Ohio National’s new fixed indexed annuity rider offers guaranteed rising retirement income
{June 6th, 2017} by Ohio National
Cincinnati — For individuals who are currently at or nearing retirement age and looking for a way to increase their retirement income1, Ohio National Financial Services has introduced a new ONdex fixed indexed annuity (FIA) rider. The optional Income Accelerator Guaranteed Lifetime Withdrawal Benefit (GLWB) rider guarantees that as long as withdrawals never exceed the […]
SEC Jumps Back in the Fiduciary Rule Debate
{June 6th, 2017} by Joe Morris
The Securities and Exchange Commission has issued a call for public comment on investment advice standards, reinserting itself in the fiduciary rule debate after years of silence. In a notice released Thursday, Chair Jay Clayton said the time had come for a fresh look, given advances in technology since the SEC last considered such rules […]
Annuities Heading into a Blended Future
{June 6th, 2017} by Cyril Tuohy
Independent agents, the traditional lifeblood of FIA sales, can expect to see a reshaping of annuity product lines as insurers revamp features and revenue models to meet the needs of distribution channels evolving under tighter regulation and market conditions. The Department of Labor’s Fiduciary rule has been delayed until June 9, and many observers are […]
FINRA, states enact new rules to fight elder abuse
{June 5th, 2017} by Kenneth Corbin
WASHINGTON — FINRA is following many states in pressing forward with a rule that aims to give advisers more tools to combat elder abuse, a large and growing problem that many financial professionals are struggling to address. FINRA has developed a rule that aims to better protect elderly clients and also give firms latitude to […]
Targeting RIAs, Ameritas Inks Deal with RetireOne
{June 5th, 2017} by Warren S. Hersch
Count Ameritas among life and annuity providers that are bolstering offerings to gain a competitive edge serving fee-based advisors, a burgeoning distribution channel for carriers. Ameritas has unveiled a pact with RetireOne (Aria Retirement Solutions’ marketing brand) to distribute the insurer’s fee-based variable universal life and variable annuity products through the RetireOne Fiduciary Solutions Concierge […]
Overweight Financial Planner Launches Preferred Best Project to Document Effect of Weight Loss on Life Insurance Rates
{June 4th, 2017} by TIMEPRESS
NORWALK, CT June 6, 2017 – Jim Tobin, owner of the lifeinsurancehelpdesk.com, a Connecticut-based Internet life insurance agency, is using his Preferred Best Project to document how life insurance rates improve with weight loss today. Tobin, a Certified Financial Planner who is significantly overweight, will be supplementing regular doctors visits with “do it yourself” walk-in […]
SEC reasserts itself on investment-advice standards, but it’s not clear whether it will overtake DOL fiduciary rule
{June 3rd, 2017} by Mark Schoeff Jr.
In one of his first actions as Securities and Exchange Commission chairman, Jay Clayton turned the agency’s attention to investment-advice standards, a move longed for by financial industry opponents of the Labor Department’s fiduciary duty rule. But it’s not clear whether the SEC will wrest the issue away from the DOL. Click HERE to view […]
The American College Of Financial Services And GAMA International Launch New Educational Partnership
{June 3rd, 2017} by The American College of Financial Services
BRYN MAWR, Pa. and FALLS CHURCH, Va., June 2, 2017 /PRNewswire-USNewswire/ — The American College of Financial Services and GAMA International announced today that the two organizations are entering into a distribution and development partnership to provide educational offerings to international markets. “We are impressed with the quality of GAMA International’s team and the organization’s […]
Are brokers really ready to be fiduciaries?
{June 2nd, 2017} by Bruce Kelly
The Department of Labor’s fiduciary rule for retirement accounts will take effect Friday, and advisers and their broker-dealers better get ready for a new wave of risk: lawsuits and legal complaints by investors who believe they have been harmed by an adviser’s recommendations or choice of investment. The Big Daddy of liability facing firms, the […]
Financial Regulation Calls for 20/20 Vision
{June 2nd, 2017} by Antonio Weiss Simon Johnson
(Bloomberg View) — One of the central pillars of financial reform, the Financial Stability Oversight Council, is under political attack and at risk of coming undone. In the past, the balkanized U.S. financial regulatory system has consistently failed to address risks that took root in its jurisdictional gaps. The FSOC was created to solve that […]
Voya Eying New Risk Reduction Opportunities
{June 2nd, 2017} by Cyril Tuohy
Executives with Voya Financial say they will explore new opportunities to reduce the company’s risk exposures to living benefits on a block of variable annuities. About 13,000 policyholders, about 25 percent of all policyholders who received offers, agreed to surrender variable annuity contracts, the company said. The surrender reduced the living benefit net amount of […]
One Year on the DOL Rule Beat
{June 2nd, 2017} by John Hilton
One year ago today, the first lawsuit was filed against the Department of Labor fiduciary rule. The intervening 365 days has seen just about nothing go according to expectation on this issue. As a reporter tracking the story, it’s been great. I’ve written stories on my phone while riding the District of Columbia metro during […]
UBS to Temporarily Adjust Broker Pay to Comply With Fiduciary Rule
{June 2nd, 2017} by Michael Wursthorn
UBS Group AG is temporarily revamping how it pays its U.S. brokers to comply with new retirement rules taking effect next week, a stopgap that minimizes the impact on clients as a review of the regulation plays out. The Swiss bank, which has been critical of the new rules and their impact on clients, is […]
SEC Wades Into ‘Fiduciary Rule’ Debate
{June 2nd, 2017} by Dave Michaels
By Dave Michaels Updated June 1, 2017 6:33 p.m. ET WASHINGTON—The Securities and Exchange Commission will consider strengthening rules on how brokers advise retail customers, a step likely to be cheered by businesses that opposed a similar measure passed under the Obama administration that imposed stricter guidelines. The SEC said Thursday that it would wade into […]
Allianz Life Profiles Divorced Women
{June 1st, 2017} by Allison Bell
Divorce may be hitting women’s finances even harder now than it did a few years ago, according to new survey data from Allianz Life Insurance Company of North America. The consumer insights team at the Minneapolis-based Allianz SE unit commissioned a survey update in October. About 64% of the divorced participants said their divorce had […]
Insurers Rescue VAs With Creative Death Benefits
{June 1st, 2017} by Cyril Tuohy
Variable annuity sales may be slumping but that hasn’t stopped some insurers from tweaking the death benefits that come with the variable products. The tinkering is a sign that despite slowing variable annuity sales, consumers and advisors still value the benefits that can be passed on to heirs, market experts said. After all, sales trends […]
Complex Annuities for a Complex Era
{June 1st, 2017} by Kerry Pechter
When sophisticated investors hold long positions in equities but worry about market volatility, they can create “collars” with out-of-the-money puts and calls. The options establish a floor under potential losses on the investment and a ceiling on potential gains. Indexed variable annuities are packaged products that give investors a similar way to hedge their bets. […]
Insurance, financial advisors association launches new certification program for life insurance and annuity professionals
{June 1st, 2017} by Financial Regulations News Reports
The National Association of Insurance and Financial Advisors (NAIFA) has launched a new international certification for life and annuity professionals called the Life and Annuity Certified Professionals (LACP). “NAIFA is pleased to offer financial professionals the potential for greater exposure and authority in the financial services marketplace through LACP certification,” NAIFA CEO Kevin Mayeux said. […]
Millennial Investors Scarred by Financial Crisis
{June 1st, 2017} by Emily Zulz
Ten years after the financial crisis hit, it is still having a major psychological impact on investors. According to a new survey from Legg Mason Global Asset Management, millennial investors in the United States report that the financial crisis and subsequent great recession strongly influence their investment decisions, leaving them more risk-averse than any other […]
Consumers Want Transparent Life Insurance Buying Options
{June 1st, 2017} by Life Happens
Arlington, Va., and Windsor, Conn. – April 25, 2017 – American consumers expect the life insurance industry to remain innovative and continue to meet their needs and preferences, according to the 2017 Insurance Barometer Study. The study finds that 70 percent of Americans who would consider purchasing life insurance would be interested in doing so […]
MYGA Market In 1Q: A Look At The Top 10
{June 1st, 2017} by Cyril Tuohy
First quarter sales of multiyear guaranteed annuities (MYGAs), which offer a fixed rate over a period of several years, tumbled 17 percent to $9 billion, industry tracker Wink’s Sales & Market Report announced this month. MYGA sales rose 36 percent compared with the fourth quarter of 2016, Wink’s reported. First quarter top-10 finishers are listed […]
Godzilla (the Fiduciary Rule) Ate the Rule of Law: OPINION
{June 1st, 2017} by Eugene Scalia
By Eugene Scalia May 31, 2017 6:18 p.m. ET Labor Secretary Alexander Acosta announced last week that he would let the controversial “fiduciary” rule take effect June 9. Respect for the rule of law, he explained, made further delay impossible without a new round of rule-making. Although I disagree with Mr. Acosta’s legal analysis, he […]
