Skip Schweiss: The Real Reason the Industry Is Fighting the DOL Fiduciary Rule
{August 8th, 2017} by Jane Wollman Rusoff
Allowing investors to pursue class actions against advisors, broker-dealers and insurance companies under the Labor Department’s controversial fiduciary standard rule is almost certainly the loudest objection voiced by its foes in the industry. Consequently, that critical issue warrants close attention, Skip Schweiss, managing director of advisor advocacy and industry affairs at TD Ameritrade Institutional, tells […]
Great American Life and Brookstone Capital Management Partner to Offer Fee-Based Annuity
{August 8th, 2017} by Great American Life Insurance Company
CINCINNATI–(BUSINESS WIRE)–Great American Life Insurance Company® is pleased to announce that its fee-based annuity is now available through Brookstone Capital Management (BCM). Adding a fixed-indexed annuity to its platform allows BCM’s advisors to help clients further diversify their portfolios and manage risk. BCM joins the list of nearly 50 Registered Investment Advisors (RIAs) positioned to sell […]
Be a blessing
{August 8th, 2017} by Wink RockStars
Brandon Jons was diagnosed with leukemia September 1989. He relapsed two years later and passed away on November 5th, 1991 at the age of five. “So many folks rallied to help us when he [Brandon] had leukemia. We even got adopted by a church group that made sure we had Christmas. And we had a benefit […]
Jackson National Parent Rumored to Step Further from Annuities
{August 8th, 2017} by Jay Cooper
Prudential plc, the parent company of Jackson National Life, may be shopping its European-focused annuities business. So reports The Times of London. While such a move would seem to signal the parent company is de-emphasizing annuities, the company has not announced any plans concerning Jackson National. Prudential recently searched for investment bankers to advise it on the […]
Brighthouse Finishes Down on First Trading Day
{August 7th, 2017} by Greg Shulas
Brighthouse Financial debuted on the Nasdaq exchange Monday, finishing the day down 4.41% from its pre-opening share price of $64.57. The market debut kicked off the retail annuity provider’s first full trading day as an independent company from MetLife. Click HERE to view the original story via Life Annuity Specialist. Charlotte, N.C.-based Brighthouse (Nasdaq: BHF) closed at $61.72, below […]
CNO Reports Higher Annuity Sales
{August 2nd, 2017} by Allison Bell
CNO Financial Services Group Inc. is reporting higher annuity sales, but lower Medicare supplement and long-term care insurance sales, for the second quarter. The Carmel, Indiana-based company posted the following first-year collected premium results for its Bankers Life unit: Annuities: Sales increased to $262 million, from $205 million. Medicare supplement insurance: Sales fell to $18 million, […]
American National Insurance Posts 2Q Profit
{August 2nd, 2017} by Associated Press
GALVESTON, Texas (AP) _ American National Insurance Co. (ANAT) on Monday reported second-quarter earnings of $36 million. The Galveston, Texas-based company said it had net income of $1.33 per share. Earnings, adjusted for investment gains, came to 79 cents per share. The insurance company posted revenue of $834.1 million in the period. American National Insurance […]
DOL Rule Opponents Have Good Day in Appeals Court
{August 2nd, 2017} by John Hilton
The Fifth Circuit Court of Appeals lived up to its reputation for being tough on government regulators Monday during a hearing on the controversial Department of Labor fiduciary rule. The 68-minute hearing was marked by several spirited clashes between government attorney Michael Shih and Judge Edith H. Jones over the DOL’s authority to regulate individual […]
Top 75 North American Public Insurers
{August 1st, 2017} by AM Best
Best’s Review presents its annual ranking of the top 75 North American public insurers, ranked by 2016 assets. http://bit.ly/2vG8SPJ
Voya Financial Announces Second-Quarter 2017 Results
{August 1st, 2017} by Voya
NEW YORK, Aug. 1, 2017 /PRNewswire/ — Voya Financial, Inc. (NYSE: VOYA) today announced financial results for the second quarter of 2017. 2Q 2017 net income available to common shareholders of $0.89 per diluted share1, which reflects: A loss of $0.10 per diluted share, after-tax2, in the Closed Block Variable Annuity (CBVA) segment due to […]
DOL Official: Help Me Improve Fiduciary Rule
{August 1st, 2017} by John Hilton
The best way the insurance industry can affect change on the Department of Labor fiduciary rule is by providing current data to regulators, a top department official said today. Timothy Hauser, deputy assistant secretary for program operations, is considered the man behind the fiduciary rule. But that was during the Obama administration — the rule […]
SEC Official Urges Labor Department to Reconsider ‘Misguided’ Fiduciary Rule
{August 1st, 2017} by Thomas Harman
WASHINGTON – The U.S. Securities and Exchange Commission is urging the U.S. Department of Labor to reconsider its fiduciary rule that broadly expanded new regulations to advisers and brokers who had not been covered. Commissioner Michael Piwowar, in a recent comment letter to the DOL, said the rule dismisses desired results for conflict of interest […]
Principal Sees Strong Life Sales and Variable Annuity Asset Growth
{August 1st, 2017} by Allison Bell
Principal Financial Group Inc. is using the terms “life insurance” and “specialty benefits” a lot more often in connection with earnings this quarter than it’s using the word “annuities.” The Des Moines, Iowa-based company, which is now a major global money manager but has deep roots in the life insurance industry, is reporting $315 million in […]
30 Under 30, Part 2: Young Life, Health and Annuity Stars
{August 1st, 2017} by Kristen Beckman and Allison Bell
Here’s the second section of a formidable list: the ThinkAdvisor Life Health 30 Under 30 award winners for 2017. We published the first batch of 10 names last week. The third and final list will come out early next week. All of the people on the list are young life, health and benefits sales and marketing professionals […]
Alaina Gullet selected as NAFA’s Membership and Development Manager
{August 1st, 2017} by NAFA
FOR IMMEDIATE RELEASE Contact: Chip Anderson, Executive Director Direct 414.332.9306, ext. 1 chip@nafa.com Alaina Gullet selected as NAFA’s Membership and Development Manager WASHINGTON (Aug. 1, 2017) — NAFA, the National Association for Fixed Annuities, is pleased to announce and welcome Alaina Gullett as its membership and development manager effective August 1. This […]
Who Should Pay More for Insurance: Smokers or ‘Significantly Overweight’?
{August 1st, 2017} by Suzanne Tullo
Americans may prefer to see health insurance rates increase for smokers than for people who are significantly overweight. Justin McCarthy, an analyst at Washington-based Gallup Inc., has published data supporting that conclusion in a summary of results from a new consumer consumption habits survey. Gallup based the results on telephone interviews with 1,021 adults in all 50 U.S. […]
Judge Hammers DOL on Fiduciary Rule’s BICE
{August 1st, 2017} by Melanie Waddell
Republican circuit court Judge Edith Jones on Monday “relentlessly peppered” the Department of Labor on what she viewed as trouble spots in its fiduciary rule’s controversial best interest contract exemption during oral arguments in the case brought by nine plaintiffs against the rule, according to Miller & Chevalier attorney Erin Sweeney. Jones, a Reagan appointee, […]
Why Advisors Need Financial Advisors
{August 1st, 2017} by Angie Herbers
I got a call the other day from an owner-advisor who wanted me to work with him. He told me a story about his mother (now deceased) who was a doctor and had selflessly helped many people during her life, including taking in foster children over the years. She’d had little concern for her own […]
Middle-Income Americans Desperately Need Financial Advice: Financial Finesse
{August 1st, 2017} by Jane Wollman Rusoff
Heated dissention over tax cuts and health care for Americans are center-stage. But backstage, a relevant, worrisome and largely overlooked issue lingers: The average Financial Wellness Score for U.S. employees is a dismayingly low 5.4 on a scale of 1 to 10. Indeed, only about 6% of the overall workforce can be considered financially secure, […]
SEC Approves FINRA Rule to Streamline Exams
{August 1st, 2017} by Melanie Waddell
The Securities and Exchange Commission recently approved a Financial Industry Regulatory Authority rule change to streamline competency exams that the self-regulatory organization’s regulation chief has said will also facilitate opportunities for professionals seeking to enter or re-enter the securities industry. The rule change, approved on July 7, restructures FINRA’s representative-level qualification exams, creates general knowledge and […]
Former Barclays CEO close to deal to buy Hartford unit, say sources: Reuters
{August 1st, 2017} by Reuters News
Atlas Merchant Capital LLC, the investment firm led by former Barclays Plc Chief Executive Officer Bob Diamond, is in advanced talks to acquire a Hartford Financial Services Group Inc annuity run-off business for between $3 billion and $3.5 billion, people familiar with the matter said on Thursday. Divesting the unit, dubbed Talcott Resolution, would help Hartford recycle capital, allowing it to […]
Brighthouse Hints at Life Insurance Revamp, Touts Annuity Sales
{August 1st, 2017} by Jamie Johnson
New life insurance products could be on the way at Brighthouse Financial, as the company prepares for a revamp of its life business. A new SEC filing this week is scant on details, but hints at changes ahead. The 8-K filing also shares details on the company’s Shield Level Selector SM Annuity sales, which continue to […]
AmeriLife® Invites Insurance Agents and Advisors to Test Drive Its Risk Assessment and Compliance Tool Free of Charge
{August 1st, 2017} by AmeriLife
CLEARWATER, Fla.–(BUSINESS WIRE)–With the first phase of the Department of Labor Fiduciary Rule now in effect, AmeriLife is offering its new financial needs and risk assessment tool, the AmeriLyzerSM, to insurance agents and advisors free of charge until January 1, 2018. AmeriLife, a national leader in the distribution of annuity, life and health insurance products, […]
National Western Life Announces Appointment of Wallace as Chief Marketing Officer
{August 1st, 2017} by National Western Life Insurance Company
AUSTIN, Texas, July 31, 2017 /PRNewswire/ — National Western Life Insurance Company announced today the appointment of R. Bruce Wallace to the position of Senior Vice President and Chief Marketing Officer of its Domestic Insurance operations after an extensive search. “It was worth the wait to fill the position,” said Kitty Nelson, National Western Life’s President and Chief Operating Officer. […]
Former Principal Adviser, charged in abduction, is sued by his parents
{August 1st, 2017} by Nathan Blake
MORRISON, Ill. — The parents of a man accused of kidnapping an Erie, Illinois, couple earlier this year are suing him for money they say he stole while he was their financial investor. Investigators say that on Feb. 7, Chad C. Schipper, 40, of Geneseo, Illinois, kidnapped Larry and Constance VanOosten at gunpoint from their […]
