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Blog + Articles

MetLife to divest U.S. life business, rebrand as Brighthouse

{July 25th, 2016} by IFAwebnews Staff

MetLife announced that it will rebrand its U.S. life insurance business as Brighthouse Financial after it is divested from the firm in the coming months. A timeline regarding the structure and timing of the separation has not been announced. U.S. life insurance has been the company’s main business for more than a century and contributed […]

MetLife shelves 148-year-old U.S. retail brand for ‘Brighthouse

{July 21st, 2016} by Katherine Chiglinsky

(Bloomberg) — MetLife Inc., the New York-based insurer that traces its roots to the 1860s, said it’s come up with a new name for a U.S. retail unit that’s slated for separation. The business will be known as Brighthouse Financial once it’s broken off from the parent company, MetLife said Thursday in a statement. MetLife said […]

Who likes robo-advisors? Not these people

{July 20th, 2016} by Marlene Y. Satter

Data from two retirement providers indicates that the appetite for automated retirement advice is low The finance industry may be going robo, but that doesn’t mean that’s exactly what the client wants. In fact, independent data from two retirement providers indicates that the country’s appetite for full robo retirement advice is low. A Northwestern Mutual […]

NCOIL Committee Urges Repeal Of Fiduciary Rule

{July 20th, 2016} by NCOIL

    For Immediate Release DATE: July 20, 2016 Contact: Paul Penna (732) 201-4133   NCOIL FINANCIAL SERVICES COMMITTEE PASSES RESOLUTION URGING REPEAL OF DEPARTMENT OF LABOR FIDUCIARY RULE Threat to Proven State Based Regulation of Insurance Manasquan, NJ – The NCOIL Financial Services & Investment Products Committee passed a resolution sponsored by Arkansas Senator Jason Rapert […]

How Lapsing A Life Insurance Policy With A Loan Can Cause A Tax Bomb

{July 20th, 2016} by Michael Kitces

Life insurance serves a valuable social purpose, allowing families to protect themselves against the economic consequences of an untimely death of a breadwinner. In fact, life insurance is viewed as such a positive that Congress provides significant tax preferences for insurance policies, including tax-deferral on any growth in the cash value, and a tax-free death […]

Good Luck Coach Peterson!

{July 19th, 2016} by Wink RockStars

Good luck to our VP of Operations, Tori Peterson as she leads her talented Grandview Little League 2016 AllStars softball girls through Regionals in South Bend Indiana this weekend. The winner will be 2016 Senior League Softball Central Region Champion.       UPDATE on July 25, 2016: These champions came home with THIRD PLACE! […]

The top 4 life insurance brands of 2016

{July 19th, 2016} by LifeHealthPro Editors

State Farm takes Brand of the Year honors in the home and life insurance categories, holding steady in its equity ratings as the insurance category overall experiences declines, according to The Harris Poll 2016 EquiTrend Study. The 28th annual study awards the strongest brands in nearly 100 categories across the media, travel, financial, automotive, entertainment, […]

Prudential fined after 89-year-old customer’s annuity is raided

{July 19th, 2016} by Wire Service

Bloomberg News A Prudential Financial Inc. unit was fined by the Financial Industry Regulatory Authority for overlooking warning signs that an LPL Financial Holdings Inc. salesman was stealing about $1.3 million from an 89-year-old client’s variable-annuity account. Travis Wetzel, a former LPL sales assistant in Maryland, transferred money from the customer to a bank account […]

Advisers asking DOL for clarification on fiduciary rule’s impact on compensation

{July 19th, 2016} by Mark Schoeff Jr.

Agency official discusses top adviser questions and says additional guidance is on the way More than three months after the Labor Department released a final rule to raise investment advice standards for retirement accounts, some advisers are expressing worry about how the measure will affect pay incentives, according to an agency official. “The biggest concern […]

Enhanced financial modeling software available for U.S. life insurers

{July 19th, 2016} by GlobeNewsWire

ARLINGTON, Va., July 19, 2016 (GLOBE NEWSWIRE) — Willis Towers Watson (WLTW), a leading global advisory, broking and solutions company, today announced the availability of its updated U.S. Library of Applications, version 3.1, designed for the financial modeling of life insurance, annuity and long-term care products. U.S. Library 3.1 provides a broad array of new […]

10 advantages of term life insurance

{July 19th, 2016} by STEPHAN R. LEIMBERG, ROBERT J. DOYLE, JR., KEITH A. BUCK

Term life insurance is among the devices that people should consider when they want to provide an immediate estate for loved ones after their death. Although term insurance is not always the most effective type of life insurance for all of a client’s death benefit needs, it can be useful in many circumstances. Since term […]

Life insurance policy reviews: 6 key questions explored

{July 19th, 2016} by Warren S. Hersch

Reviewing a client’s or prospect’s life insurance coverage needs might seem straightforward. But too often, agents and advisors overlook critical questions that can result in a poor product recommendation — one that fails to meet income replacement, living benefit, wealth transfer or other planning needs. To get better acquainted with policy review issues, LifeHealthPro interviewed Palmer Williams, […]

4 misconceptions about marijuana and life insurance

{July 19th, 2016} by Jeff Root

With just about half of America’s states legalizing marijuana use for medicinal purposes, insurance carriers have changed their underwriting approach for these types of cases. With the changing times comes a big gray area and a lot of misconceptions. Click HERE for four of them

NCOIL CONCLUDES SUCCESSFUL SUMMER CONFERENCE IN PORTLAND, OR

{July 19th, 2016} by NCOIL

For Immediate Release July 19, 2016 Contact: Paul Penna (732) 201-4133 Discussed Challenges Facing State Based Regulation, Committees Met to Discuss Important Issues in the States, Heard from Speakers on Timely Issues and Readopted Model Laws   Manasquan, NJ: – The National Conference of Insurance Legislators yesterday concluded the 2016 Summer Conference at the Downtown […]

Suicide Insurance: A New Product With Broader Market Applications

{July 19th, 2016} by InsuranceNewsNet

Suicide insurance is relatively new to the market. There are two main areas in which it can be used. It is essentially used to protect third parties from net losses resulting from an individual’s suicide death, in a situation where the third party has advanced money to the deceased individual such as in the case […]

Bankers Life Launches Guaranteed Lifetime Income Annuity

{July 19th, 2016} by PRNewswire

CHICAGO, July 18, 2016 /PRNewswire/ — Bankers Life and Casualty Company, a national life and health insurer, today announced a new addition to its portfolio of annuity products, Guaranteed Lifetime Income Annuity (GLIA). GLIA is a single-premium fixed indexed annuity designed to provide customers with a safe and reliable retirement savings solution that can help accumulate […]

Survey Results Expose Insurance Industry Training Needs On the Rise Due to DOL Fiduciary Standard Rule

{July 19th, 2016} by Insurance Insight Group

Park City, UT (July 19, 2016) – Insurance Insight Group (IIG) conducted a survey of company executives and financial professionals that reveals significant changes are anticipated within the insurance industry as the DOL fiduciary rule applicability date of April 2017 nears. The survey exposed financial professionals’ opinions on anticipated changes to their practices, marketplace and […]

A ‘Saw-Tooth’ Pattern to Cut Risk, Increase Returns

{July 19th, 2016} by Michael Tove

How fixed indexed annuities can achieve three specific goals to preserve and grow your client’s qualified retirement account. Central to the Department of Labor’s fiduciary rule is the preservation and growth of qualified retirement accounts such as individual retirement accounts and 401(k)s. Specifically, achieving a best practices result should focus on three particular goals: 1. […]

Insurance Industry Must Confront Data Breaches on Two Fronts

{July 18th, 2016} by Gary S. Miliefsky

While protecting others from a menu of breaches, industry must also protect itself The overwhelming number of data breaches over the last few years has every private company and government agency desperately trying to guard its system against cyber criminals. But unlike most other professions, the insurance industry is affected in two ways by the threat. […]

Allianz Life Community Impact Tops $1.9 Million and Employees Volunteer 15,500 Hours for Local Nonprofits

{July 18th, 2016} by Allianz Life

MINNEAPOLIS–(BUSINESS WIRE)–Allianz Life Insurance Company of North America (Allianz Life®) announced in its annual Giving and Volunteerism Report that nearly 1,500 employees volunteered 15,500 hours, an increase of 2,500 hours compared to 2014. Together with corporate grants, vendor contributions and employee donations, the company impact totaled $1.9 million to make a difference in the lives […]

DOL fiduciary rule: Disruption or opportunity? Opinion

{July 18th, 2016} by Anton Honikman

Most coverage of the Department of Labor’s (DOL) fiduciary rule has focused on the challenges it will introduce for firms, such as increased costs, compliance and margin pressure. However, as we all know, within any challenge there lies opportunity.  With today’s new challenge, industry leaders will take the opportunity to go beyond the basics of the […]

Warren Buffett Reveals His Best Insurance Investment in the July Issue of Best’s Review

{July 18th, 2016} by Best's News Service

CONTACTS:   Patricia Vowinkel Executive Editor, Best’s Review +1 908 439 2200, ext. 5540 patricia.vowinkel@ambest.com   FOR IMMEDIATE RELEASE OLDWICK – JULY 18, 2016 In an interview with Best’s Review®, Warren Buffett says he made one of his best investments when he chose Ajit Jain to run his reinsurance business nearly 30 years ago. Jain, […]

How do I choose the right marketing organization?

{July 15th, 2016} by LifeHealthPro

The Challenge…by Charlie Schrantz  I’m shopping for a large IMO to help with my life and annuity case designs. What is the best way to research IMOs so I can choose the best one for my needs? In addition to asking for higher commission payout and support, are there specific questions I should be asking? […]

Report flags top 5 threats facing insurers

{July 15th, 2016} by LifeHealthPro Editors

Approximately three-fourths of insurers surveyed have lowered their target return-on-equity expectations to 10 percent or lower, a reflection of highly competitive market conditions remaining and the slow-growth economy, according to a new A.M. Best special report. The report, “A.M. Best Spring 2016 Insurance Industry Survey,” assesses insurers’ opinions on a number of key themes, including market conditions, […]

A.M. Best Affirms Ratings of New York Life Insurance Company and Its Subsidiaries

{July 15th, 2016} by Best's News Service

CONTACTS:   Igor Bass Financial Analyst +1 908 439 2200, ext. 5109 igor.bass@ambest.com Ken Johnson, CFA, CAIA, FRM Vice President +1 908 439 2200, ext. 5056 ken.johnson@ambest.com Christopher Sharkey Manager, Public Relations +1 908 439 2200, ext. 5159 christopher.sharkey@ambest.com Jim Peavy Assistant Vice President, Public Relations +1 908 439 2200, ext. 5644 james.peavy@ambest.com FOR IMMEDIATE […]

The Photo Issue: Sheryl Moore

{July 15th, 2016} by Anne Carothers- Kay

  BY ANNE CAROTHERS-KAY, Managing Editor Friday, July 15, 2016 6:00 AM Sheryl Moore President, CEO, Moore Market Intelligence and Wink, Inc.  Body Art Sheryl Moore admits she’s a little OCD. That’s why when she says she likes the Beastie Boys, an ’80s rock-rap group that she started following as a child, that means that she […]

New MassMutual Firm Now Open in Iselin

{July 14th, 2016} by PRNewswire

ISELIN, N.J., July 12, 2016 /PRNewswire/ — MassMutual Tri State is pleased to announce that it is now affiliated with Massachusetts Mutual Life Insurance Company (MassMutual). MassMutual Tri State is located at 186 Wood Avenue, Suite 301 in Iselin, New Jersey. The affiliation follows an announcement by MassMutual and MetLife on July 1st, 2016 that […]

Lincoln: Commissions Can Be Best Deal For Consumers

{July 14th, 2016} by Cyril Tuohy

Is it in the best interest of a mutual fund investor to pay a broker a 1 percent annual fee on invested assets of $100,000 in a retirement account? Or is a 4.5 percent up front commission and .25 percent annual trail commission on $100,000 variable annuity with a lifetime income rider in the best […]

Analysts Expect Sunnier 2Q For Life Insurers

{July 14th, 2016} by Cyril Tuohy

Fewer deaths, higher fees and higher investment income are expected to help life insurance companies post better results in the second financial quarter than they did in the first quarter, a pair of Wall Street analysts said. With 149,000 deaths in the second quarter, down from 161,000 deaths in the first quarter, insurance companies likely […]

Insurers developing fee-based fixed-indexed annuities post-DOL fiduciary rule

{July 14th, 2016} by Greg Iacurci

Allianz, Voya, Symetra and Lincoln Financial are forging ahead into virtually uncharted waters for product development Jul 14, 2016 @ 12:01 am By Greg Iacurci Insurance companies are going full steam ahead developing fee-based fixed-indexed annuities due to greater anticipated demand from distributors for advisory products as a result of the Labor Department’s fiduciary rule. […]

Robo advisor, meet millennial advisor

{July 14th, 2016} by Lori Widmer

Thomas Forbes thinks the robo-advisor is an interesting evolution for the insurance and financial planning industry. Forbes, associate financial representative for Northwestern Mutual in Los Angeles, sees the rise of the robo-advisor as both a challenge and an opportunity. “It makes sense to where we are today in the world. I think it will slowly […]

Insurance regulators respond to ongoing low interest rates

{July 14th, 2016} by Arthur D. Postal

WASHINGTON — State insurance regulators are considering or phasing in a number of changes aimed at allowing the life insurance industry to cope with what appears will be a protracted period of low interest rates. Bloomberg News said Tuesday that traders are pricing in “little chance of an interest rate hike in July by the Federal […]

A.M. Best Affirms Ratings for Sammons Financial Group, Inc. and its Subsidiaries

{July 14th, 2016} by Best's News Service

CONTACTS: Anthony McSwieney Senior Financial Analyst +1 908 439 2200, ext. 5715 anthony.mcswieney@ambest.comWilliam Pargeans Assistant Vice President +1 908 439 2200, ext. 5359 william.pargeans@ambest.com Christopher Sharkey Manager, Public Relations +1 908 439 2200, ext. 5159 christopher.sharkey@ambest.comJim Peavy Assistant Vice President, Public Relations +1 908 439 2200, ext. 5644 james.peavy@ambest.com FOR IMMEDIATE RELEASE OLDWICK – JULY […]

JamieJohnson

Innovating in Adverse Markets

{July 14th, 2016} by Jamie Johnson

The third annual Des Moines Insurance Conference, held in Des Moines, IA at the Principal home office on June 28th, 2016, gave attendees had a special treat for lunch and it wasn’t just the great brownies provided. Wink’s CEO, Sheryl J. Moore was the guest speaker at the conference luncheon presenting on “Innovating in Adverse […]

6 annuity guaranteed minimum living benefit riders

{July 14th, 2016} by Kristen Beckman

It has been nearly 20 years since the first guaranteed minimum living benefit (GMLB) riders were introduced on variable annuity contracts. Before that, principal protection was only offered in case of death. Since then, different types of living benefit riders have been introduced, and these options have become popular on both variable and fixed index […]

The ABC’s of the DOL fiduciary rule: BLOG

{July 13th, 2016} by Anthony Domino, Jr.

A casual reading of any financial publication recently is certain to have a headline featuring three letters: D – O – L. What they are referring to is the U. S. Department of Labor Conflict of Interest Rule, popularly referred to as the fiduciary rule. The culmination of a long tussle between regulators and professional […]

Milliman Survey Reveals Reactions to UL/IUL Regulatory Changes

{July 13th, 2016} by PRNewswire

SEATTLE, July 12, 2016 /PRNewswire/ — Milliman, Inc., a premier global consulting and actuarial firm, today released new results from participants in its annual comprehensive study of universal life (UL) and indexed universal life (IUL) issues, namely, the reaction of issuers of universal life products to recent and upcoming regulatory changes. Principle-based reserves (PBR) will […]

Why women are more likely than men to face poverty after retirement

{July 13th, 2016} by Associated Press

CHICAGO — During their working years, women tend to earn less than men, and when they retire, they’re more likely to live in poverty.  These are women who raised children and cared for sick and elderly family members, often taking what savings and income they had and spending it on things besides their own retirement […]

Broker-dealers eye level commissions to reduce risk under DOL fiduciary rule

{July 13th, 2016} by Greg Iacurci

Such a strategy is meant to reduce the appearance of a conflict of interest when using commission products in retirement accounts     Broker-dealer executives are strongly considering a strategy whereby investment products with similar characteristics would have the same commission schedule as a way to reduce risk under a new Labor Department rule that […]

DOJ Fires Back at Fiduciary Rule Opponents

{July 13th, 2016} by John Hilton

Department of Justice attorneys are urging a federal judge to reject a request for a preliminary injunction halting the Department of Labor fiduciary rule. The DOJ filed the first response Friday to a series of lawsuits filed by opponents of the rule, which was published in April. Three lawsuits are active, and the DOJ response […]

FMOs Retain Fixed Indexed Annuity Dominance by Launching Own Broker-Dealer

{July 13th, 2016} by Rachel Summit

By Rachel Summit , with Annuity FYI  Field Marketing Organizations (FMOs,) also known as Independent Marketing Organizations (IMOs), are worried about the fixed indexed annuity requirements that come with the DOL’s new fiduciary rule. These types of organizations represent independent agents, a group that accounted for 60% of indexed annuity product sales in the first […]

Justice Dept. defends DOL fiduciary rule

{July 12th, 2016} by Ryan Barber and Melanie Waddell

The U.S. Justice Department is urging a Washington federal judge to reject a challenge to a sweeping new rule that requires investmentadvisors to work in their clients’ best interests — a heightened standard aimed at protecting retirement savers from billions of dollars in fees. The National Association for Fixed Annuities, represented by a team from […]

Survey: Gender gap remains in retirement planning

{July 12th, 2016} by Kristen Beckman

  Men think about and talk about retirement more frequently than women and believe they are more educated about the tools needed to prosper during their golden years, according to results of a survey by OneAmerica, a mutual organization of financial companies. The online survey gathered responses from more than 10,500 participants and studied the role gender […]

DOL 101: The fiduciary rule’s impact on IMOs: OPINION

{July 12th, 2016} by Kevin W. Mechtley, J.D.

The Department of Labor’s fiduciary rule is the most significant industry game-changing development we have seen since the tax reform to annuities in the early 1980s. As an annuity compliance expert with a leading consulting company, the biggest question I receive these days is: “How do I comply?” Even though I’d like to have a […]

JamieJohnson

Total Overall IUL Sales

{July 11th, 2016} by Jamie Johnson

In 1998, Wink began tracking indexed universal life sales by insurance carrier each year in our quarterly Wink’s Sales & Market Report.  Please enjoy our updated “Total Overall Indexed Universal Life Sales” data from 1998 through 2015. Global Atlantic Financial Group (Accordia Life) continues as the leader for Total Overall Indexed Indexed Universal Life Sales with […]

DOL rule could slow insurance sales for independent channel

{July 11th, 2016} by Warren S. Hersch

Researchers have examined the implications of the new fiduciary standard on insurers The Department of Labor’s new fiduciary rule will could depress sales for brokers and agents by forcing a consolidation of the independent channel’s players, a new report warns. Global investment management firm Conning & Co. discloses this finding in “Life‐Annuity Distribution & Marketing Annual: […]

DOL clarifies fiduciary rule for insurance companies

{July 11th, 2016} by Melanie Waddell

Meanwhile, a House Appropriations bill states that no DOL fiduciary rule ‘shall have an effective date or have any legal effect.’ The Department of Labor has issued technical corrections to the fiduciary rule, specifically clarifying whether insurance companies can use the best interest contract exemption as well as principal transaction exemption clarifications. Meanwhile, the first hearing has been set in […]

DOL Issues Fixes To Conflict Of Interest Rule

{July 11th, 2016} by Cyril Tuohy

Department of Labor regulators Thursday clarified a rule tightening investment advice standards to allow insurance companies to continue to sell life insurance and annuities into retirement accounts under an exemption. The exemption, known as the Best Interest Contract Exemption, allows certain fiduciaries to receive compensation that may otherwise be barred. Clarifications, or technical amendments, were […]

DOL clarifies that insurance firms qualify for best-interest contract exemption under fiduciary rule

{July 11th, 2016} by Mark Schoeff Jr.

The agency posted 13 technical corrections Thursday, one of which deletes six words that have caused confusion about use of the BICE   The Labor Department has clarified that insurance firms can qualify for an exemption provided in a regulation that raises investment advice standards for retirement accounts. The agency made 13 technical corrections to […]

Confused about the DOL rule? Here are answers to 15 questions

{July 11th, 2016} by Jeffrey Levine

Since the U.S.Department of Labor released its long-awaited fiduciary rule last April, advisors have been clamoring for information, trying to figure out if and how the rule will impact their business. While questions have been coming fast and furious, some have popped up more often than others. With that in mind, here are some of […]

Insurance-based broker-dealers plan to use BICE under DOL fiduciary rule

{July 11th, 2016} by Greg Iacurci

A handful of insurers, such as MassMutual and Lincoln National, intend to use the best interest contract exemption in their brokerage networks   Insurance companies with affiliated broker-dealer networks are slowly coming out of their hibernation phase that followed release of the Labor Department’s final fiduciary rule in early April, with some announcing plans to […]

First on the Docket: Market Synergy v. DOL Fiduciary Rule

{July 11th, 2016} by John Hilton

A Topeka, Kan. court will hear arguments Aug. 24 on insurance agency Market Synergy Group’s lawsuit to stop the Department of Labor fiduciary rule. The Market Synergy lawsuit in U.S. District Court for the District of Kansas is one of three lawsuits seeking a preliminary injunction. As it stands, it will be the first appeal […]

Fixed Indexed Annuity Sales Surge Amid Fiduciary Rule Concerns

{July 11th, 2016} by Sean Forbes

July 6 — The fixed indexed annuities industry has historically been successful in its battle for independence from federal and state securities regulations that would tighten the reins on its products, but may have met its match with the DOL’s new fiduciary rule. However, the industry hasn’t given up the fight, and is sounding an […]

Meet 4 execs who are shaping the insurance industry of the future

{July 11th, 2016} by Emily Holbrook

This year’s nominations for the National Underwriter Life & Health Industry Elite Awards were stronger than ever; a who’s who of the best and brightest in the realms of market innovation, industry awareness, community outreach and young talent. Our winners and honorable mentions this year stand out at a time when the industry is undergoing unprecedented challenges and […]

New York agrees to industry-backed insurer reserve rules

{July 11th, 2016} by Arthur D. Postal

WASHINGTON — New York today fell in line with a decision made by the National Association of Insurance Commissioners (NAIC) to shift reserve requirements for universal life insurance with secondary guarantees, and term life insurance products will shift to a more flexible evaluation system. However, New York will only adopt the system as of Jan. 1, […]

The Standard to open Virginia office, create 200 jobs

{July 11th, 2016} by IFAwebnewsStaff

Standard Insurance Company (The Standard) announced that it will open a satellite office in Altavista, Va., near Lynchburg. The life insurance and employee benefits provider is planning to have the office staffed and operations by September. The Standard’s first priority will be to establish and build teams supporting the company’s Life and Disability Services organization. […]

Lapse rates of ordinary life products near two-decade low: A.M. Best

{July 11th, 2016} by Editorial Staff

The last two years have seen the highest persistency rates in nearly 20 years, around 86%, according to a new A.M. Best report. Running between 5.3% and 5.9% in the years 2012 to 2015, lapse rates on ordinary life insurance products have fallen to their lowest level in nearly two decades, according to a new A.M. […]

DOL Posts Technical Fixes to Fiduciary Rule

{July 11th, 2016} by Frank Klimko

WASHINGTON – The U.S. Labor Department issued technical corrections to the fiduciary rule update, addressing one of the legal issues raised in litigation challenging the legality of the new rules, which change how retirement advisers conduct business. The clarifications, or technical amendments, were posted in the July 11 Federal Register and are part of the […]

The 60/40 Portfolio is DEAD!

{July 8th, 2016} by Tom Hegna

Long Live Life Insurance and Annuities! Financial advisors need to adapt and stay ahead of the trends! There are so many traditional views of the “proper way” to retire that have worked for 40 to 50 years. Even as recent as 10 years ago, these strategies may have been successful. But do all of these […]

9 tips: Using life insurance to protect affluent client assets

{July 8th, 2016} by Prudential

Your clients — especially those with high incomes — have the need for death benefit protection as well as a seemingly unlimited number of retirement investment options. As a financial advisor, you have an opportunity to meet the needs of your high-income clients with life insurance. So, how can life insurance help your high-income client better manage […]

Life insurance: You can lose out just being associated with pot

{July 8th, 2016} by Ben Steverman

(Bloomberg) — A few weeks ago, Derek Peterson got a letter from Mutual of Omaha, turning him down for life insurance. “Our decision was based on,” the letter said, then trailed off (Monty Python-style) and picked up in all caps:  WE HAVE DISCONTINUED THE PROCESSING OF YOUR APPLICATION FOR INSURANCE DUE TO COMPANY POLICY. WE CANNOT ACCEPT […]

One year after landmark court case, financial picture for LGBT people is mixed

{July 8th, 2016} by Warren S. Hersch

The U.S. Supreme Court decisionlegalizing same-sex marriageone year ago led to widespread optimism that the lives of LGBT people would improve. The sentiment was particularly strong in regard to same-sex couples: The ruling would avail them of federal marriage rights and privileges enjoyed by their heterosexual counterparts. That indeed has been a result for a […]

Financial planner for same-sex couples

{July 8th, 2016} by Courier Newsroom

PRIDE CELEBRATION (AP Photo/Bullit Marquez/File) When a landmark U.S. Supreme Court decision in 2015 legalized same-sex marriage, it brought many changes to same-sex couples and their families. Among other things, it made a momentous alteration to their financial planning outlook. One significant change was that same-sex couples no longer have to navigate a hodgepodge of […]

6 Reasons Singles Should Get Life Insurance

{July 7th, 2016} by BSMG

Life insurance is often overlooked by those who aren’t depended on financially by others. When we are young and independent life insurance is often the last thing on our minds but it shouldn’t be!   It’s assumed that Life Insurance is for married couples only, but being young and independent is the perfect time to […]

Superior customer experience equals better returns for insurers, report says

{July 7th, 2016} by LifeHealthPro Editors

Insurance companies that deliver a great customer experience are rewarded over the long-term, by consumers and investors. That’s the conclusion from customer experience advisory firm Watermark Consulting. In a new report, the company details its analysis of stock market returns for insurers that lead in customer experience versus those that lag. Click HERE to read more… […]

The declining retirement age is dead

{July 6th, 2016} by Emily Zulz

Over the last 100 years in the United States, the average retirement age has declined dramatically from 76 in 1900 to 64 in 2010. The same is true globally, according to a recent BofA Merrill Lynch Global Research report. The average retirement age in developed countries had declined from 68 years in 1970 to a low […]

LIMRA LOMA Launches Course on DOL Fiduciary Rule Implications

{July 6th, 2016} by LIMRA LOMA Secure Retirement Institute

New research finds nearly three quarters of plan providers believe they will need to train their employees WINDSOR, Conn. – July 5, 2016 – The LIMRA LOMA Secure Retirement InstituteTM today announced the recent launch of DOL Fiduciary Basics for Employees, a new short online course that offers an unbiased, simple explanation of what the […]

Fixing A Retirement Course

{July 6th, 2016} by Andrew Murdoch

Indexed annuity sales are setting the market-pace, revealing some new consumer buying habits by Andrew Murdoch Mr. Murdoch, a CFP, is president of Portland, OR-based Somerset Wealth Strategies and senior vice president of market research at Annuity FYI, an online resource for potential annuity buyers. Visit somersetwealthstrategies.com A funny thing is happening in the annuity sales […]

JamieJohnson

All you need to know about everything that matters

{July 6th, 2016} by Jamie Johnson

Wink took an extended holiday weekend to celebrate Independence Day; we hope you had a great holiday too! Since we want you to be the first-to-know on all of the hot and trending industry news, we delayed the newsletter until Thursday morning this week just to ensure you have the most up-to-date news.  As you know, we monitor […]

The DOL fiduciary rule, duties to consumers, and the Best Interest Contract Exemption

{July 6th, 2016} by American College of Financial Services

Financial advisors affected by the U.S. Department of Labor’s (DOL) so-called Conflict of Interest Rule have many unanswered questions and plenty of concerns regarding the new regulations. However, at its core, the DOL fiduciary rule aims to protect consumers receiving retirement investment advice inside of qualified retirement plans and IRAs. Financial advisors will need to […]

A.M. Best Assigns ICR to National Western Life Group, Inc.; Affirms Ratings of National Western Life Insurance Company

{July 6th, 2016} by Press Release

Press Release – JUNE 29, 2016 A.M. Best Assigns ICR to National Western Life Group, Inc.; Affirms Ratings of National Western Life Insurance Company CONTACTS:   Keith Behrmann Financial Analyst +1 908 439 2200, ext. 5733 keith.behrmann@ambest.com Thomas Rosendale Assistant Vice President +1 908 439 2200, ext. 5201 thomas.rosendale@ambest.com Christopher Sharkey Manager, Public Relations +1 […]

MassMutual Completes Acquisition of the MetLife Premier Client Group

{July 6th, 2016} by PR Newswire

SPRINGFIELD, Mass., July 5, 2016 /PRNewswire/ — Massachusetts Mutual Life Insurance Company (MassMutual) announced today that its acquisition of MetLife’s U.S. retail advisor force – the MetLife Premier Client Group (MPCG) – has been completed. On Feb. 29, 2016, the companies announced they had entered into the acquisition agreement, which also includes certain MetLife employees who support […]

MassMutual Closes on Acquisition of MetLife US Adviser Force for $165 Million

{July 6th, 2016} by Marie Suszynski

SPRINGFIELD, Mass. – Massachusetts Mutual Life Insurance Co. said it has completed its acquisition of MetLife’s U.S. retail adviser force, a move a company executive said makes MassMutual a “distribution powerhouse and pacesetter for the industry.” MassMutual bought MetLife Premier Client Group for a final purchase price of $165 million, net of adjustments. The deal […]

Don’t confuse Dave Ramsey’s confidence with smarts

{July 6th, 2016} by Michael Markey

About a year ago, I was sitting by myself at the back of a bus filled with advisors and insurance agents. A few rows ahead of me, a guy proclaimed to the group: “I love math!” Someone else, taking up the challenge, threw out two numbers and said, “Multiply these…” Now, I’m not always a […]

InvestmentsNews’ The 2016 40 Under 40

{July 6th, 2016} by InvestmentNews

Meet 40 young leaders in the financial advice industry, and learn how the power of their personalities helps them succeed.Click HERE About 40 Under 40 The editorial staff at InvestmentNews began this year’s 40 Under 40 project in February by reviewing the traits we were seeking to recognize most strongly in this year’s class. At […]

Top financial advisers focus on client heirs: Jefferson National survey

{July 6th, 2016} by Liz Skinner

Retaining assets of clients after inheritance is more of a priority for successful advisers   Successful financial advisers are more focused than most on retaining client assets after that money is passed along to heirs, a recent survey found. Advisers who oversee a high level of assets and those who are high earners both said […]

Despite lawsuits, DOL is working with advisers to help implement fiduciary rule

{July 6th, 2016} by Mark Schoeff Jr.

Official says firms that work with the agency may be able to shape a favorable outcome    Despite battling several lawsuits designed to eliminate a recently approved investment-advice regulation for retirement accounts, the Labor Department is encouraging financial firms and advisers to come forward with their questions about how to comply with the rule. The […]

House passes bill to protect advisers reporting elder financial abuse

{July 6th, 2016} by Mark Schoeff Jr.

The bill also addresses training for advisers on how to spot elder financial abuse      The House of Representatives Tuesday night unanimously approved legislation that would protect financial advisers from liability when they try to stop the financial exploitation of seniors. The measure, the Senior Safe Act, passed the House, passed the House on […]

Report: life insurance policy lapse rates at a 20-year low

{July 5th, 2016} by LifeHealthPro Editors

Lapse rates on ordinary life insurance products, which were between 5.3 percent and 5.9 percent in 2012-2015, represent the lowest rates in nearly 20 years, according to a new report. An A.M. Best Special Report, “Anemic Yields Put Spotlight on Retention,” reveals that ordinary life persistency has been relatively steady, fluctuating between 81.1 percent and […]

Change is coming to the field of financial advice, and it’s going to be disruptive

{July 5th, 2016} by Marlene Y. Satter

That’s according to the “J.D. Power 2016 U.S. Financial Advisor Satisfaction Study,” which found that traditional investment advisory services are likely to be transmogrified in a confluence of retiring advisors, the rise of the robo-advisor or automated investment-picking algorithm, and the lower fees of independent advisory shops. The study measures advisor satisfaction — both for […]

Voya Financial to Announce Second Quarter 2016 Results on August 3

{July 5th, 2016} by Voya

NEW YORK, July 5, 2016 /PRNewswire/ — Voya Financial, Inc. (NYSE: VOYA), announced today that it will host a webcast of its second quarter 2016 earnings conference call on Wednesday, August 3, 2016 from 10 a.m. to 11 a.m. (ET). A press release containing information about the company’s financial results for the second quarter of […]

The Fixed Annuity: It’s Like Buying a Pension

{July 3rd, 2016} by Selena Maranjian

Annuities can deliver (nearly) guaranteed fixed income streams that can make your retirement more secure. Learn more about them. In the old days, many people looked forward to pension income in retirement, but few private-sector companies offer pensions any more. Thus, most of us need to rely on ourselves more than ever to provide for […]

Hearsay Social Launches Corporate-to-Local Social Media Advertising Solution – SYS

{July 1st, 2016} by Hearsay Social

New functionality enables enterprise marketing teams to maximize the power of Facebook advertising by efficiently deploying and managing local advisor ad campaigns at scale SAN FRANCISCO – June 30, 2016 –Hearsay Social®, provider of a Predictive Omnichannel Suite for financial advisors and word agents, announced currently a launch of a Corporate-to-local Advertising technology. With a […]

Retirement income calculators: What to know about their projections

{July 1st, 2016} by Nick Thornton

Not all retirement income projection tools are the same. In fact, the modeling tools, which are becoming default features on record-keeping and retail advisory platforms, generate wildly varying interpretations of how retirement savings will translate into income when the golden years arrive. A new study from Corporate Insight, a provider of research and analytics to […]

A conversation with the head of New York Life’s retail annuities business

{July 1st, 2016} by Kristen Beckman

After 15 years at New York Life, eight of which he spent working in the company’s annuities business, Dylan Huang was recently named senior managing director and head of the company’s retail annuities business. Huang’s deep experience in the annuities industry includes building retirement products available through New York Life agents and third-party advisors, including […]

Where are all the women in financial services?

{July 1st, 2016} by Ed McCarthy

Women comprise only 15 to 20 percent of financial advisors in the U.S. There’s a gender gap between demographic trends and the financial advisory business. Women have an increasing share of income and wealth in the United States and globally, but they are underrepresented among financial advisors in the U.S. BMO Financial Group’s 2015 report, […]

4 reasons why insurers must adapt to the omnichannel world

{July 1st, 2016} by Frank Memmo Jr., Ryan Knopp

How life insurers can meet rising consumer expectations through an enhanced service experience Life insurance has never been an industry associated with rich consumer experiences or even customer centricity. It has generally been believed that low-frequency interactions and routine communications (around policy renewals, for example) were enough to sustain customer relationships, meet regulatory requirements and […]

Looking Ahead To Fiduciary Rule: Two Advisors Tell Their Tales

{July 1st, 2016} by Cyril Tuohy

A year ago, financial services interest groups of every stripe pushed hard to sway Department of Labor regulators who were in the midst of drafting new conflict of interest rules governing the sales of financial products into retirement accounts. Warnings were dire. Costs to retail financial advisors would rise and cause thousands of them to […]

Americans turn to annuities for reliable income

{June 30th, 2016} by Tony Vaziri

Financial experts say annuities may be the better option for a dependable, long-term means of retirement savings. A closer look at annuities Annuities have long been considered one of the most secure, versatile instruments for retirement. Annuities involve far less risk than investments in the stock market, and they can help people gain potential protection […]

FMOs Have Options to Comply With DOL Rule

{June 30th, 2016} by Cyril Tuohy

It’s going to be a busy month of July for managers with field marketing organizations (FMOs), as they seek to chart a future direction for their companies following new federal regulations designed to protect investors in the retirement market. Under the new Department of Labor fiduciary rules issued in April, FMOs were denied the authority to certify whether […]

5 Things You Didn’t Know Life Insurance Could Do

{June 30th, 2016} by Raymond Caucci

When you think of life insurance, what usually comes to mind is the death benefit—the amount of money that is paid out to your beneficiaries when you die. And that certainly is the main reason most people get life insurance. Keep in mind, however, that there are two major types of insurance. Term life insurance […]

Competitive Market Intelligence Consultant: Life products

{June 30th, 2016} by Lincoln Financial Group

Location: Hartford, CT  (Connecticut) Relocation assistance is not available for this  opportunity. Requisition #7441 About the Company Lincoln Financial Group provides advice and solutions that help empower Americans to take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help […]

What millennials are doing right — and wrong — about retirement

{June 30th, 2016} by Suzanne Woolley

(Bloomberg) — Millennials may be overly confident about their investing skills, but many are handling their 401(k)s with savvy, a new study by Wells Fargo Institutional Retirement & Trust suggests. More than a quarter of younger workers — 28 percent — have at least 10 percent deducted from their paychecks, according to the study. It analyzed the […]

Basketball Legend Magic Johnson Hosts Picnic for His Iowa Employees

{June 30th, 2016} by MICHAEL DASILVA

WEST DES MOINES, Iowa — A basketball legend was in Iowa for a picnic Friday. Basketball Hall of Famer Magic Johnson is the owner of the insurance company EquiTrust, which has an office in West Des Moines. He has been part of the company for a year and a half now. Johnson said he put the […]

Radio show host Ric Edelman rants about raging fiduciary battle

{June 29th, 2016} by Christine Idzelis

Lawsuits filed against the Labor Department’s regulation expose conflicts in financial advice Seven years after the Treasury Department recommended in a financial reform report that brokers be held to a fiduciary standard, the industry is struggling to come to grips with it. The Securities and Exchange Commission “should be given new tools to increase fairness […]

Litigation schedule set for suits against DOL fiduciary rule

{June 29th, 2016} by Mark Schoeff Jr.

The plaintiffs and Labor Department are seeking summary judgment for the cases in a Dallas federal court, with a decision possible in October Financial industry trade groups and the Department of Labor have agreed to a litigation schedule that could render a decision in October on several lawsuits seeking to stop an investment advice regulation. […]

Pacific Life completes acquisition of Genworth term life business

{June 29th, 2016} by IFAwebnews Staff

Pacific Life Insurance Co. has completed its acquisition of the term life business platform from Genworth Financial, based in Richmond, Va. The term life business will be located in Lynchburg, Va., where Genworth ran its term life unit. The initial distribution is expected to begin operations during the fourth quarter of 2016. Financial terms of the transaction […]

Voices You already have all the tools to beat robos. Get started. : OPINION

{June 29th, 2016} by Matt Sonnen

When meeting with advisers in their offices, I often hear, “The average age of our client base is 67 years old. We know the statistics — 90% of children fire their parent’s adviser. We are scared to death that we will lose the next generation. We need to offer a robo solution because these kids […]

U.S. insurers ‘less exposed’ by Brexit than other sectors

{June 29th, 2016} by Arthur D. Postal

The anticipated effect of the U.K.’s surprising decision to leave the EU: Consistently low rates WASHINGTON — A sustained period of lower interest rates, with all its negative implications for insurers, is the most likely effect on the American insurance industry as a result of Britain’s unexpected decision to exit the European Union, according to a […]

Thomas Perez points to two factors in DOL fiduciary rule’s favor to prevail in lawsuits

{June 29th, 2016} by Mark Schoeff Jr.

Labor secretary says the extensive rulemaking process and the regulation’s merits of consumer protection will protect the measure   Secretary of Labor Thomas Perez expressed no concern Wednesday about lawsuits that have been filed to stop the agency’s regulation to raise investment advice standards for retirement accounts. “I’m very confident,” Mr. Perez told an audience […]

MetLife slumps as Bill Gross laments life Insurers’ prospects

{June 29th, 2016} by Agnel Philip

(Bloomberg) — MetLife Inc. slumped in New York trading as the Brexit vote in the U.K. pushed down bond yields, threatening investment income from the company’s portfolio. MetLife, the largest U.S. life insurer, dropped 8.6 percent to $40.36 at 12:34 p.m., extending its loss for the year to 16 percent. Lincoln National Corp. declined 10 percent and […]

Maria Vullo confirmed as New York’s top financial services regulator

{June 29th, 2016} by Allison Bell

Members of the New York state Senate have voted to make Maria Vullo the superintendent of the New York State Department of Financial Regulation.   Gov. Andrew Cuomo, a Democrat, nominated Vullo to succeed Benjamin Lawsky as the head of the department in February. The department oversees about 1,500 insurers and about 1,600 financial institutions. Click HERE […]

Dodd-Frank drafters rip MetLife ruling

{June 29th, 2016} by Arthur D. Postal

WASHINGTON — If sustained, a lower court ruling barring federal financial regulators from overseeing MetLife would “fundamentally undermine” Congressional intent, a liberal-leaning legal trade group said today in a friend of the court brief to the U.S. Court of Appeals for the D.C. Circuit. The brief was filed by the Constitutional Accountability Center in MetLife v. Financial […]

The rules for revoking an irrevocable trust

{June 29th, 2016} by Tom Nawrocki

Clients seeking some measure of certainty in their estate plans often put their confidence in an irrevocable trust. The very name of the vehicle would seem to ensure that the client’s wishes will be carried out, no matter what. But if the trust grantor and beneficiaries collectively decide to change the terms of the trust, […]

‘Surprising’ LGBT Growth Good News For Advisors

{June 29th, 2016} by Juliette Fairley

About 47% of millennials between the ages of 25 and 37 identify as lesbian, gay, bisexual and transgendered (LGBT) compared to 24% of boomers and 28% of Gen Xers, according to Prudential’s 2016/2017 LGBT Financial Experience study. “The increase in the number of LGBT couples who have married in the past four years is a surprising […]

Making the case for fixed index annuities

{June 29th, 2016} by Donald Jay Korn

The annuity industry has literally had its ups and downs lately. And while the road ahead may split in different directions, advisers who know how to decipher the signposts can help clients stay on course. For the first quarter of 2016 (the latest data available), fixed indexed annuity sales jumped by 35% over the prior […]

Foresters Financial Celebrates National Insurance Awareness Day

{June 28th, 2016} by Foresters Financial

NEW YORK, NY, June 27, 2016 /PRNewswire/ – Foresters Financial is proud to participate in National Insurance Awareness Day—an annual campaign held every June 28 to remind Americans about the importance of life insurance. “We are proud to participate in this event,” said Carol Springsteen, President of Foresters Life Insurance and Annuity Company, a subsidiary […]

Brexit turmoil only beginning to play out for life insurers

{June 28th, 2016} by Chris Hughes

(Bloomberg) — A crisis in financial markets normally equals a crisis in the insurance industry.Insurers have done plenty to defend themselves against the Brexit storm, but they are entering an environment where having enough capital will come a distant second to having a lot more than enough. The companies’ problem is that they are big investors in […]

Brexit: 5 areas financial advisors should watch

{June 28th, 2016} by BERNICE NAPACH

Markets plummeted in the aftermath of the historic British vote, but don’t panic Just like no one really knew how the Brexit vote would turn out — and many forecasters got it wrong — it’s difficult to know now how Britain’s vote to leave the EU will affect global economies and markets in the longer […]

Federal Judge Could Hear Fiduciary Rule Arguments by Nov. 1

{June 28th, 2016} by Cyril Tuohy

Plaintiffs have reached agreement with the Department of Labor on a schedule that will have attorneys making oral arguments on the fiduciary rule before a judge by the end of October. That is just a little more than five months before the first clauses of the regulation are scheduled to take effect. Still, the proposed agenda will serve the interests of “judiciary economy and efficiency,” the […]

Prudential 2016/2017 LGBT Financial Experience: Obergefell decision yields financial confidence, but still a long road to true financial security

{June 28th, 2016} by Prudential Financial

Click here to watch Jim Obergefell, the named plaintiff in the U.S. Supreme Court case that brought marriage equality to America, discuss progress for the LGBT community amid remaining barriers to true financial security. June 23, 2016 02:06 PM Eastern Daylight Time NEWARK, N.J.–(BUSINESS WIRE)–In its first survey of LGBT Americans since the U.S. Supreme […]

The Phoenix Sale Complete; CEO Steps Down

{June 28th, 2016} by Mara Lee

The Phoenix Sale Complete; CEO, general counsel stepping down   Nassau Re has completed its purchase of The Phoenix Cos., founded by Hartford civic, religious and business leaders in 1851 as the American Temperance Life Insurance Co. The Phoenix was a mutual insurer for most of its history, and became a publicly traded company 15 […]

Retirement readiness: Challenges advisers face now

{June 28th, 2016} by Nicholas Yeap

An amplified concern Advisers pride themselves on their specialized retirement planning services, but it’s a role that’s getting harder and harder. For one, clients are living longer, according to IMCA’s Research Quarterly. That means many retirees, even those who availed themselves of savvy planning advice, are at risk of outliving their assets. Also, even now, […]

Study: Annuities Sell Themselves if Promoted

{June 28th, 2016} by Cyril Tuohy

Insurers, brokers, advisors and retirement plan sponsors could do more to communicate the value of annuities for employees to help the products gain broader acceptance, according to a new report. Communicating the role annuities play is also important to overcoming the gap between what many companies actually offer and the annuity options to help workers secure […]

Everybody dies. It’s time to have the talk

{June 28th, 2016} by Suzanne Woolley

(Bloomberg) — As an e-vite it’s a guaranteed loser: It’s summer! Come talk about the financial and long-term caregiving needs and eventual death of your parents! Doing that, though, could make later life a lot smoother for both parents and kids. An improved economy may be having something of a perverse effect here: The prospect of the […]

15 worst states for retirement: 2016

{June 28th, 2016} by WalletHub Report

  Retirement might be the end of the line, but it doesn’t have to be the end of financial security or life satisfaction. For many of us, our primary concern with retirement is timing, which often coincides with the age at which we become eligible to receive Social Security or pension benefits. Hopefully the choice […]

Median Change in Insurer CEO Overall Pay Down 1 Percent

{June 27th, 2016} by Cyril Tuohy

Median change in the overall CEO compensation at nine life, annuity and health insurers declined by 1 percent in 2015 year over year, according to a new report. Overall CEO compensation is made up of the base salary, long-term incentives and cash bonuses. The base salary of life and health insurance company CEOs increased 1 […]

How annuities can help underprepared retirees meet financial goals

{June 27th, 2016} by Peggy Bresnick

According to a report from Cerulli Associates, only about half of all working (non-retired) households have a formal plan for retirement income. Even more alarming is the fact that this number is lower than last year’s – that despite widespread awareness programs on retirement planning and the dangers of procrastination, fewer and fewer households are […]

Barron’s Top 50 Annuities for 2016

{June 25th, 2016} by Karen Hube

Annuities are about to get a makeover with new rules, low interest rates, and longer lives. Our annual ranking will point you to the best choices. By KAREN HUBE June 25, 2016 America’s 50 Best Annuities: Guaranteed Income for Life The $2.7 trillion annuity industry’s latest golden child is the fixed-indexed annuity—but don’t be fooled […]

Planning for the modern family: 3 life insurance scenarios

{June 25th, 2016} by Jill Perlin

The term “family” has a different, more expansive meaning today than it did in decades past. In the 1950s, one of the most popular television shows invited viewers to join the “Adventures of Ozzie and Harriet,” which centered around the Nelsons — Ozzie, Harriet and their two sons. They were a traditional family: Harriet stayed home and never seemed to leave the kitchen. […]

John Hancock swims against the tide, doubles down on independent broker-dealer business

{June 24th, 2016} by Bruce Kelly

Unlike many insurance companies who are fleeing the high-risk, thin-margin independent broker-dealer business, John Hancock Financial Network, through its independent broker-dealer, Signator Investors Inc., has doubled down on its commitment. Signator in May closed on its deal to acquire 883 registered reps and advisers from Transamerica. Those former Transamerica advisers have $25 billion in client […]

Majority Of Americans Are Not Getting Professional Financial Advice

{June 24th, 2016} by PRNewswire

MILWAUKEE, June 21, 2016 /PRNewswire/ — According to research released today by Northwestern Mutual, the majority (68%) of U.S. adults are not getting professional financial advice; and among those who are, many (43%) say their advisors don’t feel like long-term partners with a deep knowledge of their complete financial picture. “We see this as a real call to […]

DOL Moves to Consolidate Three Cases Challenging the Fiduciary Rule

{June 24th, 2016} by Frank Klimko

DALLAS – The U.S. Department of Labor filed a motion seeking to consolidate the three federal lawsuits challenging the updated fiduciary rule into one single case. The plaintiffs said they are not opposed to the move, but a final order is pending. The request was made to U.S. District Judge Barbara M.G. Lynn, chief judge […]

FSOC: Regulators Making Progress Toward Financial Stability; Dangers Loom

{June 23rd, 2016} by Frank Klimko

WASHINGTON – Regulators have made significant progress in improving financial resiliency and reducing economically risky business practices that led to the U.S. financial meltdown eight years ago, according to a new report by the Financial Stability Oversight Council. “Financial regulatory reforms and a strengthening of market discipline since the global financial crisis have made the […]

Ohio Insurance Agent’s License Revoked after $800K in Client Losses

{June 23rd, 2016} by Ohio Department of Insurance

Ohio Lieutenant Governor Mary Taylor has revoked the license of insurance agent Brian Willms, of Dublin, for misrepresenting life insurance policies as an investment. The misrepresentations contributed to two clients losing a combined $800,000. The Ohio Department of Insurance found Willms, from 2011 to 2013, led clients to believe that the complex Life Economic Acceleration Process […]

Indexed annuity distributors weigh launching B-Ds due to DOL fiduciary rule

{June 23rd, 2016} by Greg Iacurci

The move would allow insurers to sidestep additional risk in distributing through independent agents Jun 23, 2016 @ 11:27 am   Distribution networks representing independent insurance agents are weighing, and in some cases forging ahead with, plans to launch broker-dealers to continue selling fixed-indexed annuities in retirement accounts under the Labor Department’s fiduciary rule regime. […]

Rediscovering Whole Life

{June 23rd, 2016} by Lewis W. Merrow

There are safer ways to guide your clients through today’s financial minefields by Lewis W. Merrow, MBA, CLU, ChFC, RHU, REBC, FLMI, CEBS Mr. Merrow, a third-generation life insurance salesman, is Regional Vice President for Mutual Trust Life insurance Company, a Pan-American Life Insurance Group Stock Company. Connect with him by telephone at 800-486-8887, or […]

Millennials: The debt-averse, insurance-buying generation

{June 23rd, 2016} by AFLAC

By 2017, millennials will have the most buying power of any generation. Still, with all that power, there are some things they won’t spring for— things such as pay television, cars and mass-market beer. One thing millennials will buy, however, is insurance products. According to the 2016 Aflac WorkForces Report, those born between 1980 and […]

Financial advisers push boundaries of social media

{June 23rd, 2016} by Christine Idzelis

RIAs, wirehouses exploring new ways of connecting with clients online Jun 20, 2016 @ 1:40 pm   One day on Facebook, Tina Powell discovered a client’s son was in the hospital because of epilepsy. Ms. Powell, a partner at registered investment advisory firm Beacon Wealth Management, said she picked up the phone to see if […]

Eight ways to comply with DOL fiduciary rule: Blog

{June 23rd, 2016} by Manisha Kimmel

Labor Department’s principles-based rule raising investment advice standards for retirement accounts gives firms flexibility in how to meet compliance Jun 17, 2016 @ 11:58 am   What makes the DOL’s fiduciary rule so transformational is that while most regulations impose significant costs, this rule also will have a material impact on revenue, especially related to […]

FSOC 2016: Brokers and insurers show little growth

{June 23rd, 2016} by Arthur D. Postal

Life insurers reported a slight decrease in premiums along with greater use of reinsurance in 2014, according to the latest report of the Financial Stability Oversight Council (FSOC), citing the slow growth as a product of the current consistent low interest rate environment. But, lower reserve increases than in 2014 allowed for an increase in […]

Lincoln Financial Group Named among the Top 100 Call Centers in America for Life Insurance and Annuity Customer Service Excellence

{June 23rd, 2016} by Business Wire

Latest Recognition from BenchmarkPortal Marks the Fifth Consecutive Year for the Life Insurance Team and Third Consecutive Year for the Annuity Team June 22, 2016 10:00 AM Eastern Daylight Time RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE:LNC) announced today that its life insurance and annuity Customer Contact Centers have both been named Top 100 Call Centers […]

Annuity Insurers Boost Agent Portal Experience

{June 22nd, 2016} by Cyril Tuohy

Agent portal improvement mean more features, fewer ordering mistakes and faster transaction capabilities in the individual annuity space, which in turn, have allowed companies to retain more agents and advisors, a new report finds. Agent portals are Internet entry points through which agents do business with annuity companies. Portals play a vital role in helping agents […]

DOL’s Fiduciary Rule: Insights From Three Top Insurance Industry Leaders

{June 22nd, 2016} by Brokers International

Panora, Iowa – June 21, 2016 – Mark Williams, Brokers International president and CEO hosted a special webinar outlining the latest details on the DOL’s Fiduciary Rule to financial service professionals. Walter White, president and CEO of Allianz Life Insurance Company of North America and Chip Anderson, executive director of the National Association for Fixed […]

Younger Consumers Would Like To Receive Life Insurance Benefits As Monthly Income

{June 22nd, 2016} by LIMRA

WINDSOR, Conn., June 21, 2016 — A new LIMRA study shows consumers under age 40 would prefer to receive life insurance benefits as a monthly income rather than a lump sum payment. In a study on life insurance product designs, 4 in 10 consumers under age 40 prefer a monthly income benefit while approximately 30 […]

Independent broker-dealer business model is an endangered species

{June 22nd, 2016} by Bruce Kelly

In the new DOL fiduciary landscape, B-Ds can no longer be dependent on commissions May 29, 2016 @ 6:00 am      The current business model of many independent broker-dealers, which depends on selling high-commission products, such as variable annuities and nontraded real estate investment trusts, is an endangered species. That’s the blunt assessment of […]

Some Life Insurance Sales Covered by DOL Rule

{June 21st, 2016} by John Hilton

Life insurance is the forgotten transaction in ongoing debate over the Department of Labor’s fiduciary rule. The impact on variable and fixed indexed annuities is dominating news coverage. The stories usually note the impact on IRAs, 401(k)s, investment education, mutual funds and many other aspects of the industry. But life insurance sales are affected as well. Some life insurance […]

Perspectives on Annuity Awareness

{June 21st, 2016} by NAFA Staff

NAFA Annuity Outlook magazine reached out to industry leaders to ask for their take on where we are and where we need to head to have an impact on the annuity awareness front lines. We posed this question: What is your view on where we stand on annuity awareness in our country? Charles R. “Chip” […]

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June is National Annuity Awareness Month

{June 21st, 2016} by Wink's RockStars

National Annuity Awareness Month was created to provide much needed awareness and education on annuities. We want to have agents get some skin in the game too when it comes to National Annuity Awareness Month! The idea is to take the message viral and that’s something that agents can really help with. Follow Wink on Social […]

DOL files to consolidate 3 fiduciary suits

{June 21st, 2016} by Melanie Waddell

The Department of Labor filed a motion Friday requesting that the three lawsuits pending in the U.S. District Court for the Northern District of Texas challenging DOL’s fiduciary rule be consolidated. The plaintiffs agreed to consolidation in a Monday response, but insisted that each of the cases be allowed to “retain their separate identities” and […]

FIDUCIARY RULE OPPONENTS TAKE THEIR FIGHT TO THE COURTS

{June 21st, 2016} by ANDREA L. BEN-YOSEF

Even though the fiduciary rule was released in April, opponents are still continuing their attack, this time through the courts. In early June, five different lawsuits were filed against the Department of Labor. They make some allegations that are similar and some that are different. The complaints pull in several federal statutes and the U.S. […]

Market Synergy Gets Support in DOL Lawsuit

{June 21st, 2016} by John Hilton

The Department of Labor’s fiduciary rule will damage fixed indexed annuities’ primary channel of distribution, one that is rarely cited in consumer complaints, according to one of eight affidavits filed to support a lawsuit against the rule. The affidavits were filed today to support Market Synergy, which is among five groups who have sued to stop […]

DOL’s Perez Vows to Fight Mounting Fiduciary Lawsuits

{June 21st, 2016} by ThinkAdvisor

Five lawsuits filed in federal courts in June; former DOL solicitor Scalia asks court for quick action to vacate the rule Labor Secretary Thomas Perez has vowed to “vigorously” defend the department’s rule amending the definition of fiduciary on retirement advice against the mounting lawsuits that were lobbed against the rule in June. A total […]

DOL 101: The fiduciary rule’s impact on annuity carriers

{June 21st, 2016} by KEVIN W. MECHTLEY, J.D.

The Department of Labor’s fiduciary rule is the most significant industry game-changing development we have seen since the tax reform to annuities in the early 1980s. As an annuity compliance expert with a leading consulting company, the biggest question I receive these days is: “How do I comply?” Even though I’d like to have a […]

The DOL Rule: As Expected – More Questions Than Answers

{June 21st, 2016} by Chip Anderson

MESSAGE FROM NAFA One year after the proposed DOL rule came out in April of 2015, the final DOL rule was officially released on April 8, 2016. This was after thousands of comment letters from different organizations and hundreds of thousands of emails. There were letters and phone calls from consumers, agents and registered representatives […]

Don’t take retirement advice from John Oliver

{June 21st, 2016} by John Oliver

Suppose you bought a travel guide to help you plan your next trip. The first chapter describes the best, low-cost option to get to your destination. But the subsequent chapters are blank, offering no ideas on what to do when you arrive. That’s essentially the quality of the retirement advice coming from several market experts […]

What John Oliver got right (and wrong) about the DOL fiduciary rule (Opinion)

{June 21st, 2016} by Carley Meiners

The Department of Labor’s fiduciary rule has been a battle for our industry for about six years now, and consumers rarely know about or understand the potential changes. But last week, the rule took on a new audience: the viewers of “Last Week Tonight with John Oliver.” Here’s the thing, I spend almost every day reading something […]

Iowa Insurance Companies to Host Des Moines Insurance Conference June 28

{June 21st, 2016} by Business Wire

June 20, 2016 09:00 AM Eastern Daylight Time DES MOINES, Iowa–(BUSINESS WIRE)–Agenda and webcast details for the 2016 Des Moines Insurance Conference are now available. Participating companies include Aegon (NYSE: AEG), American Equity Investment Life Holding Company (NYSE: AEL), EMC Insurance Group Inc. (NASDAQ: EMCI), FBL Financial Group, Inc. (NYSE: FFG) and Principal Financial Group […]

Millennials favor income stream over lump sum life insurance benefits

{June 21st, 2016} by LifeHealthPro Editors

A new LIMRA study shows consumers under age 40 would prefer to receive life insurance benefits as a monthly income rather than a lump sum payment. In a study on life insurance product designs, 4 in 10 consumers under age 40 prefer a monthly income benefit while approximately 30 percent favor a lump sum payment. “People […]

A Brief History of Life Insurance

{June 20th, 2016} by Norton Reamer and Jesse Downing

From comical legalities and a mix of ethics & math, a bedrock industry emerged by Norton Reamer and Jesse Downing Norton Reamer and Jesse Downing are the authors of Investment: A History [www.investmentahistory.com] (Columbia Business School Publishing, February 2016). – Mr. Reamer is the former chief investment officer and CEO of Putnam Investments. He founded and […]

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