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  • NAFA Promotes Bailey Sorensen to Director of Membership

    {April 25th, 2019} by NAFA

    Tenured Employee Assumes Role in Facilitating Association Growth WASHINGTON (Apr. 25, 2019) — NAFA, the National Association for Fixed Annuities, is pleased to announce that Bailey Sorensen has been promoted to director of membership effective May 1. Having spent nearly nine years with NAFA, she will leverage her institutional knowledge of the association and long-standing relationships […]

    No. 309: Greg Lindberg and Three Others Indicted by a Federal Grand Jury in North Carolina

    {April 24th, 2019} by Joseph M. Belth

    On March 18, 2019, in a sealed indictment, a federal grand jury in North Carolina charged Greg E. Lindberg and three others with criminal wrongdoing. On April 2, a magistrate judge unsealed the indictment. On April 3, the case was assigned to U.S. District Judge Max O. Cogburn, Jr. President Obama nominated him in January […]

    Great American Life Introduces New Three-Year Fixed-Indexed Annuities

    {April 24th, 2019} by Great American Life

    CINCINNATI — April 18, 2019 — Great American Life® is pleased to announce the availability of two new fixed-indexed annuity products. The American Landmark℠ 3, available in the Retail channel, and AssuranceSelect® 3 Plus, available in the Financial Institutions channel, are designed for consumers seeking growth opportunity with the flexibility to access their funds penalty-free after just […]

    New Research from Principal Shows Annuities Improve Retirement Outcomes

    {April 24th, 2019} by Principal

    DES MOINES, Iowa–(BUSINESS WIRE)–The simulations have been run and the numbers have been crunched: annuities help improve retirement outcomes compared to investments alone. This is according to new research commissioned by Principal Financial Group®and conducted by Michael Finke, Ph.D., CFP®, and Wade Pfau, Ph.D., CFP®. The research looked at how retirees can use guaranteed income annuities to not […]

    Lincoln launches Consumer Retirement Index

    {April 24th, 2019} by Doug LeDuc dleduc@kpcmedia.com

    Lincoln National Corp. launched its Consumer Retirement Index earlier this month, and its initial findings were less than encouraging when it came to the nation’s retirement preparations. The tool it designed in partnership with CivicScience to measure U.S. sentiment on the subject showed just 25% of adults within a traditional labor force participation age range […]

    Texas House Passes Life Premium Change Disclosure Bill

    {April 24th, 2019} by Joseph D'Allegro

    The Texas House of Representatives today approved a bill that could set new disclosure requirements for issuers of permanent life insurance. House members passed the bill by a vote of 147 to 0. Two other members were present but did not vote on the bill. The bill, House Bill 207, would establish disclosure standards that would […]

    LPL Financial Is Looking to Lure RIAs

    {April 24th, 2019} by Alex Padalka

    LPL Financial is actively assessing its operations to make the firm more attractive to RIAs, according to news reports. Independent broker-dealers and RIAs have both experienced healthy growth over the past nine years, and while LPL has been very active in the IBD scene, it’s now focusing on the RIA side, Rich Steinmeier, LPL’s new head of business development, […]

    NJ Fiduciary Plan ‘Far Exceeds’ Other Rules: Lawyers

    {April 24th, 2019} by Melanie Waddell

    New Jersey’s newly proposed uniform fiduciary plan “far exceeds” the Securities and Exchange Commission’s Regulation Best Interest as well as the Labor Department’s now defunct fiduciary rule, according to a recent analysis by Groom Law Group. “New Jersey believes that a uniform standard of care is necessary for the provision of securities recommendations — and […]

    An annuity check arrived every month for nearly 40 years. Then it ‘just disappeared’

    {April 24th, 2019} by Sean P. Murphy

    Before her death, Marjorie Kiernan gathered her two grown daughters and told them she had funded annuities for each of them. It was a clever and much appreciated way for Kiernan to connect them to her memory for the rest of their lives. That was nearly 40 years ago. And until recently, on the first […]

    Medicare, Social Security Face Shaky Fiscal Futures

    {April 24th, 2019} by Kellene Stockwell

    The financial condition of the government’s bedrock retirement programs for middle- and working-class Americans remains shaky, with Medicare pointed toward insolvency by 2026. That’s the word from the latest report by the government’s overseers of Medicare and Social Security. It paints a sobering picture of the programs, though it’s relatively unchanged from last year’s update. Social Security would […]

    Raymond James’ Saut to Retire as Chief Investment Strategist

    {April 24th, 2019} by Janet Levaux

    Raymond James says that Chief Investment Strategist Jeff Saut, 69, is retiring this week. “We thank Jeff for his 20 years of service to financial advisors and their clients, as well as the awareness he helped build of Raymond James’ sophisticated suite of investment thought leadership. We wish him well in his future endeavors,” the company […]

    AIG Exec Talks About Longevity And Retirement

    {April 24th, 2019} by Associated Press

    Kevin Hogan is chief executive of insurer AIG’s Life & Retirement division, where he oversees the firm’s individual retirement, life insurance business and more. He recently spoke with The Associated Press about longevity, financial anxiety and other issues surrounding retirement in the U.S. The conversation was edited for length and clarity. Q. AIG recently conducted […]

    Annuities Are for Savers and Spenders

    {April 24th, 2019} by John Manganaro

    Since joining Principal in August 2018, Sri Reddy, senior vice president of retirement and income solutions, has continued his long-running efforts to clear up common misconceptions about annuities and guaranteed income products. On this point, the firm recently commissioned and published a white paper by Michael Finke and Wade Pfau. The research looked at how retirees can […]

    OP-ED: America’s retirement system is a mess. This new legislation can help

    {April 24th, 2019} by Martin Neil Baily and Benjamin H. Harris

    The American retirement system is in urgent need of repair. Projections show that around half of all American households are not saving enough for retirement. Many Americans don’t have access to saving plans at work, and those who are saving need better options for turning their wealth into security. Policymakers are taking action. The Senate recently introduced […]

    Older Americans are twice as likely to work now as in 1985

    {April 24th, 2019} by Bloomberg News

    Just as single-income families began to vanish in the last century, many of America’s elderly are now forgoing retirement for the same reason: They don’t have enough money. Rickety social safety nets, inadequate retirement savings plans and sky-high health-care costs are all conspiring to make the concept of leaving the workforce something to be more feared than […]

    Two California women arrested for decade-long insurance scam

    {April 24th, 2019} by Ryan Smith

    Two California women have been arrested for allegedly targeting an elderly woman for insurance fraud over a period of 10 years. Erica Salda, 57, operated the E-Pro Insurance Agency out of her home. She and Wendy Foster, 59, allegedly targeted the elderly Santa Barbara, Calif., resident since 2005, according to local news affiliate keyt.com. The […]

    Hiring young advisers: You can’t start too early

    {April 24th, 2019} by Kate Healy

    The talent shortage is one of the biggest challenges our industry is currently facing, so it’s no surprise that finding and recruiting the right talent were top of mind for attendees at TD Ameritrade Institutional’s annual adviser conference, National LINC, this year. Click HERE to read the full story via InvestmentNews. 

    SEC commissioner calls for major changes to Reg BI

    {April 24th, 2019} by Kenneth Corbin

    The SEC shows every sign of moving ahead with its proposal for new rules governing brokers and advisors, but Regulation Best Interest will need substantial revisions before it wins the support of the one Democrat currently on the commission. Commissioner Robert Jackson appealed for significant reforms to Reg BI at the annual SEC Speaks conference […]

    Russ Prince: Why Life Insurance Agents Are Becoming Wealth Managers

    {April 24th, 2019} by Russ Alan Prince

    There was a time when life insurance agents provided life insurance, investment advisors provided money management, accountants did tax work, attorneys did legal work, and so on and so forth. However, for certain types of wealthy clients that time has passed. Over the past few decades, functions have been melding when it comes to serving […]

    Financial Independence: The Ultimate Goal and Biggest Hurdle for Today’s Early Adults, Merrill Lynch Study Finds

    {April 24th, 2019} by Merrill Lynch

    April 18, 2019 08:00 AM Eastern Daylight Time NEW YORK–(BUSINESS WIRE)–A new study by Merrill conducted in partnership with Age Wave finds that financial independence defines adulthood today (75 percent) – more so than the traditional milestones of employment (61 percent), homeownership (30 percent) or starting a family (20 percent). However, due to mounting debt, […]

    What’s harder: Training for the CFP exam or the Olympics?

    {April 24th, 2019} by Graison Dangor

    Lauryn Williams knows how hard it can be for professional athletes to receive good financial advice. After signing a six-figure sponsorship deal with Nike in 2004, the young Olympian sought help to manage the windfall and plan her financial future. Unfortunately, her first financial advisor was interested only in investing her money, not planning, and […]

    Parental Support Past Age 25 Is the New Normal: Study

    {April 24th, 2019} by Bernice Napach

    Today’s young adults are having a much harder time achieving financial independence than young adults in previous generations, according to a study by Merrill Lynch and Age Wave. The study, the last of a series examining distinct life stages, surveyed a national sample of more than 2,700 young Americans, age 18 to 34, about the financial […]

    5 New Facts About THE Annuity Gorilla’s 2018 Earnings

    {April 24th, 2019} by Allison Bell

    Low interest rates and a rigid rate structure have hurt the mother of all retirement annuity gorillas. The giant Federal Old-Age and Survivors Insurance (OASI) trust fund — the fund that makes Social Security retirement benefits payments — is reporting a $22 billion operating loss for 2018 on $831 billion in revenue, compared with $26 billion […]

    Centerbridge May Buy Advisor Group for $2B: Report

    {April 24th, 2019} by Kiel Porter and Matthew Monks

    Centerbridge Partners LP is in talks to buy independent broker-dealer Advisor Group Inc. for more than $2 billion, according to people familiar with the matter. The private equity firm could reach a deal as soon as this week to acquire Advisor Group, said the people, who asked to not be identified because the matter isn’t […]

    A Skeptical Look at Use of New Investment Indices

    {April 24th, 2019} by Michael Jay Markey Jr.

    Product manufacturers in the fixed index annuity (FIA) world seem to be broken down into two groups. Those who believe, build, and use exotic indices and those who don’t. The latter warn about the dangers of back-tested results. They’ll say things like, “have you ever seen a bad back-test?” Surely, you haven’t. And I believe […]

    Prudential Financial announces $180 million global investment to solve complex challenges facing opportunity youth, promoting financial wellness of the next generation

    {April 24th, 2019} by Prudential Financial, Inc.

    NEWARK, N.J.–(BUSINESS WIRE)–Doubling down on its commitment to make lives better by solving the financial challenges of our changing world, Prudential Financial, Inc. (NYSE: PRU) is committing more than $180 million through 2025 to support young people aged 15-29 worldwide who lack access to school, training or regular jobs – a segment of the global […]

    AIG 2019 Annual Meeting Webcast Details

    {April 24th, 2019} by American International Group, Inc

    NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG) will provide a live webcast of the 2019 Annual Meeting of Shareholders on Tuesday, May 21, 2019, starting at 11:00 a.m. ET. The webcast will be available in the Investors section of AIG’s website, https://www.aig.com. American International Group, Inc. (AIG) is a leading global insurance organization. Building on […]

    Medigap Agents More Likely to Sell Life and Indexed Annuities: Agent Link

    {April 24th, 2019} by Allison Bell

    Agents who focus on selling Medicare supplement (Medigap) insurance policies seem to be a lot more likely to cross-sell many other life, health and annuity products. Stu Gramajo, market research director at Agent Link, has published data supporting that conclusion in a new summary of results from a survey of 1,200 licensed insurance agents. The Clearwater, Florida-based […]

    Fixed annuity could help extend llfe span of retirement accounts

    {April 23rd, 2019} by Edward Jones for use by Kendra Nolte, Chillicothe’s local Edward Jones Financial Advisor.

    It’s almost impossible to save too much for retirement. After all, you could spend two, or even three, decades as a retiree. And retirement is not cheap – even if you maintain a relatively modest lifestyle, some of your expenses, especially those involving health care, may continue to rise over the years. Consequently, you will […]

    The Society of Annuity Facts and Education (SAFE) responds to “Why I still hate annuities: Here are the reasons these investments are bogus”

    {April 22nd, 2019} by SAFE

    Dear Mr. Fisher,   We are longtime readers and subscribers to USA Today, and are always interested in discussing the facts about annuities.  That said, we found some errors in your article “Why I still hate annuities: Here are the reasons these investments are bogus,” and would like to clarify some misconceptions.   It is important to establish […]

    IBD report: Another impressive year

    {April 22nd, 2019} by Bruce Kelly

    Despite a stock market decline, the largest independent broker-dealers turned in another stellar year in 2018, with revenue for the top 25 firms participating in an InvestmentNews survey reaching $25.5 billion, a 14.7% increase over 2017. Click HERE to read the full story via InvestmentNews.

    Fewest Open Variable Annuity Contracts Since 1997: Morningstar

    {April 22nd, 2019} by Michael Manetta

    New sales of variable annuities (VAs) came in at $22.5 billion in the fourth quarter of 2018, a 4.3% decline compared to a year earlier but in line with average quarterly sales figures over the past two years. Sales of VAs with guaranteed living benefits posted a fifth consecutive quarter of positive year-on-year (y/y) sales […]

    Missouri Insurance Regulators Get Fewer Complaints

    {April 20th, 2019} by Allison Bell

    Missouri insurance regulators received a total of 2,728 life and health line claims in 2018, down 5.3% from the total for 2017. The number of complaints received fell for every major coverage category, according to officials at the Missouri Department of Insurance, Financial Institutions & Professional Registration. Complaint rates can fall because consumers are more […]

    Vermont Department of Financial Regulation issues fine for improper life insurance payments

    {April 20th, 2019} by Vermont Press Release

    Montpelier, VT – (April 15, 2019) — The Vermont Department of Financial Regulation (DFR) has entered into a Stipulation and Consent Order with the CMFG Life Insurance Company (CMFG) for improperly calculating interest amounts resulting in underpayments to approximately 200 life insurance policy beneficiaries. Under the terms of the settlement, CMFG will pay a $231,000 […]

    Superintendent’s secret life insurance policy leaves Pikeville school board divided

    {April 20th, 2019} by Lexington Herald-Leader (KY)

    April 18– Apr. 18–PIKEVILLE — More than 10 years ago, the Pikeville Independent Schools system cut a $154,000 check to pay for a clandestine, million-dollar life insurance policy for the district’s superintendent. The life insurance policy was never publicly discussed or voted on at the time. No mention of it exists in the board’s meeting minutes and […]

    New Jersey, Nevada Likely to Pass Fiduciary Rules: Attorney

    {April 20th, 2019} by Melanie Waddell

    In the race to get fiduciary rules on the books before the Securities and Exchange Commission finalizes its Regulation Best Interest, Nevada and New Jersey are two states that have a “strong desire” to push their regulations through “and hope they survive scrutiny,” said attorney George Michael Gerstein, co-chair of Stradley Ronon’s fiduciary governance group. […]

    Variable annuity sales up big among independent broker-dealers

    {April 20th, 2019} by Greg Iacurci

    Independent broker-dealers saw big growth in their sales of variable annuities last year, even as other distribution channels such as the wirehouses and other large national brokerage houses saw sales stay flat or decline. Click HERE to read the full story via InvestmentNews.

    How Investors Can Use Insurance to Reduce Risk

    {April 18th, 2019} by Jeff Brown

    INVESTORS HAVE VARIOUS ways to reduce risk – diversification, cash reserves, planning to hang tough through the dips. But experts say it pays to think outside the investing box and consider other tools, like insurance. “As we amass more assets, we have to protect those assets,” says John Grace, president of Investor’s Advantage Corp. in Westlake Village, […]

    Re: Why I still hate annuities: Here are the reasons these investments are bog

    {April 18th, 2019} by Charles J. DiVencenzo

    April 17, 2019 Re: Why I still hate annuities: Here are the reasons these investments are bogus To: Nicole Carroll, Editor USA Today Dear Ms. Carroll, In response to Kenneth Fisher’s opinion piece in USA Today, dated April 14, 2019, I would like to rebut his misleading and factually inaccurate view regarding annuities. In this […]

    Don’t Send Remaining Term Life Insurance To The Scrapyard

    {April 18th, 2019} by Stephen Jass

    If you owned an exotic antique car, with buyers lined up around the corner to make offers, it would not make sense to send that car to the scrapyard. This metaphor paints the picture of how remaining term life insurance has often been handled, and it is an example of how the life insurance industry […]

    Symetra Names Daniel Guilbert as President, Individual Life and Retirement Divisions

    {April 18th, 2019} by Symetra Life Insurance Company

    BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra Life Insurance Company today named Daniel R. Guilbert as president of its Individual Life and Retirement Divisions. “Leading Symetra is very much a team effort. Dan’s new title recognizes the significant role he plays in developing Symetra’s long-term strategic plans and his ongoing contributions to the successful execution of our strategy,” said […]

    The Life Sale: Engaging With a Rare Creature In The Wild

    {April 18th, 2019} by Chris Behling

    Life insurance consumers are elusive creatures. They are hard to find and even harder to engage. It’s unclear whether (A) there are less of them out there, (B) we are looking in the wrong places, or (C) we are using the wrong approaches to engage with them. What is clear, is that there is a […]

    Fate of New Jersey fiduciary standard could come down to politics, court

    {April 18th, 2019} by Mark Schoeff Jr.

    A New Jersey proposal to raise investment advice standards is benefitting from strong political momentum at the outset, which may protect it from financial industry opposition.   Click HERE to read the full story via InvestmentNews. 

    Valmark Reworks Life Sales Tool for N.Y. Best Interest Era

    {April 18th, 2019} by Allison Bell

    Valmark Financial Group is getting ready for the possibility that New York state’s new Regulation 187 best interest standard really will apply to life insurance as well as to annuities. Valmark — an Akron, Ohio-based life insurance distribution and policy management company  — announced today that it has updated its Life Assurance 360 life insurance coverage design, implementation […]

    Symetra and Kemper Name Life Unit Chiefs

    {April 18th, 2019} by Allison Bell

    Two insurance organizations — Symetra Life Insurance Company and Kemper Corp. — have named new heads for U.S. life units. Symetra Symetra said it has picked Daniel Guilbert to be the president of its individual life and retirement divisions. Symetra is a Bellevue, Washington-based arm of Sumitomo Life of Osaka, Japan. Guilbert has been head of Symetra’s […]

    CDs And Deferred Annuities Address Different Financial Needs

    {April 18th, 2019} by Observer-Reporter (Washington, PA)

    Saving for future goals is not easy. Hopefully, I can help explain the differences between two commonly used tools: certificates of deposit (CDs) and Deferred Annuities (DAs). CDs and DAs allow single or multiple individuals to accumulate money and earn interest for future goals. The differences between them should be considered when deciding which is […]

    MassMutual enhances web portal to serve pension annuitants

    {April 18th, 2019} by Massachusetts Mutual Life Insurance Company

    SPRINGFIELD, Mass., April 11, 2019 – As the growth of its pension risk transfer (PRT) business accelerates, Massachusetts Mutual Life Insurance Company (MassMutual) has enhanced its website to serve PRT annuitants, improving navigation, providing more self-service features and information, and offering mobile access. “MassMutual is increasing services and capabilities for our pension annuity customers. Our enhanced […]

    New Jersey Unveils Proposed Fiduciary Rule

    {April 17th, 2019} by Bernice Napach

    As expected, New Jersey has proposed its own fiduciary rule that requires all investment professionals registered with the state’s Bureau of Securities to place the interests of their clients above their own when recommending securities or providing investment advice. The proposed rule, covers broker-dealers, agents and advisors but excludes advisors who already act as fiduciaries […]

    NIPR ANNOUNCES NEW FEATURES TO MOBILE APP

    {April 17th, 2019} by NIPR

    KANSAS CITY, Mo. (April 9, 2019) — The National Insurance Producer Registry (NIPR) has launched new features to its popular mobile app. Powered by NIPR’s Producer Database (PDB), the app allows insurance professionals to access their information on a mobile device, making compliance faster and more convenient. The new License Renewal Reminder will push notifications of […]

    Is Suitability Being Pushed Aside?

    {April 17th, 2019} by John Hilton

    Dwight Carter paused mid-sentence, acknowledging that what he was about to say could sound boastful: “I’ve never had a complaint in 49 years.” But he did not say it for bragging rights — he was demonstrating that the suitability standard is effective. The key is approaching every annuity sale with the right intentions, said Carter, […]

    Fidelity Executive to Lead LIMRA Retirement Arm

    {April 17th, 2019} by Allison Bell

    The new chair of the LIMRA LOMA Secure Retirement Institute is a mutual fund company executive. The 2019 chair is Steve Patterson, executive vice president, sales and relationship management for workplace investing, at Fidelity Investments, LL Global announced Thursday. LL Global is the Windsor, Connecticut-based parent of LIMRA, LOMA and the retirement institute. Fidelity Investments provides retirement […]

    Demand for Income Annuities Is Out There: Idea File

    {April 17th, 2019} by Allison Bell

    An executive at New York Life Insurance Company has an idea for this week’s National Retirement Planning Week campaign: Consumer demand for income annuities is still out there. Dylan Huang, head of retail annuities at New York Life, says sales of the products have been growing, slowly, in spite of the effects of prolonged low […]

    MassMutual and Symetra Make Sports Sponsorship Deals

    {April 17th, 2019} by Allison Bell

    Massachusetts Mutual Life Insurance Company and Symetra Life Insurance Company have announced major sports sponsorship deals this week. MassMutual will be asking its financial advisors to help make use of a new relationship with the National Hockey League. The Springfield, Massachusetts-based life insurer will be the Official Life Insurance and Retirement Planning Partner of the […]

    Under-60 crowd not pulling their weight with life insurance applications

    {April 17th, 2019} by Insurance Forums Staff

    Overall U.S. life insurance application activity slowed in March, with the composite Index falling -4.9%, YOY, according to the latest edition of the MIB Life Index. For the first quarter, the MIB Life Index is off -1.0% versus Q1 2018. MIB says the declines are due in large part to younger buyers, who account for 53% […]

    ‘Selfies’ that predict life expectancy buoyed by new partnership

    {April 17th, 2019} by Insurance Forums Staff

    Life insurers have a new shortcut to implementing facial analytics now that two digital disruptors have joined forces. Sureify, the leading digital platform for life and annuity insurance companies, announced April 15 that it has partnered with Lapetus Solutions, a science-based AI company that specializes in forecasting life expectancy. While Sureify already offers many customer […]

    Young Consumers’ Life Application Activity Sinks Faster: MIB

    {April 17th, 2019} by Allison Bell

    U.S. life insurance application activity went back to normal in March: It fell — because consumers under age 60 stayed away. Life activity increased from year-earlier levels in January and February, according to activity data from MIB Group Inc. Those were the first year-over-year increases MIB had reported since July 2018. In March, MIB says, overall activity fell 4.9%. […]

    Investment Losses Hurt Life Insurers’ 2018 Earnings: Fitch

    {April 17th, 2019} by Allison Bell

    Big U.S. life insurers’ operating earnings continued to improve in 2018, but their overall net income fell sharply, according to data from Fitch Ratings. Fitch put Generally Accepted Accounting Principles (GAAP) earnings data from 15 large, publicly traded U.S. life insurers in the analysis. Those insurers reported a total of $25.4 billion in earnings from […]

    Fate of New Jersey fiduciary standard could come down to politics, court

    {April 17th, 2019} by Mark Schoeff Jr.

    A New Jersey proposal to raise investment advice standards is benefitting from strong political momentum at the outset, which may protect it from financial industry opposition. Click HERE to read the full story via InvestmentNews.

    NAIFA, NAILBA Partnering On Initiatives

    {April 17th, 2019} by The National Association of Insurance and Financial Advisors (NAIFA) and the National Association of Independent Life Brokerage Agencies (NAILBA)

    FALLS CHURCH, Va., April 11, 2019) – The National Association of Insurance and Financial Advisors (NAIFA) and the National Association of Independent Life Brokerage Agencies (NAILBA) have increased coordination of programs that support member professional development and networking, and political advocacy and engagement on Capitol Hill and in state legislatures across the U.S. “NAIFA and […]

    FINRA Clarifies How BDs Should Handle Departing Rep Information

    {April 16th, 2019} by Melanie Waddell

    Broker-dealers must “promptly and clearly” communicate a registered rep’s departure to clients — including the departing rep’s contact information — and provide “timely and complete” answers to clients’ queries about the departing rep, the Financial Industry Regulatory Authority states in a new Regulatory Notice. However, FINRA’s notice is vague when it comes to whether broker-dealers […]

    FPA Drops Plan to Merge Into Single Legal Entity

    {April 16th, 2019} by Emily Zulz

    The Financial Planning Association released the second iteration of its OneFPA Network plan — and the most notable change is that merging into a single legal entity is now “off the table.” Announced November 2018, the OneFPA Network is an organizational vision to completely restructure the entire association to better align and integrate FPA at all levels. […]

    Will New Jersey start a fiduciary trend?

    {April 16th, 2019} by Andrew Welsch

    New Jersey’s newly proposed fiduciary rule expands the battlefield over which investor advocates and industry trade groups have fought in recent years, extending a fight that has largely taken place in Washington to state capitols across the nation. The Garden State, which issued its proposal on Monday, suggests that if efforts at the SEC to craft […]

    AM Best Comments on Credit Ratings of Principal Financial Group, Inc. and Its Subsidiaries Following Acquisition Announcement

    {April 16th, 2019} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has commented that the Credit Ratings (ratings) of Principal Financial Group, Inc. [Nasdaq:PFG] (headquartered in Des Moines, IA) and its insurance subsidiaries (Principal) remain unchanged following the announcement that the company has signed a definitive agreement to acquire Wells Fargo’s Investment Retirement and Trust business. Under the agreement, the purchase price is […]

    Foresters Sells Money Manager, Keeps Life Business

    {April 16th, 2019} by Allison Bell

    The Independent Order of Foresters today announced plans to sell its U.S. asset-management and broker-dealer businesses and focus more tightly on its core life insurance operations. The Toronto-based fraternal insurer says it intends to focus on increasing sales of life insurance to mass-market and middle-market consumers in Canada, the United States and the United Kingdom. Macquarie […]

    Global Bankers Companies Face Turbulence

    {April 16th, 2019} by Allison Bell

    Colorado Bankers Life Insurance Company and Bankers Life Insurance Company of Florida are trying to keep protecting U.S. consumers against mortality and longevity risk while their holding company deals with concerns about its ownership. The holding company — Global Bankers Insurance Group LLC of Durham, North Carolina — acquired Colorado Bankers Life in 2015 and Bankers […]

    AM Best Places Credit Ratings of Colorado Bankers Life Insurance Company and Bankers Life Insurance Company Under Review with Negative Implications

    {April 16th, 2019} by AM Best

    April 10, 2019 03:31 PM Eastern Daylight Time OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has placed under review with negative implications the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” of Colorado Bankers Life Insurance Company (CBL) (Durham, NC). Concurrently, AM Best has placed under review with negative implications […]

    A.M. Best Affirms Ratings of Protective Life Corporation and its Subsidiaries

    {April 16th, 2019} by AM Best

    FOR IMMEDIATE RELEASE OLDWICK, N.J. – APRIL 10, 2012 A.M. Best Co. has affirmed the financial strength rating (FSR) of A+ (Superior) and issuer credit ratings (ICR) of “aa-” of the primary life/health subsidiaries of Protective Life Corporation (Protective) (headquartered in Birmingham, AL) [NYSE: PL], led by Protective Life Insurance Company (PLIC) (Brentwood, TN). Additionally, A.M. Best has affirmed the […]

    Product Combines Whole Life With Funeral Services Shopping Tool

    {April 16th, 2019} by Allison Bell

    A Mutual Of Omaha unit has developed an end-of-life planning package that combines whole life insurance with access to a funeral planning service. The funeral planning service provides access to data on local funeral services providers’ prices, and help from a concierge service that can help with negotiating funeral prices, according to Mutual of Omaha. […]

    National Life Transforms Customer Experience Program with Cognizant

    {April 16th, 2019} by Cognizant

    TEANECK, N.J., April 16, 2019 /PRNewswire/ — Cognizant (Nasdaq: CTSH) today announced an expansion of its strategic business partnership with National Life Group, one of the fastest-growing life insurance companies in the United States1. Cognizant is advising and providing technology and solutions expertise for National Life’s multi-year approach to creating a digital self-serve customer experience, making it possible to securely and conveniently […]

    New Jersey releases rule to impose fiduciary duty on brokers

    {April 16th, 2019} by Mark Schoeff Jr.

    New Jersey brokers would have to meet a higher investment advice standard under a rule proposed Monday. Click HERE to read the full story via InvestmentNews.

    Principal-Wells Fargo retirement deal hints at fee compression

    {April 16th, 2019} by Greg Iacurci

    The blockbuster deal inked by Principal Financial Group and Wells Fargo & Co. earlier this week provides a glimpse into the economics prevailing in the defined-contribution-plan record-keeping business. Click HERE to read the full story via InvestmentNews. 

    FBL Financial Group Chief Operating Officer to Retire in December 2019

    {April 16th, 2019} by FBL Financial Group, Inc.

    WEST DES MOINES, Iowa–(BUSINESS WIRE)–FBL Financial Group, Inc. (NYSE: FFG) announced today that Raymond W. (Ray) Wasilewski, Chief Operating Officer – Life Companies, will retire around year-end 2019. In announcing his plans, Wasilewski stated, “It’s been an honor and a privilege to be a part of the Farm Bureau Financial Services organization over the last 22 […]

    We’re average students, getting a “C” when it comes to understanding finances, Americans say

    {April 16th, 2019} by Prudential Financial, Inc.

    Media Contact(s) Kristin Meza 973-367-4104 kristin.meza@prudential.com April 10, 2019 NEWARK, N.J., April 10, 2019 – More than half of Americans say they’d earn a “C” or lower when it comes to financial literacy, according to a new survey conducted by Harris Poll on behalf of Prudential Financial, Inc. (NYSE: PRU). Nearly three quarters (73%) take responsibility […]

    CNO Financial Group Announces First Quarter 2019 Earnings Release Date

    {April 16th, 2019} by CNO Financial Group

    CARMEL, Ind., April 15, 2019 /PRNewswire/ — CNO Financial Group, Inc. (NYSE: CNO) today announced that it will report results for the first quarter of 2019 after the market closes on Monday, April 29, 2019.  The company will host a conference call to discuss results at 11:00 a.m. Eastern Daylight Time on Tuesday, April 30, 2019. The webcast of the […]

    Life Insurance At Center Of 1977 Murder Of Miami Nurse

    {April 16th, 2019} by Miami Herald

    From the day Coral Gables nurse Debra Clark was discovered strangled, beaten and shot inside her townhome, police had focused on one chief suspect: Allen Bregman, her older, married lover. But it took 42 years, and the evolution of DNA-matching technology, for a jury to decide that detectives had the right man. Jurors on Friday […]

    Product Combines Whole Life With Funeral Services Shopping Tool

    {April 16th, 2019} by Allison Bell

    A Mutual Of Omaha unit has developed an end-of-life planning package that combines whole life insurance with access to a funeral planning service. The funeral planning service provides access to data on local funeral services providers’ prices, and help from a concierge service that can help with negotiating funeral prices, according to Mutual of Omaha. […]

    Rep barred for lying about variable annuity sales practices

    {April 16th, 2019} by InvestmentNews

    The Financial Industry Regulatory Authority Inc. has barred Frederick Holloway, who ran an eponymous firm in Easton, Md., for improperly withholding documents and providing altered documents to Finra in the course of an investigation into his sales of variable annuities. Click HERE to read the full story via InvestmentNews. 

    Outgoing Nationwide CEO Sees Growing Sophistication in Distribution Strategies

    {April 16th, 2019} by David Pilla

    COLUMBUS, Ohio – With the announcement of his intention to retire as chief executive officer of Nationwide Mutual Insurance Co. in October, Steve Rasmussen said his hope is he has left the company prepared to “grow on a wide front as I walk out the door.” Rasmussen said despite 45 years of changes he’s seen, […]

    MetLife Puts Old Individual Life, Annuity and LTCI Business Under CFO

    {April 16th, 2019} by Allison Bell

    MetLife Inc. says it wants to get more cash out of its closed blocks of life, annuity and long-term care insurance (LTCI) business. Executives at the New York-based company talked about those goals Friday, when they announced a change in how the company will run its MetLife Holdings unit. MetLife put most of its continuing life […]

    Ally Invest Quarterly Market Outlook Survey: Investors Remain Bullish As Long As Interest Rates Hold Steady

    {April 16th, 2019} by Ally Financial

    CHARLOTTE, N.C., April 15, 2019 /PRNewswire/ —  Ally Invest Quarterly Survey Highlights: Bearish sentiment drops to only 20% of respondents, down sharply from 47% last quarter Optimism is tied to two potential market drivers for 2019: Respondents expect interest rates will be left unchanged and Economic trade agreements will be penned Brexit is a non-issue per 75% […]

    CDs And Deferred Annuities Address Different Financial Needs

    {April 14th, 2019} by Observer-Reporter (Washington, PA)

    Saving for future goals is not easy. Hopefully, I can help explain the differences between two commonly used tools: certificates of deposit (CDs) and Deferred Annuities (DAs). CDs and DAs allow single or multiple individuals to accumulate money and earn interest for future goals. The differences between them should be considered when deciding which is […]

    Global Life Insurance Market Outlook 2019-2024 : Allianz, AXA, Nippon Life Insurance, American Intl. Group, Aviva

    {April 14th, 2019} by Reports Buzz

    The present report for the worldwide “Life Insurance Market” underscores an in-depth analysis and study of the global market for Life Insurance which approximates market volumes, and also examines the assessment of the market in the approximated time. The competitive players with regards to the global Life Insurance market have also been thoroughly summarized with […]

    Former Guggenheim President Todd Boehly Is Growing His Investment Empire, From the Dodgers to Collateralized Loans

    {April 13th, 2019} by Mary Childs

    Todd Boehly’s visit to Topeka, Kan., wasn’t going as planned. It was one of his earlier trips in his negotiations to buy life insurer Security Benefit, but one dark morning in 2010 after his cab dropped him off, he found that the doors of his hotel did not open. The front desk was empty, his […]

    AM Best Affirms Credit Ratings of The Penn Mutual Life Insurance Company and Its Subsidiary; Upgrades Credit Ratings of Vantis Life Insurance Company and Vantis Life Insurance Company of New York

    {April 13th, 2019} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “aa-” of The Penn Mutual Life Insurance Company (Penn Mutual Life) (Horsham, PA) and its wholly owned subsidiary, The Penn Insurance and Annuity Company (Wilmington, DE) The outlook of these Credit Ratings (ratings) is […]

    Anyone trying to get life insurance should be ready to answer a loaded question: Do you smoke pot?

    {April 13th, 2019} by Tanza Loudenback

    Life insurance isn’t terribly expensive, on average, but rates vary depending in part on your health. Most people need to undergo a medical exam to take out a life insurance policy. Smoking cigarettes or marijuana — even if it’s legal in your state — can negatively affect a health assessment. Smokers can pay two to three times more […]

    John Hancock Adds Alexa Skills to Retirement Plan Participant Experience for Frequently Asked Questions

    {April 12th, 2019} by John Hancock

    BOSTON, April 11, 2019 /PRNewswire/ — John Hancock Retirement Plan Services (“John Hancock“) is enhancing its participant experience by providing its open architecture retirement plan participants access to personalized information including frequently-asked account queries through their Alexa-enabled devices. Now, by saying, “Alexa, open John Hancock,” and providing a secure and personalized voice code, participants can hear their account […]

    FINRA Trumpets Variable Annuity Sales Problems While SEC Falls Silent

    {April 12th, 2019} by Carlton Fields

    INRA’s report on its broker-dealer examination findings for 2018 features a substantial discussion of “Unsuitable Variable Annuity Recommendations.” This is in sharp contrast with FINRA’s 2017 report, which didn’t mention variable insurance products at all. It also contrasts with the SEC’s Office of Compliance Inspections and Examinations (OCIE) 2019 exam priorities, which, for the first […]

    Tell Us What You Really Think

    {April 12th, 2019} by Kerry Pechter

    Life insurers increasingly rely on registered reps and financial advisors to recommend or sell their annuities, so insurers tend to listen closely when advisors and their broker-dealers offer feedback about what the insurers are doing right and what they could do better. Click HERE to read the full story via RIJ. 

    Why Living Benefits Are Dying

    {April 12th, 2019} by Kerry Pechter

    One of my takeaways from last week’s LIMRA-Society of Actuaries Retirement Industry Conference in Baltimore was that sales of income-generating variable annuities (VAs) and fixed indexed annuities (FIAs) have shrunk during a period when they should have been rising. Click HERE to read the full story via RIJ. 

    Will Wells Fargo, JPMorgan Hit or Miss With Q1 Earnings?

    {April 12th, 2019} by Janet Levaux

    Get ready for weak earnings, starting early Friday. That’s the conclusion of analysts at FactSet, who anticipate an average decline in earnings of 4.2% for companies in the S&P 500 Index. Just four months ago, analysts were looking for an average expected gain of 2.8% among those companies. The last quarter with average earnings declines […]

    AmeriLife Names Patrick J. Fleming Executive Vice President

    {April 10th, 2019} by AmeriLife

    CLEARWATER, Fla., April 9, 2019 /PRNewswire/ — AmeriLife, a national leader in developing, marketing and distributing annuity, life and health insurance solutions, today named Patrick J. “Pat” Fleming as Executive Vice President Product Innovation & Corporate Actuary. This announcement comes as the company intensifies its partnership with leading carriers to deliver proprietary and other financial solutions to the […]

    Cetera to Acquire Assets of Foresters Financial’s Brokerage and Investment Advisory Business

    {April 10th, 2019} by The Wealth Advisor Contributor

    As it continues to expand the reach of its Advice-Centric Experience, Cetera has entered into a definitive agreement to purchase select assets of Foresters Financial’s U.S. broker-dealer and advisory business. The transaction, which is subject to regulatory approval, is expected to close late in the second quarter of 2019. Financial terms of the transaction will not […]

    Nation’s Largest Network of Carriers, Distributors and Financial Institutions Receives Support from iPipeline for NY Reg 187

    {April 10th, 2019} by iPipeline

    Pipeline Tackles Toughest Best-Interest Regulation in the Nation to Support U.S. Carriers, Distributors and Financial Institutions Exton, PA (April 9th, 2019) – iPipeline® – a leading provider of cloud-based software solutions for the life insurance and financial services industry – today announced increasing support for NY Reg 187, one of the toughest best-interest regulations in […]

    Achieving The (Retiree’s) American Dream

    {April 10th, 2019} by Scott Goldberg

    According to the Bankers Life Center for a Secure Retirement, just one-third (31 percent) of middle-income baby boomers feel well prepared for retirement. That makes this year’s National Retirement Planning Week, which began April 8, the perfect time for agents everywhere to reassess their approach to retirement planning with their clients. With access to modern medicine, […]

    Tim Minard Promoted to Executive Vice President Within Great American Insurance Group’s Annuity Group

    {April 10th, 2019} by Great American Insurance Group

    CINCINNATI–(BUSINESS WIRE)–Great American Insurance Group is pleased to announce the promotion of Tim Minard to Executive Vice President within its Annuity Group. Since joining the Company in 2016, Mr. Minard has served as Senior Vice President and Chief Distribution Officer of the Annuity Group. He earned a Bachelor of Business Administration in Finance from the […]

    Expect solid growth for indexed annuities through 2023

    {April 10th, 2019} by Insurance Forums Staff

    Indexed annuities are positioned for significant growth through 2023 while the market share for variable annuities will continue to erode, according to a new LIMRA Secure Retirement Institute (LIMRA SRI) analysis of sales and market trends. LIMRA SRI released its annuity sales forecast for the next five years on April 4, predicting fixed annuities will […]

    The ABCs of FIAs

    {April 10th, 2019} by Jim Poolman

    A Conversation with Jim Poolman [Financial Poise Editor’s Note: Jim Poolman is Executive Director of the Indexed Annuity Leadership Council, a coalition of life insurance companies that offer fixed indexed annuities (FIAs). He outlined the benefits of this stable retirement savings vehicle for the readers of Financial Poise.] What are Fixed Index Annuities (FIAs)? FIAs […]

    Use of Social Media Nearly Universal Among Financial Advisors, According to New Putnam Investments Study

    {April 9th, 2019} by Putnam Investments

    BOSTON, April 8, 2019 – It is no longer a question of whether a financial advisor uses social media, but rather how they make use of it, according to the sixth edition of the Putnam Investments Social Advisor Study released today. Nearly all U.S. financial advisors (98%) are using social media for business and/or personal use at this […]

    Trump Nominates New SEC Commissioner

    {April 9th, 2019} by Melanie Waddell

    President Donald Trump announced Tuesday that he has nominated veteran securities lawyer Allison Herren Lee to serve as a commissioner at the Securities and Exchange Commission. Lee, who served at the SEC from 2005 to 2018 in various roles including senior counsel in the Complex Financial Instruments Unit, and as counsel to former Commissioner Kara Stein, enters […]

    3 Simple Ways to Improve Opportunities for Female Advisors

    {April 9th, 2019} by Cristi Meyers

    The financial service business has been talking about doing more to add and support female advisors for a number of years, but, frankly, despite all the chatter, we’re not making enough progress. Women still account for less than 20% of all independent financial advisors. It’s time to get serious. Not only is it good to […]

    Life Insurers Sinking in Quicksand as Regulators Scrutinize Non-Traditional Consumer Data Sources

    {April 9th, 2019} by Ann Young Black, Jamie Bigayer

    As previously reported in our October 9, 2018, client alert, the sands began shifting in late 2018 when the NAIC Big Data Working Group (Big Data WG) began questioning life insurer’s use of big data after a LIMRA survey found that 50 percent of responding life insurers were already using some form of automated underwriting. […]

    Bankers Life Named a 2019 Training Top 125 Award Winner for Eighth Consecutive Year

    {April 9th, 2019} by Bankers Life

    CHICAGO, April 4, 2019 /PRNewswire/ — Bankers Life, a national life and health insurance brand that focuses on the insurance needs of Americans who are near or in retirement, has been named to Training magazine’s Training Top 125 for the eighth year in a row. The Training Top 125 list was created to recognize companies’ employer-sponsored training and […]

    Cetera to acquire assets of Foresters Financial’s U.S. advisory business

    {April 9th, 2019} by InvestmentNews

    Cetera has agreed to purchase select assets of Foresters Financial’s U.S. broker-dealer and advisory business. Terms of the transaction, which is expected to close in June, were not disclosed. Click HERE to read the full story via InvestmentNews.

    JACKSON RECEIVES PRESTIGIOUS AWARDS FOR CONTACT CENTER EXCELLENCE

    {April 9th, 2019} by Jackson National Life Insurance Company

    Among 500 leading international contact centers, Jackson named Contact Center of the Year Finalist by Service Quality Measurement Group, Inc. Lansing, Mich. – April 3, 2018 – Jackson National Life Insurance Company® (Jackson®) earned four awards from the Service Quality Measurement Group, Inc. (SQM)1 for excellence in contact center service in 2017. Notably, SQM named Jackson a top-three Contact Center […]

    ‘Best Interest’ Is Sometimes Best Left Undefined, Regulator Says

    {April 9th, 2019} by John Hilton

    BALTIMORE — There is a good reason why state insurance regulators are not keen on spelling out a “best interest” standard in an annuity sales rule, said Matthew Gendron, counsel for the Rhode Island Division of Insurance. And it has nothing to do with fear of a strong standard, he added. Gendron is on a […]

    Are Millennials ‘Financially Fragile?’

    {April 9th, 2019} by Cassie Miller

    BALTIMORE — The rising cost of living and cost of education has changed the financial landscape for millennials. But as Matthew Greenwald and AnnMarie Pino of Greenwald & Associates discovered, there’s more for advisors to understand when it comes to millennials and financial fragility. Greenwald and Pino led a session today at the 2019 Retirement Industry […]

    Kindur to Sell American Equity Fixed Annuity with Living Benefits

    {April 9th, 2019} by Kerry Pechter

    Last December, RIJ wrote about Kindur, a direct-to-consumer Internet platform designed to help people create ETF portfolios for savings and monthly income and, if they wish, to sell them an income-generating annuity. Click HERE to read the full story via RIJ.

    Allianz Life’s new binary indexed annuity: A remedy for RMDs

    {April 9th, 2019} by Editorial Staff

    Affluent retirees perennially complain about the chore and sting of taking taxable required minimum distributions (RMDs) from their 401(k)s, 403(b)s or traditional IRAs after age 70½. For those who don’t happen to need the money for current income, the RMD means nothing but confusing paperwork and an unwelcome tax bill. Click HERE to read the […]

    Foresters Sells Money Manager, Keeps Life Business

    {April 9th, 2019} by Allison Bell

    The Independent Order of Foresters today announced plans to sell its U.S. asset-management and broker-dealer businesses and focus more tightly on its core life insurance operations. The Toronto-based fraternal insurer says it intends to focus on increasing sales of life insurance to mass-market and middle-market consumers in Canada, the United States and the United Kingdom. Macquarie […]

    NAIC May Cancel Shift to New Guaranteed Issue Life Table

    {April 9th, 2019} by Allison Bell

    The National Association of Insurance Commissioners (NAIC) may roll back a move toward a new mortality table for guaranteed issue life insurance. Some state insurance regulators say moving toward the new 2017 Commissioners Standard Guaranteed Issue Mortality Table, which was approved in 2018, would cause big problems for life insurers. Regulators have proposed a canceling […]

    Nearly Half of Americans More Likely to Buy Simplified Underwritten Life Insurance

    {April 9th, 2019} by IJ Staff

    Almost half of Americans (47 per cent) say they are more likely to buy life insurance using simplified underwriting, versus traditional underwriting approaches, according to new findings from the 2019 Insurance Barometer Study. The Insurance Barometer Study tracks the financial perceptions, attitudes and behaviours of consumers in the United States, with an emphasis on life insurance. LIMRA and Life Happens, a […]

    Northwestern Mutual Study: Caring for Aging Parents is Not a Family Affair

    {April 9th, 2019} by Northwestern Mutual

    MILWAUKEE, April 3, 2019 /PRNewswire/ — For most families, caring for mom or dad as they age is not a family effort.  According to new data from Northwestern Mutual’s latest C.A.R.E. Study, the responsibility most likely falls on the shoulders of one sibling, rather than being shared among all the children. Findings reveal that two in five caregivers […]

    The DOL Fiduciary Rule is About to Return

    {April 9th, 2019} by FINSUM

    In what likely comes as frustrating news for a lot of the wealth management industry, it is time to start worrying once again about the return of the fiduciary rule. And we are not talking about state level rules, or new interpretations of the SEC rule, we mean the old DOL rule itself. Click HERE […]

    Allstate to Sell Annuity Business, Focus on Growth Areas

    {April 9th, 2019} by Zacks Equity Research

    The Allstate Corporation ALL is in talks with FGL Holdings FG to sell-off its annuity business, per Reuters. Notably, the company has been looking for options to get rid of this business due to disappointing returns. Allstate’s annuities segment accounted for about 2.4% of total revenues and 0.2% of total policies in force in 2018. The […]

    10 Smartest States for Financial Literacy: 2019

    {April 9th, 2019} by Emily Zulz

    With total American credit card debt surpassing $1 trillion for the first time in 2018 and only two in five adults having a budget, it’s clear that better financial education is necessary. However, these problems aren’t as pronounced in every state. A new WalletHub studylooks at which states’ residents are the most financially literate. In order to do this, WalletHub […]

    Key Financial Steps That Couples Need To Take

    {April 9th, 2019} by Joel Johnson

    Marriage is a partnership. There are many demands and expectations that enter into the partnership and therefore equality, respect and trust must be shown by both sides. As you grow the marriage, hopefully, smart investing and sound business decisions have allowed you to grow your financial portfolios as well. Often, one partner takes the lead […]

    As fiduciary rule sunsets, certain annuities gain favor with boomers

    {April 9th, 2019} by Donald Jay Korn

    After weathering a turbulent three years, variable and fixed index annuities with guaranteed lifetime withdrawal benefits have gained traction — for now. Retail sales of these riders in VAs and FIAs fell by more than 42% from the third quarter of 2014 to the third quarter of 2017, in part because many advisors didn’t know how the […]

    Great American Life Ranked Number One Provider of Fixed-Indexed Annuities through Financial Institutions for Third Straight Year

    {April 9th, 2019} by Great American Insurance Group

    CINCINNATI — April 4, 2019 — Great American Life® once again landed the number one spot for fixed-indexed annuity (FIA) sales through financial institutions, capturing nearly 15% of the channel’s $12 billion in sales in 2018. The company has maintained the top position in four out of the last five years. Additionally, when it comes to […]

    SEC member Robert Jackson Jr. calls for ‘bipartisan’ Regulation Best Interest

    {April 9th, 2019} by Mark Schoeff Jr.

    Securities and Exchange Commission member Robert Jackson Jr. urged his colleagues to approve an advice reform rule across party lines so that it can withstand court challenges. Click HERE to read the full story via InvestmentNews.

    House Panel Passes Retirement Bill to Raise RMD Age, Boost Annuities

    {April 9th, 2019} by Melanie Waddell

    The House Ways and Means Committee on Tuesday passed H.R. 1994, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, which makes it easer to offer annuities in 401(k) and 403(b) plans, raises the age for taking required minimum distributions from 70 1/2 to 72, and expands 529 plan use to homeschooling. During […]

    MVA Annuity Sales Were Wicked Hot: IRI

    {April 9th, 2019} by Allison Bell

    Annuity market trackers at the Insured Retirement Institute (IRI) are seeing even more heat in the market-value adjusted (MVA) annuity market than the LIMRA Secure Retirement Institute is. The LIMRA institute analysts have estimated that overall U.S. sales of individual annuities increased to $63 billion in the fourth quarter of 2018, up 23% from the […]

    Commonwealth case against Ohio National should be arbitrated, court rules

    {April 9th, 2019} by Mark Schoeff Jr.

    A dispute between Commonwealth Financial Network and Ohio National Life Insurance Co. over the insurer’s decision to end trail commissions on variable annuities will be decided in Finra arbitration. Click HERE to read the full story via InvestmentNews. 

    Baby Boomers Face Growing Retirement Anxiety

    {April 9th, 2019} by Insured Retirement Institute

    April 08, 2019 11:00 AM Eastern Daylight Time WASHINGTON–(BUSINESS WIRE)–Retirement anxiety is growing among Baby Boomers, many of whom have little to no retirement savings, forcing more Boomers to postpone retirement. An annual survey of Baby Boomer retirement expectations by the Insured Retirement Institute (IRI) found that 45% of Boomers have zero savings for their golden years. […]

    SEC’s Own ‘Best Interest’ Regs Might Ban Sales Commissions: Legal Analyst

    {April 9th, 2019} by Allison Bell

    Many observers are assuming that the U.S. Securities and Exchange Commission’s Regulation Best Interest proposal would be easier on life insurance agents and brokers than some states’ tough fiduciary rule, best interest and suitability measures might be. But, in the real world, the SEC’s Regulation BI might be tougher on agents than expected, because the […]

    A State Investigator, the Financial-Adviser ‘Heir’ and an Elderly Client: How Lines Get Blurred in Insurance Regulation

    {April 9th, 2019} by Gretchen Morgenson

    state investigator concluded a financial adviser acted unethically and violated Maryland insurance laws when he received a windfall from an elderly client’s estate. An arbitration panel then blasted the adviser’s firm for what it called seriously deficient supervision. The firm also wasn’t qualified to operate in the state at the time. What happened next? The […]

    Voices: How financial planning will change by 2039

    {April 9th, 2019} by Bob Veres

    In our ongoing efforts to help advisors prepare for what’s to come, I agreed to be sent on assignment into the year 2039 to interview a financial planner who has successfully made a variety of significant transformations. I happened to arrive near the end of March, so I immediately apologized for interrupting the usual office […]

    Who Will Still Feed Them When They’re 64?

    {April 9th, 2019} by Steve Morelli

    BALTIMORE – Retirement was for squares when baby boomers were young. Love you when you’re 64? We don’t even trust anybody over 30, they said. But now many of the cool kids are thinking of nothing but retirement, the subject of the Retirement Industry Conference starting today in Baltimore with about 300 attendees. Click HERE to […]

    Few Americans Think They Own Annuities

    {April 9th, 2019} by Allison Bell

    Life Happens and LIMRA have published survey results highlighting a serious financial services market analysis problem: American survey takers appear to be hazy about what financial services products they own — and more reliable comparison numbers are hard to find. The groups focused attention on survey takers’ awareness gap in a batch of data from their 2019 […]

    Reinventing life insurance agency distribution globally

    {April 9th, 2019} by Insurance Forums Staff

    Life insurers globally face multiple challenges and among the most critical is the sustainability of their agency distribution models. After decades of limited innovation, distribution is on the cusp of major change, which will unlock benefits for all stakeholders, according to a recently released joint research report from Boston Consulting Group (BCG)and Morgan Stanley Research, Reinventing Life […]

    Regulators May Update Indexed Annuity Capital Thermometer

    {April 9th, 2019} by Allison Bell

    State insurance regulators may change the way they take the temperature of indexed annuity issuers. Members of the Life Risk-Based Capital Working Group — an arm of the National Association of Insurance Commissioners (NAIC) — are talking about the idea of easing up on their current approach to calculating risk-based capital (RBC) ratios for indexed annuities that […]

    Principal to acquire Wells Fargo Institutional Retirement & Trust business

    {April 9th, 2019} by Principal Financial Group

    Definitive agreement includes Wells Fargo’s defined contribution, defined benefit, executive deferred compensation, employee stock ownership plans, institutional trust and custody and institutional asset advisory businesses. Doubles Principal U.S. retirement businessi; achieving greater scale and balance to compete, invest and grow. A powerful combination for customers, employees and shareholders; will make Principal a Top 3 defined […]

    Insurers Try to Sell the World on Retirement Income Guarantees

    {April 9th, 2019} by Allison Bell

    Life insurers and their vendors made the case this week in Baltimore that retirement income guarantees matter, and that life insurers can meet their income guarantee obligations. The income planning community traveled to the Charm City waterfront for the 2019 Retirement Industry Conference, which was organized by the LIMRA Secure Retirement Institute and the Society […]

    They Aren’t Buying It: Single Parents And Life Insurance

    {April 9th, 2019} by Susan Rupe

    Nearly half of single parents with children under age 18 don’t have life insurance, and the majority of them say the reason they don’t have coverage is because they believe it’s too expensive. That was one of the findings of a recent survey conducted by PacWealth Solutions. The survey showed that the lack of life […]

    NAIFA Launches Center To Advance Long-Term Care

    {April 9th, 2019} by NAIFA

    NAIFA Center to connect financial advisors, consumers with industry experts in long-term care to meet changing needs of a growing market First-ever digital hub is result of collaboration between NAIFA and companies across multiple categories in limited and extended care The National Association of Insurance and Financial Advisors has launched the NAIFA Limited & Extended Care Planning […]

    Nationwide CEO Steve Rasmussen Plans to Retire

    {April 9th, 2019} by Nationwide

    April 04, 2019 Columbus, OH – Nationwide Chief Executive Officer Steve Rasmussen announced today that he plans to retire effective October 1, 2019. The Nationwide Board of Directors is conducting a search for a successor with the support of an independent CEO succession advisor. Rasmussen will continue to be available through the end of this year to […]

    Nationwide reports sales growth and strong capital position in 2018

    {April 9th, 2019} by Nationwide

    April 04, 2019 Columbus, OH – Nationwide reported $47 billion in total sales, up nearly $500 million from 2017, in its 2018 annual report, released today. The company posted $26.9 billion in operating revenue and $1.3 billion in net operating income (NOI) – more than doubling its NOI from 2017. At the same time, the company paid $16.6 […]

    MassMutual will close Ballantyne office this summer, laying off 160-plus employees

    {April 9th, 2019} by Caroline Hudson

    Massachusetts Mutual Life Insurance Co. will close its Ballantyne office as of June 30 and lay off 164 employees here. MassMutual will lay off 163 employees on June 3, followed by one more between June 27 and July 3, according to a Worker Adjustment and Retraining Notification filed with the North Carolina Department of Commerce. […]

    Distributors Foresee Annuity Boom Through Advisory Channels

    {April 9th, 2019} by John Hilton

    BALTIMORE — Raymond James Insurance Group executives spend a lot of time in meetings sorting through issues related to commission-based sales. While the Department of Labor fiduciary rule is gone, tossed out by a federal appeals court one year ago, the compliance spotlight it shone on commission annuity sales remains. “At every one of these […]

    Global Bankers Insurance Group Pursues Sale of U.S. Life Insurance Companies

    {April 9th, 2019} by Global Bankers Insurance Group, LLC

    DURHAM, N.C., April 5, 2019 – Global Bankers Insurance Group, LLC (“Global Bankers” or “the Company”) today confirmed that it is pursuing a sale of its U.S. life insurance companies and has been in active discussions with potential acquirers. The Company issued the following statement: “Global Bankers made the decision to sell its domestic life […]

    Global Bankers Insurance in Discussions to Sell US Life Insurers

    {April 9th, 2019} by Renée Kiriluk-Hill

    DURHAM, N.C. – Global Bankers Insurance Group LLC plans to sell its U.S. life insurance companies, the company said days after group owner Greg E. Lindberg was indicted on bribery charges. The company has been in active discussion with potential acquirers, Global Banker said in a statement. It said a sale would be in the […]

    Blueprint Income and Pacific Life Launch New Digital Experience to Modernize Annuity Market

    {April 9th, 2019} by Blueprint Income

    NEWPORT BEACH, Calif. and NEW YORK, April 9, 2019 /PRNewswire/ — Pacific Life and InsurTech firm Blueprint Income, today announced a collaboration to modernize the purchase of annuities. The first product, Next Deferred Income Annuity, provides a predetermined amount of monthly income starting at a predetermined retirement date in the future and is available on Blueprint Income’s platform, an online […]

    Judge: Ohio National Decision To End Trails Eligible For Arbitration

    {April 9th, 2019} by John Hilton

    A Massachusetts’ federal judge has ruled that Finra arbitration is appropriate to settle one of several legal challenges to Ohio National’s decision to end trail commissions on a specific variable annuity. Judge Denise J. Casper ruled that an addendum to the Ohio National selling agreement commits them to arbitration with Commonwealth Equity Services. An independent […]

    It’s A Fixed Annuity World And Distributors Are Just Living In It

    {April 9th, 2019} by John Hilton

    BALTIMORE — The annuity sales landscape changed in a major way in 2018. Sales rebounded strongly in virtually every product line, in some cases 40 to 50 percent year-over-year. Click HERE to read the full story via INN.

    Morgan Stanley Must Face Trial Over Annuity Advice

    {April 8th, 2019} by Jacklyn Wille

    Morgan Stanley & Co. and one of its senior vice presidents must defend a lawsuit by three clients who said they got a $300,000 tax bill after taking their advice to cash out their inherited annuities. The U.S. Court of Appeals for the Fourth Circuit revived the lawsuit against Morgan Stanley adviser Gary Lenet after […]

    Indexed annuity sales projected to grow nearly 40% by 2023

    {April 6th, 2019} by Greg Iacurci

    Indexed annuities, fresh off a record sales year, are poised for substantial growth over the next four years, according to projections from Limra, an insurance industry group that expects the stock market to remain volatile and interest rates to continue their steady ascent. Click HERE to read the full story via InvestmentNews. 

    Allstate close to selling annuity book to FGL Holdings: sources

    {April 5th, 2019} by David French

    NEW YORK (Reuters) – U.S. insurer Allstate Corp has entered into exclusive talks to sell a book of insurance policies from an area where it no longer generates new business to smaller peer FGL Holdings, people familiar with the matter said on Wednesday. Should the deal go ahead, it would be the latest transaction involving […]

    Maryland fiduciary bill killed in committee

    {April 4th, 2019} by Mark Schoeff Jr.

    Further action appears unlikely with legislature set to adjourn April 8   A bill that would have raised investment advice standards in Maryland suffered a major setback when it was rejected in committee. Click HERE to read the full story via InvestmentNews. 

    Could You Sell A Life Insurance Policy To Al Bundy?

    {April 4th, 2019} by John Hilton

    BALTIMORE — Al Bundy would not be a good life insurance prospect, but Jay Pritchett would be a warm one. The two iconic television characters played by actor Ed O’Neill represent the hot and cold of prospecting, said Vikram Kamath, director of the LIMRA Center of Excellence for Analytics. Kamath shared the results of new analytics […]

    Are Annuities the Best Strategy to Fund One’s Retirement?

    {April 3rd, 2019} by Michael Edesess

    Suppose you are retired, or soon-to-be retired, and you have no reason to leave a bequest. You have no offspring, or they are financially independent – or you want them to be – and you have no charities to which you wish to leave money. You just want to assure yourself of as much income […]

    FGL Holdings Announces CFO Succession Process

    {April 2nd, 2019} by FGL Holdings

    DES MOINES, Iowa, April 2, 2019 /PRNewswire/ — FGL Holdings (NYSE: FG) (the “Company” or “F&G”), a leading provider of annuities and life insurance, today announced that Dennis Vigneau, the Company’s Chief Financial Officer (CFO), has decided to retire from F&G at the end of 2019. The Company has initiated a search process for a permanent CFO and will retain a […]

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