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Industry Articles

Affluent Americans trust older white men most for financial advice: Spectrem

{May 27th, 2016} by Liz Skinner

Line up a cross-section of Americans, and wealthy individuals are most likely to pick out the older white male as their choice for a financial adviser, a new report finds. About a third of those who have between $100,000 and $5 million to invest chose the older white male to be their adviser when asked […]

Senate Throws a Block on Fiduciary Rule

{May 26th, 2016} by John Hilton

The U.S. Senate passed a resolution Tuesday evening that would block the Obama administration’s controversial fiduciary rule. While likely a ceremonial vote (the White House has said Obama will veto the bill), fiduciary rule opponents say it keeps the momentum going against the rule. “Americans for Annuity Protection is pleased that we now have a […]

DOL fiduciary rule may affect advisor recruitment compensation

{May 26th, 2016} by Marlene Y. Satter

Small advisory firms and large wirehouses, banks, and broker-dealers may find that the Department of Labor’s fiduciary rule will affect how advisors are currently recruited—through sizeable bonuses that woo them to leave their current firms and move where the grass is greener. One of the concerns specifically addressed within the pages of the fiduciary rule […]

MassMutual Appoints Chief Financial Officer

{May 26th, 2016} by Dennis Gorski

SPRINGFIELD, Mass. – Massachusetts Mutual Life Insurance Co.’s current chief enterprise officer/chief actuary has been promoted to chief financial officer. Elizabeth “Betsy” Ward, who joined subsidiary Babson Capital Management in 2001, will succeed Michael Rollings, effective June 1, according to a statement from MassMutual’s parent, MassMutual Financial Group. Rollings has been named CFO of the […]

Insurance Agent Sentenced to 20 Years for $3 Million Annuity Scam

{May 26th, 2016} by Frank Klimko

HOUSTON – An insurance agent was sentenced to 20 years in prison after pleading guilty to running an annuity scam in which she admitted to stealing more than $3 million from about a dozen of her older clients, prosecutors said. Celia Castillo was convicted after the Texas Department of Insurance discovered she operated an annuity […]

Senate moves to reject new DOL fiduciary rule

{May 26th, 2016} by Arthur D. Postal

WASHINGTON — The Senate on Tuesday joined the House in supporting a resolution that would end the Department of Labor’s new fiduciary standard rule. The vote was 56-41. However, the resolution was generally seen as an exercise in political gymnastics as it lacks the 60 votes needed in the Senate to overcome what President Obama said […]

Allianz Life Adds Convertible Term Rider, Interest Bonus to Fixed Index Universal Life Insurance Policy

{May 24th, 2016} by Allianz Life

MINNEAPOLIS–(BUSINESS WIRE)–Allianz Life Insurance Company of North America (Allianz Life®) today announced new innovative enhancements to the Allianz Life Pro+® Fixed Index Universal Life Insurance (FIUL) Policy. In addition to helping agents provide income-tax-free death benefit protection for beneficiaries, Allianz Life Pro+ now offers a Convertible Term Rider that helps clients add additional coverage that […]

A.M. Best Revises Outlook to Positive for Members of the Athene Group

{May 24th, 2016} by Best's News Service

Oldwick – A.M. Best has revised the outlooks to positive from stable and affirmed the financial strength rating (FSR) of A- (Excellent) and the issuer credit ratings (ICR) of “a-” of the members of Athene Group. (See below for a detailed listing of Athene Group’s members and ratings.) Athene Group is the consolidating rating unit […]

Fixed Annuity Industry Gathers on Capitol Hill for Leadership

{May 24th, 2016} by Joy Pritchard

NAFA Presents Annuity Leadership Forum Washington, D.C. (May 24, 2016) — The National Association for Fixed Annuities is presenting the Annuity Leadership Forum in Washington D.C., June 8-10 at the Grand Hyatt Washington. This industry forum will assemble fixed annuity experts, insurance company executives, compliance and marketing officers, brokerage organizations and financial professionals from throughout […]

Millennial consumers, mobile use and insurance sales

{May 24th, 2016} by Lynette Gil

You’ve seen them on their smartphones at the dinner table, during work, at parties, even in the movie theaters while “watching” a movie. Millennials, or those born between 1981 and 2000, have not only taken over the workplace. They are now your biggest market and opportunity. A recent survey commissioned by AXA Lab, the digital arm […]

6 DOL fiduciary tasks to tackle before first deadline

{May 24th, 2016} by Bernice Napach

Financial advisory firms have a lot to do between now and April 10, 2017, when the Department of Labor’s fiduciary rule becomes “applicable,” in the nomenclature of the agency. Full compliance is not required until Jan. 1, 2018, allowing firms a transition period to set up policies and processes that conform to the new rule, […]

4 threats to the insurance industry: tax reform (and 3 others)

{May 24th, 2016} by Warren S. Hersch

Levies on the “inside buildup” of permanent life insurance, non-qualified deferred compensation and corporate-owned life insurance remain the principal threats to the life insurance industry as the House Ways and Means Committee draws up a “blueprint” for tax reform in advance of the Republican National Convention in July. So warned participants at a widely attended […]

14 questions (and answers) about the DOL fiduciary rule

{May 24th, 2016} by Kristen Beckman

The DOL fiduciary rule was a hot topic at LIMRA’s retirement industry conference earlier this month in Boston. The association presented a panel about the rule during one of its general sessions hosted by Bob Kerzner, LIMRA’s CEO. Kerzner opened the session by predicting the rule will create seismic change throughout the industry. “In my […]

How to fix the insurance industry’s reputation: Opinion

{May 24th, 2016} by Lynette Gil

Editor’s Note: This article originally published in September 2015. Dates and other data points have remained unchanged from the original piece. Brian Willet was not one of those kids that go to their parents and say they want to work in the insurance industry when they grow up — it might be that there are very few […]

Fact versus fiction: Debunking 4 myths about annuities

{May 24th, 2016} by Tim Walsh

Last year, the Government Accountability Office (GAO) published a report on the state of retirement security in American households. According to the GAO, about half of households age 55 and older have no retirement savings. Many are relying on Social Security for income in retirement. In fact, for those age 65 and older, Social Security […]

Analysts respond to the Fed’s proposed rules for insurers

{May 24th, 2016} by Arthur D. Postal

Daniel K. Tarullo has outlined the Fed’s forthcoming capital requirements for insurers. WASHINGTON — The Federal Reserve Board said Friday that it will soon propose two-tier capital requirements for the insurers it oversees: one for insurers deemed systemically risky, and another for insurers it oversees because they operate thrift holding companies. Washington Analysis, which interprets federal […]

DOL fiduciary rule compliance a worry for fee-only financial planners

{May 24th, 2016} by Liz Skinner

Additional hoops to jump through to show regulators they are fiduciaries have fee-only advisers fretting   Fee-only advisers already follow the spirit of the Labor Department’s new best-interest rule on retirement advice, but they are worried about additional compliance hoops they’ll need to jump through to show regulators they are fiduciaries. A couple of hundred […]

Customized Income Solutions Helps Fix the 4% Rule for Retirement Income

{May 24th, 2016} by Legacy Marketing Group

Petaluma, CA, May 24, 2016—Legacy Marketing Group® announces the launch of Customized Income Solutions, a comprehensive sales package that helps insurance professionals craft a customized retirement income plan for their clients. At the heart of Customized Income Solutions is an interactive calculator that creates hypothetical withdrawal scenarios uniquely tailored for an individual’s retirement goals, providing […]

Securian and Annexus Launch New Indexed Universal Life Insurance Policy

{May 23rd, 2016} by Business Wire

ST. PAUL, Minn.–(Business Wire)–Securian Financial Group, one of the nation’s largest financial services providers, and Annexus, a leader in indexed product design and distribution, have formed an alliance and launched Balanced Growth Advantage—a new indexed universal life (IUL) insurance policy with uncapped interest crediting potential. “Balanced Growth Advantage IUL is for clients who want permanent […]

6 reasons to convert that term life insurance policy

{May 23rd, 2016} by Elana Ashanti Jefferson

Despite the fact that many financial advisors consider whole life insurance to be a superior long-term planning tool than term life insurance, many consumers still opt to purchase term life policies. Term life insurance is often sold as a relative bargain compared to permanent life insurance products. Other times, a consumer sees a term life […]

New fixed indexed annuities hit the market

{May 23rd, 2016} by Marlene Y. Satter

Two new fixed indexed annuities are on the market, this time from Nationwide. The new FIAs, Nationwide Summit and Nationwide Peak, are designed to help advisors with risk-averse clients approaching retirement provide an option for some growth potential with the comfort of a principal guarantee. The new FIAs allow advisors and clients to choose their […]

DoL will be prepared for fiduciary enforcement, Perez says

{May 23rd, 2016} by Scott Wenger

WASHINGTON – As the requirements of the new fiduciary rule begin to take effect next April, and then more fully in 2018, the Department of Labor will rely on its staff lawyers and investigators to carry out enforcement, Labor Secretary Tom Perez says. The agency plans to evaluate broker-dealers’ policies and procedures on retirement advice, […]

Will the DOL’s new overtime rule hurt the insurance industry?

{May 23rd, 2016} by Caitlin Bronson

Insurance industry officials are concerned that a new Department of Labor rule relating to overtime will have negative consequences for employers. The rule, which was issued last Tuesday and will take effect in December, raises the salary threshold below which most salaried workers are entitled overtime to $913 per week, or $47,476 annually for full-time […]

Industry responds to new Dodd-Frank provisions

{May 23rd, 2016} by Lyle Adriano

In response to the Federal Reserve’s proposal of group capital rules for insurers that it prudentially supervises, the American Insurance Association (AIA) voiced its approval Friday for the planned regulations. Federal Reserve Board Governor Daniel Tarullo announced Friday outlines on how the Fed would regulate insurers, particularly in relation to their capital. A twin approach […]

Two Sides of the Robo Divide

{May 23rd, 2016} by Mitchell H. Caplan

As the DOL fiduciary ruling heightens the demand to serve your clients with greater transparency and greater value, it comes down to this fundamental question: How can you use technology broadly, and robos specifically, to create more value for your practice, while helping to serve your client’s best interest and maintain a fiduciary standard? Labor […]

Top 10 annuity sales leaders

{May 23rd, 2016} by Kristen Beckman

The top 10 annuity carriers accounted for 54 percent of all annuity sales during the first quarter of 2016, according to new rankings from the LIMRA Secure Retirement Institute. Annuity sales across the industry totaled nearly $59 billion during the quarter. Total variable annuity sales were $26.6 billion, and total fixed annuity sales were $32.3 billion. There was one […]

Eyeing Fiduciary Rule Needs, Protective Names Senior Execs to Sales Supervision, Compliance Roles

{May 23rd, 2016} by Dennis Gorski

BIRMINGHAM, Ala. – Protective Life Corp. has brought aboard two senior executives for its independent broker/dealer unit to supervise sales and compliance according to the new federal fiduciary standards. ProEquities Inc., a wholly owned subsidiary of Protective Life, has named Blaine Miller as chief supervision officer and Steve Youhn as chief compliance officer, a company […]

Insurance Industry Groups React Positively to Fed Reserve Plans for Domestic Capital Standard

{May 23rd, 2016} by Thomas Harman

WASHINGTON – Insurance industry groups are reacting positively to the Federal Reserve Board’s announcement it is set to offer a domestic capital standard for insurers that rejects a host of European and international proposals. Daniel Tarullo, member of the Fed’s Board of Governors, previewed the Fed’s plans during a May 20 speech at the National […]

Aegon offloads $4.4 billion of annuities to Legal & General

{May 23rd, 2016} by Sarah Jones

(Bloomberg) — Aegon NV, the Dutch owner of U.S. insurer Transamerica Corp., divested the final 3 billion pounds ($4.4 billion) of annuities from its U.K. portfolio to Legal & General Group Plc. The transaction, which covers 27,000 policyholders, will release another 275 million pounds of capital that had been set aside under Solvency II regulations, the […]

Do’s and don’ts of indexed annuities

{May 23rd, 2016} by Scott Stolz

Beacon Research recently reported that fixed indexed annuity sales hit a record $14.4 billion in the third quarter of 2015, up 14.5 percent versus the previous quarter. While this is still well below the $32 billion in variable annuity sales that Morningstar reported for the same quarter, the industry is taking note that indexed annuity […]

Bankers Life Launches New Critical Illness Insurance Product, Critical Benefit PLUS(SM)

{May 23rd, 2016} by Bankers Life

CHICAGO, May 23, 2016 /PRNewswire/ — Bankers Life and Casualty Company, a national life and health insurer, today announced a new addition to its critical illness insurance products, Critical Benefit PLUSSM. The current plan, Critical Benefit®, covers cancer, heart attack, stroke, end-stage renal failure, coronary artery bypass graft and angioplasty. Critical Benefit PLUS covers eight additional […]

Annuity Sales Rise in First Quarter Despite Equities’ Drag on VA Products, LIMRA Reports

{May 20th, 2016} by Dennis Gorski

WINDSOR, Conn. – The sour stock market in the first months of this year took a toll on variable annuity sales while boosting fixed products, according to a new report from LIMRA’s Secure Retirement Institute. Though total annuity sales for the first quarter jumped 9% to $58.9 billion, LIMRA said variable annuity sales fell 18% […]

Global Atlantic and Motif to Launch Thematic Insurance Trust Mutual Funds

{May 20th, 2016} by Marketwired

Motif Capital and Global Atlantic Investment Advisors Announce Collaboration on New Funds NEW YORK, NY –(Marketwired – May 20, 2016) – Motif’s institutional investment advisor, Motif Capital, and Global Atlantic Financial Group’s investment adviser subsidiary, Global Atlantic Investment Advisors, today announced that Global Atlantic Investment Advisors has selected Motif Capital to sub-advise three new insurance trust […]

Company selling annuities among those fined by state insurance commissioner

{May 20th, 2016} by Rita R. Robison

Earlier this month, I reported on fraud seminar for older adults that included, among its many warnings, to be careful when dealing with insurance companies selling annuities. Jackson National Life Insurance Co. was fined $20,000 by the Washington State Insurance Commissioner’s Office in March. A Washington consumer who purchased an annuity in November 2014 issued […]

Roboadvisors Struggling to Find Business

{May 20th, 2016} by Cyril Tuohy

Online retail advice companies capture the headlines but it’s the online defined contribution-focused advisory firms that have snagged the lion’s share of retirement assets, according to recent research. Furthermore, it’s the discount brokerage companies and mutual funds, not the standalone online retail advisories, that are most likely to survive in the long run. This may […]

Annuity Agent Arrested, Charged with Fraud

{May 20th, 2016} by Cyril Tuohy

A 33-year-old Moreno Valley annuity agent was arrested and charged with theft and money laundering in connection with the sale of 17 fraudulent annuity applications to five life insurance companies, authorities said. Joshua Eugene Barnes was arrested at an Inland Empire Starbucks Coffee shop after California Insurance Department investigators swooped in and charged Barnes with […]

Life Insurance: Don’t Forget To Ask!

{May 20th, 2016} by Kevin Kimbrough

Having a holistic product and service suite to meet diverse client needs can be an essential key to success for any financial advisor’s practice. However, many practices do not proactively integrate life insurance into their offerings, making it an untapped opportunity for many financial advisors. According to research conducted by Saybrus Partners, more than half […]

Fixed Annuity Sales Jump, VA Sales Dive In 1Q

{May 20th, 2016} by LIMRA

WINDSOR, Conn., May 19, 2016—Total annuity sales were $58.9 billion, 9 percent higher than prior year results, according to LIMRA Secure Retirement Institute First Quarter 2016 U.S. Retail Annuity Sales Survey. This is the third consecutive quarter of positive growth. “The start of the year saw tremendous volatility with steep declines in the equity markets,  […]

Advisors shouldn’t be chasing products: BLOG

{May 20th, 2016} by Mike McGlothlin

Now that the U.S. Department of Labor’s conflict of interest rule is completed, we are beginning to hear rumblings of how advisors will react to the proposed changes. Most frequently, I’m hearing advisors will remain focused on growing assets under management and distributing retirement income from assets using a systematic withdrawal plan. In this manner, […]

I’m 50 Today and Life Insurance is on My Mind

{May 20th, 2016} by Cyril Tuohy

I hit the Big 5-0 May 20th, at about 4:30 p.m. From the perspective of life insurance, I’ve entered a new age band – 50 to 54 for many actuaries – so it’s a good time to take stock about where I stand with regard to life insurance. My wife, who is 49, and I […]

SEC plans to propose fiduciary rule next April

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

Another item of interest to financial advisers, third-party exams, is also on the docket for next spring The Securities and Exchange Commission plans to propose rules for raising investment advice standards and authorizing non-governmental examinations of advisers next spring, according to its latest regulatory agenda. The agency does not have to adhere to the timetable, […]

Autism can be job asset

{May 19th, 2016} by Marlene Y. Satter

Although people with autism may have a harder time finding a job than some others, employers may not realize that the disorder can actually bring with it some talents that are exceptionally useful in the workplace. According to an NPR report, some 40 percent of people with autism spectrum disorder have a higher jobless rate […]

Whole vs. term life: 4 keys to understand

{May 18th, 2016} by Christopher P. Hill

For decades, I have studied and learned a wide variety of ways to explain the differences between term andwhole life insurance. Regardless of how you choose to review the key differences with your client, their decision almost always boils down to cost. Is it affordable and will it fit into their budget? The question of […]

3 false assumptions Dave Ramsey makes about term life insurance

{May 18th, 2016} by Michael Markey

I’m often asked, “Why do you think people like Dave Ramsey so much, and why don’t you like him?” First, it’s not that I don’t like Dave Ramsey. One of my core beliefs is that everything can be broken down into a simple mathematical equation, including Dave’s advice. Math is math. It’s simple. It’s not […]

Life insurance sales growth a priority for banks, credit unions

{May 18th, 2016} by Lifehealthpro Editors

In a new LIMRA study, 78 percent of banks and credit unions with established life insurance programs said growing life insurance sales is an important priority for their institution. The 2016 Bank and Credit Union Life Insurance Study looked at best practices in the distribution of life insurance through financial institutions. Banks have been challenged in finding […]

AXA Equitable Recognized for Premier Annuity Service Center

{May 18th, 2016} by Business Wire

NEW YORK–(BUSINESS WIRE)–AXA Equitable, a leader in providing life insurance and annuity products, has been recognized for delivering superior customer service with DALBAR’s 2015 Annuity Service Award. DALBAR ranks the telephone service provided by financial services firms based on the DALBAR Service Quality Measurement program and recognizes the firms that rise above the rest in […]

AIG’s Tom Russo exits after settling probes, suits as legal head

{May 18th, 2016} by Sonali Basak

(Bloomberg) — Tom Russo, who helped American International Group Inc. negotiate the end of its U.S. bailout, is retiring from his post as general counsel. Russo, 72, will stay with the insurer until a replacement is found, Chief Executive Officer Peter Hancock said Tuesday in a message to employees. The general counsel has been with the New […]

Divorce and annuities: a costly combination

{May 18th, 2016} by Scott Stolz

  Divorce can be a very difficult process for all parties involved. Setting aside the emotional impact, it can also be very destructive to the financial well-being of both parties. And if your client counts an annuity or two among his or her investable assets, that client’s net worth may be reduced even more than […]

Could annuities be more valuable when rates are low? : Opinion

{May 18th, 2016} by Alicia H. Munnell

Are annuities more valuable when interest rates are low? That seems counterintuitive. After all, annuities produce higher monthly incomes when interest rates are high. But consider the extreme case of a zero interest rate. That scenario eliminates the option of living off the income from investments in retirement. The choices come down to various alternative […]

Indictment Charges Former Insurance And Annuities Salesman With Defrauding Elderly Investors

{May 18th, 2016} by N/A

A federal grand jury sitting in Chattanooga on Tuesday returned a seven-count indictment against John Allen Morris, Jr., 50, of Knoxville, for wire fraud, mail fraud, bank fraud and wrongful use of a government seal.   According to the indictment on file with U.S. District Court, beginning in 2006, Morris devised a scheme to defraud […]

AIG General Counsel to Retire

{May 18th, 2016} by David Pilla

NEW YORK – Tom Russo, American International Group Inc.’s general counsel, plans to retire from the company as soon as his replacement is found, according to AIG’s chief executive officer. In a letter to AIG staff, President and CEO Peter D. Hancock said Russo “will remain with AIG until we find a replacement, and through […]

A.M. Best Affirms Ratings of American Financial Group, Inc. and Most of Its Insurance Subsidiaries

{May 17th, 2016} by AM Best

OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has affirmed the financial strength rating of A+ (Superior) and the issuer credit rating of “aa-” of Great American Insurance Company and its pooling affiliates, collectively referred to as Great American Insurance Companies (Great American). Concurrently, A.M. Best has affirmed the ICR of “a-” and the issue ratings of American Financial […]

Can fixed annuities and rising interest rates coexist?

{May 17th, 2016} by William H. Byrnes, Robert Bloink

For the first time in years, interest rates may finally be rising — and financially savvy clients are, of course, beginning to look for ways to capitalize on this in their retirement income planning. Fortunately, annuity product innovation seems to be keeping up with client expectations, as several insurance carriers have introduced products that strive […]

Allianz Life Hires Brett Weinberg as Director of External Communications

{May 17th, 2016} by Allianz

May 16, 2016 09:30 AM Eastern Daylight Time MINNEAPOLIS–(BUSINESS WIRE)–Allianz Life Insurance Company of North America (Allianz Life®) has hired Brett Weinberg as director of External Communications. In this role, he will be responsible for executing public relations strategies that support the company’s market position and initiatives while providing strategic counsel to executive leadership. Weinberg […]

Wealthy investors receptive to robo-advice

{May 17th, 2016} by Danielle Andrus

 Advisors, particularly those that serve the wealthy, may fear that automating certain tasks — and removing some personal contact — may alienate clients. Recent research shows that those fears may be unfounded. More than 70 percent of investors in the U.S. and U.K. with at least $100,000 in investable assets said automated tools can have […]

Advisers need to adapt to DOL fiduciary rule or risk getting left behind

{May 17th, 2016} by Bob Ward

The retirement-services space has reached the point of creative destruction, where innovation eliminates old businesses and creates new ones       Why are so many in the financial services space on the wrong side of industry evolution, complaining that the DOL’s new fiduciary standard will be detrimental to their way of doing business? The […]

Insurers ponder court challenge to DOL rule

{May 17th, 2016} by Arthur D. Postal

WASHINGTON — The American Council of Life Insurers (ACLI) took a strong step this week toward challenging in court the Department of Labor’s new fiduciary standard, saying its board has approved a resolution “exploring the details of a legal challenge” to the new regulation. However, some industry lawyers privately believe the ACLI statement was aimed at […]

Commentary: Our Industry Clearly Has Lost Its Mind

{May 17th, 2016} by Ron Sussman

  Dear Life Insurance Carriers, We have been friends and business partners for 36 years. Over that time, our relationship has been both prosperous and painful, not unlike many long-term unions. In the beginning, I was young and naive and you were a guiding and benevolent force. I quickly learned, with your assistance, the products […]

DOL Rule ‘Manageable,’ Financial Execs Say

{May 17th, 2016} by Cyril Tuohy

The Department of Labor (DOL) fiduciary rule will be “manageable” for the purposes of life insurers’ bottom lines. That’s the operating phrase from a host of life insurance company executives over the past several weeks. That should come as good news to investors, even if the rule will mean important tweaks to products and changes […]

Independent Agents Hung Out to Dry?

{May 17th, 2016} by Cyril Tuohy

With some insurance companies balking at assuming fiduciary status under the Department of Labor’s new fiduciary rule, some independent agents are wondering if they are being hung out to dry. As a condition of receiving compensation that would otherwise be prohibited, an exemption under the “Conflict of Interest” rule would require financial institutions to acknowledge their fiduciary […]

Position Deferred Annuities for Specific Investment Plan Goals

{May 17th, 2016} by Rich Lane

How you can tailor the purchase of a fixed deferred annuity to help meet your client’s specific investment needs.  When helping clients plan for their post-retirement years, a number of questions may come to mind. Your clients may have questions about where to invest their hard-earned dollars and the extent to which their money will […]

Five-Point Checklist Ensures Satisfied Annuity Buyers

{May 17th, 2016} by Ray Kathawa

Even though Americans say their primary financial fear is retiring without enough money, a poll by the National Foundation for Credit Counseling found that nearly 30 percent of households save nothing for retirement. That is unfortunate, because tools are available for people to position themselves well financially before and during retirement. Our job as advisors […]

Nationwide adds two fixed indexed annuities to help advisors, clients with volatility concerns, growth needs

{May 17th, 2016} by Nationwide

COLUMBUS, Ohio, May 16, 2016 /PRNewswire/ — Nationwide, last year’s fastest growing1 fixed indexed annuity (FIA) carrier, announced today that it added two FIAs to its lineup to help advisors with risk-averse clients approaching retirement provide an option for some growth potential with the comfort of a principal guarantee. The new FIAs, Nationwide SummitSM and Nationwide […]

Estate Planning – From A to Z in 60 Days

{May 17th, 2016} by Albert E. Gibbon

Clients don’t want to sit through an endless number of meetings to complete their estate plan. Here is how you can make effective use of everyone’s time and get the job done.  Eighty percent of estate planning can be done in 20 percent of the time it normally takes. The process in most cases should […]

AEGON reports lower quarterly profit

{May 17th, 2016} by George C. Ford

Volatile financial markets had a negative affect on first-quarter net income for AEGON, Netherlands-based corporate parent of Transamerica in Cedar Rapids. The multinational life-insurance, pensions and asset-management company on Thursday posted a net profit of $162.7 million for the quarter that ended on March 31, down 50 percent from $328.9 million in the same quarter […]

Genomics: upending the insurance world (for the better)

{May 17th, 2016} by Warren S. Hersch

Our understanding of human biology is increasing by at a stunning rate. Credit for this goes in part to researchers in the fast-expanding field of genomics: a branch of molecular biology that explores the structure, function, evolution and mapping of genes. The discipline’s advances hold huge implications for human health and the mammoth healthcare industry. […]

John Hancock Financial Closes Deal For Transamerica Broker-Dealer Unit

{May 17th, 2016} by Dennis Gorski

BOSTON – John Hancock’s distribution channel has completed its acquisition of assets from Transamerica Financial Advisors, according to a statement. Terms were not disclosed. As a result, Signator Investors Inc., a broker-dealer operated by John Hancock Financial Network, now has nearly $50 billion in assets under administration, the statement said. Signator also added more than […]

FBL Financial CEO: Including Fixed Indexed Annuities in Final Fiduciary Rule Was a ‘Big Negative Surprise’

{May 17th, 2016} by Dennis Gorski

WEST DES MOINES, Iowa – Despite “several positive changes” in the U.S. Department of Labor’s final fiduciary rule, “clearly the big negative surprise was the inclusion of fixed indexed annuities” as regulated securities, the chief executive officer of FBL Financial Group Inc. told investment analysts during a conference call. While discussing first-quarter earnings, CEO James […]

Allianz profit climbs 21%, sending insurer’s shares higher

{May 17th, 2016} by Angela Cullen, Oliver Suess

(Bloomberg) — Allianz SE said first-quarter profit surged 21 percent, beating analysts’ estimates, as Europe’s biggest insurer was helped by gains from selling investments. The shares rose. Net income climbed to 2.2 billion euros ($2.5 billion) from 1.8 billion euros a year earlier, the Munich-based company said in a statement on Monday. The average estimate of six […]

Recognize what makes female clients different

{May 16th, 2016} by Liz Skinner

Women’s financial concerns and goals vary widely, depending on factors such as age, professional standing and marital status   Lauren Faustini struggled for many years to find an adviser who was not solely focused on her money. Most of the advisers she worked with just made investment recommendations and barely knew her name. Now her […]

DOL fiduciary rule: My fears of change (of the lack thereof)

{May 16th, 2016} by Mike McGlothlin, CFP, CLU, ChFC, LUTCF

With the U.S.Department of Labor’s rule still fresh in our minds, it’s hard to think much beyond the changes our industry will face in the next 12 to 18 months. But, if we step back and look at the bigger picture, we have more important challenges ahead. We might be afraid of change, but I’m […]

How to gauge the income tax consequences of an annuity transaction

{May 16th, 2016} by Russell E. Towers, J.D., CLU, CHFC

Deferred annuities and single premium immediate annuities (SPIAs) are great financial vehicles for either tax deferred accumulation of a retirement fund or efficient distribution of principal and interest over life expectancy. However, over the lifetime of the contract owner, financial and estate planning situations occur that require a transaction to be executed on an existing […]

Transamerica sued by policyholders over rate hikes

{May 16th, 2016} by CELIA AMPEL, DAILY BUSINESS REVIEW

Editor’s note: This article was originally published by the Daily Business Review, a sister site of LifeHealthPro, and is reprinted here with their permission. Click here for the original post. Universal life insurance policyholders behind a multi-million dollar class action are asking a Miami federal judge to stop Transamerica Life Insurance Co. from drastically raising their monthly charges. […]

Advisors: DOL Rule Black And White With A Streak Of Gray

{May 16th, 2016} by Juliette Fairley

Financial advisors attending The Financial Planning Association of New York’s spring forum view the new Department of Labor’s new fiduciary rule as aligned with what they are already doing. Advisors said they are already beholden to the standard and the process is likely to fit into their compliance system. “I have a fabulous broker dealer […]

Advisors Must Know This List About Indexed Annuities Before Recommending

{May 16th, 2016} by Rachel Summitt

All of the recent fixed indexed annuity news has been in regards to the product’s inclusion in the DOL fiduciary rule. Now that we’ve all adjusted to the surprise of indexed annuities being lumped with variable annuities under the BICE requirements, it’s time to determine what changes need to be made in the buying and […]

Annuity and Life Insurance Career Opportunity: Product Analyst, West Des Moines IA

{May 16th, 2016} by EquiTrust Life Insurance Company

The Product Analyst works on the Product Management team to provide research and competitive intelligence for index annuities, fixed annuities, and life insurance.  The Product Analyst will be responsible for evaluating and tracking competitor products and providing reports on industry trends.  This position will conduct research and analysis on current product offerings and make recommendations […]

How to Sell and Not Get Sued Under Fiduciary

{May 14th, 2016} by John Hilton

Now that analysts and insurers have parsed the 1,000-plus pages of the Department of Labor fiduciary rule, tentative operating procedures are starting to emerge. For starters, how agents are going to sell, how they will be monitored and paid, and perhaps most importantly, how everyone will mitigate liability concerns. Those topics were front and center […]

‘I’ll never retire’: Americans break record for working past 65

{May 13th, 2016} by Ben Steverman

(Bloomberg) — Almost 20 percent of Americans 65 and older are now working, according to the latest data from the U.S. Bureau of Labor Statistics. That’s the most older people with a job since the early 1960s, before the U.S. enacted Medicare. Because of the huge baby boom generation that is just now hitting retirement […]

AIG Announces Streamlined IUL Portfolio and New Educational Tools

{May 13th, 2016} by AIG

Index universal life insurance offers flexible protection, potential cash value growth HOUSTON, May 13, 2016 – American International Group (NYSE: AIG) today announced a streamlined portfolio of index universal life (IUL) insurance products along with new educational resources for financial professionals and their clients. The two new IUL policies, Max Accumulator+ and Value+ Protector, both […]

The states where the most life insurance is sold

{May 13th, 2016} by Nichole Morford

The stats are well-known: Less than 60 percent of the United States population has life insurance. Most consumers think they need more coverage, but don’t think they can afford it. In part, this is because the cost of life insurance is not widely understood: 80 percent of consumers misjudge the expense associated with term life […]

Athene Holding files for IPO

{May 13th, 2016} by Business Record

Athene Holding Ltd., parent company of Athene USA, has filed with the U.S. Securities and Exchange Commission for a proposed initial public offering of its Class A common shares, Retirement Income Journal reported. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The IPO was […]

Harry Stout Provides Change Leadership as Insurance Industry Responds to DOL Fiduciary Rule

{May 12th, 2016} by NAFA Staff

Park City, Utah – May 10, 2016 – Insurance Insight Group (IIG), an insurance marketing strategy firm announced its managing director, Harry Stout, is providing leadership to several organizations in the United States’ fixed annuity marketplace on ways to move forward as the industry faces the U.S. Department of Labor (DOL) Fiduciary Rule. Stout’s experience includes […]

LIMRA unveils training to address financial abuse of elders

{May 12th, 2016} by LifeHealthPro Editors

In response to recent legislation requiring financial services professionals to be trained in detecting and acting on financial abuse of elderly clients, LIMRA and CFM Partners today announced the launch of a new online program for the financial services industry, Detecting Elder Financial Abuse (DEFA).  “We expect similar legislation to be passed in many other states […]

Advisors feel misgivings about DOL rule, according to LIMRA study

{May 11th, 2016} by Marlene Y. Satter

Advisors may be considering bowing out from serving small investors, thanks to the Department of Labor’s new fiduciary rule. In a study conducted by the LIMRA Secure Retirement Institute, when asked about the potential impact of the fiduciary rule the majority of advisors—55 percent—said that it will likely deter them from serving small investors; half say they […]

Leading Senate critic of DOL fiduciary rule says chamber will try to kill it

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

Sen. Johnny Isakson, R-Ga., said the Senate likely will vote on a resolution of disapproval. He also plans to advance a separate bill he’s sponsored to halt the regulation.   (Bloomberg News) One of the leading Senate critics of a new Labor Department investment-advice rule anticipates that the chamber will act to kill the regulation. […]

How To Connect With Baby Boomer Women

{May 11th, 2016} by Jim Gilmartin

A 55 year old woman is not just an older version of her 25 year old self Part I of a 2-part series In a recent Marketing Daily commentary, “Advertising’s Gender Problem: Some Brands Are Starting To Get It”, author Jean Freeman writes, “But here is another sad reality about advertising today: Women control an […]

5 ways to give millennials a cause (and a company) to believe in

{May 11th, 2016} by Mehran Assadi

I am a great believer in the good that our industry can and has done in the world because this is an industry that, by its very nature, helps individuals and brings them peace of mind. We know that insurance provides security against life’s uncertainties for families, individuals and small businesses today and into retirement. […]

PacLife considers purchase of Genworth’s term-life platform, Va. office

{May 11th, 2016} by IFAwebnews Staff

Pacific Life Insurance Co. is considering an acquisition of Richmond, Va.-based Genworth Financial Inc.’s term-life platform for new policies as the firm seeks to gain technology that would help bolster its market position, according to PacLife. The deal would also include a Lynchburg, Va., office building. Both companies are conducting due diligence, and a final decision […]

Cognitive declines + increased confidence = financial mistakes

{May 11th, 2016} by Kirsten Beckman

As people age, they experience a toxic combination of decliningf inancial literacy and increasing self-confidence. So says a new study conducted by researchers at the University of Missouri and Texas Tech University. Cognitive declines are inevitable in advancing age, but the study demonstrates that those declines also apply to financial decision making. Coupled with stronger […]

ACLI Moves Closer to Fiduciary Lawsuit

{May 11th, 2016} by John Hilton

The American Council of Life Insurers moved one step closer to a legal challenge of the controversial Department of Labor fiduciary rule. “The ACLI Board of Directors has approved exploring the details of a legal challenge to the Department of Labor’s fiduciary regulation,” spokesman Jack Dolan said in a statement. “ACLI will make strategic decisions […]

The Phoenix Companies Reports First Quarter 2016 Results

{May 10th, 2016} by The Phoenix Companies

Net Loss Attributable to The Phoenix Companies, Inc. of $42.8 million Holding company liquidity at $55.0 million Merger transaction with Nassau Reinsurance Group on track to close in second quarter May 10, 2016 05:00 PM Eastern Daylight Time HARTFORD, Conn.–(BUSINESS WIRE)–The Phoenix Companies, Inc. (NYSE:PNX) (“Phoenix”) today announced financial results for the first quarter of […]

Why advisors need to talk to clients differently about life insurance

{May 10th, 2016} by Barry D. Flagg

Life insurance is one of the last asset types to be brought under the wealth management process. For this reason, it is often the most-neglected asset on clients’ balance sheets and in their financial and estate plans. As with many other things, neglect breeds poor performance. It, therefore, comes as no surprise that life insurance […]

MetLife Facing Big Decision on Annuities

{May 10th, 2016} by Cyril Tuohy

MetLife might wait until the fall to decide which structure it will utilize to sell annuities, company executives said last week. Under new fiduciary rules published April 6 by the Department of Labor, product manufacturers say they have options. They can assume liability as a financial institution for the sale of variable and fixed indexed […]

DOL official: Agency will consider changes to fiduciary rule if problems arise

{May 10th, 2016} by Mark Schoeff Jr.

Tim Hauser expressed confidence the industry will thrive under the new regulation and that the Labor Department has room to adjust      A Labor Department official told financial industry professionals on Tuesday that the agency would consider adjustments to a new investment advice rule for retirement accounts if problems arise during implementation. “We need […]

Graying industry causes concern

{May 10th, 2016} by Scot Kersgaard

Much has been made of the graying of the insurance business, but Alan Jay Kaufman, president and CEO of Kaufman Financial, the parent company of Burns & Wilcox and numerous other insurance businesses, has been doing something about it. He and his wife endowed a professorship at Michigan State University and he has established several […]

FBL reports higher quarterly earnings

{May 10th, 2016} by Business Record

  FBL Financial Group Inc. today reported net income for the first quarter of 2016 of $25.9 million, or $1.04 per share, compared with $23.6 million, or 94 cents per share, for the first quarter of 2015. Operating income, which excludes the impact of realized gains and losses on investments and the change in net […]

The good news for FIAs (after the fiduciary rule)

{May 10th, 2016} by Rich White

  The Department of Labor’s final fiduciary rule, published April 6, threw a bucket of cold water on the annuity industry’s hottest product, fixed indexed annuities. For 2015, LIMRA reported that sales of FIAs grew by 13 percent year-on-year to a record $54.4 billion. More than 60 percent of FIA sales are qualified – held in […]

Securian Wants To ‘LIFT’ Life Insurance Sales

{May 10th, 2016} by Securian

ST. PAUL, Minn. — With indexed universal life (up 15 percent) and whole life (up 9 percent) driving life insurance sales growth in 20151, Securian Financial Group has developed a comprehensive marketing campaign to help advisors and agents show clients the benefits of permanent life insurance as part of their financial strategy. Called LIFT, short […]

The DOL fiduciary rule’s effect on small broker-dealers

{May 10th, 2016} by Ross David Carmel

In the current regulatory landscape, small to midsize broker-dealers are subject to an ever-increasing regulatory burden. The new Department of Labor fiduciary rule simply adds fuel to that fire. Earlier this month, after five years in the making, the DOL finalized its new fiduciary rule to regulate investment advice in retirement accounts. Prior to this […]

Market turmoil poses risk to brokers going fee-based in wake of DOL fiduciary rule

{May 10th, 2016} by Christine Idzelis

Fidelity survey shows market volatility ranked No. 1 concern of advisers in the first quarter   Broker-dealers are examining their revenue streams as they seek to adapt to the Labor Department’s fiduciary rule amid heightened concerns about market volatility and regulation. Many see the new rule, which requires advisers to act in the best interest […]

National Western Life Group, Inc. Announces 2016 First Quarter Earnings

{May 10th, 2016} by PRNewswire

AUSTIN, Texas, May 5, 2016 /PRNewswire/ — Ross R. Moody, President and Chief Executive Officer of National Western Life Group, Inc. (Nasdaq: NWLI), announced today first quarter 2016 consolidated net earnings of $17.3 million, or $4.88 per diluted Class A common share, compared with consolidated net earnings of $21.3 million, or $6.03 per diluted Class […]

Voya Financial Announces First-Quarter 2016 Results

{May 9th, 2016} by Voya Financial

NEW YORK, May 4, 2016 /PRNewswire/ — Voya Financial, Inc. (NYSE: VOYA) today announced financial results for the first quarter of 2016. 1Q 2016 operating earnings1,2 of $0.55 per diluted share, after-tax Excluding DAC/VOBA and other intangibles unlocking, which was minimal, after-tax operating earnings were $0.55 per diluted share. 1Q 2016 net income available to common […]

Insurers work to implement new fiduciary rule

{May 9th, 2016} by Arthur D. Postal

Fresh guidelines from the DOL go into effect April 2017, and will be phased in throughout the following year. WASHINGTON — The final rule imposing a new fiduciary standard on the sale of investment products by the Department of Labor (DOL) makes “some meaningful improvements” from the proposed rule, a top official of Prudential Financial said […]

DOL fiduciary rule makes social media more crucial

{May 9th, 2016} by Janet Levaux

Hearsay Social hosted its annual Innovation Summit in San Francisco, with talks by Shelley O’Connor, co-head of wealth management for Morgan Stanley (MS), and other industry leaders. The event, which includes a debate over the role of robo-advisors in the advisory space, also features speakers from PayPal (Bill Ready, senior vice president), FutureAdvisor (CEO Bo […]

How advisers expect the DOL fiduciary rule will reshape the advice industry

{May 9th, 2016} by Liz Skinner

InvestmentNews research report shows that billions in small accounts will be up for grabs, advisers’ product mix to change    Financial advisers are anticipating widespread changes in their industry as the Department of Labor’s fiduciary rule is phased in over the next 18 months. The rule that promulgates a best-interest standard for all retirement advice […]

Snoop Dogg told us why he doesn’t have a will: ‘I don’t give a f— when I’m dead’

{May 6th, 2016} by Jacob Shamsian

When Prince died on April 21, he left behind an estate valued at an estimated $300 million. It includes unreleased songs, royalties, his likeness, and hundreds of other assets tied to the artist. Prince didn’t have a will, so now his estate is being divvied up between his beneficiaries. “A lot of people are unprepared,” estate-planning lawyer David […]

Prudential CEO: First-Quarter Operations ‘Buffeted’ by Market Headwinds

{May 6th, 2016} by Dennis Gorski

NEWARK, N.J. – As its first-quarter net income fell 34.3%, Prudential Financial’s chairman and chief executive officer said the firm had been “buffeted” by headwinds, producing results that were “light due to market conditions.” International business was “solid” although domestic operations showed “mixed results,” CEO John Strangfeld said during an earnings conference call. Net income […]

MetLife CEO: Removal of SIFI Tag by Court Order Was Never Meant to ‘Undermine Dodd-Frank’

{May 6th, 2016} by Dennis Gorski

NEW YORK – MetLife is not trying to “undermine” the federal Dodd-Frank reform act, said Steven Kandarian, chairman, president and chief executive officer, despite some observers’ characterizations following the insurer’s successful legal challenge of its designation as a “too-big-to-fail” institution by the Financial Stability Oversight Council. “In seeking judicial review, we are upholding the provisions […]

Voya: Independent Agents To Suffer Under DOL Rule

{May 6th, 2016} by Cyril Tuohy

Independent insurance agents and advisors not affiliated with a financial institution can expect to be “disenfranchised,” by the Department of Labor’s new fiduciary rule, a top executive with Voya Financial said Wednesday. Agents, however, could find some relief if regulators amend the rule, which was issued in its final form last month. One of the […]

Genworth Financial Announces First Quarter 2016 Results

{May 6th, 2016} by Genworth Financial

Net Operating Income Of $0.21 Per Share And Net Income Of $0.11 Per Share Both Impacted By Litigation Settlement & Legal Expenses RICHMOND, Va., April 28, 2016 /PRNewswire/ — Solid Loss Ratio Performance And Maintained Strong Capital Positions In U.S., Canada & Australia Mortgage Insurance (MI) Businesses Progress Made On U.S. Life Insurance Restructuring Plan: […]

Robo-advisors ignore retirement planning

{May 6th, 2016} by Kristen Beckman

The robo-advisor trend generates a lot of attention. But in reality, the advisor market remains hesitant, and deployments may be lower than the hype suggests. Howard Schneider, president of the research and consulting firm Practical Perspectives, outlined these and other trends related to robo-advisors during a session at LIMRA’s Retirement Industry Conference in Boston this […]

Lincoln Financial: FIA World Now A ‘Long Bore Through A Hard Board’

{May 6th, 2016} by Cyril Tuohy

The CEO of a large variable annuity seller said Thursday he expects VAs will have a market advantage in dealing with the Department of Labor’s fiduciary rule now that fixed indexed annuities were also added to the best interest contract standard. Lincoln Financial, the No. 3 seller of variable annuities in the U.S. last year, […]

Some Annuity Execs Say DOL Rule Prevents Independent Agent Sales

{May 6th, 2016} by Cyril Tuohy

An insurance company executive at one of the top fixed indexed annuity sellers cast doubt on an insurance company’s ability to police and supervise independent agents selling financial products into retirement accounts. S. Craig Lindner, co-CEO of American Financial Group in Cincinnati, said that unless an insurance company decides to take on the fiduciary obligation […]

Prudential, MetLife heads respond to disappointing earnings

{May 5th, 2016} by Arthur D. Postal

WASHINGTON — The U.S. government is likely to file its brief seeking reversal of a lower court ruling that throws out the designation of MetLife as a systemically important institution (SIFI) by June 6, and a final decision by the U.S. Court of Appeals for the D.C. Circuit is likely by mid-2017, MetLife chairman, president and […]

Insurance groups opposed to DOL fiduciary rule step up campaign spending

{May 5th, 2016} by Mark Schoeff Jr.

The insurance and brokerage industries have again shelled out many more dollars for congressional campaigns and lobbying than investment adviser organizations      Two insurance industry trade associations that oppose the Labor Departments’ recently finalized investment advice rule have stepped up their political spending. The American Council of Life Insurers has donated $734,000 to members […]

Special Advice For Special Needs Parents

{May 4th, 2016} by Christopher Robbins

When H. Mark Friese’s son, Christopher, was very young, his doctors said the boy wasn’t meeting his cognitive development benchmarks for attentiveness and interaction. When Christopher was age 1 and a half, the doctors diagnosed autism. Mark Friese, of the Washington, D.C.-based Menick-Friese Group of Merrill Lynch, said the diagnosis changed his life. “We went […]

American Financial Group, Inc. Announces First Quarter Results

{May 4th, 2016} by American Financial Group

May 02, 2016 05:00 PM Eastern Daylight Time CINCINNATI–(BUSINESS WIRE)–American Financial Group, Inc. (NYSE: AFG) today reported 2016 first quarter net earnings attributable to shareholders of $101 million ($1.14 per share) compared to $19 million ($0.21 per share) for the 2015 first quarter. Net earnings for the quarter include $10 million ($0.11 per share) in […]

Survivorship Life Insurance Useful For Estate Planning

{May 4th, 2016} by Farm Forum (Aberdeen, SD)

The last several columns could best be described as an overview of life insurance. We discussed various forms of term and permanent plans along with an incredibly valuable rider to cover possible long term care expenses. I will now wrap up the discussion with an explanation of a style of policy that by design just […]

MetLife fined millions for annuity sales

{May 4th, 2016} by Arthur D. Postal

WASHINGTON — MetLife’s securities sales unit today was fined $20 million and ordered to reimburse $5 million to customers for wrongdoing related to sales of replacement variable annuities from 2009 to 2014. The action was announced by the Financial Industry Regulatory Authority (FINRA), which cited MetLife Securities, Inc. “for making negligent material misrepresentations and omissions” on variable annuity […]

Voices Bank channel analyzes fiduciary path ahead: BLOG

{May 4th, 2016} by Scott Stathis

The bank channel seems to have collectively breathed a sigh of relief after the new fiduciary rule was passed, but there are still more questions than answers. That was the main takeaway from our recent Retirement Income Leadership Forum. I have to wonder, though, just how justified that sigh of relief is. Regulatory pressure on […]

Global Insurance Accelerator companies pitch their products to international audience

{May 4th, 2016} by Business Record Staff

Six innovative insurance technology companies made pitches to an international audience Wednesday during the Global Insurance Symposium held in downtown Des Moines.   The members of the second annual Global Insurance Accelerator class traveled to Des Moines from Canada and Ireland as well as four states to participate in the 100-day incubator program.   The […]

States with the highest financial literacy: Rankings

{May 4th, 2016} by IFAwebnews Staff

According to WalletHub.com’s latest state rankings of financial literacy, many Americans have not learned lessons of the past, from the Great Recession to the comparatively recent housing bubble burst. The rankings, which included the District of Columbia, show a woeful lack of knowledge about managing finances, despite a continuing, if slow, economic recovery. Since 2012, […]

Protective Named a Best Place to Work

{May 4th, 2016} by Protective

BIRMINGHAM, Ala.–(BUSINESS WIRE)–Two of Protective Life Corporation’s (“Protective”) operating sites were recently named among the best workplaces in their respective cities: the Birmingham, AL office, where Protective is headquartered, and the Cincinnati, OH office, where a significant portion of the marketing and sales support team resides. The Birmingham Business Journal’s Best Places to Work designation […]

Penn Mutual Updates Chronic Illness Rider

{May 4th, 2016} by Penn Mutual Life Insurance Company

Launches a Key Living Benefit to Provide Added Peace of Mind Horsham, PA – May 4, 2016 – The Penn Mutual Life Insurance Company (Penn Mutual) is pleased to announce the launch of its updated Chronic Illness Accelerated Benefit Rider, which became available on May 2. Available in all states, this next generation rider offers […]

Pay No Attention to the Man Behind the Microphone: Blog

{May 4th, 2016} by Robert M. Barnes

Why your clients shouldn’t put too much stock in great and powerful talk show pundits’ advice on life insurance. I was driving home around 7 p.m. one evening when The Dave Ramsey Show came on the talk radio station I was listening to. I didn’t change the station as I certainly know of Dave Ramsey. […]

Florida Picks Deputy Altmaier to Be Next Insurance Commissioner

{May 3rd, 2016} by Editorial Staff

The Florida Cabinet has selected David Altmaier to be the state’s new insurance commissioner. Altmaier, 34, is currently a deputy commissioner within the Florida Office of Insurance Regulation. He will replace Kevin McCarty, who is stepping down after 13 years on the job. Altmaier was one of three candidates, all OIR employees, interviewed at a […]

Principal Financial: Changes to Agent Comp in the Works

{May 3rd, 2016} by Cyril Tuohy

Agents and advisors affiliated with Principal Financial Group selling the insurance company’s proprietary products will be seeing changes to their compensation, insurance company executives said last week. Independent agents selling products and services developed by the Des Moines-based insurance and retirement company will also see changes to the way they are paid, company executives said […]

Final DOL fiduciary rule: A bane or blessing for advisors?

{May 3rd, 2016} by Warren S. Hersch

Since the Department of Labor’s April 6 publication of a finalized fiduciary rule for investment professionals who advise on retirement plan accounts, industry stakeholders have begun combing through the mammoth document. Their top concern: whether the DOL made enough changes to the earlier (and widely criticized) draft proposal as to be rendered workable. The initial […]

From the desk of Ronald J. Grensteiner, CLU, ChFc, President of American Equity

{May 3rd, 2016} by Ronald J. Grensteiner

Since American Equity’s first quarter press release and earnings call, articles have appeared that are inaccurate and not complete. The company wanted to provide clarifying commentary on their interpretation of the DOL rule and how it affects all of us. Click HERE to view    Articles in question:  American Equity: DOL Rule Threatens Independent Annuity […]

The 10 highest-growth cities for annuities in 2016

{May 3rd, 2016} by Kristen Beckman

U.S. annuity market potential growth — a prospective, forward-looking measure for a product or need that has an analytical basis — stands at 3 percent. Seventy-eight of the top 100 annuity market cities in the U.S. grew at a higher rate, while 22 showed declines. As a group, the top 100 city markets grew 13.6 percent — 4.5 times […]

7 reasons the insurance agent is a dead profession walking, according to startups

{May 3rd, 2016} by Caitlin Bronson

It’s no secret that technology startups see insurance as a promising new field. Last year saw huge growth in early-stage insurance tech deal activity, and 2016 is poised to set even greater records with 24 seed or Series A deals just two months into the year. The group of startups have even founded a conference, […]

Obama administration vows to veto House resolution to kill DOL fiduciary rule

{May 3rd, 2016} by Mark Schoeff Jr.

President Barack Obama will veto a House resolution designed to kill a Labor Department rule to raise investment-advice standards for retirement accounts, the White House said Wednesday   (Bloomberg) President Barack Obama will veto a House resolution designed to kill a Labor Department rule to raise investment-advice standards for retirement accounts, the White House said […]

House votes to block DOL fiduciary rule

{May 3rd, 2016} by Melanie Waddell

The House late Thursday passed H.J. Res. 88, the bill introduced by GOP lawmakers under the Congressional Review Act that would block the Department of Labor’s fiduciary rule. House Speaker Paul Ryan said after the 234-183 vote in favor of the Protecting Access to Affordable Retirement Advice, that “bureaucrats in Washington, D.C. have no business getting between you and […]

One unintended consequence of DOL fiduciary rule

{May 3rd, 2016} by Greg Iacurci

The Labor Department’s new rule may ultimately pave the way for millennials to secure a foothold in the financial advice business   While the Labor Department’s newly released fiduciary rule has inspired much discussion among industry stakeholders speculating how the regulation will adversely affect the advice business, there’s a potential silver lining: a younger industry. […]

The 15 most Googled life insurance phrases

{May 3rd, 2016} by Lynette Gil

Are consumers thinking about life insurance? In order to get into the consumer mindset, a good first step is to look at what they are searching online. We explored what the public-at-large wants to know when it comes to life insurance information, using Google Trends and the keyword tool on Google AdWords. The results are both […]

American Equity Reports First Quarter 2016 Results

{May 3rd, 2016} by American Equity

Company Highlights First quarter 2016 net loss of $44.8 million or $0.55 per diluted common share First quarter 2016 operating income1 of $21.0 million or $0.25 per diluted common share DAC unlocking in first quarter 2016 increased the net loss by $28.4 million or $0.35 per diluted common share and reduced operating income1 by $28.6 […]

Carriers Report Earnings Mix, DOL Rule Cited

{May 3rd, 2016} by Cyril Tuohy

The Department of Labor’s fiduciary rule features prominently in at least one earnings news release by a leading annuity carrier. Company executives are expected to say more about the rule in earnings conference calls Thursday morning. American Equity Reports Loss, Earnings Miss American Equity Investment Life Holding Co., a top seller of fixed and fixed […]

Global insurance symposium kicks off in Iowa

{May 3rd, 2016} by Lyle Adriano

Des Moines, Iowa played host to this year’s Global Insurance Symposium, which began Tuesday. The multi-day event brings together insurance professionals and industry experts, as well as insurance-tech startups and investors—two relatively new crowds to participate this year—so that they can discuss business. “It’s really an opportunity for the entire ecosystem to collaborate and learn,” […]

FINRA Sanctions MetLife Securities, Inc. $25 Million for Negligent Misrepresentations and Omissions in Connection With Variable Annuity Replacements

{May 3rd, 2016} by FINRA

WASHINGTON–(BUSINESS WIRE)–The Financial Industry Regulatory Authority (FINRA) announced today that it has fined MetLife Securities, Inc. (MSI) $20 million and ordered it to pay $5 million to customers for making negligent material misrepresentations and omissions on variable annuity (VA) replacement applications for tens of thousands of customers. Each misrepresentation and omission made the replacement appear […]

Mixed Blessings For Annuities

{May 3rd, 2016} by Ben Mattin

In the annuities world, the April 6 announcement from the Department of Labor Secretary Thomas Perez about new fiduciary regulations might appear to be a mixed bag. Early readings indicate that variable annuities and fixed-index annuities will now require a “best interest contract” to ensure that clients understand exactly what they’re getting and what they’re […]

Amica Life Launches New Website to Help Consumers Better Understand Life Insurance

{May 3rd, 2016} by Amica Mutual Insurance Co

LINCOLN, R.I. (PRWEB) MAY 02, 2016 Amica Life Insurance Company has unveiled AmicaLifeLessons.com, an educational website to help consumers better understand life insurance throughout various life stages. The site launched on April 1, and it has many helpful resources, including an easy-to-use life insurance needs calculator and content specific to the times when life insurance […]

Foresters Financial celebrates Teacher Appreciation Week, May 2-6

{May 3rd, 2016} by Foresters

NEW YORK, May 2, 2016 /PRNewswire/ – Foresters Financial is proud to celebrate Teacher Appreciation Week, May 2-6, 2016. This week is a time for the nation to honor and recognize the contributions teachers make in our lives. Each teacher influences students in the classroom in their own unique way. Being a teacher can be […]

American National Life Insurance Company of New York Introduces an Indexed Universal Life Policy with an Interest Rate Enhancement now available in New York – Signature Plus Indexed Universal Life Insurance

{May 3rd, 2016} by American National Life Insurance Company

GLENMONT, N.Y., May 02, 2016 (GLOBE NEWSWIRE) — American National Life Insurance Company of New York (American National) announces the Signature Plus Indexed Universal Life Insurance (IUL) is now available [May 1, 2016] in the state of New York. This innovative life insurance product offers death benefit protection, four indexed crediting strategies, a fixed account, […]

What advisors need to know about the new fiduciary rule, Part 2

{May 3rd, 2016} by Jeffrey Levine

Editor’s note: This is part two of a two-part series on the impact of the fiduciary rule on advisors. Part one focused on the Best Interest Contract Exemption. Part 2 focuses on who and what products are subject to the fiduciary rule. Once the new fiduciary rule is in effect, many advisors who, previously, were not […]

What advisors need to know about the new fiduciary rule: Part 1

{May 3rd, 2016} by Jeffrey Levine

Editor’s note: This is part one of a two-part series on the impact of the fiduciary rule on advisors. Part one focuses on the Best Interest Contract Exemption. Part 2, which will focus on who and what products are subject to the fiduciary rule. Section 4975 of the tax code, Tax on Prohibited Transactions, outlines […]

Analyst: Insurers ‘Behind’ on DOL Fiduciary Prep

{April 29th, 2016} by John Hilton

Insurers are “a little behind the curve” on preparations for the forthcoming Department of Labor fiduciary rules, a leading analyst said Thursday. Fred Reish, a partner at Drinker Biddle & Reath in Los Angeles, spokes during a webinar on the fiduciary regulations. The firms dealing with qualified retirement funds — broker-dealers, insurers, RIAs and others […]

Genworth surges most since 2010 as CEO calms Wall Street nerves

{April 29th, 2016} by Katherine Chiglinsky

(Bloomberg) — Genworth Financial Inc. climbed the most since 2010 after first-quarter profit beat analysts’ estimates as Chief Executive Officer Tom McInerney works to free up capital to meet debt payments. The insurer surged 21 percent to $3.45 at 9:45 a.m. in New York trading. Richmond, Virginia-based Genworth reported Thursday that operating profit was 21 cents a […]

New York Life Ranks 25th on 2014 DiversityInc “Top 50 Companies for Diversity” List

{April 28th, 2016} by New York Life

NEW YORK, April 23, 2014—New York Life has been named one of DiversityInc’s “Top 50 Companies for Diversity,” ranking 25th nationally on this prestigious list. New York Life was recognized for its talent pipeline; equitable talent development, including commitment to mentorship and philanthropy; CEO and leadership commitment; and supplier diversity. “Earning a spot on the […]

Nationwide launches new small-business site for agents

{April 28th, 2016} by Nationwide

COLUMBUS, Ohio, April 28, 2016 /PRNewswire/ — Nationwide just launched a new small-business site for insurance agents in light of National Small Business Week (May 1-7). The site (best viewed in Firefox or Chrome) provides information for both current agents and those who are interested in requesting a commercial contract appointment. It continues the company’s […]

Fiduciary Q&A: Must Conflicts Be Avoided or Just Disclosed?

{April 28th, 2016} by Karen Damato

Ask the Experts: Our panel tackles this question and two more about the Labor Department’s new conflict-of-interest rule   Under the Department of Labor’s new fiduciary-duty rule, will advisers working with retirement accounts have to avoid conflicts of interest or just disclose them? For answers to this question and two others, Wealth Adviser at WSJ.com […]

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