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Archive for January 2018

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  • A More Balanced Approach to Comparing Policy Illustrations, OPINION

    {January 31st, 2018} by Tom Doruska, FSA, MAAA, is Senior Vice President, Life Products, at Global Atlantic, and Chair of the ACLI IUL task force.

    Factoring in non-guaranteed elements adds objectivity Life insurance illustrations are designed to provide clients some perspective on how their policy may perform over time, based on unchanging assumptions. However, assumptions are inherently variable. Let’s take a look at indexed universal life insurance policies and some of the factors involved, including how you might level the […]

    Path to SEC Fiduciary Rule Strewn With Bumps

    {January 31st, 2018} by Melanie Waddell

    One of the most crucial rule proposals that will come out this year is a long-awaited fiduciary rule by the Securities and Exchange Commission. The agency’s regulatory agenda has such a plan coming out sometime this year — with news reports pegging release to the second quarter. But the potential pending departures of two of […]

    Prudential pivots toward indexed annuities

    {January 30th, 2018} by Greg Iacurci

    Prudential Financial Inc. Monday announced the launch of its first indexed annuity, the latest variable-annuity carrier to pivot toward the increasingly popular annuity. The variable annuity market has had a rough go in recent years, having seen consecutive years of sales declines from 2011-16. Official tallies for 2017 aren’t yet available, but sales will likely be […]

    Fixed indexed annuity expands Prudential’s commitment to growing and protecting wealth

    {January 30th, 2018} by Prudential

    January 29, 2018 10:00 AM Eastern Standard Time NEWARK, N.J.–(BUSINESS WIRE)–Prudential Annuities, the domestic annuity business of Prudential Financial, Inc. (NYSE:PRU), has launched the PruSecure Fixed Indexed Annuity. This is a single-premium, long-term protection solution that earns interest based on stock market performance and/or a fixed rate, with zero exposure to market downturns. The PruSecure […]

    MetLife Stumbles, Then Uses Words Buffett Has Called `Ugly’

    {January 30th, 2018} by Katherine Chiglinsky

    MetLife Inc. is dealing with what Warren Buffett warned were some “ugly” insurance words. The insurer disclosed Monday that it was “strengthening” reserves, or setting aside more money to back policies for annuity and pension clients. MetLife’s review of the businesses has drawn a Securities and Exchange Commission inquiry and questions from state regulators including in New York. […]

    3 Must-Ask Questions for Annuity Clients: OPINION

    {January 30th, 2018} by Rich Lane

    With the end of the year behind you, this is the perfect time to refresh your sales approach. An area well worth your focus in 2018 is fixed annuities. A quick refresher on why fixed annuities can be a popular option: fixed annuities help protect assets and guarantee a minimum rate of return, all while […]

    Like mother, like daughter

    {January 30th, 2018} by Gerv Tacadena

    It was not in Morgin Freeman‘s plans to start a career in insurance. Even though her mother had already enjoyed an excellent streak of more than 35 years in the industry, Freeman did not consider taking the same road. While studying at the University of Texas, in Dallas, Freeman had a job at Tanglewood Resort and […]

    A.M. BestTV: U.S. Life/Annuity Insurers Step Up Use of Reinsurance, Says Best Director

    {January 30th, 2018} by A.M. Best

    OLDWICK, N.J.–(BUSINESS WIRE)–In this A.M.BestTV episode, William Pargeans, director, A.M. Best, reviews a new report that details how life and annuity insurers are using reinsurance for overall risk management, coverage of specific risks, supporting new products and more. Click on http://www.ambest.com/v.asp?v=laparjeans118 to view the entire program. U.S. life/annuity insurers have increased the aggregate face amount of policies ceded to […]

    North American Introduces WriteAway℠ Accelerated Underwriting

    {January 30th, 2018} by North American Company for Life and Health Insurance

    CHICAGO, Jan. 30, 2018 — North American Company for Life and Health Insurance® announced the introduction of WriteAway Accelerated Underwriting, a faster and less invasive process for issuing a life insurance policy. WriteAway’s highly desirable benefits include a simple online application process that allows an underwriting decision on the application to be made in as little […]

    Women Are The New Secret Weapon In The Financial World

    {January 30th, 2018} by Neale Godfrey

    Just when you thought that the suits in the financial world were all being filled by white males, here come women. Benjamin Khor of iMoney.my may have alluded to the fact that, “men are from Mars and women from Venus” when it comes to what the new generation of investors wants from their financial professionals.  No longer is the […]

    Fortune’s The Worlds Most Admired Companies

    {January 30th, 2018} by Fortune

    Congratulations to the following insurance companies ranked on Fortune’s 2018 list of the World’s Most Admired Companies. Fortune collaborated with Korn Ferry on this survey of corporate reputations. Some 3,900 executives, analysts, directors, and experts voted—and click HERE to see the full results.  INSURANCE: LIFE AND HEALTH: INDUSTRY RANKINGS Prudential Financial Massachusetts Mutual Life Aflac MetLife Principal […]

    BestWeek: AIG Seeks to Expand Its General Insurance With Acquisition of Validus

    {January 30th, 2018} by Best's News Service

    OLDWICK, N.J. – American International Group Inc. said it will acquire reinsurer Validus Holdings Ltd. for $5.56 billion in an all-cash transaction. AIG President and Chief Executive Officer Brian Duperreault said the deal will give the group a leading reinsurance underwriter while enhancing its general insurance capability, according to BestWeek. He said in a conference […]

    Why Don’t Millennials Want to Work in Insurance?

    {January 30th, 2018} by Jamie Johnson

    According to the Pew Research Center, millennials make up the largest share of the U.S. workforce, with only 4% being interested in working in the insurance industry. Michael A. Costonis and Rob Salkowitz in a recent New York Times article said, “The insurance industry is not particularly attractive to the so-called ‘millennials’ — people who turned 21 […]

    Brooks Tingle to Lead John Hancock Insurance

    {January 30th, 2018} by Allison Bell

    John Hancock emphasized efforts to improve the life insurance sales process, and policyholder wellness programs, today as it installed two permanent executives at the John Hancock Insurance unit. John Hancock, a Boston-based division of Manulife Financial Corp., named Brooks Tingle president of the insurance unit. The company named Linda Levyne to be senior vice president and head of sales […]

    Ameriprise Spends 7% More on Annuity Distribution

    {January 29th, 2018} by Allison Bell

    Ameriprise Financial Inc. spent $114 million in the fourth quarter on paying and supporting the people who sell its annuities, or about 7% more than it spent on annuity distribution expenses in the fourth quarter of 2016. Annuity unit revenue increased 3%, year-over-year, to $638 million, and annuity unit pretax operating income increased 17%, to $148 […]

    The Golden Rules Of Buying Indexed Universal Life Insurance: OPINION

    {January 29th, 2018} by Drew Gurley

    Getting an indexed universal life insurance policy tailored for you can be a daunting task. Why? Because universal life insurance was designed to be flexible, which means there a lot of options to consider. In fact, if you took some time to shop online, you’d likely end up empty-handed. To help you get a handle […]

    New York lobbies for nationwide ‘best-interest’ standard for life insurance sales

    {January 27th, 2018} by Greg Iacurci

    New York State is lobbying for a higher standard of care for life insurance sales across the country, arguing that consumers need stronger protections from conflicted advice and building off a national dialogue set off by the Department of Labor fiduciary rule. Maria T. Vullo, New York’s superintendent of financial services, said in a letter to the […]

    BofA’s Moynihan: ‘50-50 Chance’ Next CEO Is a Woman

    {January 26th, 2018} by Erik Schatzker, and Laura J. Keller

    Bank of America Chief Executive Officer Brian Moynihan said when he’s ready to give up the job, the odds are split on whether his successor will be a woman. “Absolutely, there’s a 50-50 chance,” he said Friday in an interview on Bloomberg Television at the World Economic Forum in Davos, Switzerland. “We’ve been after diversity and […]

    Finra elder-abuse rule could trigger delicate conversations between brokers, clients

    {January 26th, 2018} by Mark Schoeff Jr.

    A new Finra regulation designed to prevent financial exploitation of seniors will spur what could be delicate conversations between brokers and older clients. The rule, which goes into effect on Feb. 5, requires that brokers make a reasonable effort to identify a trusted person who can be contacted if the broker is concerned that the […]

    N.Y. Urges Life Insurance Fiduciary Standard in NAIC Rule

    {January 26th, 2018} by John Hilton

    In a reversal of roles, New York is urging the National Association of Insurance Commissioners to adopt the state’s new best interest regulation, which extends fiduciary responsibility to life insurance. The New York finance superintendent made the suggestion in a comment letter submitted to the NAIC on its new annuity suitability model. The NAIC model […]

    Ameriprise Adds 99 Advisors

    {January 26th, 2018} by Allison Bell

    Ameriprise Financial Inc. still likes live-human advisors, and it wants to keep a strong book of annuity business. Executives talked about the company’s annuity business with securities analysts Thursday, during a conference call the company held to discuss its earnings for the fourth quarter of 2017 and all of 2017. Click HERE to read the […]

    A.M. Best Affirms Credit Ratings of The Dai-ichi Life Insurance Company, Limited

    {January 26th, 2018} by Best's News Service

    Hong Kong – A.M. Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” of The Dai-ichi Life Insurance Company, Limited (DL) (Japan), a wholly owned subsidiary of Dai-ichi Life Holdings, Inc. The outlook of these Credit Ratings (ratings) is stable. The ratings reflect DL’s balance sheet […]

    AIG Names Head of Field Operations for North America General Insurance

    {January 26th, 2018} by David Pilla

    NEW YORK – American International Group, Inc. named a head of field operations, North America general insurance, as the group continues to revamp its general insurance business. The group said in a statement it named Timothy DeSett to the post beginning in February. He will report to Ken Riegler, chief operating officer, North America general […]

    Ameriprise Continues to Like Live-Human Advisors

    {January 26th, 2018} by Allison Bell

    Ameriprise Financial Inc. still likes live-human advisors, and it wants to keep a strong book of annuity business. Executives talked about the company’s annuity business with securities analysts Thursday, during a conference call the company held to discuss its earnings for the fourth quarter of 2017 and all of 2017. Ameriprise reported Wednesday that it earned […]

    MetLife Wins Epic Battle With Federal Regulators

    {January 25th, 2018} by Allison Bell

    The U.S. Court of Appeals for the District of Columbia has ended the epic legal battle between the Financial Stability Oversight Council and MetLife Inc. FSOC formally joined with MetLife last week to ask the appeals court to drop the case. The appeals court shut down the case with two sentences. Click HERE to read the original article […]

    Will Annuities Unit Aid Lincoln National (LNC) Q4 Earnings?

    {January 25th, 2018} by Zacks Equity Research

    Lincoln National Corp. LNC is scheduled to report fourth-quarter results on Jan 31, after market close. We expect to see an increase in total annuity sales, driven by product enhancements that have been well received in the marketplace. The company has gained market share in 2017, benefiting from products that provide more investment choices and flexibility, along […]

    Will Congress pass a relaxed annuity safe harbor?

    {January 24th, 2018} by Nick Thornton

    Days after the 116th Congress convened for business, bipartisan legislation that would relax the existing safe harbor for offering annuities in 401(k) plans was reintroduced in the House of Representatives. The Increasing Access to a Secure Retirement Act, co-sponsored by Rep. Lisa Blunt Rochester, D-DE, and Rep. Tim Walberg, R-MI, would amend the Employee Retirement Income […]

    UBS Announces Launch of a New Socially Conscious Investment Strategy Focused on LGBT Employment Equality

    {January 24th, 2018} by UBS Investment Bank

    NEW YORK–(BUSINESS WIRE)–UBS Investment Bank today announced the launch of the InsightShares LGBT Employment Equality ETF, the first in the series of exchange traded funds (“ETFs”) issued under the “InsightShares” brand. This cause-focused ETF offers the opportunity to invest in a socially conscious strategy. Created and offered by Exchange Traded Concepts, this ETF offers exposure to […]

    The Millennials Are All Right (but They Still Worry): BofA

    {January 24th, 2018} by Michael S. Fischer

    Millennials’ money management habits compare favorably with those of older peers, yet money is millennials’ top-of-mind concern, according to a report released Tuesday by Bank of America. Sixty-three percent of millennials in the study said they were saving, and 57% had a savings goal, compared with only 42% of Gen Xers and baby boomers. Not only that, […]

    THE FUTURE OF LIFE INSURANCE: How insurtechs are tackling this notoriously tricky area of insurance

    {January 24th, 2018} by Maria Terekhova

    This is a preview of a research report from BI Intelligence, Business Insider’s premium research service. To learn more about BI Intelligence, click here. Life insurance is a fundamentally hard product to sell, as it requires people to think about their deaths and promises no immediate rewards. The way life insurance is sold makes it doubly […]

    Fi360 Expands Fiduciary Essentials Training Program for Financial Professionals

    {January 24th, 2018} by Fi360

    Updated Fiduciary Essentials for Advisors curriculum enables financial professionals to successfully navigate the evolving regulatory and market environment January 17, 2018 09:30 AM Eastern Standard Time PITTSBURGH–(BUSINESS WIRE)–Fi360, the nation’s leading provider of fiduciary-related education and technology, has added new modules to its Fiduciary Essentials for Advisors (FEA) training program to help financial professionals successfully operate in […]

    Life Insurance for the Digital Age: An End-to-End View

    {January 24th, 2018} by Nitin Nayak and Stephen Abrokwah

      According to a Swiss Re study, life insurance ownership has declined at a dramatic rate over the past 30 years and is currently at a 50-year low.1 This situation is most pronounced among the middle market and millennial households. Declining sales partly explain the research estimates of the life insurance protection gap,2, 3 which has […]

    Top 100 bank advisors: Who’s in and how they did it

    {January 24th, 2018} by Lee Conrad

    Welcome to Bank Investment Consultant’s signature issue, the Top 100 bank advisors. The data and photos of our winners are the main attractions, but in pulling together the bio information on all 100, certain themes emerged. For instance, even in our digital age, the topics that our top advisors cited sounded like they came from the […]

    MetLife Said to Join AXA, MassMutual in Pursuing Hong Kong Sale

    {January 23rd, 2018} by Jonathan Browning

    MetLife Inc. is seeking a sale of its Hong Kong insurance unit, joining international rivals including AXA S.A. and Mass Mutual that have pursued divestments in the Chinese territory, people with knowledge of the matter said. New York-based MetLife is preparing to send out information on the Hong Kong business to prospective buyers in the next couple weeks, according […]

    So, Why Else Do the Pundits Hate Annuity Commissions?

    {January 23rd, 2018} by Chuck Ritzke

    Most people have heard the old story about the homeowner who hires an electrician to fix the electrical problem in his house. The electrician sees a loose wire, re-connects it, and gives him a bill for $500. The homeowner, outraged at getting a $500 bill for 30 seconds of work, asks for an itemization of […]

    S3E10: Brian Hemesath Shares the 2018 GIA Cohort

    {January 23rd, 2018} by Gregory Bailey

    Returning to the Denim Rivet studio is Brian Hemesath, managing director of the Global Insurance Accelerator (GIA). Brian introduces you to the GIA’s 2018 cohort, just announced this month. These eight companies have built innovative products and business models incorporating artificial intelligence, gamification, portals, apps, IoT devices, and much more. If Brian had to use […]

    IRI Comments On NAIC ‘Annuity Transactions’ Suitability Model

    {January 23rd, 2018} by PE Kelley, Managing Editor

    The Insured Retirement Institute (IRI) today announced its support and suggestions to the National Association of Insurance Commissioners (NAIC) with regard to that groups’ Suitability in Annuity Transactions Model Regulation (#275), which all parties hope  will  incorporate a ‘best interest standard of conduct.’ John Jennings, Government & Public Affairs Specialist for IRI stated that “IRI [has] submitted a […]

    3 New Questions About Annuity Issuers’ Performance

    {January 23rd, 2018} by Allison Bell

    Publicly traded annuity issuers are getting ready to start their fourth-quarter earnings release season. Ameriprise Financial Inc. will kick things off Wednesday. Principal Financial Group Inc. and Reinsurance Group of America Inc., a company that reinsures some annuity blocks, will continue the action Jan. 29. Click HERE to read the original story via ThinkAdvisor. Three issuers will post their results after 4 […]

    DOL Court Appeal Ruling Might Take Time: Analyst

    {January 23rd, 2018} by John Hilton

    The financial services industry has waited months for a ruling on a promising appeal of the Department of Labor fiduciary rule. They might be waiting for a lot longer, said one legal expert. The Fifth Circuit Court of Appeals in New Orleans might have shelved its appeal decision while the DOL completes a review of […]

    Busting DOL fiduciary rule myths of industry opponents

    {January 23rd, 2018} by Brian Lakkides

    According to the opponents of a new rule designed to ensure that retirement savers get the best advice possible, the entrepreneurial mindset and innovative spirit that has powered the U.S. economy for decades is a thing of the past. They think we can’t adjust — and thrive — under the new fiduciary rule. I disagree. […]

    NCOIL TO DISCUSS PROBLEMS FACING LIFE INSURANCE PREMIUM INCREASES

    {January 23rd, 2018} by NCOIL

    New York Assemblywoman Pam Hunter to Offer Recently Issued New York Regulations as a Starting Point for Discussion/Development of NCOIL Model Law Manasquan, N.J. – The NCOIL Life Insurance and Financial Planning Committee will meet at the 2018 Spring Meeting and discuss legislative solutions to unjustified life insurance premium increases.  “This is another example of […]

    AIG Strikes $5.56 Billion Deal to Acquire a Bermuda Insurer

    {January 23rd, 2018} by Leslie Scism

    Eight months ago, new American International Group Inc. Chief Executive Brian Duperreault promised that the age of a shrinking AIG was over. The poster child for the excesses of the 2008 financial crisis would strive once again to expand. On Monday, he made his first big move to make that happen. AIG said it is […]

    State fiduciary rules may be reckoning for life insurance industry

    {January 23rd, 2018} by Greg Iacurci

    The life insurance industry escaped the jaws of the Department of Labor fiduciary rule only to come face to face with another beast: the states. New York’s recent proposal to impose a best-interest standard on life-insurance sales — a higher standard than currently exists — would have a significant impact on insurance agents and brokers, by upending the way […]

    Life Insurers Not Going Mobile, Risking Relevance

    {January 23rd, 2018} by Cyril Tuohy

    Life insurance smartphone apps and texting functionality for consumers have languished as insurance companies overlook mobile channels to engage and communicate with consumers. That mobile channels for consumers have taken a back seat, at least for the time being, is unfortunate but may have more to do with a misguided approach than outright neglect, said […]

    Misperceptions about the financial advice industry are stalling gender equality

    {January 23rd, 2018} by AnnMarie Pino

    Women remain underrepresented in the financial advice industry, progress toward gender equality is moving at a snail’s pace and women in the industry still face substantial barriers to advancement. As a new report from InvestmentNews Research and State Street Global Advisors, “Women in advice: Inspiring the next generation of financial advisers,” points out, firms can […]

    Voya Financial Joins First Industry-Neutral Bloomberg Gender-Equality Index

    {January 22nd, 2018} by Voya

    NEW YORK–(BUSINESS WIRE)– Voya Financial, Inc. (NYSE:VOYA) announced today that it is one of 104 companies to be included in the inaugural 2018 Bloomberg Gender-Equality Index (GEI) in recognition of Voya’s strong commitment to gender equality. The index measures gender parity at companies across industries and around the globe using internal, company-provided statistics, employee policies, […]

    Liberty Mutual sells life unit, realigns property/casualty

    {January 22nd, 2018} by Matthew Lerner

    Liberty Mutual Insurance Co. will realign its property/casualty operations following the announcement it would sell its life and disability insurance unit to Lincoln Financial Group for about $3.3 billion, Liberty Mutual said in a statement Friday. The Boston-based unit, Liberty Life Assurance Co., provides group disability, group life, individual life and annuity products. “Through this […]

    NAIC Names 2018 Committee Leadership

    {January 22nd, 2018} by NAIC

    WASHINGTON (Jan. 18, 2018) —The National Association of Insurance Commissioners (NAIC) has named its 2018 committee chairs and vice chairs. The association also assigned members to the organization’s standing committees based on preferences, experience and requirements established by the NAIC’s Bylaws. “Our 2018 committee leadership reflects the NAIC’s wealth of member talent,” said Julie Mix McPeak, […]

    MetLife to Merge Two Subsidiaries to Simplify Corporate Structure

    {January 22nd, 2018} by Marie Suszynski

    NEW YORK – MetLife Inc. said it plans to merge two of its subsidiaries to streamline and simplify its corporate and operational structure. The company will merge General American Life Insurance Co. with Metropolitan Tower Life Insurance Co. Metropolitan Tower Life will be the surviving entity and will be domiciled in Nebraska. The transaction is […]

    Voya Financial (VOYA) Has Other Potential Bidders Besides AIG: Analyst Comments

    {January 22nd, 2018} by Staff

    Voya Financial (NYSE: VOYA) shares are down 1% in early trade Monday after AIG (NYSE: AIG) agreed to acquire Validus …   However, they don’t think the AIG announcement today warrants a selloff in VOYA shares. In the analyst’s opinion, there are other potential buyers for VOYA’s go-forward business mix of investment management, retirement and group benefits. One potential buyer is Nippon Life […]

    5 Senior Market Distribution Veteran Insights

    {January 22nd, 2018} by Allison Bell

    Integrity Marketing Group L.L.C. made news earlier this month by announcing that it had acquired Neishloss & Fleming Inc., a longtime Medicare plan distributor. Click HERE to view the original story via ThinkAdvisor.  Integrity itself is a Dallas-based company that focuses on distributing a wide range of life insurance products, health insurance products and other […]

    Ameriprise Continues ‘Be Brilliant’ Campaign

    {January 20th, 2018} by Allison Bell

    Ameriprise Financial Services Inc. recently added three new television spots to its “Be Brilliant” campaign. The Minneapolis-based company is using the spots to promote the idea that consumers should have long-term relationships with financial advisors. “With the right financial advisor, life can be brilliant,” Ameriprise tells viewers. Click HERE to read the original story via ThinkAdvisor. Ameriprise first […]

    Agent Services for LBL Life Commissions and Licensing Moving to Third-Party Administrator

    {January 20th, 2018} by Lincoln Benefit Life

    Lincoln Benefit Life’s agent-related services are transferring to Alliance-One Services, Inc. on January 22, 2018. These changes apply to agent maintenance, licensing and commissions. As a reminder, Alliance-One already provides policy-related service for most of LBL’s life policies. What’s Changing? Alliance-One will handle agent commissions for life insurance policies (excluding GenBuilder) sold by LBL agents, […]

    Life Insurance to Gen Xers’ Rescue

    {January 20th, 2018} by Doug Martin

    Overall, most parents in or near retirement want their children to have it better than they did, but times have changed. We have transitioned from a society of savers to one of debtors. This means that many members of my age group, Generation X (ages 39 to 53), are faced with trying to keep their heads above water. Click […]

    Northwestern Mutual Named One of FORTUNE Magazine’s World’s Most Admired Companies

    {January 20th, 2018} by Northwestern Mutual

    MILWAUKEE, Jan. 19, 2018 /PRNewswire/ — Northwestern Mutual, a leading financial security company, announced today it has been named one of the World’s Most Admired Companies in its industry according to FORTUNE magazine’s annual survey. For more than 30 years, top executives and directors from eligible companies, as well as financial analysts, have determined the companies with the […]

    Protective Enters Agreement To Reinsure Liberty Life And Annuity Business

    {January 19th, 2018} by Protective Life Corporation

    BIRMINGHAM, Ala.–(BUSINESS WIRE)– Protective Life Corporation (“Protective”), a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750, “Dai-ichi”), announced that it has reached an agreement with Lincoln Financial Group (“Lincoln”) under which its principal subsidiary, Protective Life Insurance Company (“Protective Life”), and Protective Life & Annuity Insurance Company, will acquire via reinsurance substantially all […]

    NAIFA, GAMA Partner On Advocacy, Member Benefits

    {January 19th, 2018} by NAIFA

    Initiatives involve cross-programming at GAMA LAMP, NAIFA P+P; anti-proselytizing awareness campaign. FALLS CHURCH, Va., Jan. 18, 2018 – The National Association of Insurance and Financial Advisors (NAIFA) and GAMA International will partner to launch joint initiatives that align organizational goals and strengthen member benefits in political advocacy, leadership, networking and professional development. Conference Programming In March […]

    Lincoln Financial to Buy Liberty Life Assurance for $3.3 Billion

    {January 19th, 2018} by Cara Lombardo

    Wealth adviser and insurer Lincoln Financial Group on Friday said it agreed to buy Liberty Life Assurance Co. of Boston from Liberty Mutual Insurance Group for $3.3 billion. Lincoln plans to retain Liberty’s group-benefits business and reinsure Liberty’s individual life and annuity business to Protective Life Insurance Co. Lincoln said the deal will significantly increase […]

    How advisers can manage IRA rollover risk under the DOL fiduciary rule: BLOG

    {January 19th, 2018} by Fred Reish

    Advisers need to examine their practices for IRA rollovers in the new fiduciary environment created by the Department of Labor’s conflict-of-interest rule. As background, there are three ways an adviser can help a participant with a rollover. Those are: • Unsolicited • Education • Recommendation Click HERE to read the full story via InvestmentNews; registration required. 

    Oxford Life Recognized for Multi-Year Guaranteed Annuity Sales by Wink’s Report

    {January 19th, 2018} by Oxford Life Insurance Company

    PHOENIX, Jan. 18, 2018 /PRNewswire/ — Oxford Life Insurance Company’s Multi-Select™ 6-Year Annuity ranked as the No. 8 best-selling Multi-Year Guaranteed Annuity (MYGA) product via Independent Distribution for the third quarter of 2017, according to Wink’s Sales & Market Report. Wink’s is the longest-running, most comprehensive source of indexed insurance product sales and trends. Mike Quaranta, Vice President and Chief […]

    Fit To Be Fixed…

    {January 18th, 2018} by Wayne Hechanova

    We see the headlines and speculation every day. Can the bull market continue or are we about to experience a market collapse? How much longer can interest rates remain low? With all of this uncertainty, clients, particularly those stung by the 2008 market downturn, are at a financial planning crossroads. Should your clients continue to […]

    Don’t Gamble With Your Retirement Income –Protect It

    {January 18th, 2018} by Eric Peterson

    Many articles about retirement planning either start or end with someone walking into an office to speak with a financial professional. Let’s imagine, instead, that you have your entire nest egg in your pocket or purse and you just entered a casino. There are two blackjack tables from which to choose. At the first table, […]

    Annuities Are the Cure for a Risk-Infected Retirement

    {January 18th, 2018} by Justin Fort

    Successful salespeople do not see themselves as “salespeople,” nor do they act like them. Instead, they believe they are experts who take a consultative role with their customers. They understand who their customers are and what they want and need. They have an expert level of knowledge of their products and services and know how […]

    Annuities Can Make a Trustee’s Tough Job Easier

    {January 18th, 2018} by Deborah A. Minor

    Tough jobs make for popular TV viewing these days. TV programs explore offbeat occupations ranging from dirty to disgusting to dangerous. What’s one daunting job, however, that has yet to be spotlighted? The job of acting as a trustee. Serving as a trustee is no easy task. Being legally and morally bound to manage trust […]

    Insurer Investment In Coaching Firm Boosts Advisors

    {January 18th, 2018} by Cyril Tuohy

    Northwestern Mutual’s investment in business coaching firm ClientWise amounts to an affirmation that advisors must migrate from solo practitioners to team builders and managers, experts said. But it would be premature to conclude that Northwestern Mutual’s majority stake in ClientWise portends a trend. In addition, the fact that a mutual insurer, not a stock company, […]

    Life Insurance 2.0: Bought and Not Sold

    {January 17th, 2018} by John Lefferts, Chris Aitkens

    Life insurance is sold and not bought. This quote has been the mantra of the insurance industry for generations. Life insurance is perhaps the most difficult and complicated financial product to sell and by far the most painful to buy. It’s also the reason commissions are extremely rich, while those who don’t specialize in it, […]

    Fiduciary groups urge SEC to prevent brokers from using ‘adviser’ title

    {January 17th, 2018} by Mark Schoeff Jr.

    Fiduciary advocates are urging the Securities and Exchange Commission to prohibit brokers from calling themselves “financial advisers,” as the agency considers a regulation that would raise investment advice standards. One of the biggest sources of investor confusion stems from the nomenclature that brokers use to describe themselves, the Committee for the Fiduciary Standard wrote in […]

    ‘Fiduciary Rule’ Poised for Second Life Under Trump Administration

    {January 17th, 2018} by Dave Michaels

    WASHINGTON—The Trump administration’s threat to dismantle Obama-era rules that cracked down on conflicted advice from stockbrokers won’t mean no rules at all. Instead, they could emerge from a different regulator who Wall Street knows a little better. The Securities and Exchange Commission is accelerating work on its own version of the “fiduciary rule,” a regulation […]

    Fiduciary rule every bit as necessary for brokers, according to report: BLOG

    {January 17th, 2018} by Bloomberg News

    For those who think a fiduciary-type rule is unnecessary, think again. The Wall Street Journal reported last week that “advisers at some of the biggest discount brokerage firms make more money if they steer clients toward more-expensive products.” That includes the big three discount brokers, Fidelity Investments, Charles Schwab Corp. and TD Ameritrade Holding Corp. Click […]

    Advisers at Leading Discount Brokers Win Bonuses to Push Higher-Priced Products

    {January 17th, 2018} by  Jason Zweig Anne Tergesen

    Investors who seek advice from discount brokerage firms might assume the counsel they get is impartial, given how these firms have rejected the old Wall Street model of working on commissions. In fact, advisers at some of the biggest discount brokerage firms make more money if they steer clients toward more-expensive products, according to disclosures […]

    Aegon announces significant step to capture greater operational efficiencies

    {January 17th, 2018} by Aegon

    THE HAGUE, The Netherlands–(BUSINESS WIRE)–Aegon today announces that its US subsidiary, Transamerica, has entered into an agreement with Tata Consultancy Services (TCS) to administer the company’s US insurance and annuity business lines. The partnership enables Transamerica to accelerate the enhancement of its digital capabilities and the modernization of its platforms to service its customers in […]

    Dominic Cursio to Lead Annuity Industry Group

    {January 17th, 2018} by Allison Bell

    Dominic Cursio has taken over as the 2018 chairman of the National Association for Fixed Annuities. Cursio succeeds Brian Mann as the leader of the NAFA board, according to NAFA. Cursio is director of independent distribution at M3 Financial Inc., a New York-based life insurance and annuity distributor. Click HERE to read the original story […]

    AIG shows appetite for large M&A deals: Reports

    {January 17th, 2018} by Steve Evans

    Insurance giant American International Group (AIG) has reportedly regained its appetite for large mergers & acquisitions (M&A)  deals, with a significant war chest of billions ready to put to work, since new CEO Brian Duperreault came on board. Bloomberg first reported that AIG had been in the running to acquire U.S. life insurance specialists Voya Financial, but […]

    Analyst: SEC Poised to Take Regulatory Torch From Labor Department

    {January 17th, 2018} by Cyril Tuohy

    A Securities and Exchange Commission (SEC) best-interest fiduciary standard for all brokerage accounts is good news for investors, in the view of one Wall Street analyst. The SEC will likely issue its own fiduciary rule proposal in the next few months after the two newest SEC commissioners were sworn in last week, according to news […]

    NAFA Welcomes 2018 Board of Directors

    {January 17th, 2018} by NAFA

    New Leadership Poised to Continue Fight against Unnecessary Regulatory Overreach WASHINGTON (Jan. 16, 2018) — The general membership of NAFA, the National Association for Fixed Annuities, approved recommendations for its newly elected 2018 board of directors at the association’s annual meeting held recently in San Diego, Calif. Nominations were received from the membership at large, and […]

    Security Benefit Debuts RateTrack® Plus Annuity

    {January 16th, 2018} by Security Benefit Life Insurance Company

    TOPEKA, Kan., Jan. 16, 2018 — Security Benefit Life Insurance Company (SBL), a leader in the U.S. retirement savings market, today announced the launch of its RateTrack® Plus Annuity (RTP), a floating rate annuity that includes an income benefit and is designed to help clients participate in a rising interest rate environment.   RTP features a unique […]

    MassMutual Web Agency Doubles Life Coverage Limit

    {January 16th, 2018} by Allison Bell

    Are life insurers’ web-based accelerated underwriting programs working the way the insurers want? One possible clue: Haven Life, a web-based insurance agency affiliate of Massachusetts Mutual Life Insurance Company, is increasing the maximum amount of life insurance coverage available through the site. Click HERE to view the original article via ThinkAdvisor. The coverage maximum is […]

    Court decision on DOL fiduciary rule expected in February

    {January 16th, 2018} by Mark Schoeff Jr.

    A major court decision could be released on a lawsuit over the Labor Department’s fiduciary rule after the partying is over next month on the Bayou.   Click HERE to read the full story via InvestmentNews; registration required.

    SEC should define ‘advisor,’ says CFA Institute

    {January 16th, 2018} by Kenneth Corbin

    With the fiduciary rule in question, a prominent industry association is calling on the SEC to issue guidance on the use of the term “advisor” when offering advice to retail investors. The CFA Institute has drafted a letter asking the SEC to take steps–ahead of the full regulatory initiative it is contemplating–to clarify the way financial […]

    5 Important New Insurance Executive Changes

    {January 16th, 2018} by Allison Bell

    Symetra Life Insurance Company has named Harry Monti to be the senior vice president in charge of its group life and disability and selected benefits fixed-payment medical businesses. Monti succeeds Craig Raymond, who’s retiring. Monti previously was head of group life and disability operations at Symetra.  Before Monti began working for the Bellevue, Washington-based company, he […]

    Insurance Leaders, Not Just Industry, Must Evolve

    {January 16th, 2018} by Jennifer Overhulse

    The insurance industry has been aflutter lately talking about the staggering pace of change. To date, and to be realistic, that’s all most of the industry has done, talk about it. However, at the recent ITA LIVE conference held in Ft. Lauderdale, April 20-22, the pace of change took new shape. A heightened sense of […]

    Iowa Insurtech Startup School Offers $40,000 in Seed Money

    {January 16th, 2018} by Allison Bell

    Managers of the Global Insurance Accelerator program say that program provides $40,000 in seed money for each insurance technology startup accepted into the program, in exchange for 6% of the startup’s equity. The Des Moines, Iowa-based program will start a 100-day startup school session for the 2018 class of startups Tuesday.  Click HERE to read the original story […]

    Transamerica awards $2bn contract to TCS for insurance and annuities admin

    {January 16th, 2018} by Verdict Staff

    Transamerica has awarded a contract worth over $2bn to India-based Tata Consultancy Services (TCS) to transform the administration of Transamerica’s insurance and annuity business lines in the US. Transamerica is a leading provider of life insurance, retirement and investment solutions in the US. The collaboration will allow the insurer to speed up the improvement of […]

    Why this could be one of the best ways to invest in America’s future

    {January 16th, 2018} by ANGELA M. ANTONELLI

    Millennials, the generation born between the early 1980s and the mid-to-late 1990s, make up about one-third of today’s U.S. workforce. They are better educated than previous generations, with a greater proportion of them possessing a college degree. Because they have lived through the Great Recession, they are more risk averse. They are also more likely […]

    American National Insurance Company announces the merger of its two New York life insurance subsidiaries, American National Life Insurance Company of New York and Farm Family Life Insurance Company; the newly merged company will be known as American National Life Insurance Company of New York

    {January 16th, 2018} by American National Insurance Company

    GALVESTON, Texas, Jan. 10, 2018 (GLOBE NEWSWIRE) — American National Insurance Company announces that, effective January 1, 2018, American National Life Insurance Company of New York merged into Farm Family Life Insurance Company. Following the merger of these two subsidiaries, the surviving company has assumed the name American National Life Insurance Company of New York.  […]

    2017 U.S. Variable deferred annuities sold through Life insurance carriers – Product & Services Report – Business and Finance, Finance Industries

    {January 15th, 2018} by RADEK SEKURSKI

    The 2017 U.S. Variable deferred annuities sold through Life insurance carriers – Product & Services Report Report has been published. It provides updated in 2018 year analysis of industries from Business and Finance, Finance . The 2017 U.S. Variable deferred annuities sold through Life insurance carriers – Product & Services Report, contains timely and accurate […]

    Congressional Bill Increases Annuity Use In 401ks

    {January 14th, 2018} by John Sullian

    Recently-introduced legislation to increase so-called lifetime income options (annuities) in 401k and similar retirement plans specifically notes that “lowest cost products” are not a requirement as long as other selection criteria are met. Cost has long been a sticking point in the debate over what constitutes the “best” or most appropriate products to satisfy fiduciary responsibilities. […]

    Indiana Department of Insurance, NAIC Life Insurance Policy Locator Finds Over $600,000 Total Claims for Hoosiers in First Year

    {January 14th, 2018} by Staff

    Thousands of U.S. consumers have reaped the benefits of the Indiana Department of Insurance’s (IDOI) and the National Association of Insurance Commissioners’ (NAIC) Life Insurance Policy Locator during the locator’s first year. In Indiana, 144 beneficiaries have been matched with $609,591.72 total claims since its launch last November.  The consumer tool has matched 8,210 beneficiaries […]

    Tax reform: 7 essential strategies for financial advisers

    {January 13th, 2018} by Greg Iacurci

    There’s both good news and bad for financial advisers in the new tax law: While advisers face the difficult task of analyzing the law’s impact, they will also have a significant opportunity to prove their value by implementing money-saving strategies for clients as well as their own businesses. Tax experts say it could take months or […]

    New Indexing Strategy Positions Buffered VA for a Market Drop

    {January 13th, 2018} by Cyril Tuohy

    A new crediting method for buffered variable annuities is designed for a low-market-growth scenario with the possibility of a correction, a product expert with Allianz Life Insurance Co. of North America said. The crediting method, which Allianz branded Index Precision Strategy, guarantees a rate of 7.25 percent, whether the market index remains flat or stays […]

    Integrity Marketing Group Acquires Neishloss & Fleming

    {January 12th, 2018} by Allison Bell

    Integrity Marketing Group L.L.C. has acquired Neishloss & Fleming Inc. for a price that was not disclosed. Integrity Marketing is a privately held, Dallas-based distributor of life and health products aimed at older consumers. The company was founded in 2006. It now has relationships with 120,000 independent agents located throughout the United States. Neishloss & Fleming is a Pittsburgh-based […]

    LOMA Life Industry Forecast: Modest Gains in 2018

    {January 12th, 2018} by LOMA

    ATLANTA, Jan. 11, 2018 /PRNewswire/ — Life insurance industry executives predict modest growth in 2018, according to a recent survey by LOMA’s Resource magazine. The prolonged low-interest-rate environment, coupled with the high costs of replacing aging technology platforms and complying with new regulations, will continue to challenge profits. Survey participants also suggested new technology will […]

    AAP Broadens Scope, Changes Name to ‘Americans for Asset Protection’

    {January 12th, 2018} by InsuranceNewsNet

    The board of directors for AAP, formally known as Americans for Annuity Protection, voted unanimously to change the name and the mission of the organization to incorporate the wide range of products serving Americans’ financial planning needs. “Americans today need a wide range of insurance products that provide guaranteed protection for their savings,” announced Paul […]

    Transamerica to Outsource Life, Voluntary Benefits and Annuity Administration

    {January 12th, 2018} by Allison Bell

    Transamerica has agreed to hire Tata Consultancy Services to administer its life insurance, supplemental health insurance, voluntary benefits and annuity businesses, Aegon N.V. announced today. Aegon, Transamerica’s Dutch parent, said Transamerica hopes to close on the deal by June 30. The deal could affect about 2,200 U.S. workers, Aegon said.  Click HERE to view the original story via […]

    New York Best Interest Proposal ‘Burdensome,’ Law Firm Finds

    {January 12th, 2018} by John Hilton

    The “best interest” standard proposed by New York State exposes insurance/annuity writers to liability risks that exceed the Department of Labor rule, a prominent law firm concluded. Announced early this month, the New York proposal imposes “burdensome compliance obligations” and “certain requirements that appear impractical,” the law firm Drinker Biddle & Reath concluded in its […]

    Vantis Life Goes Platinum with Whole Life Product

    {January 12th, 2018} by Cyril Tuohy

    Vantis Life boosted its single-premium whole life product’s death benefit by several thousand dollars and added a charitable giving rider. The new features have also meant going upscale in the branding, from EstateWise to EstateWise Platinum. The product is sold mainly through banks. EstateWise Platinum replaces EstateWise, launched in 2004. Click HERE to read the […]

    When Innovation Meets Regulation

    {January 12th, 2018} by Josephine Cicchetti and Christine A. Stoddard of Carlton Fields

    The rise of InsurTech — which brings technological innovations to the business of insurance — has recently had a significant impact on the insurance industry, including through advancements in cybersecurity tools, the introduction of blockchain, and the use of big data for underwriting and claims. Funding in this area has grown exponentially over the past […]

    Treasury Department Urges SEC To Act On Life Company Products

    {January 12th, 2018} by Gary O. Cohen

    The U.S. Department of the Treasury published an October 2017 report, “A Financial System That Creates Economic Opportunities — Asset Management and Insurance” in response to President Trump’s Executive Order 13772 on “Core Principles for Regulating the United States Financial System.” The report’s numerous recommendations include the following steps that the SEC could take to […]

    Life Reinsurer Is Going Out for Business

    {January 11th, 2018} by Allison Bell

    Reinsurance Group of America Inc. is expanding its ability to offer big reinsurance arrangements throughout the world. RGA, a life and health reinsurer based in Chesterfield, Missouri, has announced two major deals this week. The company’s RGAx insurtech arm has agreed to acquire LOGiQ3 Inc., a Toronto-based insurtech company. The company has also agreed to team up […]

    AIG Names Pair From Brunswick Group to Social Media, Communications Roles

    {January 11th, 2018} by David Pilla

    NEW YORK – American International Group Inc. has named two Brunswick Group executives as new senior members of its corporate communications team. Jim Wells is joining the company as global head of digital and social media, and Daniel O’Donnell is joining as head of corporate communications. Both report to Cindy Leggett-Flynn, AIG’s chief communications officer, […]

    With SEC Move Pending, New York Joins Other States Making Fiduciary Reforms

    {January 11th, 2018} by John Manganaro

    A team of attorneys with Drinker Biddle published a new client alert, highlighting what for some advisers will likely be a worrying trend of individual states taking regulatory action to address what consumer advocates consider to be unacceptable conflicts of interest existing in the investment and insurance brokerage industries. As laid out by the Drinker […]

    Technology is streamlining the process of issuing life insurance policies

    {January 11th, 2018} by Greg Iacurci

    Life insurance is undergoing a renaissance of sorts. The industry is slowly transforming from one entrenched in the old-age archaism of paper and manual processes to one embracing digital technology and artificial intelligence, which benefits consumers via a more enjoyable sales experience and better product pricing.  Click HERE to read the full story via InvestmentNews; […]

    James Quinn Named Chief Financial Officer at Amerilife

    {January 11th, 2018} by AmeriLife

    CLEARWATER, Fla., Jan. 10, 2018 /PRNewswire/ — AmeriLife has appointed James “Jim” Quinn as its Chief Financial Officer to oversee its accounting, finance, tax and acquisition functions. Prior to joining AmeriLife, Quinn served as Senior Vice President of Corporate Development for Marsh & McLennan Agency, the middle market platform of Marsh. While at MMA, he […]

    Northwestern Mutual Appoints Lori Brissette to Vice President of Insurance and Annuities Client Services

    {January 11th, 2018} by Northwestern Mutual

    MILWAUKEE, Jan. 10, 2018 /PRNewswire/ — Northwestern Mutual today announced the appointment of Lori Brissette to vice president of insurance and annuities client services. Effective January 2, 2018, Brissette assumed her title as vice president and executive officer and will help drive innovation as a leader on the insurance products and client services team. “Our service to clients and financial representatives […]

    5 Peeks at a Hot New Variable Annuity Guarantee Paper

    {January 10th, 2018} by Allison Bell

    Two researchers have posted a major new working paper on variable annuity contracts that come with minimum return guarantees. The researchers — Ralph S.J. Koijen, an economist who teaches at New York University’s Stern School of Business, and Motohiro Yogo, an economist at Princeton University — wrote the paper to fill what they see as a major gap in […]

    AIG Weighed $10 Billion Voya Financial Deal

    {January 10th, 2018} by Sonali Basak , Katherine Chiglinsky

    American International Group Inc. may be back in the market for large-scale deals. The insurer was in talks to buy Voya Financial Inc. in a transaction valued at more than $10 billion before negotiations fell apart in November over the price, according to people familiar with the matter. It’s unclear whether the discussions will be […]

    A.M. Best Affirms Credit Ratings of Prudential Financial, Inc. and Its Subsidiaries

    {January 10th, 2018} by Best's News Service

    Oldwick – A.M. Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” of the domestic life/health insurance subsidiaries of Prudential Financial, Inc. (PFI) (Newark, NJ) [NYSE: PRU] referred to as Prudential. Concurrently, A.M. Best has affirmed the Long-Term ICR of “a-” of PFI […]

    Lincoln Appoints Senior Exec To Key Life Post

    {January 10th, 2018} by Cyril Tuohy

    Lincoln Financial, which has ambitious growth plans for its linked-benefit and term products, has hired corporate actuary Stafford Thompson Jr. as senior vice president, Life Product Management, in charge of the company’s individual life business. Thompson, a product development, pricing and reinsurance expert with 23 years of industry experience, will oversee Lincoln’s popular universal life […]

    MetLife launches U.S. startup accelerator

    {January 10th, 2018} by Danni Santana

    MetLife has announced the launch of a new U.S. startup accelerator to be hosted on its technology campus in Cary, North Carolina. The program, created in partnership with global entrepreneurial network Techstars, follows the life insurer’s earlier efforts to bring an accelerator to Singapore in November 2016. All startups developing “disruptive” technologies applicable to the insurance […]

    Misperceptions about the financial advice industry are stalling gender equality

    {January 10th, 2018} by AnnMarie Pino

    Women remain underrepresented in the financial advice industry, progress toward gender equality is moving at a snail’s pace and women in the industry still face substantial barriers to advancement. As a new report from InvestmentNews Research and State Street Global Advisors, “Women in advice: Inspiring the next generation of financial advisers,” points out, firms can take steps to address these […]

    Blackstone Makes Major Push for Life Insurers’ Assets

    {January 10th, 2018} by Allison Bell

    Blackstone Group L.P. has hired a New York Life Insurance Company veteran to help it attract money from yield-starved issuers of life insurance and annuity products. The New York-based company has named Chris Blunt to be a senior managing director and chief executive officer of Blackstone Insurance Solutions. Blackstone already manages about $385 billion in […]

    2018 Fixed Index Annuity Volatility Control Indices Overview Available

    {January 9th, 2018} by ADVANTAGE COMPENDIUM, LTD.

    MCKINNEY, TX – January 9, 2018 – From a couple dozen two years ago there are now over fifty volatility control indices being offered in today’s fixed index annuities (FIAs), according to a new digest from Advantage Compendium, Ltd. Notable vol-control index changes:  While only 27% of early FIA vol-controlled indices were excess return […]

    NY Advisors Offered First Fixed Annuity with Lifetime Withdrawal Benefit

    {January 9th, 2018} by Cyril Tuohy

    Insurance agents and financial advisors with clients living in New York State thirsting for a fixed annuity with a guaranteed lifetime withdrawal benefit finally have one, courtesy of New York-based insurance giant AIG. Assured Edge Income Builder-NY is the first fixed annuity with a guaranteed lifetime withdrawal benefit (GLWB) offered in the Empire State, the […]

    What to Watch on the Fiduciary Front in 2018

    {January 9th, 2018} by Lisa Beilfuss

    The federal rule meant to protect retirement savers from conflicted advice was dealt a setback in 2017 as its full implementation was delayed. But consumers, state regulators and parts of the advisory industry have embraced its ideal of requiring retirement advice to be in investors’ best interest. The Obama-era regulation known as the fiduciary rule […]

    Retirees: What You Should Watch in 2018

    {January 9th, 2018} by Mark Miller

    Mark Miller: Remaking Retirement Retirees should keep the aging bull market, Social Security and Medicare, interest rates and more on their radar this year.   The economy is strong and the stock market is surging. Interest rates are rising a bit, but inflation looks steady. That should mean smooth sailing in 2018 for retirees and […]

    Why financial planners should support a strong fiduciary rule

    {January 9th, 2018} by Barbara Roper

    Financial planners who embrace a fiduciary standard have been staunch allies in defending the Department of Labor’s fiduciary rule and fighting to extend its strong protections to all investment accounts. In contrast, lobbyists for broker-dealers have fought for a standard that allows brokers to say they are subject to a best interest standard without actually […]

    Are more CFPs women? Depends on how you look at it

    {January 9th, 2018} by Kenneth Corbin

    The number of advisors with CFP certifications surged past 80,000 in 2017, including a record number of women. Yet this landmark failed to budge the overall percentage of women CFPs and illustrated the broader challenges of diversifying the field. A high-water mark of 1,250 women became CFPs last year, bringing the total number to 18,578, […]

    Morgan Stanley and adviser win lawsuit over annuity distribution

    {January 8th, 2018} by Greg Iacurci

    Morgan Stanley has prevailed in a lawsuit alleging the company and one of its advisers acted negligently when it told clients to take a particular type of annuity distribution, which cost the clients nearly $300,000 in tax liabilities. While the judge in the case, Berkenfeld et al v. Lenet et al, said the Morgan Stanley […]

    4 Ways New York May Make DOL Look Like a Fiduciary Kitten

    {January 8th, 2018} by Allison Bell

    If state insurance regulators wrestle control over annuity sales standards away from the U.S. Department of Labor, some states could end up making the DOL look like a gentle little kitten. Miami-based legal analysts at Carlton Fields Jorden Burt P.A., a law firm, raise that possibility in a look at new draft regulations released in […]

    InsurTech Startups Wanted for the MetLife Digital Accelerator powered by Techstars in North Carolina: Techstars Blog

    {January 8th, 2018} by Mee-Jung Jang

    Techstars and MetLife have signed a partnership agreement to run a mentorship-driven accelerator in Cary, North Carolina, to help InsurTech founders do more faster. The MetLife Digital Accelerator powered by Techstars, will run in Q3 2018 with applications opening on January 8th, 2018. I’m excited to announce that I will be the managing director of the […]

    EEOC Wins Battle Over Maryland Insurance Regulator Pay

    {January 8th, 2018} by Allison Bell

    A federal appeals court has put a pay discrimination suit against the Maryland Insurance Administration back in action. A three-judge panel at the 4th U.S. Circuit Court of Appeals has ruled, 2-1, that the U.S. Equal Opportunity Employment Commission (EEOC) can move forward with a lawsuit alleging that the insurance regulatory agency may have paid […]

    Blackstone Hires Former New York Life Investments Group President Chris Blunt to Lead New Blackstone Insurance Solutions Business

    {January 8th, 2018} by Blackstone

    New York, January 8, 2018 – Blackstone (NYSE:BX) today announced that Chris Blunt, former President of New York Life’s Investments Group, will join the firm as a Senior Managing Director and Chief Executive Officer of Blackstone Insurance Solutions – a newly formed business that delivers Blackstone’s investment management expertise and products to insurance companies, helping those […]

    National Western Life Names Andy Olson as Vice President and Head of General Agency Sales

    {January 8th, 2018} by National Western Life Insurance Company

    AUSTIN, Texas, Jan. 8, 2018 /PRNewswire/ — National Western Life Insurance Company (NWLIC) announced the recent addition of Andy Olson, CLU, ChFC, LUTCF to its distribution management ranks as Vice President and Head of General Agency Sales. “While we have a strong following in the National Marketing Organization (NMO) space, many of those distributors are […]

    Bill Would Clear Way for More Annuities in Retirement Plans

    {January 8th, 2018} by Melanie Waddell

    Lawmakers are floating two bills to provide retirees with access to annuities and to modernize how they receive retirement statements. Reps. Tim Walberg, R-Mich., and Lisa Blunt Rochester, D-Del., introduced Monday H.R. 4604, the Increasing Access to a Secure Retirement Act, while Reps. Phil Roe, R-Tenn. and Jared Polis, D-Colo., reintroduced H.R. 4610, the Receiving […]

    National Western Life Welcomes Financial Distribution Channel Leader Joe Black

    {January 8th, 2018} by National Western Life Insurance Company

    AUSTIN, Texas, Jan. 8, 2018 /PRNewswire/ — National Western Life Insurance Company (NWLIC) is pleased to announce that Joe Black, CRC, CMFC, has joined the Company as its first Vice President and Head of Bank, Broker/Dealer, and Wirehouse Sales. “This signals our commitment to expanding the Company’s presence in the institutional space,” stated R. Bruce Wallace, NWLIC’s Senior Vice President […]

    Third Annual Advisor Authority Study Profiles Generation X Investors – A Vital Target for RIAs and Fee-Based Advisors to Successfully Grow Their Practice

    {January 8th, 2018} by Jefferson National

    LOUISVILLE, Ky., Jan. 8, 2018 /PRNewswire/ — A new Special Report from the third annual Advisor Authority Study, commissioned by Jefferson National, operating as Nationwide’s advisory solutions business, and conducted online by The Harris Poll, profiles Generation X investors identifying key market opportunities for financial advisors. The latest findings help RIAs and fee-based advisors better understand Gen Xers’ unique priorities, […]

    A.M. Best Comments on Credit Ratings of American Enterprise Group’s Insurance Subsidiaries Following Acquisition Announcement

    {January 5th, 2018} by Best's News Service

    Oldwick – A.M. Best has commented that the Credit Ratings (ratings) of the insurance subsidiaries of American Enterprise Group, Inc. (American Enterprise), which include: American Republic Insurance Company, American Republic Corp Insurance Company, Medico Corp Life Insurance Company, Medico Insurance Company and Medico Life and Health Insurance Company (all of which are domiciled in Des […]

    American Republic Agrees to Acquire Funeral Insurer

    {January 5th, 2018} by Allison Bell

    American Republic Insurance Company has agreed to acquire Great Western Insurance Company. American Republic is a Des Moines, Iowa-based unit of American Enterprise Group Inc. American Enterprise Group is, in turn, an arm of American Enterprise Mutual Holding Company. The corporate family includes Medico Insurance Company as well as American Republic. American Enterprise insurers sell life insurance, […]

    Regulatory Wrangling: The Year Ahead

    {January 4th, 2018} by Melanie Waddell

    For advisors and broker-dealers, one certainty remains constant from year to year: the challenge of keeping pace with a growing compliance checklist. While the Department of Labor’s fiduciary rule will continue to consume advisors’ time in the New Year despite the recent 18-month delay of the rule’s enforcement provisions, other high-priority items for advisors — […]

    Edward Jones, Seeking Seasoned FAs, Gets a Recruiting Makeover

    {January 4th, 2018} by Jane Wollman Rusoff

    If it is eyebrow-raising that in 2017 national broker-dealer Edward Jones became the firm with the most financial advisors industrywide, consider their aggressive, revamped recruiting strategy: Best known for hiring inexperienced folks as trainees, Jones is now focused on recruiting established advisors from competing firms — including wirehouses Merrill Lynch, Morgan Stanley and Wells Fargo. In […]

    2018 Life, Health and Annuity Planner

    {January 4th, 2018} by Allison Bell

    The new year has begun, and many of your colleagues, clients and prospects already feel as if they need a vacation. The last few weeks of 2017 were so busy and so full of drama in Washington, that many people involved in insurance and employee benefits ended up working at full speed throughout December. But you still have to […]

    Pacific Life Turns 150

    {January 4th, 2018} by Allison Bell

    Pacific Life Insurance Company is now 150 years old. The Newport Beach, California-based life and annuity issuer was founded on Jan. 2, 1868, in Sacramento, California. The company issued its first life insurance policy to its first president, Leland Stanford. Click HERE to read the original story via ThinkAdvisor. In addition to serving as a founder of […]

    Delaware Gives China Oceanwide-Genworth Update

    {January 4th, 2018} by Allison Bell

    LTCI Policyholders May Get Broader Guaranty Association Protection Officials at the Delaware Department of Insurance say they’re still reviewing efforts by China Oceanwide Holdings Group Co. Ltd. to acquire Genworth Financial Inc. Genworth has been a major provider of life insurance, annuities and stand-alone long-term care insurance (LTCI). Although the parent company is based in Richmond, Virginia, it needs approval for […]

    Anecdotal Evidence: Voya, Northwestern Mutual and Fake DOL Comments

    {January 4th, 2018} by Kerry Pecther

    Welcome to 2018, which so far is on track to be just as strange as 2017. What will the infant year bring for the retirement income industry? What do the oracles say? Which of the millions of random news-dots seem connected? Click HERE to read the full story via RIJ; subscription required. 

    Insurance industry makes strides in gender diversity – report

    {January 4th, 2018} by Ryan Smith

    There’s been significant improvement in gender inclusion in senior leadership positions within the insurance industry, according to a new study. The study, conducted by Saint Joseph’s University, builds on four years of work by Mike Angelina, executive director of the Maguire Academy of Insurance and Risk Management. “The purpose of the updated study is to […]

    5 Questions to Boost Your 2018 Life Insurance Sales

    {January 4th, 2018} by Kenneth A. Shapiro

    We’re all familiar with the formula for success in a new year. We’ve heard the same words every year. They go something like this: Make more calls, talk to more prospects, prepare better proposals, and work harder than ever. While every advisor can benefit from such advice, it may not be enough. Even though advisors may know […]

    Annuities Explained (In Plain English)

    {January 4th, 2018} by Bob MacDonald

    It may not seem this way, but fixed annuities are actually simple and easy to understand. And they can play an important role in an individual’s financial planning, especially when it comes to retirement. What makes fixed annuities appear complicated and confusing is that insurance companies have mucked them up by adding all types of […]

    Allianz agrees to settle 401(k) fee lawsuit for $12 million

    {January 3rd, 2018} by Greg Iacurci

    Allianz has agreed to pay $12 million to settle a lawsuit alleging it peppered its company 401(k) plan with dozens of high-cost, in-house funds. Click HERE to read the full story via InvestmentNews; registration required.

    Why clients hate their financial advisors

    {January 3rd, 2018} by Allan Boomer

    In general, financial planners do not have the best reputation. I should know — I’ve been working in the industry for the past 20 years. I have been to cocktail parties where people walk away the moment they hear that I’m a financial advisor. But why? And what should we do about it? About three […]

    New York Floats Best Interest Standards For Insurers

    {January 3rd, 2018} by Tracey Longo

    New York is the latest state to plant its flag in the swirling sands of “best interest” standards in an effort to advance rules governing the sale of annuities and life insurance in the state. The reaction from those it will impact has been swift, and critics are zeroing in on what the rule doesn’t […]

    Voya Financial Plans Sale Of Annuities Businesses

    {January 3rd, 2018} by Jadah Riley

    Voya Financial Inc. has announced plans to divest from its Closed Block Variable Annuity (CBVA) division and its entire individual fixed and fixed indexed annuity businesses. Voya’s planned divestiture follows similar moves by large life insurers, including MetLife and the Hartford. These firms all concluded that the costs and risks associated with providing certain guarantees […]

    What 2018 Could Bring To the Life/Annuity Industry

    {January 2nd, 2018} by Cyril Tuohy

    As 2017 gives way to 2018, forecasters and pundits released their crystal balls and offered glimpses of what life and annuity advisors can expect when it comes to product development, distribution, and insurance company performance. Consulting firms Deloitte, McKinsey and Boston Consulting Group (BCG) focused more on the digital distribution aspect of the industry. Rating agencies, […]

    Top 10 Financial Terms of 2017: Investopedia

    {January 2nd, 2018} by Michael S. Fischer

    Investopedia, an online provider of financial content, has announced its list of the top financial terms of 2017. The list reflects investor interest, key trends and news events during the year as measured by search volume and percentage gains. Click HERE to read the original story via ThinkAdvisor. “Investors clearly have disruptive technology on the […]

    The biggest losers and winners of 2017

    {January 2nd, 2018} by Joe Duran

    Politics and the presidency have seldom played a more dominant role in our popular culture as they did last year. Despite the wall to wall coverage of the White House, 2017 turned out to be a far calmer and less disruptive year in the financial markets and the wealth management industry than many anticipated. In […]

    Fiduciary Rule May Take on SEC Influence

    {January 2nd, 2018} by John Hilton

    While the Department of Labor delayed final implementation of its fiduciary rule until July 2019, that doesn’t mean 2018 will be quiet on the fiduciary front. In fact, it could be a big year for sorting out the future standard that agents and advisors will abide by when selling products into retirement accounts, said Michael […]

    Top 5 Stories of 2017: DOL Rule

    {January 2nd, 2018} by John Hilton

    Nearly all of InsuranceNewsNet’s most-read stories were about the Department of Labor fiduciary rule as the election of President Donald J. Trump gave rise to hopes for a repeal. The campaign to derail the rule did not go smoothly, as nothing seemed to for the novice administration officials. Problems getting a labor secretary confirmed delayed […]

    Regs, Comp and Trust Issues Push Reps to Consider Independence

    {January 2nd, 2018} by Cyril Tuohy

    Brokers and registered representatives point to more regulation, changing compensation and the erosion of public trust as reasons to go independent, according to a new survey. In addition, nearly half – 46 percent – of brokers and registered representatives expect the brokerage industry to deteriorate, the TD Ameritrade Institutional survey found. The findings were published […]

    2017 in Advisor Scams and Rip Offs

    {January 2nd, 2018} by Cyril Tuohy

    Even in a year with vanilla index funds generating returns of near 20 percent, bad-apple advisors and brokers saw the need to be greedy. We list some of the more egregious complaints filed by U.S. authorities in 2017 among the hundreds of complaints filed by federal and state enforcement officials. Billion-Dollar Bold Even by the […]

    Rep fired by NY Life barred from industry for failing to show up at Finra hearing

    {January 2nd, 2018} by InvestmentNews

    The Financial Industry Regulatory Authority Inc. has barred former NY Life Securities representative Tyrone Pang for failing to appear at a hearing investigating alleged rule violations. Click HERE to read the full story via InvestmentNews; registration required. 

    Roth IRAs hit 20 years old on New Year’s Day

    {January 2nd, 2018} by Ryan W. Neal

    The first day of 2018 will have special meaning for some retirement planners — the 20th anniversary of the Roth IRA. The plans, which allow individuals to contribute after-tax money into an account that they can withdraw from tax-free in retirement, were first proposed by Sen. Bob Packwood of Oregon and Sen. William Roth of […]

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