licensing […]

Ameriprise Profits Soar; Firm Boosts Dividend

{April 29th, 2014} by Jennifer Bjorhus, Star Tribune (Minneapolis

April 29–Profits took another double-digit jump atAmeriprise Financial Inc. in the first quarter on fee growth and investor optimism. TheMinneapolis-based company on Monday reported operating profits of$407 million, or$2.04 per share, up 20 percent from a year earlier and beating theWall Street consensus estimate by16 cents a share. Ameriprise executives will discuss the results Tuesday […]

The essentials of Google Analytics for financial professionals

{April 28th, 2014} by Sara Ruthnum

The modern advisor is one part artist and one part scientist. Not only do you have to be creative, engaging the senses of your Web traffic, but also you have to remember the numbers — measuring the successes (or failures) of your marketing strategies. Taking a look at the numbers from successful blog posts and […]

Hartford seen boosting buybacks after unit sale

{April 28th, 2014} by Zachary Tracer and Komaki Ito

( Bloomberg) — Hartford Financial Services Group Inc. will probably expand share repurchases after agreeing to sell its Japanese operations to Orix Corp. for about $895 million. The U.S. insurer could repurchase $1.05 billion of stock, while paying down $350 million of debt, John Nadel, an analyst at Sterne Agee & Leach Inc. said today […]

A.M. Best Comments on The Hartford’s Intent to Sell its Japan Annuity Company

{April 28th, 2014} by A.M. Best

Oldwick – A.M. Best has commented that the ratings of The Hartford Financial Services Group, Inc. (The Hartford) (Hartford, CT) [NYSE: HIG] and its subsidiaries will remain unchanged following the recent announcement that it has signed a definitive agreement to sell 100% of the outstanding shares of its Japanese subsidiary, Hartford Life Insurance K.K., (HLIKK) […]

Northwestern Mutual Promotes EVP to President

{April 28th, 2014} by Fran Matso Lysiak

MILWAUKEE – Northwestern Mutual Life Insurance Co.’s board of trustees has promoted Greg Oberland to president, effective May 1. He currently is executive vice president — products, sales and marketing. The move unites responsibility for sales, marketing and agencies under one function, and intended strengthen the company’s strategic focus on growing its field force, Northwestern […]

Principal Financial’s First-Quarter Profit Up 65% as Assets Under Management Rise

{April 28th, 2014} by Fran Matso Lysiak

DES MOINES, Iowa – Principal Financial Group Inc.’s first-quarter profit increased 65%, as net income available to common stockholders rose to $293.7 million. “We continue to benefit from the diversification of our business model as well as the successful execution of our investment management strategy, allowing us to meet the growing global need for financial […]

Under Pressure, FINRA Moves To Expand Advisor Background Checks

{April 28th, 2014} by Kenneth Corbin

In the wake of revelations that hundreds of registered advisors have failed to publically disclose personal bankruptcies, criminal charges and other potentially damaging information, FINRA is moving to toughen the reporting requirements for BrokerCheck, its public-facing system for consumers to vet their financial advisors. On Thursday, the self-regulatory group’s board of directors approved new rules […]

‘Super-IMO’ Has Deep Pedigree

{April 28th, 2014} by Linda Koco

News that American General Life has unveiled an enhanced fixed index annuity brought with it word that the product was developed in partnership with Market Synergy Group, which will be the product’s exclusive distributor. This means the policy is one of the so-called “proprietary” fixed index annuities (FIAs) that carriers have been developing for sale […]

Top 10 reasons you know that you’re an annuity producer

{April 28th, 2014} by Joe Simonds

Annuity producers (aka annuity agents, annuity salesmen, annuity advisors, and annuity specialists) get all kinds of flack these days. But these guys and gals who sell annuities are not only great people, they truly do care for their clients and are trying to make a difference in the retirement income world (at least 99 percent […]

Main obstacle to better customer service: Lack of communication

{April 28th, 2014} by Warren S. Hersch

More than 80 percent of insurance claims professionals say that monitoring, evaluating and improving interactions with customers is the top claims initiative geared toward improving customer interactions, according to a new report. Trillium Software discloses this finding in its “2013 Claims Survey: Analysis of Results.” Completed in the fourth quarter of 2013, the survey polled […]

Channels Trade Market Share Over Fixed Annuity Sales

{April 28th, 2014} by Cyril Tuohy

Regional broker/dealers, banks and savings and loans institutions were the big winners in the sale of fixed annuities last year at the expense of the independent producer channel, according to Beacon Research. “The story is that as the boomers retire and move toward retirement, there’s been a drastic shift in risk tolerance for investors,” said […]

GLWBs and LIBRs: Which rider fits?

{April 28th, 2014} by Robert Bloink, William H. Byrnes

Today’s annuity marketplace now hosts a crowd of products that can be used to reach almost any client’s financial goals. Unfortunately, the diversity of this group has generated a problem of its own: Even the most astute financial professional may have difficulty navigating the maze of features that can attach to an annuity.  Click here […]

7 Twitter Mistakes Advisors Make

{April 27th, 2014} by Robert Sofia

Although Twitter has been around since 2006, many financial advisors still haven’t completely gotten the hang of it. Despite their best intentions, they misuse it. To make sure you’re getting the most out of your social media efforts, avoid these common mistakes advisors make when using Twitter for business. 1. Not following new people. I […]

Group Calls For Uniform Standard

{April 27th, 2014} by Cyril Tuohy

A coalition of financial and consumer groups reiterated calls for the Securities and Exchange Commission (SEC) to apply a uniform fiduciary standard to financial professionals who provide personalized investment advice. The SEC is considering a uniform standard under Section 913 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Registered financial advisors are required […]

New parents ignoring life insurance

{April 25th, 2014} by Bill Coffin

  “According to a new survey by Aviva in the UK, only about 20% of new parents either get or update their life insurance. About twice as many create a savings account, and most report higher levels of spending in preparation for their new child, often on things they don’t really need. This speaks to […]

Boomers and bust

{April 25th, 2014} by Steven Lang

Caregiver Warren Manchess helping Paul Gregoline leave the bedroom, in Noblesville, Ind. (AP Photo/Darron Cummings) For years, it’s been said the baby boomer generation is going to set in motion the largest wealth transfer in American history. Now, I’m thinking, maybe not so much. The Insured Retirement Institute – in its report “Boomer Expectations for […]

National Life Group Celebrates Opening Of Brooklyn Office

{April 25th, 2014} by National Life Group

Montpelier, Vermont – April 24, 2014 – National Life Group recently celebrated the opening of an office in the Chinatown section of Brooklyn, N.Y. The office is affiliated with National Life Group’s existing agency in New York and is designed to serve the growing Asian population in the region. “We’re excited to be part of […]

Retirement Lessons from My Two Parents

{April 25th, 2014} by The Experts Blog

An excerpt from: Who Is Your Retirement Role Model? Sometimes, emulating those who have come before can lead to a happy retirement. With this in mind, we asked The Experts: What role model—famous or not—do you have for the way you’d like to live in retirement? This discussion relates to the latest Encore Report and formed […]

FPA’s MetLife sponsorship raises eyebrows about its relationship with the fiduciary foe

{April 25th, 2014} by Carl O'Donnell and Mark Schoeff Jr.

The Financial Planning Association’s acceptance of a sponsorship from MetLife Inc., a leader of the insurance industry, which historically has butted heads with the financial planning community over the issue of a uniform fiduciary standard, has confounded some in the advice arena. “This is a real conflict of interest for the FPA in advancing a […]

Nelson Levine Adds Leading Insurance Executive To Regulatory Team

{April 25th, 2014} by N/A

NEW YORK – Leading insurance law firm Nelson Levine announced today that Maureen Adolf, a former senior insurance executive with Prudential Financial, has joined the firm. As the Senior Vice President of the firm’s Government Relations Practice, Maureen will advise clients on insurance regulatory issues and related corporate business practices, and compliance. Maureen will also […]

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Save the date! Two-day options course for Annuity Marketing practitioners

{April 24th, 2014} by Jamie Johnson



What is SAFE?

{April 24th, 2014} by Jamie Johnson

The Society for Annuity Facts & Education (SAFE), Inc. embarked on its mission to raise awareness and provide the public with reliable information about annuities beginning May 2012. SAFE’s mission is provide accurate, easy-to-understand information about annuities and their role of insuring retirement saving and retirement income to Americans. Organized as a 501(c)3 charitable, educational […]



{April 24th, 2014} by Jamie Johnson

UPDATED: As promised: the top ten carriers for Total Overall Indexed Universal Life Sales from 1998-2013! Since 1998 we have been tracking  indexed annuity and indexed universal life sales by insurance carrier for each quarter. We report on their year-end sales in our 4th Quarter Wink’s Sales & Market Reports.  I thought it would be interesting to compile all the results […]

Indexed annuities had record sales in 2013

{April 24th, 2014} by Victor Epstein

The indexed annuities industry benefited from surging stock markets in 2013, which helped boost its annual sales to a new record for the fifth consecutive year. The industry, which has a heavy presence in the Des Moines area, reported that its annual sales rose 13.4 percent from the prior year to $38.7 billion, according to […]

Gay advocacy group calls 2014 “watershed year” for corporate America

{April 24th, 2014} by Victor Epstein

Larry Zimpleman, chief executive officer of the Principal Financial Group, established himself as one of the gay community’s corporate allies this week, during a company-wide screening of a video supporting gay, lesbian and transgender employees and teens. Insurance companies and their CEOs have a reputation for being conservative, but Zimpleman indicated that he believes the […]

Gerhart: U.S. Has a Good Story to Tell at the Global Insurance Symposium

{April 24th, 2014} by Stephanie K. Jones

The state of Iowa on May 20-22, 2014, will host its first ever Global Insurance Symposium, a privately funded event that aims to bring insurance professionals and regulators from around the world together to discuss the challenges facing the global insurance industry and how those challenges may impact the insurance business in the United States. […]

Iowa Insurance Companies to Host Des Moines Insurance Conference May 29

{April 24th, 2014} by Business Wire

Six Iowa insurance companies are collaborating to host the inaugural 2014 Des Moines Insurance Conference. In addition, Symetra Financial Corporation, which is in the process of redomesticating its principal insurance subsidiary to Iowa, will participate in the conference. Participating companies along with executive management speakers include: American Equity Investment Life Holding Company (AEL) John Matovina, […]

AIG Announces Partnership between AGL and Market Synergy Group to Offer Newly Enhanced Index Annuities

{April 24th, 2014} by Business Wire

HOUSTON–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG) announced today that American General Life Insurance Company (AGL) has partnered with Market Synergy Group to offer enhanced index annuity solutions. These index annuities, developed exclusively for Market Synergy Group and issued by AGL, provide individuals with a powerful combination of principal protection and growth potential, plus the […]

Symetra Reports First Quarter 2014 Results and Raises 2014 Guidance

{April 24th, 2014} by Symetra Financial Corporation

Highlights Adjusted operating income1 of $65.7 million was up 33% from first quarter 2013, driven by improved earnings in the Benefits Division. Adjusted operating income per diluted share1 was $0.56, up from $0.36 in first quarter 2013. Net income was $79.3 million, or $0.68 per diluted share, up from $66.0 million, or $0.48 per diluted […]

Zurich Sells 40% Stake in MCIS Zurich Insurance for US$93 Million

{April 24th, 2014} by Ernesto Calucag, Hong Kong news editor: Ernesto.Calucag@ambest.com

KUALA LUMPUR, Malaysia – Zurich Insurance Group Ltd. has agreed to sell its entire 40% stake in the Malaysian insurer MCIS Zurich Insurance Bhd to its joint venture partner Koperasi MCIS Bhd for 304 million ringgit (US$93 million). The deal, which is expected to be completed on May 5, 2014, is in fulfillment of Bank […]

Finra approves background checks for brokers

{April 24th, 2014} by Mark Schoeff Jr.

Brokerages would have to perform background checks on new employees under regulatory changes Finra made on Thursday. The board of the Financial Industry Regulatory Authority Inc. approved amendments to the broker regulator’s supervision rule that require member firms to investigate the backgrounds of financial advisers applying for Finra registration. The reviews would be required for […]

FPA gets sponsorship from MetLife, raising eyebrows about relationship with fiduciary foe

{April 24th, 2014} by Carl O'Donnell and Mark Schoeff Jr.

The Financial Planning Association has accepted sponsorship from MetLife Inc., a leader of the insurance industry, which historically has butted heads with the financial planning community over the issue of a uniform fiduciary standard. The sponsorship, which began April 1, promises MetLife Inc. “high-profile, year-round exposure to more than 23,000 FPA members though several online, […]

New LinkedIn program offers compliance with SEC and Finra regs

{April 24th, 2014} by Joyce Hanson

LinkedIn has launched a compliance program designed to help advisers and financial services firms meet SEC and Finra record-keeping and supervision requirements while using the popular networking website. Announced on Thursday, the LinkedIn Certified Compliance Partners program is designed to help remove the barriers to social media adoption created by Securities and Exchange Commission and […]

From ING to Voya: A successful exercise in rebranding?

{April 23rd, 2014} by Warren S. Hersch

Rechristening a company is always a major undertaking. Signage, brochures, contracts, radio and print advertising, not to mention a myriad of other materials, all have to reflect the change. If well chosen, the new brand can be expected to maintain or boost the success of the firm. Click here to read…

The ‘chilling effect’ of FINRA’s broker bonus rule

{April 23rd, 2014} by Janet Levaux

The SEC has just ended its comment period for a proposed rule requiring disclosure and reporting of recruitment deals. While several wirehouse and large independent broker-dealers have mixed views on the potential regulation — and suggest major changes — a group of about 150 independent advisors has given the proposal, referred to as Rule 2243, […]

New must-know SEC rules

{April 23rd, 2014} by Kristen Luke

Last week, the SEC published new testimonial and social-media guidelines which clear the way for advisors to use social-media review sites such as Yelp and Angie’s List. While the new guidance may seem like a big leap forward for financial advisors who use social media, there are still many restrictions. It’s essential that you understand […]

For many consumers, familiarity influences insurance choices

{April 23rd, 2014} by Ruth Ann Monti

Shopping for insurance is not high on many people’s to-do lists, a factor that makes selling it particularly difficult, even though insurance is required for cars, home mortgages and now health care. In the United States, insurance agents face a lot of denial when they discuss risk and try to explain how insurance can protect […]

The Hartford Plans To Move 700 Workers From Simsbury To Hartford

{April 23rd, 2014} by Kenneth R. Gosselin and Matthew Sturdevant

April 23, 2014|By KENNETH R. GOSSELIN and MATTHEW STURDEVANT, kgosselin@courant.com, The Hartford Courant HARTFORD — The Hartford plans to relocate 700 workers from its Simsbury offices to its headquarters on Hartford’s Asylum Hill in a deal that has been in the works for months. The Hartford Financial Services Group made the announcement Wednesday. It also […]

Annuity industry innovations

{April 23rd, 2014} by Emily Holbrook

It’s true – many do not immediately think of the insurance industry when they think about product innovation. But, among other things, we’re trying to change that stigma. From a breast cancer tumor calculator to health care ministries to annuity mobile apps, the insurance industry, whether deservedly recognized or not, is an innovation juggernaut. Click […]

Life insurance industry innovations worth a look

{April 23rd, 2014} by Warren S. Hersch

The May issue of National Underwriter Life & Health will mark the inaugural “Insurance industry product innovation” feature. Within it, we profiled innovations in the life, health and annuity markets. Click here to view the life industry innovations selected.

American National Insurance First-Quarter Net Drops, but Revenues Rise as Life Policies Grow

{April 23rd, 2014} by Marie Suszynski

GALVESTON, Texas – American National Insurance Co. posted a drop in first-quarter net income despite a 3.7% rise in revenues for the first quarter as sales for recurring premium life policies were up. Net income fell to $52.9 million due to a nonrecurring tax benefit recognized during the first quarter of 2013. Revenues grew 3.7% […]

The 10 fastest-growing independent broker-dealers

{April 23rd, 2014} by InvestmentNews Data

Indie broker-dealers on the rise In advance of the upcoming InvestmentNews Special Report on independent broker-dealers, here’s a sneak peek of the latest IBD data. We’ve ranked the 10 fastest-growing indie B-Ds based on the percentage the revenues jumped in 2013 compared to 2012. These firms are all from our list of the 25 largest […]

For Female Advisors, A $32K Pay Gap

{April 23rd, 2014} by Rachel F. Elson

Want to know why there aren’t more female CFPs? Follow the money. Even with the same experience, revenue production and ownership status, female financial advisors make$32,000 a year less than their male counterparts, according to newAite Group research for the CFP Board. The real-world discrepancy is probably even greater: Female advisors are also younger than […]

Annuity Sales Lagging? Look At The ZIP Codes

{April 23rd, 2014} by Linda Koco

A retirement-focused advisor along the New Jersey shore encountered a production problem that Bill Poll said data analytics helped to solve. After five years of high production, sales started dropping, seemingly out of the blue. It happened before Hurricane Sandy in 2012, so the devastation was not the cause. Poll said a ZIP code study […]

5 facts to know about retirement plan rollovers

{April 22nd, 2014} by Stephan R. Leimberg, Ben G. Baldwin Jr., Aaron Coates, Robert S. Keebler, Michael E. Kitces

As people retire, they will often have a choice of leaving funds with their previous employer or rolling over the funds to an individual retirement account (IRA). An IRA is somewhat like a pension or profit sharing plan, in that it allows the funds to be held tax-deferred until later withdrawn. Although there are differences, […]

How To Partner With A Younger Advisor

{April 22nd, 2014} by Elizabeth Wine

May-December pairings may provoke the occasional snide look —Michael Douglas and Catherine Zeta-Jones, anyone? — but for financial advisors trying to plan for retirement, they can be a romantic ideal. For older advisors, bringing on new talent helps pave the way for a succession plan that protects existing clients while creating a payout for the […]

Most millionaires don’t stay that way

{April 22nd, 2014} by James J. Green

Mark Rank, a professor of social welfare at Washington University, has written extensively on income inequality in the United States. For example, in a 2013 New York Times blog, he wrote that “Contrary to popular belief, the percentage of the population that directly encounters poverty is exceedingly high.” Specifically, he says his research shows that […]

CFP Board Rolling Out The Welcome Mat To Women

{April 22nd, 2014} by Megan Leonhardt

If the financial services industry is serious about engaging more women as advisors, there’s a lot more work to be done. Not only are there serious misconceptions and barriers still in place, a new study by the CFP Board reports less than a third of women feel that firms’ culture make them feel welcome and […]

Two Surveys Find Kindred Spirits In Gen Y And Financial Planning

{April 22nd, 2014} by Cyril Tuohy

Hold on, now. Better check those recent headlines about Generation Y lagging in the financial planning department at the door. It turns out that members of Gen Y – young adults roughly between that ages of 18 and 34 – are quite familiar with financial planning after all, and that they may be more familiar […]

When “That Person No Longer Works Here

{April 21st, 2014} by Linda Koco

Did you ever email or phone a person you’ve dealt with at an insur­ance com­pany or major sales outlet only to learn the person no longer works there? Sometimes — actu­ally, too many times — the only indi­ca­tion that the person has left the com­pany is the bounced email or the phone call rerouting that […]

SEC Issues Guidance On Testimonial Rule

{April 21st, 2014} by Cyril Tuohy

The Securities and Exchange Commission (SEC) has issued new guidance on how registered investment advisors can use third-party testimony obtained through social media sites to promote their services under the Investment Advisers Act of 1940. Publication of all testimonials from an independent social media site “on the investment advisor’s or investment advisory representative’s (IAR) own […]

Law firm warns AIG case could have spillover effect

{April 21st, 2014} by Arthur D. Postal

An insurance law firm is warning its clients that if they are not licensed to transact business in New York State, they should review their agents’ activities to ensure they are not engaging in prohibited insurance transactions in the state. The legal alert by lawyers at Carlton Fields Jorden Burt deals with a consent decree […]

Pinnacle Financial Services is Pleased to Announce the Launch of Our New Website!

{April 21st, 2014} by Press Release

We have re-designed our site with a fresh new look and user-friendly navigation and updated it with the latest information about our products and services. The site’s homepage welcomes visitors with bold colors, a clean uncluttered design, and moving images with featured content focused on keeping you as up to date as possible with the […]

8 Heartbleed responses from financial firms

{April 18th, 2014} by InvestmentNews Staff

Advisers and financial services firms have been scrambling to avert any potential damage from the “Heartbleed” cybersecurity bug that threatens millions of web users. Encrypted channels for online communication that were thought to be secure have now been identified as being at risk due to a flaw in a piece of code in the OpenSSL […]

Allstate to open service center in Draper, bringing 100+ jobs

{April 18th, 2014} by Proquest LLC

DRAPER – One of the nation’s largest insurance companies is expanding its presence inUtah. Allstate Insurance Co., based inOak Brook, Ill., will open a new service center inDraper.The South Valley facility – the second of its kind in the nation – is scheduled to open by the end of May. The otherAllstate service center is […]

MIB Life Index records 4.4% dip in March

{April 18th, 2014} by Warren S. Hersch

Year-over-year U.S. application activity for individually underwritten life insurance edged down 4.4 percent as of March, according to the The MIB Life Index. Declining activity across the first three months of the year foreshadowed 2014’s first quarter losses, off -5.4 percent as compared to the first quarter of 2013. The MIB Life Index has marked […]

Iowa Regulators To Hold Forums On Investment Scams

{April 18th, 2014} by The Associated Press

CEDAR RAPIDS, Iowa (AP) —Iowa’s insurance commissioner has scheduled forums inCedar Rapids andDavenport to educate the public on how to avoid investment and insurance scams. Insurance CommissionerNick Gerhart said aMay 1 forum and panel discussion at The Hotel at Kirkwood Center would be limited to the first 210 respondents. A similar event is scheduledJune 5 […]

More Allianz FIAs Sold By Registered Reps

{April 18th, 2014} by Linda Koco

Today, close to 70 percent of fixed index annuity production at Allianz Life is coming from registered representatives, according to Tom P. Burns. That’s up from less than 30 percent eight years ago, said the company’s chief distribution officer for annuities. Allianz has been the top seller of fixed index annuities (FIAs) for 14 of […]

Nationwide Optimizes Website For Mobile Devices

{April 18th, 2014} by Cyril Tuohy

Nationwide has announced the availability of a mobile-optimized website for financial advisors available from any device 24 hours a day. The website offers new education and client engagement materials and income planning resources to help advisors grow and manage their business, the company said. How advisors and clients experience the devices matters, especially if they […]

Insurance Agents Learn How to Market to People Unlike Themselves

{April 17th, 2014} by Andrew G. Simpson

The middle-aged white woman told the audience of mostly older white male businessowners that much of the country and many of their future customers don’t look like them or necessarily share all their values. While whites make up 64 percent of the U.S. population today, by 2041 whites will be a minority in the country, […]

LGBT married clients weather complicated tax season

{April 17th, 2014} by Darla Mercado

Associated Press Though same-sex married couples and their advisers have been preparing for Tax Day since last year, many still faced tidal waves of paperwork in what could be the first of many complicated tax seasons. Last June, U.S. v. Windsor, a key Supreme Court decision, knocked down Section 3 of the Defense of Marriage […]

Test your knowledge: The boomer market [infographic]

{April 17th, 2014} by Daniel Williams, Mary Shaub

Born between 1946 and 1964, baby boomers are a critical market for financial advisors. Increasingly social-media savvy yet still fond of traditional courtesies, these clients are a unique market with unique demands. How well do you know them?

Advisors need to improve time management skills

{April 17th, 2014} by Warren S. Hersch

Only one in eight financial advisors believe they fully control their time or practices, according to a new report. This finding is unveiled in the “2014 Time Management and Productivity Study,” a report by the FPA Research and Practice Institute(RPI), a program of the Financial Planning Association (FPA). Based on input of 750 financial service […]

Social media ownership: business account vs. personal account

{April 17th, 2014} by Amy McIlwain

You wouldn’t let a former employee walk out of your office with the TV from your lobby, the refrigerator from the break room, or the computer off of your desk. Don’t let them sneak away with your digital property, either, because losing a social profile, its followers and the resources invested in growing those networks […]

John P. Fountain Appointed General Manager of National Life Group

{April 17th, 2014} by N/A

Montpelier, Vermont – April 15, 2014 – John P. Fountain has been appointed General Manager of National Life Group’s Inland Empire Agency in southern California. In his new post, Fountain will lead market development and agent recruiting in the Inland Empire for National Life Group, a Fortune 1000 company with $30 billion in assets under […]

David Bostick Appointed General Manager of National Life Group

{April 17th, 2014} by N/A

  Montpelier, Vermont – April 10, 2014 – David Bostick has been appointed General Manager of National Life Group’s new Dallas-Fort Worth, Texas, agency. In his new post, Bostick will lead market development and agent recruiting in North Texas for National Life Group, a Fortune 1000 company with $30 billion in assets under management. “David’s […]

How much is the American Dream for Gen Y? [infographic]

{April 17th, 2014} by Warren S. Hersch

Most millennial workers identify saving for retirement as their top financial priority, according to new research. The Principal Knowledge Center, a unit of Principal Financial Group, discloses this finding a survey of Generation Y workers. The research reveals that saving for retirement is the top financial priority of 63 percent of millennial workers surveyed.  Click […]

What if Google or Amazon sold insurance?

{April 17th, 2014} by John Sarich

The great economist Joseph Schumpeter coined the term and the concept creative destruction, which is the idea that business is in a constant state of innovation and change, and companies that can’t adapt will lose customers, market share and ultimately go out of business. With the ever-increasing dominance of companies like Google and Amazon, could […]

In California, all annuity producers are crooks

{April 17th, 2014} by Bill Coffin

Anybody who is in the annuities business knows that the business has a bit of a reputation problem. Despite the fact that annuities are a tremendous product for anybody who is serious about their own retirement planning, the market has had perhaps more than its fair share of embarassing regulatory moments, wherein shady operators mostly […]

7 ways to sell to boomers

{April 16th, 2014} by Mark Rowh

They followed the “greatest generation,” and they haven’t done so badly themselves. Baby boomers swelled the country’s population in the post World-War II years, and make up a very large segment of the population today. Born in the years 1946–64, today’s’ boomers include retirees and those still in their prime income-producing years. Click here to […]

Setting Goals For Retirement? 6 Steps To Help Keep You On Track

{April 16th, 2014} by Fidelity Viewpoints

Fidelity Viewpoints Team, Fidelity Despite improvements in the economy, many Americans are falling behind on the road to retirement, with 55% of preretirees in only “fair” or “poor” shape to completely cover essential expenses like housing, health care, and food in their golden years. This is according to the newly-introduced Retirement Preparedness Measure (RPM) that […]

Rethinking The Need For Immediate Annuities

{April 16th, 2014} by Adam Lavine

With today’s low interest rates, immediate annuities may serve as a good proxy for bonds in older clients’ investment portfolios. An annuity provides a steady amount of guaranteed income for life without the price volatility of bonds, which lose value when interest rates rise, as they inevitably will. Typically, about 50 percent of the income […]

Zurich CFO’s Widow Rejects Insurer’s Report on Suicide; Zurich Defends Probe

{April 16th, 2014} by Alice Baghdjian, Katharina Bart and Paul Arnold; Editing by Noah Barkin and Jane Merriman

The widow of Zurich Insurance’s late finance chief on Wednesday rejected a report into his suicide, telling the Swiss company’s annual shareholder meeting she could not accept the findings of an investigation into his death. Zurich Insurance defended the report into Pierre Wauthier’s suicide, deflecting criticism by the CFO’s widow and his family members, who […]

Americans Lack Understanding Of Retirement Tax Impact

{April 16th, 2014} by PR Newswire Association LLC

CHICAGO, April 9, 2014 /PRNewswire/ — A majority of our country’s middle-income Boomers and retirees have significant gaps in their understanding of how federal taxes will impact their retirement finances, according to a new study released by the http://www.centerforasecureretirement.com/ ® (CSR). In fact, today, more Americans have an accurate understanding of how lottery winnings are […]

Pacific Life Announces Sales Manager Changes

{April 16th, 2014} by Cyril Tuohy

Pacific Life has announced three personnel changes affecting sales in the company’s Retirement Solutions Division (RSD) as the unit broadens its sales strategy beyond variable annuities. The latest changes come in the wake of wide-ranging management moves announced last month. “Providing our distribution partners with exceptional products, sales support and service is our number one […]

OneAmerica CEO: Company Focusing on More Traditional Life Products

{April 16th, 2014} by Fran Matso Lysiak

OLDWICK, N.J. – Equity-indexed universal life, while a popular product, is not something OneAmerica Financial Partners is interested in pursuing for now, according to Scott Davison, who this month took the helm as chief executive officer of the company. OneAmerica isn’t sure that equity-indexed life products are sustainable and instead prefers the more traditional whole […]

What’s Up With The Millennials?

{April 16th, 2014} by Susan Rupe

The baby boomers are kicking and screaming their way into the sunset and Generation X is sliding into middle age. That leaves the mil­len­nials – also known as Generation Y – as the latest demo­graphic to find a seat at the grown-ups’ table. This is the gen­er­a­tion that saw the dot-com bubble and the housing […]

Why it’s critical to monitor life insurance policy performance

{April 15th, 2014} by Henry Montag, E. Randolph Whitelaw

Have you ever discovered a bank entry error in your checking account register, resulting in $100 or $1,000 less than what it should be? Imagine how much worse it would be if your client’s $1,000,000 life insurance policy’s death benefit was suddenly unavailable to a spouse or child due to a technicality. Unfortunately, as a […]

Axa Said to Seek Sale of U.S. Annuity Reinsurer

{April 15th, 2014} by Matthew Monks

Axa SA (CS) is exploring the sale of a U.S. subsidiary that shoulders risks tied to variable annuities, as Europe’s second-largest insurer narrows its focus in North America, according to people familiar with the matter. The insurer is working with Morgan Stanley (MS) to evaluate options for Jersey City, New Jersey-based Axa Corporate Solutions Life […]

John Hancock Launches #WeRunTogether Digital Mosaic

{April 15th, 2014} by PR Newswire Association LLC

BOSTON, April 3, 2014 /PRNewswire/ — John Hancock today is launching the #WeRunTogether digital mosaic to bring the extended Boston Marathon community together in the weeks leading up to the race on April 21. The company is inviting all individuals connected to the city of Boston or the Boston Marathon – runners, volunteers, civic leaders, pro […]

Misperception of millennials skews advisors’ strategies

{April 15th, 2014} by Michael S. Fischer

Courting millennial investors is a key challenge confronting the financial services sector. Industry professionals on Thursday discussed what these young investors want from their financial services firms during a panel discussion at SIFMA’s private wealth conference in New York. Michael Liersch, director of behavioral finance at Bank of America Merrill Lynch, noted that a strong […]

Many Advisors Rich In Assets, Lacking In Vision

{April 15th, 2014} by Cyril Tuohy

The 2013 Fidelity Advisor Insights Study by Fidelity Investments finds that 95 percent of advisors grew their books of business last year when the stock market turned in stellar gains and interest rates were on the rise. Even with a strong year during which the Standard & Poor’s 500 index rose by 30 percent, many […]

Financial Readiness Can Be A Challenge For Soldiers

{April 15th, 2014} by John Ewoldt, Star Tribune (Minneapolis)

April 12–When Mechel Glass left the Army to return home at age 21, everything was different for her. She was unemployed, her friends had left and she was nearly homeless. “The Army paid for my food, lodging and nearly everything else,” she said. “I should have had a big nest egg, but I had nothing […]

More parents saving for retirement than college

{April 15th, 2014} by Lisa Barron

Fully 55 percent of parents with kids under age 18 are saving for retirement, compared with 51 percent of families who are saving money for their children’s college education, according to a survey by student loan giant Sallie Mae. Those not putting away tuition money are worried about having enough money for their own retirement, […]

MassMutual Posts Net Loss on Accounting Impact of Hartford Retirement Plans Acquisition

{April 14th, 2014} by Fran Matso Lysiak

SPRINGFIELD, Mass. – MassMutual Financial Group posted a net loss in 2013, partly on its acquisition of Hartford Financial Services’ retirement plans business. For 2013, MassMutual reported a net loss of $113 million on a consolidated statutory basis, compared with net income of $872 million in 2012, according to its 2013 annual report. The accounting […]

Bank-Owned Broker/Dealers Decline

{April 14th, 2014} by Margarida Correia

Banks are heaving their in-house broker-dealer operations. During the past year, four banks phased out their units and outsourced the business to third-party broker-dealers, according to management consulting firm Kehrer Saltzman & Associates. That leaves only 40 banks that have their own brokerage units, a mere 2% of the 1,809 banks that offer investment services. […]

LIBRs and GLWBs: What agents need to know now

{April 14th, 2014} by Paul Cross

Ten thousand baby boomers are retiring daily with corporate pension plans in demise, state and federal pension plans under water, Social Security $16.8 trillion in the red, and a nation that is drowning in a sea of debt. Seventy-seven million boomers, who are preparing for the golden years of retirement in search of safe, secure […]

IRS: Only one IRA rollover per year

{April 13th, 2014} by Ed Slott

Last month, I wrote about the case involving the so-called once-per-year IRA rollover rule (Alvan L. Bobrow, et ux., v. Commissioner, TC Memo 2014-21, Docket No. 7022-11). The Tax Court ruled that once per year means exactly that. The rollover rule doesn’t apply separately to each of a person’s individual retirement accounts but to all […]

IRS targeting IRA rollovers after Tax Court ruling

{April 13th, 2014} by Darla Mercado

Advisers who are salivating over big IRA rollovers from new clients: Watch out. The IRS has a bull’s-eye on those dollars. Starting Jan. 1, the Internal Revenue Service will begin enforcing a rule permitting only one 60-day IRA-to-IRA rollover every 365 days, regardless of how many IRAs a taxpayer owns. The finding runs contrary to […]

Grow up and buy some life insurance, already

{April 12th, 2014} by Bill Coffin

There is a Thai advertisement for life insurance that is going viral on the internet right now that is fairly typical of most Thai life insurance ads. It is a deeply emotional little story of a regular guy who everyday performs little acts of random kindness. While walking to work, he moves a potted tree […]

Female Financial Advisors Show High Productivity

{April 11th, 2014} by Linda Koco

CHICAGO – Female advisors are showing “amazing productivity,” according to a retirement industry executive. In fact, their productivity is “even better than the male advisors.” The comment came in response to a discussion here about how companies are attempting to address the aging of insurance and financial advisors and their expected retirement within the next […]

Penn Mutual Reaches $100B In Force

{April 11th, 2014} by N/A

Horsham, Pa. – April 10, 2014 – The Penn Mutual Life Insurance Company, a more than 167-year-old company, is pleased to announce that it has achieved an important milestone: $100 billion of life insurance in force. As a mutual life insurance company, Penn Mutual puts the interests of its policyholders front and center. Since its […]

Allstate Plans Sales Force Expansion in US Midwest, West

{April 11th, 2014} by Michael Buck

NORTHBROOK, Ill. – Allstate Corp. wants to expand its agency force in several Midwestern and Western U.S. states, building on the company’s trend of growing its sales footprint after years of shrinking. The company wants to add 67 agencies in seven states, it said in statements. Those new agencies have the potential to create about […]

NAIC Native American Panel Taking First Steps Toward Outreach on State-Based Regulation to Nations

{April 11th, 2014} by Thomas Harman, associate editor, BestWeek: Tom.Harman@ambest.com

OKLAHOMA CITY – A National Association of Insurance Commissioners panel is moving to identify tribal insurance participants as part of its initial work to provide information to more than 500 sovereign nations about state-based insurance regulation. The NAIC’s American Indian and Alaska Native Liaison Committee was formed in August 2013 and has met twice (Best’s […]

Hartford CEO McGee’s Pay Up 58% to $17.7 Million As Stock Surges

{April 11th, 2014} by Zachary Tracer

Liam McGee Hartford Financial   Liam McGee, the chief executive officer of Hartford Financial Services Group Inc., had his compensation increase 58 percent last year as he presided over a stock surge and sold assets to narrow the company’s focus. His package climbed to $17.7 million in 2013 from $11.2 million a year earlier, the […]

LIMRA: Innovative approaches to financial literacy

{April 11th, 2014} by Paul Wilson

Increasing financial literacy is a hot topic for the retirement industry these days, and with good reason, according to a group of panelists at the 2014 Retirement Industry Conference in Chicago, IL. The roundtable discussion, titled “Innovative Approaches to Financial Literacy,” offered a range of perspectives on how the industry is currently addressing financial wellness. […]

Impact of product allocation

{April 11th, 2014} by Mike McGlothlin

The financial services industry always discusses the impact of asset allocation, but it rarely mentions product allocation. How we use products can greatly enhance a client’s solutions and can also reduce risk—much like asset allocation. Using annuities in a portfolio can help reduce the pressure of withdrawals from a securities-based account. Let’s look at a […]

LIMRA: Improve trust to maximize annuity business

{April 11th, 2014} by Daniel Williams

In a numbers-laden discussion on the future of annuities, held today in Chicago at the Retirement Industry Conference, an old school idea emerged as a key to expanding the “safe retirement” business—the idea of building trust. Speaking onstage with LIMRA researchers Joseph Montminy and Jafor Iqbal, Christopher Raham, a principal in the Insurance Advisory Services […]

NJ Department of Banking and Insurance Provides Tips to Consumers on Annuity Shopping

{April 10th, 2014} by Ed Rogan or Marshall McKnight (609) 292-5064

TRENTON – As part of National Financial Literacy Month and National Retirement Planning Week, New Jersey Department of Banking and Insurance Commissioner Ken Kobylowski today offered tips to consumers for buying annuities. An annuity is a contract in which an insurance company agrees to make a series of payments in return for a premium (or […]

U.S. Warns Businesses on Major Web Technology Bug ‘Heartbleed’

{April 10th, 2014} by Jim Finkle; additional reporting by Alexei Oreskovic in San Francisco

A newly discovered bug in widely used Web encryption technology has made data on many of the world’s major websites vulnerable to theft by hackers in what experts say is one of the most serious security flaws uncovered in recent years. The finding of the so-called “Heartbleed” vulnerability, by researchers with Google Inc. and a […]

What the New SEC Social Media Guidance Update Means for Advisors

{April 10th, 2014} by Amy McIlwain

Because current social media platforms continue to evolve and new platforms are constantly emerging, the Securities and Exchange Commission (SEC) needs to stay on their toes to keep up. In an effort to address the changing social media landscape, the SEC released a long-awaited social media guidance update last week.   What Changed The biggest […]

Income From Bank-Sold Annuities Up 9 Percent

{April 10th, 2014} by Cyril Tuohy

Income earned from the sale of annuities at bank holding companies (BHCs) reached a record $3.43 billion last year, up 9 percent from 2012, with bank annuity fee income setting records in each of the four quarters, according to the bank consulting firm Michael White Associates (MWA). The top bank holding company in annuity fee […]

Voya Financial Taps Protective Life Exec as New President of Annuities

{April 10th, 2014} by Marie Suszynski

WINDSOR, Conn. – Voya Financial Inc., the new brand for ING U.S. Inc., said it has hired Carolyn M. Johnson as president of its annuities business segment, effective April 7. Johnson is responsible for product, distribution, financial management and operational performance in the annuities segment, which is an integral part of Voya’s retirement solutions operations. […]

BOLI assets reached nearly $144B in 2013

{April 10th, 2014} by Warren S. Hersch

Bank-owned life insurance (BOLI) assets reached nearly $143.84 billion in 2013, reflecting a 4.3 percent increase from $138 billion in BOLI assets held in 2012 by commercial banks, savings banks and savings associations, according to the 2014 edition of the Equias Alliance/Michael White Bank-Owned Life Insurance (BOLI) Holdings Report. BOLI is used to recover costs […]

What makes baby boomers tick?

{April 10th, 2014} by Vanessa De La Rosa

You’ve heard it a million times: 10,000 baby boomers will turn 65 each day for the next 15 years. They are living longer and aiming to retire earlier. They also control a large portion of the nation’s wealth. This means there is an enormous and steady influx of prospects nearing and entering retirement on a […]

‘Heartbleed’ cybersecurity threat looms over advisers and clients

{April 10th, 2014} by Joyce Hanson

Advisers and financial services firms are scrambling this week to avert any potential damage from the “Heartbleed” cybersecurity bug that has recently come to light and threatens millions of web users. Encrypted channels for online communication that were thought to be secure have now been identified as being at risk due to a flaw in […]

Products baby boomers need most, even if they don’t know it

{April 9th, 2014} by David Port

 baby boomer himself, Jon Ten Haagen, CFP, RPC, acknowledges that the retirement picture for many of the 77.3 million members of his generation isn’t pretty. “Too many baby boomers don’t pay attention to how much they have saved for retirement,” observes Haagen, founder of Ten Haagen Financial Group in Huntington, N.Y. Perhaps they’re not paying […]

Genworth Financial Revives IPO of Australian Insurance Unit

{April 9th, 2014} by Ernesto Calucag

MELBOURNE, Australia – Genworth Financial Inc. has revived plans to sell up to 40% of its Australian insurance business through an initial public offering during the first half of the year. In a U.S. regulatory filing, Genworth said the move is “a strategic priority for 2014” but is still subject to market conditions and valuation […]

Longevity Named As Greatest Risk

{April 9th, 2014} by Cyril Tuohy

The retirement habits of the American worker have come under scrutiny over the past few years, and much of the news isn’t good. Americans save too little, their retirements are underfunded and their perception of risk appears deeply skewed. Before talking about how to solve the coming hardships, however, advisors should be aware of statistics […]

AIG Lagging Behind Book Value Means Work to Be Done, Miller Says

{April 9th, 2014} by Bloomberg News

American International Group Inc. must do more to win over Wall Street, even after rallying 51 percent in the past two years, Chairman Steve Miller told shareholders. AIG is seeking to reward investors who helped recapitalize the company after losses in the financial crisis forced the New York-based insurer to take a bailout in 2008 […]

FINRA launches retrospective review of rules

{April 9th, 2014} by Melanie Waddell

The Financial Industry Regulatory Authority launched Tuesday its “retrospective review initiative” by requesting comments on the effectiveness and efficiency of some of its rules. The comment period on Regulatory Notice 14-14 on communications with the public, and Regulatory Notice 14-15 regarding the gifts, gratuities and noncash compensation rules, expires May 8. “FINRA believes it is […]

The Link Between Annuities And Retirement Planning

{April 9th, 2014} by Linda Koco

National Retirement Planning Week 2014 has arrived, with the avowed purpose of promoting and increasing “the need for comprehensive retirement planning.” That statement of purpose is taken straight from an announcement by the Insured Retirement Institute (IRI), the Washington trade group that leads a coalition of retirement interests that is coordinating the week. There is […]

Big U.S. banks must boost capital by $68 billion under new rules

{April 9th, 2014} by Emily Stephenson

The Federal Deposit Insurance Corp (FDIC) logo is seen at the FDIC headquarters as Chairman Sheila Bair announces the bank and thrift industry earnings for the fourth quarter 2010, in Washington, February 23, 2011. Credit: Reuters/Jason Reed   WASHINGTON (Reuters) – The eight biggest U.S. banks must boost capital levels by a total of about […]

Study Finds Links Between Planning And Happiness In Retirement

{April 9th, 2014} by PR Newswire Association LLC

MILWAUKEE, April 8, 2014 /PRNewswire/ — The more discipline an individual brings to financial planning, the more financially secure he or she feels in the present, and the greater likelihood they’ll be happy in the future, according to a study released today by Northwestern Mutual. These are the first set of findings from the 2014 […]

The Value Of Life Insurance As An Asset

{April 9th, 2014} by Jordan Smith

One of the more challenging aspects of advising clients about life insurance is helping them to recognize that a policy is an asset rather than an expense. For many people, this view is a bit of a foreign concept in a world where other types of insurance (auto, homeowners, health, and liability, just to name […]

ING becomes Voya Financial

{April 9th, 2014} by Darla Mercado

Well, it’s official: ING U.S. Inc., an insurance, investment and retirement services provider, is now Voya Financial Inc. The financial services giant’s name change is only the latest step in a large scale re-branding effort that’s been going on since November 2012, when its Dutch parent ING Groep NV said it would spin off the […]


Total Overall Indexed Annuity Sales and Best-Selling Indexed Annuities of All Time

{April 8th, 2014} by Jamie Johnson

Since 1998, we have been tracking  indexed annuity sales by insurance carrier and each year in our 4th Quarter Wink’s Sales & Market Reports, we report their year-end sales.  I thought it would be interesting to compile the year-end sales and see which carriers would be in the top ten for total overall indexed annuity […]

Why FIA Sales Galloped To New Records

{April 8th, 2014} by Linda Koco

Fixed index annuities put the pedal to the metal in 2013. The major annuity researchers show sales premium for the products ringing in very close to $40 billion, a new record. In fact, this was the fifth consecutive record-setting year for fixed indexed annuity (FIA) sales, according to Sheryl J. Moore, president and chief executive […]

Investors Confused Over Annuity Choices

{April 8th, 2014} by Cyril Tuohy

Here’s an irony advisors may want to ponder. Too much freedom and too many choices may be too much of a good thing. Yes, surveys routinely talk about how people prefer choices, and many times they do. With too much choice, though, comes complexity and often a certain paralysis. With paralysis comes doubt and issues […]

ING U.S., Inc. Officially Becomes Voya Financial, Inc.

{April 8th, 2014} by Voya Financail

Remaining legal entities to rebrand in May and September, according to phased plan New York, April 7, 2014/ PRNewswire / —Today marked the debut of Voya Financial, Inc. (NYSE: VOYA), as the financial services company announced the change of its name from ING U.S., Inc. This change is the latest in a multi-step rebranding process […]

Voya Financial Hires Carolyn M. Johnson to Lead Annuities Business

{April 8th, 2014} by PRNewswire

  WINDSOR, Conn., April 8, 2014 /PRNewswire/ — Voya Financial, Inc. (NYSE: VOYA), which is rebranding from ING U.S., announced today that it has hired Carolyn M. Johnson as president of its Annuities business segment, effective April 7.  As an integral part of the company’s Retirement Solutions operations, this segment is focused on driving growth and […]

Wyoming Adopts NAIC Annuity Suitability Model Reg

{April 8th, 2014} by NAFA

On April 8, 2014, the Wyoming Department of Insurance announced the adoption of Chapter 64, the Regulation Governing Suitability in Annuity Transactions. This regulation closely tracks the NAIC Suitability in Annuity Transactions Model Regulation as revised in 2010. Chapter 64 was filed on March 26, 2014 by the Wyoming Secretary of State’s Office, and pursuant […]

Agents Lead New York Life To Record Operating Earnings

{April 8th, 2014} by Cyril Tuohy

New York Life announced record 2013 operating earnings of $1.76 billion, an increase of 11 percent over 2012. The company said the growth was fueled in part by the strong performance of its insurance agents. Surplus and reserves grew to a record $21.1 billion, up 8 percent over the previous year. Benefits and dividends rose […]

Legacy Announces Strategic Partnership With Americo

{April 8th, 2014} by N/A

PETALUMA, CA, April 7, 2014—Legacy Marketing Group® today announced a strategic alliance with Americo Financial Life and Annuity Insurance Company (Americo) to develop and market proprietary fixed indexed annuity products. “Americo is innovative and committed to partnering with us to focus on growing independent distribution,” said Preston Pitts, Legacy President. The partnership will allow Legacy […]

Tackle those social-media faux pas

{April 8th, 2014} by Kristen Andree

Tackle those social-media faux pas With more financial advisers diving in and compliance reins beginning to loosen, the financial industry is starting to make its mark in social media. Wirehouses and broker-dealers are beginning to allow their advisers a little more flexibility and, in doing so, are catching up with the social-media successes of registered […]

Jobs Report: US Insurance Industry Adds 3,000 Jobs in March

{April 8th, 2014} by Jeff Jeffrey

WASHINGTON – The U.S. insurance industry added 3,000 jobs in March, marking a seasonally adjusted 0.12% increase, the U.S. Bureau of Labor Statistics reported April 4. The employment figures released by the BLS show industry employment, which sits at roughly 2.41 million, has increased by 45,800 jobs since March 2013. The BLS also released updated […]

Genworth CEO gets $12 million

{April 8th, 2014} by Zachary Tracer

(Bloomberg) — Genworth Financial Inc. (NYSE:GNW), the biggest seller of private long-term care insurance (LTCI), paid Chief Executive Officer Tom McInerney $12 million for his first year on the job. The insurer’s stock doubled during that period. McInerney’s package included a $3 million bonus, $7.06 million in stock options, and a salary of almost $1 […]

Allstate CEO pay rises 9.5 percent

{April 8th, 2014} by Becky Yerak, Chicago Tribune

April 08–Allstate Corp. Chief ExecutiveTom Wilson had total compensation of$18.7 million in 2013, up 9.5 percent from the previous year, according to aSecurities and Exchange Commission filing. “An increase in overall premiums and a 24.3 percent increase in operating income were among the measures of success in 2013,” the proxy of the insurer said of […]

Indexed Universal Life To Be ‘The’ Fixed UL

{April 8th, 2014} by Linda Koco

CHICAGO – Indexed universal life insurance is on a growth trajectory, according to Milliman consulting actuary Rob Stone. A key reason is that indexed life policies are more attractive for carriers to offer today compared to the other two types of universal life, said the actuary. The other two types are secondary guarantee universal life […]